Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2015 |
Feb. 22, 2016 |
Jun. 30, 2015 |
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Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AGII | ||
Entity Registrant Name | Argo Group International Holdings, Ltd. | ||
Entity Central Index Key | 0001091748 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 27,611,357 | ||
Entity Public Float | $ 1,532.6 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Statement Of Financial Position [Abstract] | ||
Available-for-sale cost | $ 2,971.0 | $ 2,817.2 |
Equity securities cost | 349.7 | 324.8 |
Other investments cost | 499.6 | 488.9 |
Short-term investments, Cost | $ 211.2 | $ 258.3 |
Common shares, par value | $ 1.00 | $ 1.00 |
Common shares, shares authorized | 500,000,000 | 500,000,000 |
Common shares, shares issued | 37,105,922 | 36,889,386 |
Treasury shares, shares | 9,181,644 | 8,606,489 |
Consolidated Statements of Income - USD ($) $ in Millions |
12 Months Ended | ||||||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Premiums and other revenue: | |||||||
Earned premiums | $ 1,371.9 | $ 1,338.1 | $ 1,303.8 | ||||
Net investment income | 85.6 | 86.6 | 100.0 | ||||
Net realized investment and other gains | 27.1 | 94.0 | 71.3 | ||||
Total revenue | 1,484.6 | 1,518.7 | 1,475.1 | ||||
Expenses: | |||||||
Losses and loss adjustment expenses | 766.1 | 747.4 | 742.0 | ||||
Other reinsurance-related expenses | 0.0 | 0.0 | 19.2 | ||||
Underwriting, acquisition and insurance expenses | 539.6 | 539.2 | 510.8 | ||||
Interest expense | 19.0 | 19.9 | 20.2 | ||||
Fee and other expense, net | 0.7 | 0.6 | 4.9 | ||||
Foreign currency exchange gain | (18.3) | (7.8) | (1.7) | ||||
Impairment of intangible assets | 0.0 | 3.4 | 0.0 | ||||
Total expenses | 1,307.1 | 1,302.7 | 1,295.4 | ||||
Income before income taxes | 177.5 | 216.0 | 179.7 | ||||
Provision for income taxes | 14.3 | 32.8 | 36.5 | ||||
Net income | $ 163.2 | $ 183.2 | $ 143.2 | ||||
Net income per common share: | |||||||
Basic | $ 5.84 | [1] | $ 6.39 | [1] | $ 4.85 | ||
Diluted | 5.72 | [1] | 6.27 | [1] | 4.67 | ||
Dividend declared per common share | $ 0.80 | $ 0.63 | $ 0.54 | ||||
Weighted average common shares: | |||||||
Basic | 27,972,962 | 28,690,306 | 29,536,472 | ||||
Diluted | 28,533,299 | 29,212,848 | 30,656,483 | ||||
Net realized investment and other gains before other-than-temporary impairment losses | $ 39.0 | $ 96.3 | $ 79.1 | ||||
Other-than-temporary impairment losses recognized in earnings: | |||||||
Other-than-temporary impairment losses on fixed maturities | (2.2) | (1.2) | (6.0) | ||||
Other-than-temporary impairment losses on equity securities | (9.7) | (1.1) | (1.8) | ||||
Impairment losses recognized in earnings | (11.9) | (2.3) | (7.8) | ||||
Net realized investment and other gains | $ 27.1 | $ 94.0 | $ 71.3 | ||||
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Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Statement Of Stockholders Equity [Abstract] | |||
Common shares repurchased | 575,155 | 1,048,144 | 1,098,732 |
Repurchase of common shares, weighted average price | $ 51,580 | $ 48,480 | $ 41,040 |
Stock dividend declared | 10.00% | 10.00% | |
Cash dividend declared - common shares, per share | $ 0.80 | $ 0.63 | $ 0.54 |
Business and Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business and Significant Accounting Policies |
Business Argo Group International Holdings, Ltd. (“Argo Group,” “we” or the “Company”) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group US, Inc. (“Argo Group US”) is a subsidiary of Argo Financial Holding (Ireland), Ltd. (“Argo Ireland”). Argo Underwriting Agency Limited (“Syndicate 1200”) is a subsidiary of Argo International Holdings, Ltd. Argo Re, Ltd. (“Argo Re”), a Bermuda based company, is the parent of both Argo Ireland and Argo International Holdings, Ltd. Argo Re is directly owned by Argo Group. We conduct our ongoing business through four segments. Excess and Surplus Lines products are underwritten by Colony Insurance Company (“Colony”) under two operating platforms: Colony Specialty and Argo Pro. Commercial Specialty consists of the following operations: Argo Insurance, Rockwood Casualty Insurance Company (“Rockwood”), Argo Surety, Trident Insurance Services, Alteris and ARIS Title Insurance Corporation (“ARIS”). International Specialty products are provided by our Bermuda operations, which include Argo Re and Argo Insurance – Casualty and Professional Lines and Argo Seguros Brasil S.A. based in Brazil. Syndicate 1200 products are underwritten by Argo Underwriting Agency Limited based in London, on behalf of one underwriting syndicate under the Lloyd’s of London (“Lloyd’s”) global franchise. Our Run-off Lines segment includes liabilities associated with other liability policies that were issued in the 1960s, 1970s and into the 1980s, as well as the former risk management business and other business no longer underwritten. Basis of Presentation and Use of Estimates The consolidated financial statements of Argo Group and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of consolidated 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 doubtful accounts; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could differ from those estimates. Specifically, estimates for reserves for losses and loss adjustment expenses are based upon past claim experience modified for current trends as well as prevailing economic, legal and social conditions. Although management believes that amounts included in the accompanying consolidated financial statements are reasonable, such estimates may be more or less than the amounts ultimately paid when the claims are settled. The estimates are continually reviewed and any changes are reflected in current operating results. Further, the nature of loss exposures involves significant variability due to the nature of the long-tailed payments on certain claims. As such, losses and loss adjustment expenses could vary significantly from the recorded amounts. The consolidated financial statements include the accounts and operations of Argo Group and its subsidiaries. All material intercompany accounts and transactions have been eliminated. Certain amounts in prior years’ financial statements have been reclassified to conform to the current presentation. Amounts related to trade capital providers, who are third-party capital participants that provide underwriting capital to the Syndicate 1200 segment, are included in the balance sheet. Trade capital providers participate on a quota share basis, assuming 100% of their contractual participation in the underwriting syndicate results and with such results settled on a year of account basis. In 2009, the Financial Accounting Standards Board (“FASB”) issued revised accounting standards regarding consolidation of variable interest entities. We reevaluated our investment in our twelve statutory trusts (collectively, the “Trusts”) and two charitable foundations (collectively, the “Foundations”). We determined that the Trusts and Foundations continue to be variable interest entities due to the fact that the Trusts and Foundations do not have sufficient equity to finance their activities without additional subordinate financial support from other parties. We do not have any power to direct the activities that impact the Trusts or Foundations’ economic performance. We are not entitled to receive a majority of the residual returns of the Trusts and U.S. charitable foundations. Additionally, we are not responsible for absorbing the majority of the expected losses of the Trusts or U.S. charitable foundations; therefore, we are not the primary beneficiary and, accordingly, the Trusts and U.S. charitable foundations are not included in our consolidated financial statements. The expenses and donations of the charitable foundations in Bermuda are paid by Argo Group and have been included in the consolidated results. We have used a series of special purpose reinsurance companies to provide reinsurance coverage through a series of transactions, including insurance linked securities. Under the provisions of Accounting Standards Codification (“ASC”) Topic 810-10, “Consolidation,” these reinsurance companies are variable interest entities. However, we do not have a variable interest in these entities, and therefore are not required to consolidate them in our consolidated financial statements. Stock Dividends On May 7, 2013, our Board of Directors declared a 10% stock dividend, payable on June 17, 2013, to shareholders of record at the close of business on June 3, 2013. As a result of the stock dividend, 2,447,839 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented. On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented Cash Cash consists of cash deposited in banks, generally in concentration and operating accounts. Interest-bearing cash accounts are classified as short-term investments. Investments Investments in fixed maturities at December 31, 2015 and 2014 include bonds and structured securities. Equity securities include common stocks, preferred stocks and mutual funds. Other investments consist of foreign regulatory deposits, hedge funds, private equity funds, private equity direct investments, voluntary pools and foreign exchange currency forward contracts. Short-term investments consist of money market funds, certificates of deposit, bonds, sovereign debt and interest-bearing cash accounts. Investments maturing in less than one year are classified as short-term investments in our consolidated financial statements. The amortized cost of fixed maturity securities is adjusted for amortization of premiums and accretion of discounts. This amortization or accretion is included in “Net investment income” in our Consolidated Statements of Income. For the structured securities portion of the fixed maturity securities portfolio, we recognize income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. Premium or discount on high investment grade securities (rated AA or higher) is amortized into income using the retrospective method. Premium or discount on lower grade securities (rated less than AA) is amortized into income using the prospective method. Our investments in fixed maturities and equity securities with readily determinable fair value are considered available-for-sale and are carried at fair value. Changes in the fair value of investments classified as available-for-sale are not recognized to income during the period, but rather are recognized as a separate component of shareholders’ equity until realized. Fair value of these investments is estimated using prices obtained from third-party pricing services, where available. For securities where we were unable to obtain fair values from a pricing service or broker, fair values were estimated using information obtained from investment advisors. We performed several processes to ascertain the reasonableness of these investment values by i) obtaining and reviewing internal control reports for our service providers that obtain fair values from third-party pricing services, ii) discussing with our investment managers their process for reviewing and validating pricing obtained from outside services and obtaining values for all securities from our investment managers and iii) comparing the security pricing received from the investment managers with the prices used in the consolidated financial statements and obtaining additional information for variances that exceeded a certain threshold. As of December 31, 2015, investments we hold for which we did not receive a fair value from a pricing service or broker accounted for less than 1% of our investment portfolio. The actual value at which these securities could actually be sold or settled with a willing buyer or seller may differ from our estimated fair values depending on a number of factors including, but not limited to, current and future economic conditions, quantity sold or settled, presence of an active market and availability of a willing buyer or seller. The cost of securities sold is based on the specific identification method. Changes in the value of other investments consisting of hedge funds, private equity funds, private equity direct investments and voluntary pools are principally recognized to income during the period using the equity method of accounting. Our 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. The underlying assets are invested in government securities, agency securities and corporate bonds whose values are obtained from Lloyd’s. Foreign currency future contracts held by us are valued by our counterparties using market driven foreign currency exchange rates. We regularly evaluate our investments for other-than-temporary impairment. For fixed maturity securities, the evaluation for a credit loss is generally based on the present value of expected cash flows of the security as compared to the amortized book value. For structured securities, frequency and severity of loss inputs are used in projecting future cash flows of the securities. Loss frequency is measured as the credit default rate, which includes such factors as loan-to-value ratios and credit scores of borrowers. Loss severity includes such factors as trends in real estate values and proceeds at foreclosure. We also recognize other-than-temporary losses on our fixed maturity securities that we intend to sell. All investment balances include amounts relating to trade capital providers. The results of operations and other comprehensive income exclude amounts relating to trade capital providers. Trade capital providers’ participation in the syndicate results are included in reinsurance recoverable for ceded losses and reinsurance payable for ceded premiums. Receivables Premiums receivable, representing amounts due from insureds, are presented net of an allowance for doubtful accounts. The allowances for doubtful accounts were $3.5 million and $5.2 million at December 31, 2015 and 2014, respectively. Premiums receivable include amounts relating to the trade capital providers’ quota share. Reinsurance recoverables represent amounts of paid losses and loss adjustment expenses, case reserves and incurred but not reported (“IBNR”) amounts ceded to reinsurers under reinsurance treaties. Reinsurance recoverables also reflect amounts that are due from trade capital providers. Reinsurance recoverables are presented in our Consolidated Balance Sheets net of an allowance for doubtful accounts of $3.2 million and $3.4 million at December 31, 2015 and 2014, respectively (see Note 3, “Reinsurance” for related disclosures). An estimate of amounts that are likely to be charged off is established as an allowance for doubtful accounts as of the balance sheet date. Our estimate includes specific insured and reinsurance balances that are considered probable to be charged off after all collection efforts have ceased and in accordance with historical write-off trends based on aging categories. Premiums receivable and reinsurance recoverables on paid losses written off, net of recoveries against the allowance for doubtful accounts or directly to the income statement are as follows:
Recoveries occur when subsequent collection or litigation results in the receipt of amounts previously written off. Amounts recovered are applied against the bad debt expense account. Earned Premiums Premium revenue is recognized ratably over the policy period. Premiums that have yet to be earned are reported as “Unearned premiums” in our Consolidated Balance Sheets. Unearned premium balances include cessions to reinsurers including trade capital providers, while the earned premium recognized in our Consolidated Statements of Income excludes amounts relating to trade capital providers. The trade capital providers’ quota share amount is included in “Ceded reinsurance payable, net”. Assumed reinstatement premiums that reinstate coverage are written and earned at the time the associated loss event occurs. The original premium is earned over the remaining exposure period of the contract. Reinstatement premiums are estimated based upon contract terms for reported losses and estimated for incurred but not reported losses. Retrospectively Rated Policies We have written a number of workers compensation, property and other liability policies that are retrospectively rated. Under this type of policy, the policyholder or coverholder may be entitled, subsequent to coverage expiration, to a refund or may owe additional premiums based on the amount of losses incurred under the policy. The retrospective premium adjustments on certain policies are limited to a minimum or maximum premium adjustment, which is calculated as a percentage of the standard amount of premium charged during the life of the policy. Accrued retrospectively rated premiums have been determined based on estimated ultimate loss experience of the individual policyholder accounts. The estimated liability for return of premiums under retrospectively rated policies is included in “Unearned premiums” in our Consolidated Balance Sheets and was $6.5 million and $5.8 million at December 31, 2015 and 2014, respectively. The estimated amount included in premiums receivables for additional premiums due under retrospectively rated policies was $0.1 million at December 31, 2015. No amount was included in premiums receivables for additional premium due under retrospectively rate policies at December 31, 2014. Deferred Acquisition Costs Policy acquisition costs, which include commissions, premium taxes, fees and certain other costs of underwriting policies, are deferred, when such policies are profitable, and amortized over the same period in which the related premiums are earned. To qualify for capitalization, the policy acquisition cost must be directly related to the successful acquisition of an insurance contract. Anticipated investment income is considered in determining whether the deferred acquisition costs are recoverable and whether a premium deficiency exists. We continually review the methods of making such estimates and establishing the deferred costs with any adjustments made in the accounting period in which the adjustment arose. The 2015 and 2014 net amortization of policy acquisition costs will not equal the change in our Consolidated Balance Sheets as the trade capital providers’ share is not reflected in our Consolidated Statements of Income and differences arise from foreign currency exchange rates applied to deferred acquisition costs which are treated as a nonmonetary asset. Reserves for Losses and Loss Adjustment Expenses Liabilities for unpaid losses and loss adjustment expenses include the accumulation of individual case estimates for claims reported as well as estimates of IBNR claims and estimates of claim settlement expenses. Reinsurance recoverables on unpaid claims and claim expenses represent estimates of the portion of such liabilities that will be recoverable from reinsurers. Amounts recoverable from reinsurers are recognized as assets at the same time and in a manner consistent with the unpaid claims liabilities associated with the reinsurance policy. Reinsurance In the normal course of business, our insurance and reinsurance subsidiaries reinsure various risks above certain retention levels with other insurance enterprises. Reinsurance recoverables include claims we paid and estimates of unpaid losses and loss adjustment expenses that are subject to reimbursement under reinsurance and retrocessional contracts. The method for determining reinsurance recoverables for unpaid losses and loss adjustment expenses involves reviewing actuarial estimates of gross unpaid losses and loss adjustment expenses to determine our ability to cede unpaid losses and loss adjustment expenses under our existing reinsurance contracts. This method is continually reviewed and updated and any resulting adjustments are reflected in earnings in the period identified. Reinsurance premiums, commissions and expense reimbursements are accounted for on a basis consistent with those used in accounting for the original policies issued and the term of the reinsurance contracts. Amounts recoverable from reinsurers for losses and loss adjustment expenses for which our insurance and reinsurance subsidiaries have not been relieved of their legal obligations to the policyholder are reported as assets. Goodwill and Intangible Assets Goodwill and intangible assets are allocated to the segment in which the results of operations for the acquired company are reported (see Note 18, “Segment Information” for further discussion). Intangible assets with a finite life are amortized over the estimated useful life of the asset. Goodwill and intangible assets with an indefinite useful life are not amortized. Goodwill and intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. For goodwill, we may perform a qualitative test to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. Based on prior goodwill impairment testing, we determined the performance of the quantitative impairment test was required for 2015. The first step of the quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill (“Step 1”). If the fair value of a reporting unit exceeds its carrying value amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step is not necessary. However, if the carrying amount of the reporting unit exceeds its fair value, the second step (“Step 2”) is performed to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. Step 2 compares the implied fair value of goodwill with the carrying amount of goodwill. If the implied value of goodwill is less than the carrying amount of goodwill, it is written down to its fair value with a corresponding expense reflected in the Consolidated Statements of Income. The implied goodwill is calculated based on a hypothetical purchase price allocation, similar to the requirements in the accounting guidance for business combinations, whereby the implied fair value of the reporting unit is allocated to the fair value of the assets and liabilities of the reporting unit. We perform our goodwill impairment test on the first day of the fourth quarter of each year, or October 1 of each year. In performing Step 1 of the impairment test, we estimated the fair value of reporting units using an average of three valuation methods: a comparable company analysis, a precedent transaction analysis and a discounted cash flow analysis. All three methods require management to make various judgments and assumptions. The discounted cash flow analysis included projections of earned premiums, loss ratios, expense growth and discount rates for each reporting unit. Assumptions about such future cash flows are based on our budgets, business plans, economic projections, anticipated future cash flows and market data. Finally, the comparable company analysis and precedent transaction analysis required judgment in selecting comparable companies and comparable transactions for use in the calculations. In all instances, future changes in these judgments and assumptions could cause impairment of goodwill. For the years ended December 31, 2015, 2014 and 2013, all of our reporting units passed Step 1 of the goodwill impairment analysis as the fair value of each reporting unit were in excess of their carrying values. Therefore, Step 2 of the goodwill impairment analysis was not required. Any future decline in the fair value of these reporting units could result in the carrying value of the reporting unit being in excess of fair value, triggering Step 2 of the impairment testing model, which could result in an impairment of goodwill. For the year ended December 31, 2014, we determined as a result of the slower than anticipated development of revenues for our art title insurance company, the likelihood of near term recovery of the intangible assets, including goodwill, was not probable. Therefore, we wrote-off $1.6 million of goodwill and $1.8 million of indefinite lived intangible assets related to this operating unit. As noted above, we have elected to make the first day of the fourth quarter the annual impairment assessment date for goodwill and indefinite-lived intangible assets. An impairment analysis subsequent to this date has not been performed as management believes that no additional indicators of impairment have arisen, such as significant additional pricing competition, unexpected significant declines in operating results, divestiture of a significant component of the business or a significant decline in our market capitalization. The following table presents our intangible assets and accumulated amortization at December 31:
The weighted average useful life by category at December 31, 2015 was 9.3 years for the distribution network, 5.0 years for the additional Lloyd’s capacity and 9.1 years for other. The weighted average useful life for all categories was 8.9 years at December 31, 2015. During the twelve months ended December 31, 2015, 2014 and 2013, amortization expense was $7.5 million, $5.6 million and $6.1 million, respectively, and is included in “Underwriting, acquisition and insurance expenses” in our Consolidated Statements of Income. The estimated amortization expense for the years ended December 31, 2016, 2017, 2018, 2019 and 2020 is $5.6 million, $4.8 million, $2.2 million, $0.4 million and $0.0 million, respectively. Property and Equipment Property and equipment used in operations, including certain costs incurred to develop or obtain computer software for internal use, are capitalized and carried at cost less accumulated depreciation and are reported in “Other assets” in our Consolidated Balance Sheets. Depreciation is calculated using a straight-line method over the estimated useful lives of the assets, generally three to thirty nine years. The accumulated depreciation for property and equipment was $85.1 million and $78.2 million at December 31, 2015 and 2014, respectively. The net book value of our property and equipment at December 31, 2015 and 2014 was $133.1 million and $96.4 million, respectively. The depreciation expense at December 31, 2015, 2014 and 2013 was $17.5 million, $15.1 million and $15.5 million, respectively. Derivative Instruments We enter into short-term, currency spot and forward contracts to mitigate foreign exchange rate exposure in our non-U.S. Dollar denominated fixed maturity investments. The forward contracts used are typically less than sixty days and are renewed as long as the non-U.S. Dollar denominated fixed maturity investments are held in our portfolio. Forward contracts are designated as hedges for accounting purposes. We also enter into foreign currency exchange forward contracts to manage currency exposure on losses related to global catastrophe events. These foreign currency forward contracts are carried at fair value in our Consolidated Balance Sheets in “Other investments.” The realized and unrealized gains and losses are included in “Net realized investment and other gains” in our Consolidated Statements of Income. Through our subsidiary Argo Re, in December 2011, we entered into a reinsurance contract with a special purpose reinsurance company that provided us with protection against certain severe catastrophe events and the occurrence of multiple significant catastrophe events during the same year. The special purpose reinsurance company provided the reinsurance through a catastrophe bond transaction that was supported by a collateralized facility. The reinsurance contract was deemed to be a derivative. We recorded the contract at fair value, with any changes in the value reflected in “Other reinsurance-related expenses” in our Consolidated Statements of Income. See Note 4, “Derivative Instruments” for related disclosures. Share-Based Payments Compensation expense for share-based payments is recognized based on the measurement-date fair value for awards that will settle in shares. Awards that are expected to be settled in cash are accounted for as liability awards, resulting in the fair value of the award being measured at each reporting date until the award is exercised, forfeited or expires unexercised. Compensation expense for awards that are settled in equity are recognized on a straight line pro rata basis over the vesting period. Compensation expense for awards that are settled in cash are recognized on the accelerated recognition method over the award’s vesting period. See Note 12, “Share-based Compensation” for related disclosures. Foreign Currency Exchange Gain (Loss) The U.S. Dollar is the functional currency of all but two of our foreign operations. Monetary assets and liabilities in foreign operations that are denominated in foreign currencies are revalued at the exchange rates in effect at the balance sheet date. The resulting gains and losses from changes in the foreign exchange rates are reflected in net income. Revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate during the period with the resulting foreign exchange gains and losses included in net income for the period. In the case of our foreign currency denominated available-for-sale investments, the change in exchange rates between the local currency and our functional currency at each balance sheet date represents an unrealized appreciation or depreciation in value of these securities and is included as a component of accumulated other comprehensive gain. Translation gains and losses related to our operations in Brazil and Malta are recorded as a component of shareholders’ equity in our Consolidated Balance Sheets. At December 31, 2015 and 2014, the foreign currency translation adjustments were a loss of $21.6 million and $15.6 million, respectively. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in net income in the period in which the change is enacted. We recognize potential accrued interest and penalties within our global operations in “Interest expense” and “Underwriting, acquisition and insurance expenses,” respectively, in our Consolidated Statements of Income. Supplemental Cash Flow Information Income taxes paid. We paid income taxes of $10.9 million, $23.7 million and $14.2 million in 2015, 2014 and 2013, respectively. Income taxes recovered. We recovered income taxes of $11.7 million and $0.1 million in 2015 and 2014, respectively. We did not recover any income taxes in 2013. Interest paid as follows:
Non-cash operating activities transactions. Our Consolidated Statements of Cash Flows contains a reconciliation of net income to “Net cash (used) provided by operating activities,” which includes, among other things, certain adjustments for non-cash items. For the year ended December 31, 2014, the adjustment for “Net realized and other gains” includes a $43.3 million non-cash item related to the pre-tax realized gain recognized on the sale of a real estate holding, as the proceeds from this sale were held in escrow and recorded as a receivable within “Other assets” in our Consolidated Balance Sheet at December 31, 2014. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606). The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The ASU provides a five-step analysis of transactions to determine when and how revenue is recognized and requires additional disclosures sufficient to describe the nature, amount, timing and uncertainty of revenue and cash flows for these transactions. The original effective date of this ASU was deferred by one year by the FASB’s August 2015 issuance of ASU 2015-14, “Deferral of the Effective Date” (Topic 606), with the new effective date being for annual reporting periods beginning after December 15, 2017, with early adoption permitted as early as annual reporting periods beginning after December 15, 2016. We will adopt this ASU on January 1, 2018. Companies may use either a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. While insurance contracts are excluded from this ASU, fee income related to our brokerage operations and management of the third-party capital for our underwriting Syndicate at Lloyd’s will be subject to this updated guidance. We continue to evaluate what impact this ASU will have on our financial results and disclosures and which adoption method to apply, but do not anticipate such impact being material based on the limited revenue streams subject to the ASU. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis" (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether entities should be consolidated if they are deemed variable interest entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. We have adopted this standard as of the effective date, and the adoption did not impact our financial statements. In May 2015, the FASB issued ASU 2015-09, “Disclosures about Short-Duration Contracts” (Topic 944). ASU 2015-09 focuses on the requirement of additional disclosures for unpaid claim liabilities and claim adjustment expenses for short-duration insurance contracts (i.e., coverage provided for a fixed period of short duration, typically a year or less). The standard will require tables showing incurred and paid claims development information by accident year for the number of years claims typically remain outstanding, but not more than 10 years, including a reconciliation of this information to the statement of financial position. This ASU is effective for annual periods beginning after December 15, 2015 and interim periods within annual periods after December 15, 2016. We are currently in the process of evaluating the impact of the adoption of ASU 2015-09 on our financial disclosures. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The ASU will require equity investments that are not consolidated or accounted for under the equity method of accounting to be measured at fair value with changes in fair value recognized in net income. This ASU will also require us to assess the realizability of any deferred tax assets (“DTAs”) related to an available-for-sale debt security in combination with our other DTAs. The ASU will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently in the process of evaluating the impact of the adoption of ASU 2016-01 on our financial results and disclosures.
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Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments |
Composition of Invested Assets The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investments as of December 31 were as follows:
Included in “Total investments” in our Consolidated Balance Sheets at December 31, 2015 and 2014 is $95.3 million and $75.2 million, respectively, of assets managed on behalf of the trade capital providers, who are third-party participants that provide underwriting capital to our Syndicate 1200 segment. Contractual Maturity The amortized cost and fair values of fixed maturity investments as of December 31, 2015, by contractual maturity, were as follows:
The expected maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations. Other Invested Assets
Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of December 31, 2015 and 2014 were as follows:
The following describes each investment type:
Unrealized Losses and Other-than-temporary Impairments An aging of unrealized losses on our investments in fixed maturities, equity securities, other investments and short-term investments is presented below:
We regularly evaluate our investments for other than temporary impairment. For fixed maturity securities, the evaluation for a credit loss is generally based on the present value of expected cash flows of the security as compared to the amortized book value. For structured securities, frequency and severity of loss inputs are used in projecting future cash flows of the securities. Loss frequency is measured as the credit default rate, which includes such factors as loan-to-value ratios and credit scores of borrowers. For equity securities and other investments, the length of time and the amount of decline in fair value are the principal factors in determining other-than-temporary impairment. We also recognize other-than-temporary losses on fixed maturity securities that we intend to sell. We hold a total of 6,941 securities, of which 3,410 were in an unrealized loss position for less than one year and 205 were in an unrealized loss position for a period one year or greater as of December 31, 2015. Unrealized losses greater than twelve months on fixed maturities were the result of a number of factors, including increased credit spreads, foreign currency fluctuations and higher market yields relative to the date the securities were purchased, and for structured securities, by the performance of the underlying collateral as well. In considering whether an investment is other-then-temporarily impaired or not, we also considered that we do not intend to sell the investment and it is unlikely that we will be required to sell the investment before recovery of its amortized cost bases, which may be maturity. In situations where we did not recognize other-than-temporary losses on investments in our equity portfolio, we have evaluated the near-term prospects of the investment in relation to the severity and duration of the impairment and based on that evaluation, have the ability and intent to hold these investments until a recovery of the cost basis. We do not consider these investments to be other-than-temporarily impaired at December 31, 2015.
We recognized other-than-temporary losses on our fixed maturities portfolio of $2.2 million, $1.2 million and $6.0 million for 2015, 2014 and 2013, respectively. We recognized other-than-temporary losses on our equity portfolio of $9.7 million, $1.1 million and $1.8 million for 2015, 2014 and 2013, respectively. Net Investment Income and Realized Gains and Losses Investment income and expenses were as follows:
The following table presents our gross realized investment gains (losses) and other:
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows:
Foreign Currency Exchange Forward Contracts We entered into foreign currency exchange forward contracts to manage currency exposure on losses related to certain global catastrophe events, manage currency exposure on our Canadian dollar (“CAD”) investment portfolio, minimize negative impacts to our investment portfolio returns, manage currency exposure on certain Euro (“EUR”) denominated investments and gain exposure to a total return strategy which invests in multiple currencies. The currency forward contracts are carried at fair value in our Consolidated Balance Sheets in “Other investments”. The realized and unrealized gains and losses are included in “Net realized investment and other gains” in our Consolidated Statements of Income. The fair value of our foreign currency exchange forward contracts as of December 31 was as follows:
The following table presents our gross investment realized gains and losses on our foreign currency exchange forward contracts:
Regulatory Deposits, Pledged Securities and Letters of Credit At December 31, 2015, the amortized cost and fair value of investments on deposit with U.S., Canadian and various agencies for regulatory purposes were $187.1 million and $192.8 million, respectively. At December 31, 2014, the amortized cost and fair value of investments on deposit with U.S. and various agencies for regulatory purposes were $186.6 million and $194.2 million, respectively.
At December 31, 2015, investments with an amortized cost of $34.9 million and fair value of $35.0 million were pledged as collateral in support of irrevocable letters of credit (“LOC’s”) in the amount of $29.3 million issued under the terms of certain reinsurance agreements in respect of reported loss and loss expense reserves. At December 31, 2014, investments with an amortized cost of $55.0 million and fair value of $55.3 million were pledged as collateral in support of irrevocable LOC’s in the amount of $43.6 million issued under the terms of certain reinsurance agreements in respect of reported loss and loss expense reserves.
Our Corporate member’s capital supporting our Lloyd’s business was $202.5 million and $217.9 million at December 31, 2015 and 2014, respectively. Fair Value Measurements Fair value is the price that would be received to sell 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 and income approach are used to measure fair value. The inputs of these valuation techniques are categorized into three levels.
We receive fair value prices from third-party pricing services and our outside investment managers. 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 December 31, 2015 or 2014. 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:
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 2: We own interests in a mutual fund that is reported at fair value using Level 2 inputs. The valuation is based on the funds’ net asset value per share, at the end of each month. The underlying assets in the funds are valued primarily on the basis of closing market quotations or official closing prices on each valuation day. 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:
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. Foreign currency future contracts are valued by our counterparty using market driven foreign currency exchange rates and are considered Level 2 investments. 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. Transfers Between Level 1 and Level 2 Securities: There were no transfers between Level 1 and Level 2 securities during 2015 or 2014. Based on an analysis of the inputs, our financial assets measured at fair value on a recurring basis have been categorized as follows:
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. A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows: Fair Value Measurements Using Observable Inputs (Level 3)
At December 31, 2015 and 2014, 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. |
Reinsurance |
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Reinsurance |
We reinsure certain risks with other insurance companies. Such arrangements serve to limit our maximum loss on certain individual risks as well as on catastrophes and large or unusually hazardous risks. We are liable for reinsurance ceded in the event our reinsurers do not meet their obligations. Thus, a credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable or unwilling to meet the obligations assumed under the reinsurance contracts. Our allowance for uncollectible reinsurance balances receivable on paid losses and incurred claims was $3.2 million and $3.4 million as of December 31, 2015 and 2014, respectively. Under certain reinsurance agreements, collateral, including letters of credit, is held to secure performance of reinsurers in meeting their obligations. The amount of such collateral was $421.6 million and $359.4 million at December 31, 2015 and 2014, respectively. The collateral we hold does not apply to our entire outstanding reinsurance recoverable. Rather, collateral is provided on an individual contract basis as appropriate. For each individual reinsurer, the collateral held may exceed or fall below the total outstanding recoverable from that individual reinsurer. The long-term nature of the reinsurance contracts creates a credit risk to us over time arising from potentially uncollectible reinsurance. To mitigate that counterparty risk, we evaluate our reinsurers to assess their financial condition. The factors that underlie these reviews include a financial risk assessment as well as an internal assessment of the capitalization and the operational risk of the reinsurer. As a result of these reviews, we may make changes to the approved markets that are used in both our treaty and facultative reinsurance programs. Estimated losses recoverable from reinsurers and the ceded portion of unearned premiums are reported as assets in our Consolidated Balance Sheets. Included in “Reinsurance recoverables” are paid loss recoverables of $130.8 million and $91.9 million as of December 31, 2015 and 2014, respectively. “Earned Premiums” and “Losses and loss adjustment expenses” are reported net of reinsurance in our Consolidated Statements of Income. Losses and loss adjustment expenses of $766.1 million, $747.4 million and $742.0 million for the years ended December 31, 2015, 2014 and 2013, respectively, are net of amounts ceded to reinsurers of $284.6 million, $246.6 million and $292.8 million, respectively. We are required to accept certain assigned risks and other legally mandated reinsurance obligations. Prior to the mid-1980s, we assumed various forms of casualty reinsurance for which we continue to maintain reserves for losses and loss adjustment expenses (see Note 19, “Run-off Lines”). For such assumed reinsurance transactions, we engage in various monitoring steps that are common with assumed reinsurance such as ongoing claims reviews. We currently assume property related reinsurance primarily through our subsidiary, Argo Re and casualty related reinsurance primarily through Syndicate 1200 (see Note 18, “Segment Information”). Premiums were as follows:
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Derivative Instruments |
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||
Derivative Instruments |
Through our subsidiary Argo Re, in December 2011 we entered into a reinsurance contract with a special purpose reinsurance company that provided us with protection against certain severe catastrophe events and the occurrence of multiple significant catastrophe events during the same year. The contract was effective beginning on January 1, 2012 and provided coverage of $100 million for hurricanes and earthquakes (including fire) in the U.S. and covered losses for the first and subsequent events on a per-occurrence basis over a 24-month coverage period. The contract expired in December 2013. This transaction ignored the effects of inuring reinsurance, creating the remote possibility of a double recovery on covered events, and was therefore deemed to be a derivative. “Other reinsurance-related expenses” for the year ended December 31, 2013 were $19.2 million, which were incurred due to the change in the fair value of the derivative, principally due to the passage of the transaction’s risk coverage term. The special purpose reinsurance company that was the counterparty to this transaction was a variable interest entity under the provisions of ASC Topic 810-10, “Consolidation.” Argo Group was not the primary beneficiary of this entity and was therefore not required to consolidate it in our consolidated financial statements. |
Reserves for Losses and Loss Adjustment Expenses |
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Reserves for Losses and Loss Adjustment Expenses |
The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):
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. Impacting losses and LAE for the year ended December 31, 2015 was $32.4 million in favorable prior years’ loss reserve development comprised of the following: $32.1 million of net favorable development in the Excess and Surplus Lines segment primarily the result of favorable development in the general and products liability lines and commercial automobile, partially offset by unfavorable development in property lines; $9.1 million of net unfavorable development in the Commercial Specialty segment, primarily driven by unfavorable development in general liability and workers compensation due to increases in claim severity, partially offset by favorable development in short-tail, directors and officers and auto liability lines; $7.7 million of net favorable development in the International Specialty segment primarily driven by favorable development in Argo Insurance Bermuda and Argo Re, partially offset by unfavorable development in the Brazil unit; $10.3 million of favorable development in the Syndicate 1200 segment primarily driven by favorable development in various property classes, as well as favorable development in general liability, partially offset by unfavorable development in accident & health lines; $8.6 million of unfavorable development in the Run-off Lines segment primarily caused by unfavorable development in workers compensation lines driven by increasing medical costs on older claims and discount unwind, as well as in asbestos and environmental liability driven by increasing defense costs in primary asbestos, offset in part by favorable development in run-off reinsurance claims. Impacting losses and LAE for the year ended December 31, 2014 was $37.7 million in favorable prior years’ loss reserve development comprised of the following: $47.4 million of net favorable development in the Excess and Surplus Lines segment primarily caused by favorable development in the general and products liability lines, partially offset by unfavorable development in commercial automobile; $6.8 million of net unfavorable development in the Commercial Specialty segment, primarily driven by unfavorable development in general liability due to increases in claim severity, as well as unfavorable development in auto liability lines, partially offset by favorable development in short-tail and workers compensation lines; $0.4 million of net favorable development in the International Specialty segment; $21.1 million of favorable development in the Syndicate 1200 segment primarily driven by favorable development in various property classes, as well as favorable development in professional indemnity, partially offset by unfavorable development in general liability; $24.4 million of unfavorable development in the Run-off Lines segment primarily caused by unfavorable development in workers compensation lines driven by increasing medical costs on older claims, as well as in asbestos liability driven by increasing defense costs on primary business and activity on assumed business including the impact of arbitrations and commutations. Net favorable loss development recognized in 2013 for prior accident years was a $33.6 million reduction to losses and LAE. The Excess and Surplus Lines segment had net favorable loss development of $43.9 million primarily due to favorable development in the general and products liability lines of business, partially offset by unfavorable development in commercial automobile losses. The Commercial Specialty segment had net unfavorable loss development of $1.1 million primarily attributable to unfavorable development in general liability due to increases in claim severity and unfavorable development in automobile liability, partially offset by favorable development in workers compensation and short-tail lines. The International Specialty segment had net negligible prior year loss development. The Syndicate 1200 segment had net favorable loss development of $6.2 million primarily attributable to favorable development in various property classes, partially offset by unfavorable development in general liability. The Run-off Lines segment had net unfavorable development of $15.5 million primarily due to unfavorable development in the asbestos liability driven by higher defense costs for claims from general liability policies written on a direct basis, as well as commutation and settlement activity, and unfavorable development in the medical malpractice liability line due to the loss of the New York Liquidation Bureau funding for structured settlement annuity payments. 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 assumptions considered reasonable where facts are not known. Due to the significant uncertainties and related management judgments, there can be no assurance that future loss development, favorable or unfavorable, will not occur. Pension-type reserves (tabular reserves) are indemnity reserves that are calculated using discounts determined with reference to actuarial tables, which incorporate interest and contingencies such as mortality, remarriage, inflation or recovery from disability applied to a reasonably determinable payment stream. We discounted certain workers compensation pension-type reserves using a maximum interest rate of 3.5% in 2015, 2014 and 2013. The amount of unamortized discount was $14.9 million, $17.6 million and $19.5 million at December 31, 2015, 2014 and 2013, respectively. |
Junior Subordinated Debentures |
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Junior Subordinated Debentures |
Through a series of trusts, that are wholly-owned subsidiaries (non-consolidated), we issued debt. The debentures are variable with the rate being reset quarterly and subject to certain interest rate ceilings. Interest payments are payable quarterly. The debentures are all unsecured and are subordinated to other indebtedness. At December 31, 2015 and 2014, all debentures were eligible for redemption subject to certain terms and conditions at a price equal to 100% of the principal plus accrued and unpaid interest. On July 16, 2014, Argo Group US, Inc. purchased the outstanding PXRE Capital Trust V $20,000,000 Junior Subordinated Debt Securities (“Capital Trust V”) at a discount equal to 90.0% of the principal amount plus accrued and unpaid interest through the date of purchase for a total price of $18.2 million, resulting in the recognition of a $2.0 million pre-tax realized gain. A summary of our outstanding junior subordinated debentures is presented below:
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Other Indebtedness |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Indebtedness |
Floating Rate Loan Stock This debt was assumed through the acquisition of Syndicate 1200. These notes are unsecured. At December 31, 2015 and 2014, all notes were eligible for redemption subject to certain terms and conditions at a price equal to 100% of the principal plus accrued and unpaid interest. Interest on the U.S. Dollar and Euro notes is due semiannually and quarterly, respectively. A summary of the notes outstanding at December 31, 2015 and 2014 is presented below:
No principal payments have been made since the acquisition of Syndicate 1200. The floating rate loan stock denominated in Euros fluctuates due to foreign currency translation. The outstanding balance on these loans was $38.1 million and $44.8 million as of December 31, 2015 and 2014, respectively. The foreign currency translation adjustment is recorded in our Consolidated Statements of Income. Borrowing Under Revolving Credit Facility On March 7, 2014, each of Argo Group, Argo Group US, Inc., Argo International Holdings Limited and Argo Underwriting Agency Limited (the “Borrowers”) entered into a $175.0 million Credit Agreement (“Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement replaced and terminated the previous $150.0 million Credit Agreement. The Credit Agreement provides for a $175.0 million revolving credit facility with a maturity date of March 7, 2018 unless extended in accordance with the terms of the Credit Agreement. Borrowings under the Credit Agreement may be used for general corporate purposes, including working capital and permitted acquisitions, and each of the Borrowers has agreed to be jointly and severally liable for the obligations of the other Borrowers under the Credit Agreement. The Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the Borrowers might be required immediately to repay all amounts outstanding under the Credit Agreement. Lenders holding at least a majority of the loans and commitments under the Credit Agreement may elect to accelerate the maturity of the loans and/or terminate the commitments under the Credit Agreement upon the occurrence and during the continuation of an event of default. Included in the Credit Agreement is a provision that allows up to $17.5 million of the revolving credit facility to be used for LOCs, subject to availability. On March 7, 2014, the $0.2 million LOC outstanding under the previous $150.0 million Credit Agreement was transferred to the Credit Agreement. At December 31, 2015 and 2014, there were no borrowings outstanding and $0.2 million in LOCs against the Credit Facility. Other Debt As part of the ARIS Title Insurance Corporation (“ARIS”) acquisition, at December 31, 2015 and 2014, we had a note payable for $0.6 million and $0.7 million, respectively. The note had a variable interest rate of 2.00% above 30-day LIBOR, with the variable interest rate being reset quarterly and subject to certain interest rate ceilings. Interest payments are payable quarterly. The note payable matures on April 1, 2019.
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Disclosures about Fair Value of Financial Instruments |
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Disclosures about Fair Value of Financial Instruments |
Cash. The carrying amount approximates fair value. Investment securities and short-term investments. See Note 2, “Investments,” for additional information. Premiums receivable and reinsurance recoverables on paid losses. The carrying value of current receivables approximates fair value. At December 31, 2015 and 2014, the carrying values of premiums receivable over 90 days were $10.0 million and $12.4 million, respectively. Included in “Reinsurance recoverables” in our Consolidated Balance Sheets at December 31, 2015 and 2014, are amounts that are due from trade capital providers associated with the operations of Syndicate 1200. Upon settlement, the receivable is offset against the liability also reflected in our accompanying Consolidated Balance Sheets. At December 31, 2015 and 2014, the payable was in excess of the receivable. Of our reinsurance recoverables on paid losses, excluding amounts attributable to Syndicate 1200’s trade capital providers, at December 31, 2015 and 2014, the carrying values over 90 days were $7.1 million and $9.9 million, respectively. Our methodology for establishing our allowances for doubtful accounts includes specifically identifying all potential uncollectible balances regardless of aging. At December 31, 2015 and 2014, the allowance for doubtful accounts for premiums receivable was $3.5 million and $5.2 million, respectively, and the allowance for doubtful accounts for reinsurance recoverables on paid losses was $2.2 million and $1.8 million, respectively. Premiums receivable over 90 days were secured by collateral in the amount of $0.2 million and $0.3 million at December 31, 2015 and 2014, respectively. Reinsurance recoverables on paid losses over 90 days were secured by collateral in the amount of $0.7 million and $0.4 million at December 31, 2015 and 2014, respectively. Debt. At December 31, 2015 and 2014, the fair value of our Junior subordinated debentures, Senior unsecured fixed rate notes and Other indebtedness was estimated using appropriate market indices or quoted prices from external sources based on current market conditions. A summary of our financial instruments whose carrying value did not equal fair value is shown below:
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Shareholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity |
On February 16, 2016, our Board of Directors declared a quarterly cash dividend in the amount of $0.22 on each share of common stock outstanding. The cash dividend will be paid on March 15, 2016 to shareholders of record at the close of business on March 1, 2016 On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented. On May 7, 2013, our Board of Directors declared a 10% stock dividend, payable on June 17, 2013, to shareholders of record at the close of business on June 3, 2013. As a result of the stock dividend, 2,447,839 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented. During 2015, our Board of Directors declared quarterly cash dividends totaling $0.80 on each share of common stock outstanding to our shareholders of record. For the year ended December 31, 2015, we paid cash dividends totaling $22.7 million to our shareholders. On February 18, 2014, May 5, 2014, August 5, 2014 and November 4, 2014, our Board of Directors declared quarterly cash dividends totaling $0.69 on each share of common stock outstanding or $0.63 on each share outstanding adjusted for the 2015 stock dividend to our shareholders of record. For the year ended December 31, 2014, we paid cash dividends totaling $18.2 million to our shareholders. On February 15, 2013, our Board of Directors declared a quarterly cash dividend in the amount of $0.15 on each share of common stock outstanding or $0.13 on each share outstanding adjusted for the 2013 and 2015 stock dividends to our shareholders of record. On May 7, 2013, August 6, 2013 and November 4, 2013, our Board of Directors declared quarterly cash dividends totaling $0.45 on each share of common stock outstanding or $0.41 on each share outstanding adjusted for the 2015 stock dividend to our shareholders of record. For the year ended December 31, 2013, we paid cash dividends totaling $15.8 million to our shareholders. We are authorized to issue 30 million shares of $1.00 par value preferred shares. As of December 31, 2015 and 2014, no preferred shares were issued and outstanding. On November 5, 2013, our Board of Directors authorized the repurchase of up to $150.0 million of our common shares (“2013 Repurchase Authorization”). The 2013 Repurchase Authorization supersedes all the previous Repurchase Authorizations. As of December 31, 2015, availability under the 2013 Repurchase Authorization for future repurchases of our common shares was $63.1 million. For the year ended December 31, 2015 and 2014, we repurchased 575,155 common shares and 1,048,144 common shares, respectively for $29.7 million and $50.8 million, respectively. A summary of common shares repurchased in 2015 is shown below:
At December 31, 2015, we had the following authorized, unissued common shares reserved for future issuance:
Shares reserved under the historical plans represent all grants issued and outstanding under terminated plans as of December 31, 2015. (See Note 12, “Share-based Compensation” for further discussion.)
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) |
In February 2013, the FASB issued ASU 2013-02 that amends ASC 220, “Comprehensive Income.” See Note 1, “Business and Significant Accounting Policies” for additional information regarding the provisions of this update. Effective January 1, 2013, we adopted the update prospectively. A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component is presented below:
The amounts reclassified from accumulated other comprehensive income (loss) shown in the above table have been included in the following captions in our Consolidated Statements of Income:
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Net Income Per Common Share |
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Net Income Per Common Share |
The following table presents the calculation of net income per common share on a basic and diluted basis:
Excluded from the weighted average common shares outstanding calculation at December 31, 2015, 2014 and 2013 are 9,181,644 shares, 8,606,489 shares and 7,558,345 shares, respectively, which are held as treasury shares. The shares are excluded as of their repurchase date. In 2015, there were no anti-dilutive shares of common stock to be excluded from the computation of diluted net income per common share. In 2014, equity compensation awards to purchase 1,700 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expired or will expire at varying times from 2015 through 2021. In 2013, equity compensation awards to purchase 3,300 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expired or will expire at varying times from 2014 through 2020. |
Share-based Compensation |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation |
The fair value method of accounting is used for equity-based compensation plans. Under the fair value method, compensation cost is measured based on the fair value of the award at the measurement date and recognized over the requisite service period. We use the Black-Scholes model to estimate the fair values on the measurement date for share options and share appreciation rights (“SARs”). The Black-Scholes model uses several assumptions to value a share award. The volatility assumption is based on the historical change in our stock price over the previous five years preceding the measurement date. The risk-free rate of return assumption is based on the five-year U.S. Treasury constant maturity rate on the measurement date. The expected award life is based upon the average holding period over the history of the incentive plan. The expected dividend yield is based on our history and expected dividend payouts. The following table summarizes the assumptions we used:
We estimate forfeitures based on historical forfeitures patterns, thereby recognizing expense only for those awards that are expected to vest. The estimate of forfeitures is adjusted as actual forfeitures differ from our estimate, resulting in recognition of compensation expense only for those awards that actually vest. The compensation expense recognized under all our share-based payment plans was $29.1 million ($23.7 million, net of tax), $19.6 million ($16.2 million, net of tax) and $23.3 million ($18.6 million, net of tax) for the years ended December 31, 2015, 2014 and 2013, respectively. The compensation expense is included in “Underwriting, acquisition and insurance expenses” in our Consolidated Statements of Income. We present all tax benefits resulting from the exercise of stock options and vesting of non-vested shares as cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for exercised options and vested shares in excess of the deferred tax asset attributable to stock compensation costs for such options. Such tax benefits and cash flows were immaterial for all reporting periods. Argo Group’s Long-Term Incentive Plans In November 2007, our shareholders approved the 2007 Long-Term Incentive Plan (the “2007 Plan”), which provided for an aggregate of 4.5 million shares of our common stock that may be issued to executives, non-employee directors, and other key employees. As of May 2014, 1,457,800 shares remained available for grant under the 2007 Plan. In May 2014, our shareholders approved the 2014 Long-Term Incentive Plan (the “2014 Plan”), which provides for an additional 2.8 million shares of our common stock to be available for issuance to executives, non-employee directors and other key employees. The share awards may be in the form of share options, SARs, restricted shares, restricted share awards, restricted share units awards, performance awards, other share-based awards and other cash-based awards. Shares issued under this plan may be shares that are authorized and unissued or shares that we reacquired, including shares purchased on the open market. Share options and SARs will count as one share for the purposes of the limits under the incentive plans; restricted shares, restricted share units, performance units, performance shares or other share-based incentive awards which settle in common shares will count as 2.75 shares for purpose of the limits under the 2014 Plan. Share options may be in the form of incentive share options, non-qualified share options and restorative options. Share options are required to have an exercise price that is not less than the market value on the date of grant. We are prohibited from repricing the options. The term of the share options cannot exceed seven years from the grant date.
During 2015, all options granted under this plan were either exercised or expired. Cash received for the exercise of options under this plan was $1.4 million for the year ended December 31, 2015. There were no options granted under this plan during the years ended December 31, 2015, 2014, and 2013. A summary of restricted share activity as of December 31, 2015 and changes during the year then ended is as follows:
As of December 31, 2015, there was $13.3 million of total unrecognized compensation cost related to restricted share compensation arrangements granted by Argo Group. The weighted-average period over which this unrecognized expense is expected to be recognized is 2.3 years. The total fair value of shares vested during the year ended December 31, 2015 was $4.1 million. A summary of stock-settled SARs activity as of December 31, 2015 and changes during the year then ended is as follows:
The stock-settled SARs vest over a one to four year period. Upon exercise of the stock-settled SARs, the employee is entitled to receive shares of our common stock equal to the appreciation of the stock as compared to the exercise price. For the year ended December 31, 2015, 228,244 stock-settled SARs were exercised resulting in 129,670 shares being issued. As of December 31, 2015, there was $2.9 million of total unrecognized compensation cost related to stock-settled SARs outstanding. The weighted-average period over which this unrecognized expense is expected to be recognized is 2.7 years. Aggregate intrinsic value of the stock-settled SARs at December 31, 2015 was $36.0 million. A summary of cash-settled SARs activity as of December 31, 2015 and changes during the year then ended is as follows:
The cash-settled SARs vest over a one to four year period. Upon exercise of the cash-settled SARs, the employee is entitled to receive cash payment for the appreciation in the value of our common stock over the exercise price. We account for the cash-settled SARs as liability awards, which require the awards to be revalued at each reporting period. For the year ended December 31, 2015, 492,511 cash-settled SARs were exercised resulting in $12.8 million in cash payments. As of December 31, 2015, there was $15.8 million of total unrecognized compensation cost related to cash-settled SARs outstanding. The weighted-average period over which this unrecognized expense is expected to be recognized is 2.6 years. Aggregate intrinsic value of the cash-settled SARs at December 31, 2015 was $44.0 million. The liability for cash-settled SARs was $31.0 million and $24.4 million at December 31, 2015 and 2014, respectively. Included in the total shares outstanding at December 31, 2015 are 271,311 restricted shares, 803,506 cash-settled SARs and 181,319 stock-settled SARs whose vesting is contingent on the employee meeting defined performance conditions. Employees have a specified time period in which to meet the performance condition (typically one year) and forfeit the grant (on a pro rata basis) if the performance conditions are not met in the specified time frame. We evaluate the likelihood of the employee completing the performance condition and include this estimate in the determination of the forfeiture factor for the grants. We have granted to certain key employees restricted share units, which provide the employee with the economic equivalent of stock ownership. Each restricted share unit is valued at the closing price of our common stock on the national exchange on which it is listed as of the date credited, and fluctuates daily thereafter. The restricted share units outstanding under this plan vest over a 24 to 48 month period, subject to continued employment. Upon vesting, the employee receives a cash payment equivalent to the number of restricted share units vested valued at the closing market price of our common shares. Total expense recognized for the restricted share units totaled $0.2 million, $0.5 million, and $0.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Cash payments paid for vested awards under this plan totaled $0.3 million and $0.4 million for the years ended December 31, 2015 and 2014, respectively. Employees Share Purchase Plans We have established an employee stock purchase plan for eligible employees (Argo Group’s 2007 Employee Share Purchase Plan). Under this plan, newly issued shares of our common stock may be purchased over an offering period of three months at 85% of the lower of the market value on the first day of the offering period or on the designated purchase date at the end of the offering period. We have also established a Save As You Earn Plan for our United Kingdom employees (Argo Group’s Save As You Earn Plan). Under this plan, newly issued shares of our common stock may be purchased over an offering period of three or five years at 85% of the market value of the common shares on the first day of the offering period. Expense recognized under these plans for the years ended December 31, 2015, 2014, and 2013 was $0.4 million, $0.3 million and $0.3 million, respectively. Argo Group International Holdings, Ltd. Deferred Compensation Plan for Non-Employee Directors Until December 16, 2013, the non-employee members of our Board of Directors were entitled to participate in the Argo Group International Holdings, Ltd. Deferred Compensation Plan for Non-Employee Directors (“Directors Plan”), a non-funded and non-qualified deferred compensation plan. Under the Directors Plan, non-employee directors could elect each year to defer payment of 0%, 50% or 100% of their cash compensation payable during the next calendar year. While no further deferrals were permitted under the Directors Plan from and after December 16, 2013, and certain amounts thereunder were paid out prior to the end of 2013, additional deferred amounts remain subject to the terms of the Directors Plan and will be paid out in accordance with the terms of the Directors Plan. Deferred amounts are credited with interest earned at a rate two percent above the prime commercial lending rate, to be reset each May 1. In addition, the Directors Plan calls for us to grant a match equal to 75% of the cash compensation amounts deferred in the form of “Stock Units,” which provide directors with the economic equivalent of stock ownership and were credited as a bookkeeping entry to each director’s “Stock Unit Account.” Each Stock Unit is valued at the closing price of our common stock on the national exchange on which it is listed as of the date credited for all purposes under the Directors Plan and fluctuates daily thereafter on that same basis. The Directors Plan provided for a Stock Unit Account to be established for each non-employee director upon their election to the Board and credits their account with an initial bookkeeping entry for 1,650 Stock Units. In conjunction with the termination of the Directors Plan, all cash balances and related interest for the years 2010 through 2013 were settled resulting in $1.9 million in cash payments for the year ended December 31, 2013. Remaining distributions from the Directors Plan will occur six months after the non-employee director ceases to be a member of the Board, the date on which a change in control (as defined in the Directors Plan) occurs or December 1, 2017, whichever comes first, and will be made in cash. The non-employee directors are responsible for all tax requirements on the deferred compensation and any related earnings. Under the Directors Plan, we recorded compensation expense of $0.9 million, $0.7 million and $2.0 million for the years ended December 31, 2015, 2014, and 2013, respectively. The liability for remaining distributions under the Directors Plan was $4.5 million and $4.2 million at December 31, 2015 and 2014, respectively.
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Underwriting, Acquisition and Insurance Expenses |
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Underwriting Acquisition And Insurance Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Underwriting, Acquisition and Insurance Expenses |
Underwriting, acquisition and insurance expenses were as follows:
Included in general expenses for the years ended December 31, 2015, 2014 and 2013 is $29.1 million, $19.6 million and $23.3 million, respectively, of expense for our equity-related compensation. The decrease in premium taxes, boards and bureaus for the year ended December 31, 2015 as compared to the year ended December 31, 2014 was primarily due to a decline in the accrual for premium taxes and other assessments due to a change in accounting estimate. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 United States or the United Kingdom and, accordingly, do not expect to be subject to direct United States or United Kingdom income taxation. We have subsidiaries based in the United Kingdom that are subject to the tax laws of that country. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Eight of the United Kingdom subsidiaries are deemed to be engaged in business in the United States, and therefore, are subject to United States corporate tax in respect of a proportion of their United States underwriting business only. Relief is available against the United Kingdom tax liabilities in respect of overseas taxes paid that arise from the underwriting business. Our United Kingdom subsidiaries file separate United Kingdom income tax returns. We have subsidiaries based in the United States that are subject to United States tax laws. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Our United States subsidiaries file a consolidated United States federal income tax return. We also have operations in Belgium, Switzerland, Brazil, France, Malta, Spain and Ireland, which also are subject to income taxes imposed by the jurisdiction in which they operate. We have operations in the United Arab Emirates, which are not subject to income tax under the laws of that country. Our income tax provision includes the following components:
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 years ended December 31, 2015, 2014 and 2013, pre-tax income (loss) attributable to our operations and the operations’ effective tax rates were as follows:
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:
The consolidated provision for income taxes for the year ended December 31, 2015 was affected by a $2.1 million decrease to taxes related to foreign tax credit utilization in the United Kingdom, a $2.5 million decrease in tax related to the reversal of an estimated state tax accrual, and an increase of $2.5 million in withholding taxes paid on an intercompany dividend payment.
The consolidated provision for income taxes for the year ended December 31, 2014 was affected by a $1.3 million decrease for additional taxes reported on the prior year tax return, a $0.4 million reduction for change in the United Kingdom deferred tax rate and a $1.0 million increase for the foreign exchange adjustment on the translation from Sterling to the U.S. Dollar within the Syndicate 1200 segment. Additionally, a $29.8 million increase is recognized due to the expiration of the PXRE Reinsurance Company capital loss carryforward benefit, which was offset by the related Valuation Allowance. The consolidated provision for income taxes for the year ended December 31, 2013 was affected by a $1.6 million decrease for additional taxes reported on the prior year tax return, a $1.2 million reduction for change in the United Kingdom deferred tax rate and a $1.7 million decrease for the foreign exchange adjustment on the translation from Sterling to the U.S. Dollar within the Syndicate 1200 segment. Deferred taxes arise from temporary differences in the recognition of revenues and expenses for tax and financial reporting purposes. The net deferred tax liability as of December 31, 2015 and 2014 resulted from the tax-effected temporary differences shown in the following table. Due primarily to changes in unrealized gains on available-for-sale investment securities, the net deferred tax liability decreased by $29.4 million and increased $24.3 million for the years ended December 31, 2015 and 2014, respectively.
Our net deferred tax assets (liabilities) are supported by taxes paid in previous periods, reversal of taxable temporary differences and recognition of future 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 two years for net operating losses and three years for capital losses, for our United States operations. At December 31, 2015, we had a total net deferred tax liability of $0.8 million prior to any valuation allowance.
Management has determined that a valuation allowance is required for a portion of the tax-effected net operating loss carryforward included as part of the United States consolidated group of $16.8 million generated from PXRE Corporation and for the tax effected net operating loss carryforward of $1.0 million from ARIS. The valuation allowances have been established pursuant to Internal Revenue Code Section 382 limits regarding the application of net operating loss carryforwards following an ownership change. The loss carryforwards available per year are $2.8 million, as required by Internal Revenue Code Section 382.
Furthermore, due to cumulative losses incurred since inception, management has concluded that a valuation allowance is required for the full amount of the tax-effected net operating losses generated by our Brazil and Malta entities.
Accordingly, a valuation allowance of $22.8 million is required as of December 31, 2015 of which $14.9 million relates to the PXRE Corporation and ARIS loss carryforwards, $6.1 million relates to Brazil operations, and $1.8 million relates to Malta operations. During the year ended December 31, 2015, the valuation allowance was reduced by $1.0 million pertaining to PXRE Corporation and ARIS loss carryforwards, decreased by $1.3 million pertaining to our Brazil operations and decreased by $0.3 million pertaining to our Malta operations.
Of the PXRE Corporation net operating loss carryforwards, $15.3 million will expire if not used by December 31, 2025 and $1.5 million will expire if not used by December 31, 2027. Of the ARIS loss carryforward, $0.2 million will expire if not used by December 31, 2027, $0.4 million will expire if not used by December 31, 2028, and $0.4 million will expire if not used by December 31, 2029. 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. We had no material unrecognized tax benefits as of December 31, 2015, 2014 and 2013. Our United States subsidiaries are no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2012. Our United Kingdom subsidiaries are no longer subject to United Kingdom income tax examinations by Her Majesty’s Revenue and Customs for years before 2012.
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Pension Benefits and Savings Plans |
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Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits and Savings Plans |
Argo Group US sponsors a qualified defined benefit plan and non-qualified unfunded supplemental defined benefit plans, all of which were curtailed effective February 2004. The following tables set forth the change in plan assets and the change in projected benefit obligation, as of December 31 with respect to these plans. The assets and liabilities of the plans were measured as of December 31 of the respective years presented.
As of December 31, 2015 and 2014, the qualified pension plan was underfunded by $3.4 million and $4.4 million, respectively. The non-qualified pension plans were unfunded by $2.3 million $2.2 million at December 31, 2015 and 2014, respectively. Underfunded and unfunded amounts are included in “Other liabilities” in our Consolidated Balance Sheets. Assumptions used to determine benefit obligations at December 31 were as follows:
Assumptions used to determine net periodic benefit cost follows:
In 2015, 2014, and 2013, the expected return on plan assets was ascertained using multiple factors that include market conditions, duration of the fixed maturity portion of the portfolio and long-term return forecasts provided by several asset management companies. Net periodic benefit costs were $0.1 million, $0.5 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. We estimate that $0.4 million of unrecognized actuarial loss will be amortized from accumulated other comprehensive gain into net periodic benefit cost during 2016. Over the next five years, we expect our annual payments under the pensions plan not to exceed $2.5 million per year. The projected benefit obligation for the non-qualified unfunded supplemental defined benefit plans, with accumulated benefit obligations in excess of plan assets, was $2.3 and $2.2 million at December 31, 2015 and 2014, respectively. The fair value of plan assets for these plans was zero for these same periods. The accumulated benefit obligation for all defined benefit plans is equal to the projected benefit obligation for each of the years presented. Our investment policy for the qualified plan requires the investments be prudently selected and properly diversified so as to minimize the risk of large losses in accordance with applicable laws including the Employee Retirement Income Security Act of 1974. The overall investment strategy is to achieve a balance of long-term growth of capital and current income, taking into account the need for liquidity to pay benefits as they come due. Periodic shifts in the asset allocation may be made based on the assessment of current and prospective market conditions. The investment policy for the qualified plan contains asset allocation guidelines with target allocations that remain effective until such time as the investment policy is revised. At December 31, 2015, the target allocations were 65% fixed maturity investments, short-term investments, and cash; and 35% equity investments. The target asset allocation percentages were selected based on risk diversification needs, expected distribution patterns and asset manager recommendations. The actual asset allocation as of December 31, 2015 was 62% fixed maturity investments, short-term investments and cash; and 38% equity investments, of which 21.3% and 16.7% were allocated between U.S. and international equities, respectively. These allocations were in compliance with the investment policy that allows the investment manager based on its judgment and market conditions to deviate from the target allocations. Following is a description of the valuation techniques used to measure the plan’s assets at fair value. Mutual funds: Fair value is determined using observable, market-based inputs on the valuation date (Level 1). For the years ended December 31, 2015 and 2014, assets with a fair value of $17.4 million and $18.8 million, respectively, were valued using Level 1 fair value measurements. Short-term investment fund: Fair value is determined based on the net asset values provided by the plan trustee (Level 2). For the years ended December 31, 2015 and 2014, assets with a fair value of $0.1 million and $0.4 million, respectively, were valued using Level 2 fair value measurements. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while it is believed the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Based on the current funding status of the pension plan, effects of the curtailment and expected changes in pension plan asset values and pension obligations, we do not believe any significant funding of the pension plan will be required during the year ending December 31, 2016. Substantially all of our employees are either eligible or mandated by applicable laws to participate in employee savings plans. Under these plans, a percentage of the employee’s pay may be or is mandated based on applicable laws to be contributed to various savings alternatives. The plans also call for our contributions under several formulae. Charges to income related to our contributions were $6.3 million, $7.1 million and $6.8 million in 2015, 2014 and 2013, respectively.
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Commitments and Contingencies |
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Dec. 31, 2015 | |||
Commitments And Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies |
Argo Group’s subsidiaries are parties to legal actions incidental to their business. Based on the opinion of 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 $90.2 million related to our limited partnership investments at December 31, 2015. These commitments will be funded as required by the partnership agreements which can be called to be fulfilled at any time, not to exceed thirteen years. |
Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Leases |
We lease office space and equipment under lease agreements that expire at various intervals and are subject to renewal options at market rates prevailing at the time of renewal. At December 31, 2015, the future minimum payments under non-cancelable operating leases are as follows:
We incurred lease expense of $14.2 million, $14.7 million and $14.6 million for the years ended December 31, 2015, 2014 and 2013, respectively.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
We are primarily engaged in underwriting property and casualty insurance and reinsurance. We have four ongoing reporting segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Additionally, we have a Run-off Lines segment 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. Transactions between segments are reported in the segment that initiated the transaction. 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 the sales of 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:
The table below presents earned premiums by geographic location. 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.
The following table represents identifiable assets:
Included in total assets at December 31, 2015 and 2014 are $377.1 million and $315.4 million, respectively, in assets associated with trade capital providers. The following table represents goodwill and intangible assets, net of accumulated amortization as of December 31:
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Run-off Lines |
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Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Run-off Lines |
We have discontinued active underwriting of certain lines of business, including those lines that were previously recorded in Argonaut Group’s Risk Management segment. All current activity within these lines is related to the management of claims and other administrative functions. Also included in Run-off Lines are other liability reserves, which include exposure to claims for asbestos and environmental liabilities written in past years. The other liability reserves are often characterized by long elapsed periods between the occurrence of a claim and ultimate payment to resolve the claim. We use a specialized staff dedicated to administer and settle these claims. The following table presents our gross reserves for Run-off Lines as of December 31:
We have received asbestos and environmental liability claims arising from other liability coverage primarily written in the 1960s, 1970s and into the mid-1980s. Asbestos and environmental claims originate from policies directly underwritten by us and from reinsurance assumed during this period, including a portion assumed from the London market. The following table represents the total gross reserves for our asbestos exposure:
The following table presents our net underwriting results for Run-off Lines:
Reserves for asbestos and environmental claims cannot be estimated with traditional loss reserving techniques that rely on historical accident year loss development factors. The uncertainty in the asbestos and environmental reserves estimates arises from several factors including lack of historical data, inapplicability of standard actuarial projection techniques, uncertainty with regards to claim costs, coverage interpretations and judicial, statutory and regulatory provisions under which the claims may be ultimately resolved. It is impossible to predict how the courts will interpret coverage issues and these resolutions may have a material impact on the ultimate resolution of the asbestos and environmental liabilities. We use a variety of estimation methods to calculate reserves as a whole; however, reserves for asbestos and environmental claims were determined utilizing a variety of methods which rely on historical claim reporting and severity information for the industry as well as company specific information. We apply greatest weight to the methods that project future calendar period claims and severities because it best captures the unique claim reporting and severity characteristics of the underlying exposures. Although management has recorded its best estimate of loss reserves, due to the uncertainties of estimation of liability that may arise as discussed herein, further deterioration of claims could occur in the future. Please see Note 5, “Reserves for Losses and Loss Adjustment Expenses” for further discussion. |
Statutory Accounting Principles |
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Statutory Accounting Principles |
Financial Information The statutory capital and surplus for our principal operating subsidiaries was as follows:
The statutory net income (loss) for our principal operating subsidiaries was as follows:
Dividends As an insurance and reinsurance holding company, we are largely dependent on dividends and other permitted payments from our insurance and reinsurance subsidiaries to pay cash dividends to our shareholders, for debt service and for our operating expenses. The ability of our insurance and reinsurance subsidiaries to pay dividends to us is subject to certain restrictions imposed by the jurisdictions of domicile that regulate our insurance and reinsurance subsidiaries and each jurisdiction has calculations for the amount of dividends that an insurance and reinsurance company can pay without the approval of the insurance regulator. The payment of dividends to our shareholders is governed by the Bermuda Companies Act of 1981, as amended, which permits the payment of dividends so long as (i) we are not, or would not be after the payment, unable to pay our liabilities as they become due or (ii) the realizable value of our assets is in excess of our liabilities after taking such payment into account. In light of these restrictions, we have no material restrictions on dividend payments that may be made to our shareholders at December 31, 2015. Argo Re is the direct subsidiary of Argo Group, and therefore, has direct dividend paying capabilities to the parent. As of December 31, 2015, Argo Re’s solvency and liquidity margins and statutory capital and surplus were in excess of the minimum levels required by the Insurance Act. As of December 31, 2015 and 2014, the minimum statutory capital and surplus required to be maintained by Argo Re was $345.9 million and $332.1 million, respectively. Argo Re is generally prohibited from declaring or paying, in any financial year, dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year’s statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the Bermuda Monetary Authority (“BMA”) an affidavit signed by at least two directors (one of whom must be a Bermuda resident director if any of the insurer’s directors are resident in Bermuda) and the principal representative stating that it will continue to meet its solvency margin and minimum liquidity ratio. Argo Re may not reduce its total statutory capital by 15% or more, as set out in its previous year’s financial statements, unless it has received the prior approval of the BMA. Based on these regulatory restrictions, the maximum amount available for payment of dividends to Argo Group by Argo Re during 2016 without prior regulatory approval is $315.2 million. In 2015, 2014 and 2013, Argo Re paid cash dividends to Argo Group of $41.0 million, $40.9 million and $84.5 million, respectively. The proceeds of the dividends were used to repay intercompany balances related primarily to dividend and interest payments and other corporate expenses. Our U.S. insurance subsidiaries file financial statements prepared in accordance with statutory accounting principles prescribed or permitted by insurance regulatory authorities of the state in which they are domiciled. The differences between statutory-based financial statements and financial statements prepared in accordance with GAAP vary between jurisdictions. The principal differences are that for statutory-based financial statements, deferred policy acquisition costs are not recognized, a portion of the deferred federal income tax asset is non-admitted, bonds are generally carried at amortized cost, certain assets are non-admitted and charged directly to surplus, a collectability allowance related to reinsurance recoverables is charged directly to surplus and outstanding losses and unearned premium are presented net of reinsurance. As an intermediate insurance holding company, Argo Group US is largely dependent on dividends and other permitted payments from its insurance subsidiaries to service its debt, fund operating expenses and pay dividends to Argo Ireland. Various state insurance laws restrict the amount that may be transferred to Argo Group US from its subsidiaries in the form of dividends without prior approval of regulatory authorities. In addition, that portion of the insurance subsidiaries’ net equity that results from the difference between statutory insurance principles and GAAP would not be available for dividends. Argo Group US did not receive dividends from its subsidiaries in 2015. In December 2014, Argo Group US received an extraordinary dividend in the amount of $20.0 million in cash from Rockwood. In December 2014, Argo Group US received an ordinary dividend of $48.8 million, in the form of $0.1 million in cash and $48.7 million in securities, from Argonaut Insurance Company. In December 2014, Argo Group US received an extraordinary dividend of $55.2 million, in the form of $0.2 million in cash and $55.0 million in securities, from Colony. In December 2013, Argo Group US received an ordinary dividend in the amount of $9.5 million in cash from Rockwood, an ordinary dividend in the amount of $24.8 million, in the form of $0.1 million in cash and $24.7 million in the form of securities, from Argonaut Insurance Company, and an extraordinary dividend of $76.2 million, in the form of $0.3 million in cash and $75.9 million in the form of securities, from Colony. Argonaut Insurance Company is a direct subsidiary of Argo Group US and is regulated by the Illinois Division of Insurance. During 2016, Argonaut Insurance Company may be permitted to pay dividends of up to $41.6 million without approval from the Illinois Division of Insurance. Colony, a direct subsidiary of Argo Group US, is regulated by the Virginia Bureau of Insurance. Colony may be permitted to pay dividends of up to $35.0 million without approval from the Virginia Bureau of Insurance during 2016. Rockwood, a direct subsidiary of Argo Group US, is regulated by the Pennsylvania Department of Insurance. Rockwood may be permitted to pay dividends of up to $18.2 million without approval from the Pennsylvania Department of Insurance during 2016. Each department of insurance may require prior approval for the payment of all dividends, based on business and regulatory conditions of the insurance companies. Dividend payments from Syndicate 1200 to its immediate parent are not restricted by regulatory authority. Dividend payments will be subject to the earnings, operations, financial condition, capital and general business requirements of Syndicate 1200. Certain assets of our subsidiaries are pledged to regulatory agencies, serve as collateral for letters of credit or are assigned as the assets of the trade capital providers of our Lloyd’s syndicate, and therefore, are not available funds that may be paid up as dividends to Argo Group. See Note 2, “Investments” and Note 18, “Segment Information” for further discussion.
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Insurance Assessments |
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Dec. 31, 2015 | |||
Insurance [Abstract] | |||
Insurance Assessments |
We are required to participate in statutorily created insolvency guarantee and weather-related loss protection associations in all states in the U.S. where we are authorized to transact business. These associations were formed for the purpose of paying the claims of insolvent companies. We are assessed a pro-rata share of such claims based upon our premium writings, subject to a maximum annual assessment per line of insurance. Certain of these assessments can be recovered through premium tax offsets or policy surcharges. We do not believe that assessments on current insolvencies will have a material impact on our financial condition or results of operations. We have accrued assessments of $4.1 million and $17.0 million at December 31, 2015 and 2014, respectively. The decrease in the accrual from December 31, 2014 to December 31, 2015, was primarily attributable to a change in accounting estimates. |
Transactions with Related Parties |
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Dec. 31, 2015 | |||
Related Party Transactions [Abstract] | |||
Transactions with Related Parties |
In 2013, our Surety unit received a submission through its established broker network to issue approximately $13 million of surety bonds on behalf of Kinetica Partners, LLC (“Kinetica”) in connection with a Gulf of Mexico pipeline project. Mr. Gary Woods, Chairman of our Board of Directors, is the President of Kinetica, and beneficially owns 10% of Kinetica through a family trust. The submission was underwritten, priced and bound in the ordinary course of business by the Surety unit. The terms and conditions of the surety bonds that were issued and the premium charged to Kinetica for issuance of the bonds, were consistent with those routinely applied and charged for similarly situated risks bound for unrelated third-parties. Per the Surety unit’s standard requirements in connection with the issuance of surety bonds, Kinetica and Mr. Woods, in his personal capacity, among others, executed our Surety unit’s standard form of indemnity agreement holding our Surety unit harmless against any and all losses and expenses incurred resulting from the issuance of the surety bonds.
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Unaudited Quarterly Financial Data |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Quarterly Financial Data |
The following tables represent unaudited quarterly financial data for the years ended December 31, 2015 and 2014. In the opinion of management, all adjustments necessary to present fairly the results of operations for such periods have been made. Total revenue, net income before income taxes and net income include realized gains or losses from the sale of investments and other. We cannot anticipate when or if similar gains or losses may occur in the future. Since financial results rely heavily on estimates, caution should be used in drawing specific conclusions from quarterly consolidated results.
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Information Provided in Connection with Outstanding Debt of Subsidiaries |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information Provided in Connection with Outstanding Debt of Subsidiaries |
In September 2012, Argo Group (the “Parent Guarantor”), through its subsidiary Argo Group US (the “Subsidiary Issuer”), issued $143,750,000 aggregate principal amount of the Subsidiary Issuer’s 6.5% Senior Notes due September 15, 2042 (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Subsidiary Issuer and rank equally in right of payment with all of the Subsidiary Issuer’s other unsecured and unsubordinated debt. The Notes are guaranteed on a full and unconditional senior unsecured basis by the Parent Guarantor. The Notes may be redeemed, for cash, in whole or in part, on or after September 15, 2017, at the Subsidiary Issuer’s option, at any time and from time to time, prior to maturity at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. The following tables present condensed consolidating financial information at December 31, 2015 and 2014 and for the three years ended December 31, 2015, 2014 and 2013, for the Parent Guarantor and the Subsidiary Issuer. The Subsidiary Issuer is an indirect wholly-owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for by the Parent Guarantor under the equity method for purposes of the supplemental consolidating presentation. Earnings of subsidiaries are reflected in the Parent Guarantor’s investment accounts and earnings. Condensed consolidating financial information of the Subsidiary Issuer is presented on a consolidated basis and consists principally of the net assets, results of operations and cash flows of operating insurance company subsidiaries.
CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 (in millions)
CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2015 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2014 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2013 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR YEAR ENDED DECEMBER 31, 2015 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR YEAR ENDED DECEMBER 31, 2014 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR YEAR ENDED DECEMBER 31, 2013 (in millions)
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Schedule II Condensed Financial Information of Registrant |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Condensed Financial Information of Registrant | ARGO GROUP INTERNATIONAL HOLDINGS, LTD. SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT (in millions)
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT (in millions)
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Schedule III Supplemental Insurance Information |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplementary Insurance Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Supplemental Insurance Information | ARGO GROUP INTERNATIONAL HOLDINGS, LTD. SCHEDULE III SUPPLEMENTAL INSURANCE INFORMATION FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (in millions)
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Schedule V Valuation and Qualifying Accounts |
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Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule V Valuation and Qualifying Accounts | ARGO GROUP INTERNATIONAL HOLDINGS, LTD. SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS (in millions)
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Schedule VI Supplemental Information for Property-Casualty Insurance Companies |
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Supplemental Information For Property Casualty Insurance Underwriters [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule VI Supplemental Information for Property-Casualty Insurance Companies | ARGO GROUP INTERNATIONAL HOLDINGS, LTD. SCHEDULE VI SUPPLEMENTAL INFORMATION FOR PROPERTY-CASUALTY INSURANCE COMPANIES (in millions)
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Business and Significant Accounting Policies (Policies) |
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Business | Business Argo Group International Holdings, Ltd. (“Argo Group,” “we” or the “Company”) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group US, Inc. (“Argo Group US”) is a subsidiary of Argo Financial Holding (Ireland), Ltd. (“Argo Ireland”). Argo Underwriting Agency Limited (“Syndicate 1200”) is a subsidiary of Argo International Holdings, Ltd. Argo Re, Ltd. (“Argo Re”), a Bermuda based company, is the parent of both Argo Ireland and Argo International Holdings, Ltd. Argo Re is directly owned by Argo Group. We conduct our ongoing business through four segments. Excess and Surplus Lines products are underwritten by Colony Insurance Company (“Colony”) under two operating platforms: Colony Specialty and Argo Pro. Commercial Specialty consists of the following operations: Argo Insurance, Rockwood Casualty Insurance Company (“Rockwood”), Argo Surety, Trident Insurance Services, Alteris and ARIS Title Insurance Corporation (“ARIS”). International Specialty products are provided by our Bermuda operations, which include Argo Re and Argo Insurance – Casualty and Professional Lines and Argo Seguros Brasil S.A. based in Brazil. Syndicate 1200 products are underwritten by Argo Underwriting Agency Limited based in London, on behalf of one underwriting syndicate under the Lloyd’s of London (“Lloyd’s”) global franchise. Our Run-off Lines segment includes liabilities associated with other liability policies that were issued in the 1960s, 1970s and into the 1980s, as well as the former risk management business and other business no longer underwritten. |
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Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The consolidated financial statements of Argo Group and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of consolidated 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 doubtful accounts; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could differ from those estimates. Specifically, estimates for reserves for losses and loss adjustment expenses are based upon past claim experience modified for current trends as well as prevailing economic, legal and social conditions. Although management believes that amounts included in the accompanying consolidated financial statements are reasonable, such estimates may be more or less than the amounts ultimately paid when the claims are settled. The estimates are continually reviewed and any changes are reflected in current operating results. Further, the nature of loss exposures involves significant variability due to the nature of the long-tailed payments on certain claims. As such, losses and loss adjustment expenses could vary significantly from the recorded amounts. The consolidated financial statements include the accounts and operations of Argo Group and its subsidiaries. All material intercompany accounts and transactions have been eliminated. Certain amounts in prior years’ financial statements have been reclassified to conform to the current presentation. Amounts related to trade capital providers, who are third-party capital participants that provide underwriting capital to the Syndicate 1200 segment, are included in the balance sheet. Trade capital providers participate on a quota share basis, assuming 100% of their contractual participation in the underwriting syndicate results and with such results settled on a year of account basis. In 2009, the Financial Accounting Standards Board (“FASB”) issued revised accounting standards regarding consolidation of variable interest entities. We reevaluated our investment in our twelve statutory trusts (collectively, the “Trusts”) and two charitable foundations (collectively, the “Foundations”). We determined that the Trusts and Foundations continue to be variable interest entities due to the fact that the Trusts and Foundations do not have sufficient equity to finance their activities without additional subordinate financial support from other parties. We do not have any power to direct the activities that impact the Trusts or Foundations’ economic performance. We are not entitled to receive a majority of the residual returns of the Trusts and U.S. charitable foundations. Additionally, we are not responsible for absorbing the majority of the expected losses of the Trusts or U.S. charitable foundations; therefore, we are not the primary beneficiary and, accordingly, the Trusts and U.S. charitable foundations are not included in our consolidated financial statements. The expenses and donations of the charitable foundations in Bermuda are paid by Argo Group and have been included in the consolidated results. We have used a series of special purpose reinsurance companies to provide reinsurance coverage through a series of transactions, including insurance linked securities. Under the provisions of Accounting Standards Codification (“ASC”) Topic 810-10, “Consolidation,” these reinsurance companies are variable interest entities. However, we do not have a variable interest in these entities, and therefore are not required to consolidate them in our consolidated financial statements. |
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10% Stock Dividend | Stock Dividends On May 7, 2013, our Board of Directors declared a 10% stock dividend, payable on June 17, 2013, to shareholders of record at the close of business on June 3, 2013. As a result of the stock dividend, 2,447,839 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented. On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented |
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Cash | Cash Cash consists of cash deposited in banks, generally in concentration and operating accounts. Interest-bearing cash accounts are classified as short-term investments. |
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Investments | Investments Investments in fixed maturities at December 31, 2015 and 2014 include bonds and structured securities. Equity securities include common stocks, preferred stocks and mutual funds. Other investments consist of foreign regulatory deposits, hedge funds, private equity funds, private equity direct investments, voluntary pools and foreign exchange currency forward contracts. Short-term investments consist of money market funds, certificates of deposit, bonds, sovereign debt and interest-bearing cash accounts. Investments maturing in less than one year are classified as short-term investments in our consolidated financial statements. The amortized cost of fixed maturity securities is adjusted for amortization of premiums and accretion of discounts. This amortization or accretion is included in “Net investment income” in our Consolidated Statements of Income. For the structured securities portion of the fixed maturity securities portfolio, we recognize income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. Premium or discount on high investment grade securities (rated AA or higher) is amortized into income using the retrospective method. Premium or discount on lower grade securities (rated less than AA) is amortized into income using the prospective method. Our investments in fixed maturities and equity securities with readily determinable fair value are considered available-for-sale and are carried at fair value. Changes in the fair value of investments classified as available-for-sale are not recognized to income during the period, but rather are recognized as a separate component of shareholders’ equity until realized. Fair value of these investments is estimated using prices obtained from third-party pricing services, where available. For securities where we were unable to obtain fair values from a pricing service or broker, fair values were estimated using information obtained from investment advisors. We performed several processes to ascertain the reasonableness of these investment values by i) obtaining and reviewing internal control reports for our service providers that obtain fair values from third-party pricing services, ii) discussing with our investment managers their process for reviewing and validating pricing obtained from outside services and obtaining values for all securities from our investment managers and iii) comparing the security pricing received from the investment managers with the prices used in the consolidated financial statements and obtaining additional information for variances that exceeded a certain threshold. As of December 31, 2015, investments we hold for which we did not receive a fair value from a pricing service or broker accounted for less than 1% of our investment portfolio. The actual value at which these securities could actually be sold or settled with a willing buyer or seller may differ from our estimated fair values depending on a number of factors including, but not limited to, current and future economic conditions, quantity sold or settled, presence of an active market and availability of a willing buyer or seller. The cost of securities sold is based on the specific identification method. Changes in the value of other investments consisting of hedge funds, private equity funds, private equity direct investments and voluntary pools are principally recognized to income during the period using the equity method of accounting. Our 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. The underlying assets are invested in government securities, agency securities and corporate bonds whose values are obtained from Lloyd’s. Foreign currency future contracts held by us are valued by our counterparties using market driven foreign currency exchange rates. We regularly evaluate our investments for other-than-temporary impairment. For fixed maturity securities, the evaluation for a credit loss is generally based on the present value of expected cash flows of the security as compared to the amortized book value. For structured securities, frequency and severity of loss inputs are used in projecting future cash flows of the securities. Loss frequency is measured as the credit default rate, which includes such factors as loan-to-value ratios and credit scores of borrowers. Loss severity includes such factors as trends in real estate values and proceeds at foreclosure. We also recognize other-than-temporary losses on our fixed maturity securities that we intend to sell. All investment balances include amounts relating to trade capital providers. The results of operations and other comprehensive income exclude amounts relating to trade capital providers. Trade capital providers’ participation in the syndicate results are included in reinsurance recoverable for ceded losses and reinsurance payable for ceded premiums. |
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Receivables | Receivables Premiums receivable, representing amounts due from insureds, are presented net of an allowance for doubtful accounts. The allowances for doubtful accounts were $3.5 million and $5.2 million at December 31, 2015 and 2014, respectively. Premiums receivable include amounts relating to the trade capital providers’ quota share. Reinsurance recoverables represent amounts of paid losses and loss adjustment expenses, case reserves and incurred but not reported (“IBNR”) amounts ceded to reinsurers under reinsurance treaties. Reinsurance recoverables also reflect amounts that are due from trade capital providers. Reinsurance recoverables are presented in our Consolidated Balance Sheets net of an allowance for doubtful accounts of $3.2 million and $3.4 million at December 31, 2015 and 2014, respectively (see Note 3, “Reinsurance” for related disclosures). An estimate of amounts that are likely to be charged off is established as an allowance for doubtful accounts as of the balance sheet date. Our estimate includes specific insured and reinsurance balances that are considered probable to be charged off after all collection efforts have ceased and in accordance with historical write-off trends based on aging categories. Premiums receivable and reinsurance recoverables on paid losses written off, net of recoveries against the allowance for doubtful accounts or directly to the income statement are as follows:
Recoveries occur when subsequent collection or litigation results in the receipt of amounts previously written off. Amounts recovered are applied against the bad debt expense account. |
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Earned Premiums | Earned Premiums Premium revenue is recognized ratably over the policy period. Premiums that have yet to be earned are reported as “Unearned premiums” in our Consolidated Balance Sheets. Unearned premium balances include cessions to reinsurers including trade capital providers, while the earned premium recognized in our Consolidated Statements of Income excludes amounts relating to trade capital providers. The trade capital providers’ quota share amount is included in “Ceded reinsurance payable, net”. Assumed reinstatement premiums that reinstate coverage are written and earned at the time the associated loss event occurs. The original premium is earned over the remaining exposure period of the contract. Reinstatement premiums are estimated based upon contract terms for reported losses and estimated for incurred but not reported losses. |
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Retrospectively Rated Policies | Retrospectively Rated Policies We have written a number of workers compensation, property and other liability policies that are retrospectively rated. Under this type of policy, the policyholder or coverholder may be entitled, subsequent to coverage expiration, to a refund or may owe additional premiums based on the amount of losses incurred under the policy. The retrospective premium adjustments on certain policies are limited to a minimum or maximum premium adjustment, which is calculated as a percentage of the standard amount of premium charged during the life of the policy. Accrued retrospectively rated premiums have been determined based on estimated ultimate loss experience of the individual policyholder accounts. The estimated liability for return of premiums under retrospectively rated policies is included in “Unearned premiums” in our Consolidated Balance Sheets and was $6.5 million and $5.8 million at December 31, 2015 and 2014, respectively. The estimated amount included in premiums receivables for additional premiums due under retrospectively rated policies was $0.1 million at December 31, 2015. No amount was included in premiums receivables for additional premium due under retrospectively rate policies at December 31, 2014. |
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Deferred Acquisition Costs | Deferred Acquisition Costs Policy acquisition costs, which include commissions, premium taxes, fees and certain other costs of underwriting policies, are deferred, when such policies are profitable, and amortized over the same period in which the related premiums are earned. To qualify for capitalization, the policy acquisition cost must be directly related to the successful acquisition of an insurance contract. Anticipated investment income is considered in determining whether the deferred acquisition costs are recoverable and whether a premium deficiency exists. We continually review the methods of making such estimates and establishing the deferred costs with any adjustments made in the accounting period in which the adjustment arose. The 2015 and 2014 net amortization of policy acquisition costs will not equal the change in our Consolidated Balance Sheets as the trade capital providers’ share is not reflected in our Consolidated Statements of Income and differences arise from foreign currency exchange rates applied to deferred acquisition costs which are treated as a nonmonetary asset. |
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Reserves for Losses and Loss Adjustment Expenses | Reserves for Losses and Loss Adjustment Expenses Liabilities for unpaid losses and loss adjustment expenses include the accumulation of individual case estimates for claims reported as well as estimates of IBNR claims and estimates of claim settlement expenses. Reinsurance recoverables on unpaid claims and claim expenses represent estimates of the portion of such liabilities that will be recoverable from reinsurers. Amounts recoverable from reinsurers are recognized as assets at the same time and in a manner consistent with the unpaid claims liabilities associated with the reinsurance policy. |
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Reinsurance | Reinsurance In the normal course of business, our insurance and reinsurance subsidiaries reinsure various risks above certain retention levels with other insurance enterprises. Reinsurance recoverables include claims we paid and estimates of unpaid losses and loss adjustment expenses that are subject to reimbursement under reinsurance and retrocessional contracts. The method for determining reinsurance recoverables for unpaid losses and loss adjustment expenses involves reviewing actuarial estimates of gross unpaid losses and loss adjustment expenses to determine our ability to cede unpaid losses and loss adjustment expenses under our existing reinsurance contracts. This method is continually reviewed and updated and any resulting adjustments are reflected in earnings in the period identified. Reinsurance premiums, commissions and expense reimbursements are accounted for on a basis consistent with those used in accounting for the original policies issued and the term of the reinsurance contracts. Amounts recoverable from reinsurers for losses and loss adjustment expenses for which our insurance and reinsurance subsidiaries have not been relieved of their legal obligations to the policyholder are reported as assets. |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and intangible assets are allocated to the segment in which the results of operations for the acquired company are reported (see Note 18, “Segment Information” for further discussion). Intangible assets with a finite life are amortized over the estimated useful life of the asset. Goodwill and intangible assets with an indefinite useful life are not amortized. Goodwill and intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. For goodwill, we may perform a qualitative test to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. Based on prior goodwill impairment testing, we determined the performance of the quantitative impairment test was required for 2015. The first step of the quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill (“Step 1”). If the fair value of a reporting unit exceeds its carrying value amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step is not necessary. However, if the carrying amount of the reporting unit exceeds its fair value, the second step (“Step 2”) is performed to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. Step 2 compares the implied fair value of goodwill with the carrying amount of goodwill. If the implied value of goodwill is less than the carrying amount of goodwill, it is written down to its fair value with a corresponding expense reflected in the Consolidated Statements of Income. The implied goodwill is calculated based on a hypothetical purchase price allocation, similar to the requirements in the accounting guidance for business combinations, whereby the implied fair value of the reporting unit is allocated to the fair value of the assets and liabilities of the reporting unit. We perform our goodwill impairment test on the first day of the fourth quarter of each year, or October 1 of each year. In performing Step 1 of the impairment test, we estimated the fair value of reporting units using an average of three valuation methods: a comparable company analysis, a precedent transaction analysis and a discounted cash flow analysis. All three methods require management to make various judgments and assumptions. The discounted cash flow analysis included projections of earned premiums, loss ratios, expense growth and discount rates for each reporting unit. Assumptions about such future cash flows are based on our budgets, business plans, economic projections, anticipated future cash flows and market data. Finally, the comparable company analysis and precedent transaction analysis required judgment in selecting comparable companies and comparable transactions for use in the calculations. In all instances, future changes in these judgments and assumptions could cause impairment of goodwill. For the years ended December 31, 2015, 2014 and 2013, all of our reporting units passed Step 1 of the goodwill impairment analysis as the fair value of each reporting unit were in excess of their carrying values. Therefore, Step 2 of the goodwill impairment analysis was not required. Any future decline in the fair value of these reporting units could result in the carrying value of the reporting unit being in excess of fair value, triggering Step 2 of the impairment testing model, which could result in an impairment of goodwill. For the year ended December 31, 2014, we determined as a result of the slower than anticipated development of revenues for our art title insurance company, the likelihood of near term recovery of the intangible assets, including goodwill, was not probable. Therefore, we wrote-off $1.6 million of goodwill and $1.8 million of indefinite lived intangible assets related to this operating unit. As noted above, we have elected to make the first day of the fourth quarter the annual impairment assessment date for goodwill and indefinite-lived intangible assets. An impairment analysis subsequent to this date has not been performed as management believes that no additional indicators of impairment have arisen, such as significant additional pricing competition, unexpected significant declines in operating results, divestiture of a significant component of the business or a significant decline in our market capitalization. The following table presents our intangible assets and accumulated amortization at December 31:
The weighted average useful life by category at December 31, 2015 was 9.3 years for the distribution network, 5.0 years for the additional Lloyd’s capacity and 9.1 years for other. The weighted average useful life for all categories was 8.9 years at December 31, 2015. During the twelve months ended December 31, 2015, 2014 and 2013, amortization expense was $7.5 million, $5.6 million and $6.1 million, respectively, and is included in “Underwriting, acquisition and insurance expenses” in our Consolidated Statements of Income. The estimated amortization expense for the years ended December 31, 2016, 2017, 2018, 2019 and 2020 is $5.6 million, $4.8 million, $2.2 million, $0.4 million and $0.0 million, respectively. |
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Property and Equipment | Property and Equipment Property and equipment used in operations, including certain costs incurred to develop or obtain computer software for internal use, are capitalized and carried at cost less accumulated depreciation and are reported in “Other assets” in our Consolidated Balance Sheets. Depreciation is calculated using a straight-line method over the estimated useful lives of the assets, generally three to thirty nine years. The accumulated depreciation for property and equipment was $85.1 million and $78.2 million at December 31, 2015 and 2014, respectively. The net book value of our property and equipment at December 31, 2015 and 2014 was $133.1 million and $96.4 million, respectively. The depreciation expense at December 31, 2015, 2014 and 2013 was $17.5 million, $15.1 million and $15.5 million, respectively. |
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Derivative Instruments | Derivative Instruments We enter into short-term, currency spot and forward contracts to mitigate foreign exchange rate exposure in our non-U.S. Dollar denominated fixed maturity investments. The forward contracts used are typically less than sixty days and are renewed as long as the non-U.S. Dollar denominated fixed maturity investments are held in our portfolio. Forward contracts are designated as hedges for accounting purposes. We also enter into foreign currency exchange forward contracts to manage currency exposure on losses related to global catastrophe events. These foreign currency forward contracts are carried at fair value in our Consolidated Balance Sheets in “Other investments.” The realized and unrealized gains and losses are included in “Net realized investment and other gains” in our Consolidated Statements of Income. Through our subsidiary Argo Re, in December 2011, we entered into a reinsurance contract with a special purpose reinsurance company that provided us with protection against certain severe catastrophe events and the occurrence of multiple significant catastrophe events during the same year. The special purpose reinsurance company provided the reinsurance through a catastrophe bond transaction that was supported by a collateralized facility. The reinsurance contract was deemed to be a derivative. We recorded the contract at fair value, with any changes in the value reflected in “Other reinsurance-related expenses” in our Consolidated Statements of Income. See Note 4, “Derivative Instruments” for related disclosures. |
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Share-Based Payments | Share-Based Payments Compensation expense for share-based payments is recognized based on the measurement-date fair value for awards that will settle in shares. Awards that are expected to be settled in cash are accounted for as liability awards, resulting in the fair value of the award being measured at each reporting date until the award is exercised, forfeited or expires unexercised. Compensation expense for awards that are settled in equity are recognized on a straight line pro rata basis over the vesting period. Compensation expense for awards that are settled in cash are recognized on the accelerated recognition method over the award’s vesting period. See Note 12, “Share-based Compensation” for related disclosures. |
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Foreign Currency Exchange Gain (Loss) | Foreign Currency Exchange Gain (Loss) The U.S. Dollar is the functional currency of all but two of our foreign operations. Monetary assets and liabilities in foreign operations that are denominated in foreign currencies are revalued at the exchange rates in effect at the balance sheet date. The resulting gains and losses from changes in the foreign exchange rates are reflected in net income. Revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate during the period with the resulting foreign exchange gains and losses included in net income for the period. In the case of our foreign currency denominated available-for-sale investments, the change in exchange rates between the local currency and our functional currency at each balance sheet date represents an unrealized appreciation or depreciation in value of these securities and is included as a component of accumulated other comprehensive gain. Translation gains and losses related to our operations in Brazil and Malta are recorded as a component of shareholders’ equity in our Consolidated Balance Sheets. At December 31, 2015 and 2014, the foreign currency translation adjustments were a loss of $21.6 million and $15.6 million, respectively. |
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Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in net income in the period in which the change is enacted. We recognize potential accrued interest and penalties within our global operations in “Interest expense” and “Underwriting, acquisition and insurance expenses,” respectively, in our Consolidated Statements of Income. |
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Supplemental Cash Flow Information | Supplemental Cash Flow Information Income taxes paid. We paid income taxes of $10.9 million, $23.7 million and $14.2 million in 2015, 2014 and 2013, respectively. Income taxes recovered. We recovered income taxes of $11.7 million and $0.1 million in 2015 and 2014, respectively. We did not recover any income taxes in 2013. Interest paid as follows:
Non-cash operating activities transactions. Our Consolidated Statements of Cash Flows contains a reconciliation of net income to “Net cash (used) provided by operating activities,” which includes, among other things, certain adjustments for non-cash items. For the year ended December 31, 2014, the adjustment for “Net realized and other gains” includes a $43.3 million non-cash item related to the pre-tax realized gain recognized on the sale of a real estate holding, as the proceeds from this sale were held in escrow and recorded as a receivable within “Other assets” in our Consolidated Balance Sheet at December 31, 2014. |
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606). The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The ASU provides a five-step analysis of transactions to determine when and how revenue is recognized and requires additional disclosures sufficient to describe the nature, amount, timing and uncertainty of revenue and cash flows for these transactions. The original effective date of this ASU was deferred by one year by the FASB’s August 2015 issuance of ASU 2015-14, “Deferral of the Effective Date” (Topic 606), with the new effective date being for annual reporting periods beginning after December 15, 2017, with early adoption permitted as early as annual reporting periods beginning after December 15, 2016. We will adopt this ASU on January 1, 2018. Companies may use either a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. While insurance contracts are excluded from this ASU, fee income related to our brokerage operations and management of the third-party capital for our underwriting Syndicate at Lloyd’s will be subject to this updated guidance. We continue to evaluate what impact this ASU will have on our financial results and disclosures and which adoption method to apply, but do not anticipate such impact being material based on the limited revenue streams subject to the ASU. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis" (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether entities should be consolidated if they are deemed variable interest entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. We have adopted this standard as of the effective date, and the adoption did not impact our financial statements. In May 2015, the FASB issued ASU 2015-09, “Disclosures about Short-Duration Contracts” (Topic 944). ASU 2015-09 focuses on the requirement of additional disclosures for unpaid claim liabilities and claim adjustment expenses for short-duration insurance contracts (i.e., coverage provided for a fixed period of short duration, typically a year or less). The standard will require tables showing incurred and paid claims development information by accident year for the number of years claims typically remain outstanding, but not more than 10 years, including a reconciliation of this information to the statement of financial position. This ASU is effective for annual periods beginning after December 15, 2015 and interim periods within annual periods after December 15, 2016. We are currently in the process of evaluating the impact of the adoption of ASU 2015-09 on our financial disclosures. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The ASU will require equity investments that are not consolidated or accounted for under the equity method of accounting to be measured at fair value with changes in fair value recognized in net income. This ASU will also require us to assess the realizability of any deferred tax assets (“DTAs”) related to an available-for-sale debt security in combination with our other DTAs. The ASU will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently in the process of evaluating the impact of the adoption of ASU 2016-01 on our financial results and disclosures.
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Business and Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Receivables | Premiums receivable and reinsurance recoverables on paid losses written off, net of recoveries against the allowance for doubtful accounts or directly to the income statement are as follows:
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Intangible Assets And Accumulated Amortization | The following table presents our intangible assets and accumulated amortization at December 31:
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Supplemental Cash Flow Information | Interest paid as follows:
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Investments (Tables) |
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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 and fair value of investments as of December 31 were as follows:
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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 December 31, 2015, by contractual maturity, were as follows:
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Schedule Of Carrying Value Redemption Characteristics And Unfunded Investment Commitments Of Other Invested Assets Portfolio |
Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of December 31, 2015 and 2014 were as follows:
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Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments | An aging of unrealized losses on our investments in fixed maturities, equity securities, other investments and short-term investments is presented below:
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Schedule of Investment Income and Expenses | Investment income and expenses were as follows:
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Schedule of Company's Gross Realized Investment Gains (Losses) | The following table presents our gross realized investment gains (losses) and other:
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Schedule of Realized Gains (Losses) and Changes in Unrealized Appreciation (Depreciation) | Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows:
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Schedule of Fair Value of Foreign Currency Exchange Forward Contracts | The fair value of our foreign currency exchange forward contracts as of December 31 was as follows:
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Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts | The following table presents our gross investment realized gains and losses on our foreign currency exchange forward contracts:
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Financial Assets Measured at Fair Value on Recurring Basis | Based on an analysis of the inputs, our financial assets measured at fair value on a recurring basis have been categorized as follows:
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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 Observable Inputs (Level 3)
|
Reinsurance (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reinsurance Premiums | Premiums were as follows:
|
Reserves for Losses and Loss Adjustment Expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves for Losses and Loss Adjustment Expenses | The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):
|
Junior Subordinated Debentures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Junior Subordinated Debentures | A summary of our outstanding junior subordinated debentures is presented below:
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Other Indebtedness (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Floating Rate Loan Stock, Notes Outstanding | A summary of the notes outstanding at December 31, 2015 and 2014 is presented below:
|
Disclosures about Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repurchase of Shares | A summary of common shares repurchased in 2015 is shown below:
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Schedule of Authorized and Unissued Common Shares Reserved | At December 31, 2015, we had the following authorized, unissued common shares reserved for future issuance:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component is presented below:
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Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | The amounts reclassified from accumulated other comprehensive income (loss) shown in the above table have been included in the following captions in our Consolidated Statements of Income:
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Net Income Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share on Basic and Diluted Basis | The following table presents the calculation of net income per common share on a basic and diluted basis:
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Share-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions | The following table summarizes the assumptions we used:
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Summary of Restricted Share Activity | A summary of restricted share activity as of December 31, 2015 and changes during the year then ended is as follows:
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Summary of Stock-Settled SARs Activity | A summary of stock-settled SARs activity as of December 31, 2015 and changes during the year then ended is as follows:
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Summary of Cash-Settled SARs Activity | A summary of cash-settled SARs activity as of December 31, 2015 and changes during the year then ended is as follows:
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Underwriting, Acquisition and Insurance Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Underwriting Acquisition And Insurance Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Underwriting, Acquisition and Insurance Expenses | Underwriting, acquisition and insurance expenses were as follows:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Provision (Benefit) | Our income tax provision includes the following components:
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Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates | For the years ended December 31, 2015, 2014 and 2013, pre-tax income (loss) attributable to our operations and the operations’ effective tax rates were as follows:
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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:
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Schedule of Deferred Tax Assets and Liabilities |
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Pension Benefits and Savings Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Plan Assets | The assets and liabilities of the plans were measured as of December 31 of the respective years presented.
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Schedule of Change in Projected Benefit Obligation |
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Schedule of Assumptions to Determine Benefit Obligations | Assumptions used to determine benefit obligations at December 31 were as follows:
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Schedule of Assumptions to Determine Net Periodic Benefit Cost | Assumptions used to determine net periodic benefit cost follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases | At December 31, 2015, the future minimum payments under non-cancelable operating leases are as follows:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Schedule of Earned Premiums by Geographic Location | The table below presents earned premiums by geographic location. 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.
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Identifiable Assets | The following table represents identifiable assets:
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Schedule of Goodwill and Intangible Assets Net of Accumulated Amortization | The following table represents goodwill and intangible assets, net of accumulated amortization as of December 31:
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Run-off Lines (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Reserves for Run-Off Lines | The following table presents our gross reserves for Run-off Lines as of December 31:
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Total Gross Reserves for Asbestos Exposure | The following table represents the total gross reserves for our asbestos exposure:
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Run Off Lines [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Under writing Results for Run-Off Lines | The following table presents our net underwriting results for Run-off Lines:
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Statutory Accounting Principles (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statutory Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Statutory Net Income And Capital And Surplus [Table Text Block] | The statutory capital and surplus for our principal operating subsidiaries was as follows:
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Statutory Net Income (Loss) for Principal Operating Subsidiaries | The statutory net income (loss) for our principal operating subsidiaries was as follows:
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Unaudited Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data |
|
Information Provided in Connection with Outstanding Debt of Subsidiaries (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 (in millions)
CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 (in millions)
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Condensed Consolidating Statement of Income | CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2015 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2014 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2013 (in millions)
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Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR YEAR ENDED DECEMBER 31, 2015 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR YEAR ENDED DECEMBER 31, 2014 (in millions)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR YEAR ENDED DECEMBER 31, 2013 (in millions)
|
Business and Significant Accounting Policies - Summary of Receivables (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Premiums receivable | $ 1.0 | $ 1.1 | $ 0.2 |
Reinsurance recoverables | 0.2 | 0.5 | 0.0 |
Net written off (recovered) | $ 1.2 | $ 1.6 | $ 0.2 |
Business and Significant Accounting Policies - Intangible Assets and Accumulated Amortization (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 112.4 | $ 111.6 |
Accumulated Amortization | 39.1 | 33.0 |
Lloyd's Capacity [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 60.5 | 60.5 |
Accumulated Amortization | 0.0 | 0.0 |
Distribution Network [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 45.5 | 44.8 |
Accumulated Amortization | 33.2 | 27.9 |
Additional Lloyd's Capacity [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4.8 | 4.8 |
Accumulated Amortization | 4.6 | 3.9 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1.6 | 1.5 |
Accumulated Amortization | $ 1.3 | $ 1.2 |
Business and Significant Accounting Policies - Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Disclosure - Business and Significant Accounting Policies - Supplemental Cash Flow Information (Detail) [Line Items] | |||
Total interest paid | $ 18.7 | $ 19.7 | $ 19.8 |
Senior Unsecured Fixed Rate Notes [Member] | |||
Disclosure - Business and Significant Accounting Policies - Supplemental Cash Flow Information (Detail) [Line Items] | |||
Total interest paid | 9.3 | 9.3 | 9.3 |
Junior Subordinated Debentures [Member] | |||
Disclosure - Business and Significant Accounting Policies - Supplemental Cash Flow Information (Detail) [Line Items] | |||
Total interest paid | 7.0 | 7.6 | 7.9 |
Other Indebtedness [Member] | |||
Disclosure - Business and Significant Accounting Policies - Supplemental Cash Flow Information (Detail) [Line Items] | |||
Total interest paid | $ 2.4 | $ 2.8 | $ 2.6 |
Investments - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
Security
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Schedule Of Investments [Line Items] | |||
Fair value of investments, assets managed on behalf of the trade capital providers | $ 95,300,000 | $ 75,200,000 | |
Number of securities in an unrealized loss position, total | Security | 6,941 | ||
Number of securities in an unrealized loss position for less than one year | Security | 3,410 | ||
Number of securities in an unrealized loss position for a period of one year or greater | Security | 205 | ||
Amortized Cost | $ 4,031,500,000 | 3,889,200,000 | |
Fair Value | 4,115,700,000 | 4,097,900,000 | |
Reported loss expense reserve | 29,300,000 | 43,600,000 | |
Securities pledged to Lloyd's | 202,500,000 | 217,900,000 | |
Transfers between Level 1 and Level 2 securities | 0 | 0 | |
Transfers between Level 2 and Level 1 securities | 0 | 0 | |
Securities Pledged as Collateral [Member] | |||
Schedule Of Investments [Line Items] | |||
Pledged assets separately reported, securities pledged under letters of credit facilities, at amortized cost | 34,900,000 | 55,000,000 | |
Pledged assets separately reported, securities pledged under letters of credit facilities, at fair value | 35,000,000 | 55,300,000 | |
Fixed Maturities [Member] | |||
Schedule Of Investments [Line Items] | |||
Other-than-temporary losses | 2,200,000 | 1,200,000 | $ 6,000,000 |
Amortized Cost | 2,971,000,000 | 2,817,200,000 | |
Fair Value | 2,927,300,000 | 2,840,700,000 | |
Equity Securities [Member] | |||
Schedule Of Investments [Line Items] | |||
Other-than-temporary losses | 9,700,000 | 1,100,000 | $ 1,800,000 |
Amortized Cost | 349,700,000 | 324,800,000 | |
Fair Value | 463,900,000 | 503,800,000 | |
Deposit with Various U.S. Canadian Insurance and Other Agencies [Member] | United States [Member] | |||
Schedule Of Investments [Line Items] | |||
Amortized Cost | 187,100,000 | ||
Fair Value | $ 192,800,000 | ||
Deposit with Various U.S. Insurance and Other Agencies [Member] | United States [Member] | |||
Schedule Of Investments [Line Items] | |||
Amortized Cost | 186,600,000 | ||
Fair Value | $ 194,200,000 |
Investments - Schedule of Amortized Cost and Fair Values of Fixed Maturity Investments, by Contractual Maturity (Detail) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 239.5 |
Amortized Cost, Due after one year through five years | 1,394.6 |
Amortized Cost, Due after five years through ten years | 481.2 |
Amortized Cost, Thereafter | 178.4 |
Amortized Cost, Structured securities | 677.3 |
Amortized Cost, Total | 2,971.0 |
Fair Value, Due in one year or less | 226.5 |
Fair Value, Due after one year through five years | 1,373.5 |
Fair Value, Due after five years through ten years | 475.7 |
Fair Value, Thereafter | 183.2 |
Fair Value, Structured securities | 668.4 |
Fair Value, Total | $ 2,927.3 |
Investments - Schedule of Carrying Value and Unfunded Investment Commitments of Other Invested Assets Portfolio (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Schedule Of Investments [Line Items] | ||
Carrying Value | $ 4,115.7 | $ 4,097.9 |
Hedge funds [Member] | ||
Schedule Of Investments [Line Items] | ||
Carrying Value | 146.9 | 153.2 |
Unfunded Commitments | 0.0 | 0.0 |
Private equity [Member] | ||
Schedule Of Investments [Line Items] | ||
Carrying Value | 144.1 | 123.6 |
Unfunded Commitments | 90.2 | 72.9 |
Long only funds [Member] | ||
Schedule Of Investments [Line Items] | ||
Carrying Value | 200.0 | 200.7 |
Unfunded Commitments | 0.0 | 0.0 |
Other Investments [Member] | ||
Schedule Of Investments [Line Items] | ||
Carrying Value | 22.7 | 17.6 |
Unfunded Commitments | 0.0 | 0.0 |
Other invested assets [Member] | ||
Schedule Of Investments [Line Items] | ||
Carrying Value | 513.7 | 495.1 |
Unfunded Commitments | $ 90.2 | $ 72.9 |
Investments - Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | $ 1,779.4 | $ 1,157.3 | ||||||||||||||
Unrealized Losses, Less Than One Year | 96.2 | 45.3 | ||||||||||||||
Fair Value, One Year or Greater | 120.8 | 108.1 | ||||||||||||||
Unrealized Losses, One Year or Greater | 9.2 | 2.2 | ||||||||||||||
Fair Value, Total | 1,900.2 | 1,265.4 | ||||||||||||||
Unrealized Losses, Total | 105.4 | 47.5 | ||||||||||||||
Fixed Maturities [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 1,661.7 | 1,104.6 | ||||||||||||||
Unrealized Losses, Less Than One Year | 77.6 | 38.9 | ||||||||||||||
Fair Value, One Year or Greater | 120.8 | 108.1 | ||||||||||||||
Unrealized Losses, One Year or Greater | 9.2 | 2.2 | ||||||||||||||
Fair Value, Total | 1,782.5 | 1,212.7 | ||||||||||||||
Unrealized Losses, Total | 86.8 | 41.1 | ||||||||||||||
Fixed Maturities [Member] | CLO [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 103.5 | 60.4 | ||||||||||||||
Unrealized Losses, Less Than One Year | 1.4 | 0.5 | ||||||||||||||
Fair Value, One Year or Greater | 12.5 | 0.0 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.3 | 0.0 | ||||||||||||||
Fair Value, Total | 116.0 | 60.4 | ||||||||||||||
Unrealized Losses, Total | [1] | 1.7 | 0.5 | |||||||||||||
Fixed Maturities [Member] | U.S. Governments [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 138.3 | [2] | 55.0 | |||||||||||||
Unrealized Losses, Less Than One Year | 0.7 | [2] | 0.2 | |||||||||||||
Fair Value, One Year or Greater | 0.4 | [2] | 15.7 | |||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | [2] | 0.1 | |||||||||||||
Fair Value, Total | 138.7 | [2] | 70.7 | |||||||||||||
Unrealized Losses, Total | 0.7 | [2] | 0.3 | |||||||||||||
Fixed Maturities [Member] | Non-U.S. Governments [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 80.2 | [2] | 36.5 | |||||||||||||
Unrealized Losses, Less Than One Year | 1.2 | [2] | 0.4 | |||||||||||||
Fair Value, One Year or Greater | 2.2 | [2] | 5.2 | |||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | [2] | 0.2 | |||||||||||||
Fair Value, Total | 82.4 | [2] | 41.7 | |||||||||||||
Unrealized Losses, Total | 1.2 | [2] | 0.6 | |||||||||||||
Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 9.3 | [3] | 10.4 | |||||||||||||
Unrealized Losses, Less Than One Year | 0.0 | [3] | 0.1 | |||||||||||||
Fair Value, One Year or Greater | 8.8 | [3] | 16.6 | |||||||||||||
Unrealized Losses, One Year or Greater | 0.3 | [3] | 0.2 | |||||||||||||
Fair Value, Total | 18.1 | [3] | 27.0 | |||||||||||||
Unrealized Losses, Total | 0.3 | [3] | 0.3 | |||||||||||||
Fixed Maturities [Member] | Credit-Financial [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 308.7 | 195.7 | ||||||||||||||
Unrealized Losses, Less Than One Year | 3.0 | 2.2 | ||||||||||||||
Fair Value, One Year or Greater | 32.2 | 11.1 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.5 | 0.1 | ||||||||||||||
Fair Value, Total | 340.9 | 206.8 | ||||||||||||||
Unrealized Losses, Total | 3.5 | 2.3 | ||||||||||||||
Fixed Maturities [Member] | Credit-Industrial [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 320.4 | 240.8 | ||||||||||||||
Unrealized Losses, Less Than One Year | 9.6 | 3.3 | ||||||||||||||
Fair Value, One Year or Greater | 28.7 | 12.2 | ||||||||||||||
Unrealized Losses, One Year or Greater | 2.1 | 0.2 | ||||||||||||||
Fair Value, Total | 349.1 | 253.0 | ||||||||||||||
Unrealized Losses, Total | 11.7 | 3.5 | ||||||||||||||
Fixed Maturities [Member] | Credit-Utility [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 111.6 | 63.1 | ||||||||||||||
Unrealized Losses, Less Than One Year | 8.5 | 3.8 | ||||||||||||||
Fair Value, One Year or Greater | 16.4 | 1.9 | ||||||||||||||
Unrealized Losses, One Year or Greater | 4.9 | 0.1 | ||||||||||||||
Fair Value, Total | 128.0 | 65.0 | ||||||||||||||
Unrealized Losses, Total | 13.4 | 3.9 | ||||||||||||||
Fixed Maturities [Member] | CMO/MBS-Agency [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 26.9 | 10.1 | ||||||||||||||
Unrealized Losses, Less Than One Year | 0.2 | 0.1 | ||||||||||||||
Fair Value, One Year or Greater | 8.4 | 19.2 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.3 | 0.6 | ||||||||||||||
Fair Value, Total | 35.3 | 29.3 | ||||||||||||||
Unrealized Losses, Total | [4] | 0.5 | 0.7 | |||||||||||||
Fixed Maturities [Member] | CMO/MBS-Non Agency [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 7.0 | |||||||||||||||
Unrealized Losses, Less Than One Year | 0.1 | |||||||||||||||
Fair Value, One Year or Greater | 0.0 | |||||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | |||||||||||||||
Fair Value, Total | 7.0 | |||||||||||||||
Unrealized Losses, Total | 0.1 | 0.0 | ||||||||||||||
Fixed Maturities [Member] | CMBS [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 126.3 | [2] | 49.3 | |||||||||||||
Unrealized Losses, Less Than One Year | 1.5 | [2] | 0.1 | |||||||||||||
Fair Value, One Year or Greater | 3.0 | [2] | 6.0 | |||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | [2] | 0.1 | |||||||||||||
Fair Value, Total | 129.3 | [2] | 55.3 | |||||||||||||
Unrealized Losses, Total | [5] | 1.5 | [2] | 0.2 | ||||||||||||
Fixed Maturities [Member] | ABS [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 91.8 | 68.8 | ||||||||||||||
Unrealized Losses, Less Than One Year | 0.4 | 0.2 | ||||||||||||||
Fair Value, One Year or Greater | 6.8 | 8.1 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.3 | 0.3 | ||||||||||||||
Fair Value, Total | 98.6 | 76.9 | ||||||||||||||
Unrealized Losses, Total | [6] | 0.7 | 0.5 | |||||||||||||
Fixed Maturities [Member] | Foreign Denominated: Governments [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 137.1 | 123.7 | ||||||||||||||
Unrealized Losses, Less Than One Year | 19.5 | 9.3 | ||||||||||||||
Fair Value, One Year or Greater | 0.3 | 11.2 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.1 | 0.1 | ||||||||||||||
Fair Value, Total | 137.4 | 134.9 | ||||||||||||||
Unrealized Losses, Total | 19.6 | 9.4 | ||||||||||||||
Fixed Maturities [Member] | Foreign Denominated: Credit [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 104.3 | 122.3 | ||||||||||||||
Unrealized Losses, Less Than One Year | 20.0 | 12.3 | ||||||||||||||
Fair Value, One Year or Greater | 0.5 | 0.9 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.2 | 0.2 | ||||||||||||||
Fair Value, Total | 104.8 | 123.2 | ||||||||||||||
Unrealized Losses, Total | 20.2 | 12.5 | ||||||||||||||
Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 20.8 | [2] | 26.8 | |||||||||||||
Unrealized Losses, Less Than One Year | 2.3 | [2] | 2.5 | |||||||||||||
Fair Value, One Year or Greater | 0.1 | [2] | 0.0 | |||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | [2] | 0.0 | |||||||||||||
Fair Value, Total | 20.9 | [2] | 26.8 | |||||||||||||
Unrealized Losses, Total | 2.3 | [2] | 2.5 | |||||||||||||
Fixed Maturities [Member] | Foreign denominated: CLO [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 75.5 | 41.7 | ||||||||||||||
Unrealized Losses, Less Than One Year | 9.2 | 3.9 | ||||||||||||||
Fair Value, One Year or Greater | 0.5 | 0.0 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.2 | 0.0 | ||||||||||||||
Fair Value, Total | 76.0 | 41.7 | ||||||||||||||
Unrealized Losses, Total | 9.4 | 3.9 | ||||||||||||||
Equity Securities [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 112.4 | 53.6 | ||||||||||||||
Unrealized Losses, Less Than One Year | 17.3 | 5.1 | ||||||||||||||
Fair Value, One Year or Greater | 0.0 | 0.0 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | 0.0 | ||||||||||||||
Fair Value, Total | 112.4 | 53.6 | ||||||||||||||
Unrealized Losses, Total | 17.3 | 5.1 | ||||||||||||||
Other Investments [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | (0.5) | (0.9) | ||||||||||||||
Unrealized Losses, Less Than One Year | 0.9 | 1.3 | ||||||||||||||
Fair Value, One Year or Greater | 0.0 | 0.0 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | 0.0 | ||||||||||||||
Fair Value, Total | (0.5) | (0.9) | ||||||||||||||
Unrealized Losses, Total | 0.9 | 1.3 | ||||||||||||||
Short-Term Investments [Member] | ||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||
Fair Value, Less Than One Year | 5.8 | 0.0 | ||||||||||||||
Unrealized Losses, Less Than One Year | 0.4 | 0.0 | ||||||||||||||
Fair Value, One Year or Greater | 0.0 | 0.0 | ||||||||||||||
Unrealized Losses, One Year or Greater | 0.0 | 0.0 | ||||||||||||||
Fair Value, Total | 5.8 | 0.0 | ||||||||||||||
Unrealized Losses, Total | $ 0.4 | $ 0.0 | ||||||||||||||
|
Investments - Schedule of Aging of Unrealized Losses on Company's Investments in Fixed Maturities, Equity Securities and Other Investments (Parenthetical) (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investments Debt And Equity Securities [Abstract] | ||
Unrealized losses less than one year | $ 0.1 | $ 0.1 |
Unrealized losses one year or greater | $ 0.1 | $ 0.1 |
Investments - Schedule of Investment Income and Expenses (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Amortized Cost And Fair Value Debt Securities [Abstract] | |||
Interest and dividends on fixed maturities | $ 78.2 | $ 76.3 | $ 87.7 |
Dividends on equity securities | 16.3 | 15.8 | 17.7 |
Interest on short-term and other investments | 7.2 | 5.3 | 5.0 |
Other | 0.0 | 4.2 | 3.7 |
Investment income | 101.7 | 101.6 | 114.1 |
Investment expenses | (16.1) | (15.0) | (14.1) |
Net investment income | $ 85.6 | $ 86.6 | $ 100.0 |
Investments - Schedule of Company's Gross Realized Investment Gains (Losses) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Investments [Line Items] | |||
Gross realized investment gains and other | $ 113.6 | $ 136.4 | $ 131.6 |
Gross realized investment and other losses | (86.5) | (42.4) | (60.3) |
Net realized investment and other gains | 27.1 | 94.0 | 71.3 |
Fixed Maturities [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment gains and other | 12.3 | 17.0 | 33.5 |
Gross realized investment and other losses | (23.5) | (12.2) | (19.6) |
Equity Securities [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment gains and other | 40.5 | 29.2 | 59.1 |
Gross realized investment and other losses | (6.6) | (0.6) | (1.4) |
Other Investments [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment gains and other | 59.3 | 44.8 | 38.9 |
Gross realized investment and other losses | (42.7) | (21.8) | (30.8) |
Short-Term Investments [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment gains and other | 1.2 | 0.1 | 0.1 |
Gross realized investment and other losses | (1.8) | (0.9) | (0.7) |
Other Assets [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment gains and other | 0.0 | 2.0 | 0.0 |
Gross realized investment and other losses | 0.0 | (4.6) | 0.0 |
Real Estate Holdings [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment gains and other | 0.3 | 43.3 | 0.0 |
Other-Than-Temporary Impairment Losses on Fixed Maturities [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment and other losses | (2.2) | (1.2) | (6.0) |
Other-Than-Temporary Impairment Losses on Equity Securities [Member] | |||
Schedule Of Investments [Line Items] | |||
Gross realized investment and other losses | $ (9.7) | $ (1.1) | $ (1.8) |
Investments - Schedule of Realized Gains (Losses) and Changes in Unrealized of Appreciation(Depreciation) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Investments [Line Items] | |||
Realized before impairments | $ 23.7 | $ 62.3 | $ 52.9 |
Realized - impairments | (7.7) | (1.5) | (5.1) |
Change in unrealized | (90.7) | (33.3) | (40.2) |
Realized before impairments, Tax Effects | (15.3) | (34.0) | (26.2) |
Realized - impairments, Tax Effects | 4.2 | 0.8 | 2.7 |
Change in unrealized, Tax Effects | 37.6 | 3.1 | 18.4 |
Fixed Maturities [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized before impairments | (11.2) | 4.8 | 13.9 |
Realized - impairments | (2.2) | (1.2) | (6.0) |
Change in unrealized | (65.3) | (30.5) | (102.6) |
Equity Securities [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized before impairments | 33.9 | 28.6 | 57.7 |
Realized - impairments | (9.7) | (1.1) | (1.8) |
Change in unrealized | (64.1) | (8.4) | 39.5 |
Other Investments [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized before impairments | 16.6 | 23.0 | 8.1 |
Realized - impairments | 0.0 | 0.0 | 0.0 |
Change in unrealized | 1.5 | 2.5 | 4.5 |
Other Assets [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized before impairments | (0.6) | (3.4) | (0.6) |
Realized - impairments | 0.0 | 0.0 | 0.0 |
Change in unrealized | (0.4) | 0.0 | 0.0 |
Real Estate Holdings [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized before impairments | 0.3 | 43.3 | 0.0 |
Realized - impairments | 0.0 | 0.0 | 0.0 |
Change in unrealized | $ 0.0 | $ 0.0 | $ 0.0 |
Investments - Schedule of Fair Value of Foreign Currency Exchange Forward Contracts (Detail) - Foreign Currency Exchange Forward Contracts [Member] - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Schedule Of Investments [Line Items] | |||||||||
Fair value of foreign currency exchange forward contracts | $ 7.3 | $ 1.1 | |||||||
Global Catastrophe [Member] | |||||||||
Schedule Of Investments [Line Items] | |||||||||
Fair value of foreign currency exchange forward contracts | [1] | 0.0 | (0.6) | ||||||
Currency Exposure [Member] | Canadian Dollar (CAD) [Member] | |||||||||
Schedule Of Investments [Line Items] | |||||||||
Fair value of foreign currency exchange forward contracts | 5.2 | (0.6) | |||||||
Investment Exposure [Member] | Euro (EUR) [Member] | |||||||||
Schedule Of Investments [Line Items] | |||||||||
Fair value of foreign currency exchange forward contracts | 2.9 | 2.3 | |||||||
Investment Portfolio Return Strategy [Member] | |||||||||
Schedule Of Investments [Line Items] | |||||||||
Fair value of foreign currency exchange forward contracts | [2] | 0.0 | 0.0 | ||||||
Total return strategy [Member] | |||||||||
Schedule Of Investments [Line Items] | |||||||||
Fair value of foreign currency exchange forward contracts | [3] | $ (0.8) | $ 0.0 | ||||||
|
Investments - Schedule of Realized Gains and Losses of Investment on Foreign Currency Exchange Forward Contracts (Detail) - Foreign Currency Exchange Forward Contracts [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Investments [Line Items] | |||
Realized gains from foreign currency exchange forward contracts | $ 36.5 | $ 15.2 | $ 7.8 |
Realized losses from foreign currency exchange forward contracts | (21.3) | (9.5) | (10.4) |
Net realized investment gains (losses) on foreign currency exchange forward contracts | 15.2 | 5.7 | (2.6) |
Global Catastrophe [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized gains from foreign currency exchange forward contracts | 0.5 | 4.6 | 7.8 |
Realized losses from foreign currency exchange forward contracts | (2.3) | (4.9) | (10.4) |
Currency Exposure [Member] | Canadian Dollar (CAD) [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized gains from foreign currency exchange forward contracts | 21.0 | 4.6 | 0.0 |
Realized losses from foreign currency exchange forward contracts | (7.3) | (2.2) | 0.0 |
Investment Exposure [Member] | Euro (EUR) [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized gains from foreign currency exchange forward contracts | 8.5 | 6.0 | 0.0 |
Realized losses from foreign currency exchange forward contracts | (2.3) | (2.4) | 0.0 |
Investment Portfolio Return Strategy [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized gains from foreign currency exchange forward contracts | 5.1 | 0.0 | 0.0 |
Realized losses from foreign currency exchange forward contracts | (7.2) | 0.0 | 0.0 |
Total return strategy [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized gains from foreign currency exchange forward contracts | 1.4 | 0.0 | 0.0 |
Realized losses from foreign currency exchange forward contracts | $ (2.2) | $ 0.0 | $ 0.0 |
Investments - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | $ 4,115.7 | $ 4,097.9 | |||||||||||||||
Fixed Maturities [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 2,927.3 | 2,840.7 | |||||||||||||||
Fixed Maturities [Member] | CLO [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [1] | 135.6 | 78.4 | ||||||||||||||
Fixed Maturities [Member] | U.S. Governments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 207.9 | 185.0 | |||||||||||||||
Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 488.0 | 490.7 | |||||||||||||||
Fixed Maturities [Member] | Credit-Financial [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 535.9 | 518.1 | |||||||||||||||
Fixed Maturities [Member] | Credit-Industrial [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 517.9 | 499.6 | |||||||||||||||
Fixed Maturities [Member] | Credit-Utility [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 156.2 | 142.0 | |||||||||||||||
Fixed Maturities [Member] | CMO/MBS-Agency [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [2] | 131.0 | 175.3 | ||||||||||||||
Fixed Maturities [Member] | CMO/MBS-Non Agency [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 11.5 | 14.0 | |||||||||||||||
Fixed Maturities [Member] | CMBS [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [3] | 181.2 | 180.0 | ||||||||||||||
Fixed Maturities [Member] | ABS [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [4] | 110.9 | 142.6 | ||||||||||||||
Fixed Maturities [Member] | Foreign Denominated: Governments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 151.2 | 140.2 | |||||||||||||||
Fixed Maturities [Member] | Foreign Denominated: Credit [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 110.1 | 126.0 | |||||||||||||||
Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 21.9 | 27.2 | |||||||||||||||
Fixed Maturities [Member] | Foreign denominated: CLO [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 76.3 | 41.7 | |||||||||||||||
Equity Securities [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 463.9 | 503.8 | |||||||||||||||
Other Investments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 513.7 | 495.1 | |||||||||||||||
Short-Term Investments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 210.8 | 258.3 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 3,699.2 | 3,700.1 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 811.6 | 841.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 2,886.9 | 2,858.2 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.7 | 0.9 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 2,927.3 | 2,840.7 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CLO [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 135.6 | 78.4 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 150.4 | 99.2 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CLO [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 2,776.9 | 2,741.5 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Other Observable Inputs (Level 2) [Member] | CLO [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 135.6 | 78.4 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Unobservable Inputs (Level 3) [Member] | CLO [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | U.S. Governments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 207.9 | 185.0 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | U.S. Governments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 150.4 | 99.2 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | U.S. Governments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 57.5 | 85.8 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | U.S. Governments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Non-U.S. Governments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 91.7 | 79.9 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Non-U.S. Governments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Non-U.S. Governments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 91.7 | 79.9 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Non-U.S. Governments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 488.0 | 490.7 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 488.0 | 490.7 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Financial [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 535.9 | 518.1 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Financial [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Financial [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 535.9 | 518.1 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Financial [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Industrial [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 517.9 | 499.6 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Industrial [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Industrial [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 517.9 | 499.6 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Industrial [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Utility [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 156.2 | 142.0 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Utility [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Utility [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 156.2 | 142.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Credit-Utility [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Agency [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 131.0 | 175.3 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Agency [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Agency [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 131.0 | 175.3 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Agency [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Non Agency [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 11.5 | 14.0 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Non Agency [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Non Agency [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 11.5 | 14.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMO/MBS-Non Agency [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMBS [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 181.2 | 180.0 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMBS [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 181.2 | 180.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | ABS [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 110.9 | 142.6 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | ABS [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | ABS [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 110.9 | 142.6 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | ABS [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Governments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 151.2 | 140.2 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Governments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Governments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 151.2 | 140.2 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Governments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Credit [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 110.1 | 126.0 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Credit [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Credit [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 110.1 | 126.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign Denominated: Credit [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 21.9 | 27.2 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 21.9 | 27.2 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: ABS/CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: CLO [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 76.3 | 41.7 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: CLO [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: CLO [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 76.3 | 41.7 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign denominated: CLO [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 463.9 | 503.8 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 457.6 | 485.4 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 5.6 | 17.5 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.7 | 0.9 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 97.2 | 97.3 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 97.2 | 97.3 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | 0.0 | 0.0 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | 210.8 | 258.3 | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [5] | 203.6 | 256.4 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [6] | 7.2 | 1.9 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||
Fair Value | [7] | $ 0.0 | $ 0.0 | ||||||||||||||
|
Investments - Schedule of Reconciliation of Beginning and Ending Balances for Investments Categorized as Level 3 (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 0.9 | $ 3.9 |
Transfers into Level 3 | 0.0 | 0.0 |
Transfers out of Level 3 | 0.0 | 0.0 |
Included in net income (loss) | 0.0 | 0.0 |
Included in other comprehensive income (loss) | 0.0 | 0.1 |
Purchases | 0.0 | 0.0 |
Issuances | 0.0 | 0.0 |
Sales | (0.2) | (0.5) |
Settlements | 0.0 | (2.6) |
Ending balance | 0.7 | 0.9 |
Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at end of period | 0.0 | 0.0 |
Equity Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 0.9 | 1.3 |
Transfers into Level 3 | 0.0 | 0.0 |
Transfers out of Level 3 | 0.0 | 0.0 |
Included in net income (loss) | 0.0 | 0.0 |
Included in other comprehensive income (loss) | 0.0 | 0.1 |
Purchases | 0.0 | 0.0 |
Issuances | 0.0 | 0.0 |
Sales | (0.2) | (0.5) |
Settlements | 0.0 | 0.0 |
Ending balance | 0.7 | 0.9 |
Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at end of period | 0.0 | 0.0 |
Other Assets [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 0.0 | 2.6 |
Transfers into Level 3 | 0.0 | |
Transfers out of Level 3 | 0.0 | |
Included in net income (loss) | 0.0 | |
Included in other comprehensive income (loss) | 0.0 | |
Purchases | 0.0 | |
Issuances | 0.0 | |
Sales | 0.0 | |
Settlements | (2.6) | |
Ending balance | 0.0 | |
Amount of total gains or losses for the year included in net income (loss) attributable to the change in unrealized gains or losses relating to assets still held at end of period | $ 0.0 |
Reinsurance - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reinsurance Disclosures [Abstract] | |||
Reinsurance recoverables, allowance for doubtful accounts | $ 3.2 | $ 3.4 | |
Amount of collateral under reinsurance agreement | 421.6 | 359.4 | |
Paid loss recoverables in insurance recoverables | 130.8 | 91.9 | |
Losses and loss adjustment expenses | 766.1 | 747.4 | $ 742.0 |
Net of amounts ceded to reinsurers | $ 284.6 | $ 246.6 | $ 292.8 |
Reinsurance - Schedule of Reinsurance Premium (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Premiums Written And Earned [Abstract] | |||
Direct written premiums | $ 1,651.4 | $ 1,585.5 | $ 1,576.1 |
Reinsurance ceded to other companies | (610.0) | (537.5) | (537.1) |
Reinsurance assumed from other companies | 360.7 | 319.9 | 312.3 |
Net written premiums | 1,402.1 | 1,367.9 | 1,351.3 |
Direct earned premiums | 1,602.2 | 1,551.8 | 1,541.0 |
Reinsurance ceded to other companies | (563.7) | (524.8) | (533.7) |
Reinsurance assumed from other companies | 333.4 | 311.1 | 296.5 |
Net earned premiums | $ 1,371.9 | $ 1,338.1 | $ 1,303.8 |
Percentage of reinsurance assumed to net earned premiums | 24.30% | 23.20% | 22.70% |
Derivative Instruments - Additional Information (Detail) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2011
Contract
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Jan. 01, 2012
USD ($)
|
|
Offsetting [Abstract] | |||||
Number of reinsurance contracts | Contract | 1 | ||||
Coverage amount | $ 100.0 | ||||
Coverage period, months | 24 months | ||||
Other reinsurance-related expenses | $ 0.0 | $ 0.0 | $ 19.2 |
Reserves for Losses and Loss Adjustment Expenses - Reinsurance Recoverables (Detail) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Liability for Claims and Claims Adjustment Expense [Abstract] | ||||||||
Net reserves beginning of the year | $ 2,137.1 | $ 2,107.6 | $ 2,110.9 | |||||
Losses and LAE incurred during current calendar year, net of reinsurance: | ||||||||
Current accident year | 798.5 | 785.1 | 775.6 | |||||
Prior accident years | (32.4) | (37.7) | (33.6) | |||||
Losses and LAE incurred during calendar year, net of reinsurance | 766.1 | 747.4 | 742.0 | |||||
Current accident year | 169.0 | 185.9 | 199.3 | |||||
Prior accident years | 564.5 | 550.8 | 554.2 | |||||
Losses and LAE payments made during current calendar year, net of reinsurance: | 733.5 | 736.7 | 753.5 | |||||
Change in participation interest | [1] | (1.2) | 37.8 | 10.4 | ||||
Foreign exchange adjustments | (35.2) | (19.0) | (2.2) | |||||
Net reserves - end of year | 2,133.3 | 2,137.1 | 2,107.6 | |||||
Reinsurance recoverables on unpaid losses and LAE, end of year | $ (990.3) | $ (905.3) | $ (1,122.7) | |||||
Reserves for losses and loss adjustment expenses | 3,123.6 | 3,042.4 | 3,230.3 | |||||
Net reserves - end of period | $ 2,137.1 | $ 2,137.1 | $ 2,107.6 | $ 2,133.3 | $ 2,137.1 | $ 2,107.6 | ||
|
Reserves for Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years | $ 32.4 | $ 37.7 | $ 33.6 |
Workers compensation pension, maximum interest rate | 3.50% | 3.50% | 3.50% |
Workers compensation pension, unamortized discount | $ 14.9 | $ 17.6 | $ 19.5 |
Excess and Surplus Lines [Member] | |||
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years | 32.1 | 47.4 | 43.9 |
Commercial Specialty [Member] | |||
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years | 9.1 | 6.8 | 1.1 |
International Specialty [Member] | |||
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years | 7.7 | 0.4 | |
Syndicate 1200 Segment [Member] | |||
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years | 10.3 | 21.1 | 6.2 |
Run Off Lines [Member] | |||
Schedule Of Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Liability for unpaid claims and claims adjustment expense, incurred claims, prior years | $ 8.6 | $ 24.4 | $ 15.5 |
Junior Subordinated Debentures - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jul. 16, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | |||
Junior subordinated debentures | $ 20,000,000 | $ 172,700,000 | $ 172,700,000 |
Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | |
Percentage of debt securities redeemed as compare to principal amount | 90.00% | ||
Redemption received on debt securities | $ 18,200,000 | ||
Recognition of pre-tax gain | $ 2,000,000 |
Junior Subordinated Debentures - Schedule of Junior Subordinated Debentures (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Jul. 16, 2014 |
|
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Amount | $ 172,700,000 | $ 172,700,000 | $ 20,000,000 |
Argo Group [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Amount | $ 28,400,000 | $ 49,000,000 | |
PXRE Capital Statutory Trust II [Member] | Argo Group [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | May 15, 2003 | May 15, 2003 | |
Junior subordinated debentures, Maturity date | May 15, 2033 | May 15, 2033 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 4.10% | ||
Junior subordinated debentures, interest rate stated percentage | 4.46% | 4.33% | |
Junior subordinated debentures, Amount | $ 18,100,000 | $ 18,100,000 | |
PXRE Capital Trust VI [Member] | Argo Group [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | Nov. 06, 2003 | Nov. 06, 2003 | |
Junior subordinated debentures, Maturity date | Sep. 30, 2033 | Sep. 30, 2033 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.90% | ||
Junior subordinated debentures, interest rate stated percentage | 4.51% | 4.16% | |
Junior subordinated debentures, Amount | $ 10,300,000 | $ 10,300,000 | |
Argonaut Group Statutory Trust I [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | May 15, 2003 | May 15, 2003 | |
Junior subordinated debentures, Maturity date | May 15, 2033 | May 15, 2033 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 4.10% | ||
Junior subordinated debentures, interest rate stated percentage | 4.46% | 4.33% | |
Junior subordinated debentures, Amount | $ 15,500,000 | $ 15,500,000 | |
Argonaut Group Statutory Trust III [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | Dec. 16, 2003 | Dec. 16, 2003 | |
Junior subordinated debentures, Maturity date | Jan. 08, 2034 | Jan. 08, 2034 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 4.10% | ||
Junior subordinated debentures, interest rate stated percentage | 4.42% | 4.33% | |
Junior subordinated debentures, Amount | $ 12,300,000 | $ 12,300,000 | |
Argonaut Group Statutory Trust IV [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | Apr. 29, 2004 | Apr. 29, 2004 | |
Junior subordinated debentures, Maturity date | Apr. 29, 2034 | Apr. 29, 2034 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.85% | ||
Junior subordinated debentures, interest rate stated percentage | 4.21% | 4.08% | |
Junior subordinated debentures, Amount | $ 13,400,000 | $ 13,400,000 | |
Argonaut Group Statutory Trust V [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | May 26, 2004 | May 26, 2004 | |
Junior subordinated debentures, Maturity date | May 24, 2034 | May 24, 2034 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.85% | ||
Junior subordinated debentures, interest rate stated percentage | 4.23% | 4.08% | |
Junior subordinated debentures, Amount | $ 12,300,000 | $ 12,300,000 | |
Argonaut Group Statutory Trust VI [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | May 12, 2004 | May 12, 2004 | |
Junior subordinated debentures, Maturity date | May 12, 2034 | May 12, 2034 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.80% | ||
Junior subordinated debentures, interest rate stated percentage | 4.33% | 4.04% | |
Junior subordinated debentures, Amount | $ 13,400,000 | $ 13,400,000 | |
Argonaut Group Statutory Trust VII [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | Sep. 17, 2004 | Sep. 17, 2004 | |
Junior subordinated debentures, Maturity date | Dec. 15, 2034 | Dec. 15, 2034 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.60% | ||
Junior subordinated debentures, interest rate stated percentage | 4.11% | 3.84% | |
Junior subordinated debentures, Amount | $ 15,500,000 | $ 15,500,000 | |
Argonaut Group Statutory Trust VIII [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | Sep. 22, 2004 | Sep. 22, 2004 | |
Junior subordinated debentures, Maturity date | Sep. 22, 2034 | Sep. 22, 2034 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.55% | ||
Junior subordinated debentures, interest rate stated percentage | 4.14% | 3.80% | |
Junior subordinated debentures, Amount | $ 15,500,000 | $ 15,500,000 | |
Argonaut Group Statutory Trust IX [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | Oct. 22, 2004 | Oct. 22, 2004 | |
Junior subordinated debentures, Maturity date | Dec. 15, 2034 | Dec. 15, 2034 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.60% | ||
Junior subordinated debentures, interest rate stated percentage | 4.11% | 3.84% | |
Junior subordinated debentures, Amount | $ 15,500,000 | $ 15,500,000 | |
Argonaut Group Statutory Trust X [Member] | Argo Group US [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, Issue date | Sep. 15, 2005 | Sep. 15, 2005 | |
Junior subordinated debentures, Maturity date | Sep. 15, 2035 | Sep. 15, 2035 | |
Junior subordinated debentures, Rate Structure | 2015 and 2014: 3M LIBOR + 3.40% | ||
Junior subordinated debentures, interest rate stated percentage | 3.91% | 3.64% | |
Junior subordinated debentures, Amount | $ 30,900,000 | $ 30,900,000 |
Other Indebtedness - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 07, 2014 |
|
Debt Instrument [Line Items] | |||
Floating rate loan stock denominated in Euros | $ 38,100,000 | $ 44,800,000 | |
Credit Agreement [Member] | Revolving Credit Facility | J P Morgan Chase Bank | |||
Debt Instrument [Line Items] | |||
Letter of credit facility amount | $ 175,000,000 | ||
Revolving credit facility maturity date | Mar. 07, 2018 | ||
Credit Agreement [Member] | Letter Of Credit | J P Morgan Chase Bank | |||
Debt Instrument [Line Items] | |||
Letter of credit facility amount | $ 17,500,000 | ||
Letter of credit facility amount | $ 0 | $ 200,000 | 200,000 |
Previous Credit Agreement [Member] | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Letter of credit facility amount | 150,000,000 | ||
Maximum borrowing capacity under revolving credit facility before amendment | $ 150,000,000 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | |
Other Debt - Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Note payable as part of ARIS acquisition | $ 600,000 | $ 700,000 | |
Debt instrument maturity date | Apr. 01, 2019 | ||
Debt instrument, interest rate terms | The note had a variable interest rate of 2.00% above 30-day LIBOR, with the variable interest rate being reset quarterly and subject to certain interest rate ceilings. Interest payments are payable quarterly. | ||
Other Debt - Note Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate of note payable, above 30-day LIBOR | 2.00% |
Other Indebtedness - Schedule of Floating Rate Loan Stock, Notes Outstanding (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | ||
Other indebtedness, Amount | $ 54.6 | $ 61.3 |
Floating Rate Loan Stock, U.S. Dollar, Start Year 2004 [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, Issue date | Dec. 08, 2004 | Dec. 08, 2004 |
Debt instrument maturity date | Nov. 15, 2034 | Nov. 15, 2034 |
Other indebtedness, Rate Structure | 2015 and 2014: 6 month LIBOR + 4.2% | |
Junior subordinated debentures, interest rate stated percentage | 4.66% | 4.53% |
Other indebtedness, Amount | $ 6.5 | $ 6.5 |
Floating Rate Loan Stock, Euro, Start Year 2005 [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, Issue date | Sep. 06, 2005 | Sep. 06, 2005 |
Debt instrument maturity date | Aug. 22, 2035 | Aug. 22, 2035 |
Other indebtedness, Rate Structure | 2015 and 2014: 3 month LIBOR + 4.0% | |
Junior subordinated debentures, interest rate stated percentage | 3.91% | 4.08% |
Other indebtedness, Amount | $ 12.7 | $ 14.9 |
Floating Rate Loan Stock, U.S. Dollar, Start Year 2006 [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, Issue date | Oct. 31, 2006 | Oct. 31, 2006 |
Debt instrument maturity date | Jan. 15, 2036 | Jan. 15, 2036 |
Other indebtedness, Rate Structure | 2015 and 2014: 6 month LIBOR + 4.0% | |
Junior subordinated debentures, interest rate stated percentage | 4.46% | 4.33% |
Other indebtedness, Amount | $ 10.0 | $ 10.0 |
Floating Rate Loan Stock, Euro, Start Year 2006 [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, Issue date | Oct. 31, 2006 | Oct. 31, 2006 |
Debt instrument maturity date | Nov. 22, 2036 | Nov. 22, 2036 |
Other indebtedness, Rate Structure | 2015 and 2014: 3 month LIBOR + 4.0% | |
Junior subordinated debentures, interest rate stated percentage | 3.91% | 4.08% |
Other indebtedness, Amount | $ 11.1 | $ 13.1 |
Floating Rate Loan Stock, Euro, Start Year 2007 [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures, Issue date | Jun. 08, 2007 | Jun. 08, 2007 |
Debt instrument maturity date | Sep. 15, 2037 | Sep. 15, 2037 |
Other indebtedness, Rate Structure | 2015 and 2014: 3 month LIBOR + 3.9% | |
Junior subordinated debentures, interest rate stated percentage | 3.86% | 3.98% |
Other indebtedness, Amount | $ 14.3 | $ 16.8 |
Disclosures about Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Premiums receivable | $ 404.5 | $ 353.6 |
Reinsurance recoverables | 1,121.1 | 997.2 |
Premiums receivable, allowance for doubtful accounts | 3.5 | 5.2 |
Reinsurance recoverables, allowance for doubtful accounts | 3.2 | 3.4 |
Over 90 Days [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Premiums receivable | 10.0 | 12.4 |
Reinsurance recoverables | 7.1 | 9.9 |
Reinsurance recoverables, allowance for doubtful accounts | 2.2 | 1.8 |
Premiums receivables, secured by collateral | 0.2 | 0.3 |
Reinsurance recoverables, secured by collateral | $ 0.7 | $ 0.4 |
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 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | $ 371.7 | $ 378.5 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 366.1 | 343.6 |
Junior Subordinated Debentures [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 172.7 | 172.7 |
Junior Subordinated Debentures [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 166.5 | 155.5 |
Senior Unsecured Fixed Rate Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 143.8 | 143.8 |
Senior Unsecured Fixed Rate Notes [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 146.3 | 132.3 |
Other Indebtedness [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 54.6 | 61.3 |
Other Indebtedness [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 52.7 | 55.2 |
Other Indebtedness [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | 0.6 | 0.7 |
Other Indebtedness [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Instruments | $ 0.6 | $ 0.6 |
Shareholders Equity - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 16, 2016 |
Feb. 17, 2015 |
Nov. 04, 2014 |
Aug. 05, 2014 |
May. 05, 2014 |
Feb. 18, 2014 |
Nov. 04, 2013 |
Aug. 06, 2013 |
May. 07, 2013 |
Feb. 15, 2013 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Nov. 05, 2013 |
|
Class Of Stock [Line Items] | ||||||||||||||||||||||
Dividend declared per common share | $ 0.69 | $ 0.69 | $ 0.69 | $ 0.69 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.15 | $ 0.80 | $ 0.63 | $ 0.54 | |||||||||||
Dividends declaration date | Feb. 17, 2015 | Nov. 04, 2014 | Aug. 05, 2014 | May 05, 2014 | Feb. 18, 2014 | Nov. 04, 2013 | Aug. 06, 2013 | May 07, 2013 | Feb. 15, 2013 | May 07, 2013 | ||||||||||||
Dividends payable date | Mar. 16, 2015 | Jun. 17, 2013 | ||||||||||||||||||||
Dividend payable, date of record | Mar. 02, 2015 | Jun. 03, 2013 | ||||||||||||||||||||
Stock dividend declared | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||||||||
Additional stock issued as dividend | 2,554,506 | 2,447,839 | ||||||||||||||||||||
Cash dividends paid - common shares, total | $ 22,700,000 | $ 18,200,000 | $ 15,800,000 | |||||||||||||||||||
Preferred shares, authorized | 30,000,000 | |||||||||||||||||||||
Preferred shares, par value | $ 1.00 | |||||||||||||||||||||
Preferred shares, issued | 0 | 0 | 0 | |||||||||||||||||||
Preferred shares, outstanding | 0 | 0 | 0 | |||||||||||||||||||
Common shares repurchased on open market | 575,155 | 1,048,144 | 1,098,732 | |||||||||||||||||||
2013 Repurchase Authorization [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Total number of shares authorized for purchase, Value | $ 63,100,000 | $ 150,000,000 | ||||||||||||||||||||
Common shares repurchased on open market | 575,155 | 1,048,144 | ||||||||||||||||||||
Common shares repurchased on open market, total cost | $ 29,700,000 | $ 50,800,000 | ||||||||||||||||||||
2015 Adjusted Stock Dividend [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Dividend declared per common share | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.41 | $ 0.41 | $ 0.41 | |||||||||||||||
2013 and 2015 Adjusted Stock Dividends [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Dividend declared per common share | $ 0.13 | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Dividend declared per common share | $ 0.22 | |||||||||||||||||||||
Dividends declaration date | Feb. 16, 2016 | |||||||||||||||||||||
Dividends payable date | Mar. 15, 2016 | |||||||||||||||||||||
Dividend payable, date of record | Mar. 01, 2016 |
Shareholders Equity - Schedule of Repurchase of Shares (Detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity Class Of Treasury Stock [Line Items] | |||
Common shares repurchased on open market | 575,155 | 1,048,144 | 1,098,732 |
Average Price of Shares Repurchased | $ 51.58 | ||
Total Cost (in millions) | $ 29.7 | $ 50.8 | $ 45.1 |
10b5-1 Trading Plan Initiated In 12/15/2014 [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Date Trading Plan Initiated | Dec. 15, 2014 | ||
Trading Plan Purchase Period Start Date | Jan. 05, 2015 | ||
Common shares repurchased on open market | 117,482 | ||
Average Price of Shares Repurchased | $ 53.50 | ||
Total Cost (in millions) | $ 6.3 | ||
Repurchase Authorization Year | 2013 | ||
Trading Plan Purchase Period End Date | Dec. 02, 2015 | ||
10b5-1 Trading Plan Initiated In 03/16/2015 [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Date Trading Plan Initiated | Mar. 16, 2015 | ||
Trading Plan Purchase Period Start Date | Mar. 18, 2015 | ||
Common shares repurchased on open market | 150,050 | ||
Average Price of Shares Repurchased | $ 49.56 | ||
Total Cost (in millions) | $ 7.4 | ||
Repurchase Authorization Year | 2013 | ||
Trading Plan Purchase Period End Date | May 06, 2015 | ||
10b5-1 Trading Plan Initiated In 12/16/2015 [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Date Trading Plan Initiated | Dec. 16, 2015 | ||
Trading Plan Purchase Period Start Date | Dec. 18, 2015 | ||
Common shares repurchased on open market | 100 | ||
Average Price of Shares Repurchased | $ 59.03 | ||
Total Cost (in millions) | $ 0.0 | ||
Repurchase Authorization Year | 2013 | ||
Trading Plan Purchase Period End Date | Dec. 23, 2015 | ||
Open Market [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Trading Plan Purchase Period Start Date | Jan. 01, 2015 | ||
Common shares repurchased on open market | 307,523 | ||
Average Price of Shares Repurchased | $ 51.83 | ||
Total Cost (in millions) | $ 16.0 | ||
Repurchase Authorization Year | 2013 | ||
Trading Plan Purchase Period End Date | Sep. 30, 2015 |
Shareholders' Equity - Schedule of Authorized and Unissued Common Shares Reserved (Detail) |
Dec. 31, 2015
shares
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shares Reserved | 5,860,544 |
2014 Long-Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shares Reserved | 3,930,147 |
2007 Employee Share Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shares Reserved | 1,929,537 |
Historical Stock Compensation Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shares Reserved | 860 |
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance | $ 108.1 | $ 147.8 | |
Other comprehensive (loss) income before reclassifications | (95.7) | (19.0) | |
Amounts reclassified from accumulated other comprehensive (loss) income | (0.9) | (20.7) | |
Other comprehensive loss, net of tax | (96.6) | (39.7) | $ (41.7) |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance | 11.5 | 108.1 | 147.8 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance | (15.6) | (11.5) | |
Other comprehensive (loss) income before reclassifications | (6.0) | (4.1) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0.0 | 0.0 | |
Other comprehensive loss, net of tax | (6.0) | (4.1) | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance | (21.6) | (15.6) | (11.5) |
Unrealized Holding Gains on Securities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance | 130.7 | 163.9 | |
Other comprehensive (loss) income before reclassifications | (89.8) | (12.5) | |
Amounts reclassified from accumulated other comprehensive (loss) income | (0.9) | (20.7) | |
Other comprehensive loss, net of tax | (90.7) | (33.2) | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance | 40.0 | 130.7 | 163.9 |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Beginning Balance | (7.0) | (4.6) | |
Other comprehensive (loss) income before reclassifications | 0.1 | (2.4) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0.0 | 0.0 | |
Other comprehensive loss, net of tax | 0.1 | (2.4) | |
Accumulated Other Comprehensive Income (Loss) Net Of Tax, Ending Balance | $ (6.9) | $ (7.0) | $ (4.6) |
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Unrealized gains and losses on securities: | |||
Net realized investment gains | $ (7.2) | $ (30.6) | $ (59.8) |
Provision for income taxes | 6.3 | 9.9 | 19.4 |
Net of taxes | (0.9) | (20.7) | |
Unrealized Holding Gains on Securities | |||
Unrealized gains and losses on securities: | |||
Net of taxes | (0.9) | (20.7) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Holding Gains on Securities | |||
Unrealized gains and losses on securities: | |||
Net realized investment gains | (7.2) | (30.6) | (59.8) |
Provision for income taxes | 6.3 | 9.9 | 19.4 |
Net of taxes | $ (0.9) | $ (20.7) | $ (40.4) |
Net Income Per Common Share - Net Income Per Common Share on Basic and Diluted Basis (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||
Net income | $ 41.2 | $ 35.3 | $ 27.9 | $ 58.8 | $ 59.7 | $ 44.7 | $ 38.6 | $ 40.2 | $ 163.2 | $ 183.2 | $ 143.2 | ||||||||||||
Weighted average common shares outstanding - basic | 27,972,962 | 28,690,306 | 29,536,472 | ||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Equity compensation awards | 560,337 | 522,542 | 1,120,011 | ||||||||||||||||||||
Weighted average common shares outstanding - diluted | 28,533,299 | 29,212,848 | 30,656,483 | ||||||||||||||||||||
Net income per common share - basic | $ 1.48 | [1] | $ 1.27 | [1] | $ 1.00 | [1] | $ 2.09 | [1] | $ 2.11 | [1] | $ 1.57 | [1] | $ 1.34 | [1] | $ 1.38 | [1] | $ 5.84 | [1] | $ 6.39 | [1] | $ 4.85 | ||
Net income per common share - diluted | $ 1.44 | [1] | $ 1.24 | [1] | $ 0.98 | [1] | $ 2.05 | [1] | $ 2.07 | [1] | $ 1.54 | [1] | $ 1.32 | [1] | $ 1.36 | [1] | $ 5.72 | [1] | $ 6.27 | [1] | $ 4.67 | ||
|
Net Income Per Common Share - Additional Information (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||
Treasury shares, shares | 9,181,644 | 8,606,489 | 7,558,345 |
Antidilutive securities excluded from computation of diluted net income per share, shares | 0 | 1,700 | 3,300 |
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 5 years | 5 years | |
Share-based payment expense | $ 29.1 | $ 19.6 | $ 23.3 |
Share-based payments expense, net of tax | $ 23.7 | $ 16.2 | $ 18.6 |
Share-based Compensation - Fair Value Assumptions (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free rate of return, minimum | 1.44% | 1.53% | 0.80% |
Expected volatility, minimum | 20.04% | 22.84% | 26.30% |
Risk-free rate of return, maximum | 1.81% | 1.77% | 1.71% |
Expected volatility, maximum | 22.09% | 25.46% | 32.07% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yields | 1.46% | 1.49% | 1.49% |
Expected award life (years) | 4 years 7 months 13 days | 4 years 8 months 1 day | 4 years 10 months 28 days |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yields | 1.60% | 1.55% | 1.67% |
Expected award life (years) | 4 years 8 months 16 days | 4 years 10 months 6 days | 5 years 26 days |
Share-Based Compensation - 2014 Long-Term Incentive Plan - Additional Information (Detail) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
May. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Nov. 30, 2007 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 5,860,544 | ||||
Cash received for exercise of stock options | $ 1.4 | ||||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 5 years | 5 years | |||
Share-based payment expense | $ 29.1 | $ 19.6 | $ 23.3 | ||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted during the period | 0 | 0 | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee service share-based compensation, unrecognized compensation costs on non-vested awards | $ 13.3 | ||||
Employee service share-based compensation, unrecognized compensation costs weighted-average period, years | 2 years 3 months 18 days | ||||
Share-based compensation arrangement by share-based payment award, total fair value of shares vested | $ 4.1 | ||||
Employee service share-based compensation, cash paid to exercise of stock options | $ 0.3 | $ 0.4 | |||
Share based compensation arrangement by share based payment award options, outstanding | 475,307 | 313,716 | |||
Share-based payment expense | $ 0.2 | $ 0.5 | $ 0.9 | ||
Restricted Stock Units (RSUs) [Member] | Performance Condition [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award options, outstanding | 271,311 | ||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 24 months | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 48 months | ||||
Stock-Settled SARs Activity [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted during the period | 243,305 | ||||
Employee service share-based compensation, unrecognized compensation costs on non-vested awards | $ 2.9 | ||||
Employee service share-based compensation, unrecognized compensation costs weighted-average period, years | 2 years 8 months 12 days | ||||
Exercised, shares | 228,244 | ||||
Share based compensation arrangement by share based payment award, shares issued | 129,670 | ||||
Share based compensation arrangement by share based payment award options exercises, intrinsic value | $ 36.0 | ||||
Share based compensation arrangement by share based payment award options, outstanding | 1,318,101 | 1,313,726 | |||
Stock-Settled SARs Activity [Member] | Performance Condition [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award options, outstanding | 181,319 | ||||
Stock-Settled SARs Activity [Member] | Minimum [Member] | |||||
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 | ||||
Stock-Settled SARs Activity [Member] | Maximum [Member] | |||||
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 | ||||
Cash-Settled SARs Activity [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted during the period | 913,157 | ||||
Employee service share-based compensation, unrecognized compensation costs on non-vested awards | $ 15.8 | ||||
Employee service share-based compensation, unrecognized compensation costs weighted-average period, years | 2 years 7 months 6 days | ||||
Exercised, shares | 492,511 | ||||
Share based compensation arrangement by share based payment award options exercises, intrinsic value | $ 44.0 | ||||
Employee service share-based compensation, cash paid to exercise of stock options | 12.8 | ||||
Liability for stock awards | $ 31.0 | $ 24.4 | |||
Share based compensation arrangement by share based payment award options, outstanding | 2,134,121 | 2,001,451 | |||
Cash-Settled SARs Activity [Member] | Performance Condition [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award options, outstanding | 803,506 | ||||
Cash-Settled SARs Activity [Member] | Minimum [Member] | |||||
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 | ||||
Cash-Settled SARs Activity [Member] | Maximum [Member] | |||||
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 | ||||
2007 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 4,500,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 1,457,800 | ||||
2014 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, additional number of shares authorized | 2,800,000 | ||||
Count of restricted shares, settle in common shares | 2.75 |
Share-based Compensation - Summary of Restricted Share Activity (Detail) - Restricted Stock Units (RSUs) [Member] |
12 Months Ended |
---|---|
Dec. 31, 2015
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at January 1, 2015 | shares | 313,716 |
Granted, Shares | shares | 299,902 |
Vested and issued, Shares | shares | (123,028) |
Expired or forfeited, Shares | shares | (15,283) |
Shares, Outstanding at December 31, 2015 | shares | 475,307 |
Weighted-Average Grant Date Fair Value, Outstanding at January 1, 2015 | $ / shares | $ 35.19 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 41.94 |
Vested and issued, Weighted-Average Grant Date Fair Value | $ / shares | 30.04 |
Expired or forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 45.20 |
Weighted-Average Grant Date Fair Value, Outstanding at December 31, 2015 | $ / shares | $ 40.46 |
Share-based Compensation - Summary of Stock-Settled SARs Activity (Detail) - Stock-Settled SARs Activity [Member] |
12 Months Ended |
---|---|
Dec. 31, 2015
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at January 1, 2015 | shares | 1,313,726 |
Granted, Shares | shares | 243,305 |
Exercised, Shares | shares | (228,244) |
Expired or forfeited, Shares | shares | (10,686) |
Shares, Outstanding at December 31, 2015 | shares | 1,318,101 |
Vested or expected to vest as of year end, Shares | shares | 1,238,645 |
Exercisable at end of year, Shares | shares | 803,807 |
Weighted-Average Exercise Price, Outstanding at January 1, 2015 | $ / shares | $ 28.43 |
Granted, Weighted-Average Exercise Price | $ / shares | 46.53 |
Exercised, Weighted-Average Exercise Price | $ / shares | 24.21 |
Expired or forfeited, Weighted-Average Exercise Price | $ / shares | 28.17 |
Weighted-Average Exercise Price, Outstanding at December 31, 2015 | $ / shares | 32.50 |
Vested or expected to vest as of year end, Weighted-Average Exercise Price | $ / shares | 32.01 |
Exercisable at end of year, Weighted-Average Exercise Price | $ / shares | $ 27.58 |
Share-based Compensation - Summary of Cash-Settled SARs Activity (Detail) - Cash-Settled SARs Activity [Member] |
12 Months Ended |
---|---|
Dec. 31, 2015
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at January 1, 2015 | shares | 2,001,451 |
Granted, Shares | shares | 913,157 |
Exercised, Shares | shares | (492,511) |
Expired or forfeited, Shares | shares | (287,976) |
Shares, Outstanding at December 31, 2015 | shares | 2,134,121 |
Vested or expected to vest as of year end, Shares | shares | 1,876,079 |
Exercisable at end of year, Shares | shares | 463,176 |
Weighted-Average Exercise Price, Outstanding at January 1, 2015 | $ / shares | $ 32.76 |
Granted, Weighted-Average Exercise Price | $ / shares | 47.48 |
Exercised, Weighted-Average Exercise Price | $ / shares | 29.47 |
Expired or forfeited, Weighted-Average Exercise Price | $ / shares | 37.11 |
Weighted-Average Exercise Price, Outstanding at December 31, 2015 | $ / shares | 39.22 |
Vested or expected to vest as of year end, Weighted-Average Exercise Price | $ / shares | 37.79 |
Exercisable at end of year, Weighted-Average Exercise Price | $ / shares | $ 30.38 |
Share-Based Compensation - Employees Share Purchase Plans - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 5 years | 5 years | |
Share-based payment expense | $ 29.1 | $ 19.6 | $ 23.3 |
2007 Employee Share Purchase Plan [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, discount from market price | 85.00% | ||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 3 months | ||
Earn Plan [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, discount from market price | 85.00% | ||
Earn Plan [Member] | Minimum [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 3 years | ||
Earn Plan [Member] | Maximum [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period, years | 5 years | ||
Stock Compensation Plan [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based payment expense | $ 0.4 | $ 0.3 | $ 0.3 |
Share-Based Compensation - Deferred Compensation Plan for Non-Employee Directors - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Share Repurchase Programs [Line Items] | |||
Deferred compensation arrangement with individual, description | Under the Directors Plan, non-employee directors could elect each year to defer payment of 0%, 50% or 100% of their cash compensation payable during the next calendar year. | ||
Deferred compensation arrangement with individual, employer contribution percentage | 75.00% | ||
Deferred compensation arrangement with individual, shares authorized for issuance | 1,650 | ||
Share-based payment expense | $ 29.1 | $ 19.6 | $ 23.3 |
2007 Plan [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, discount from market price | 50.00% | ||
Deferred compensation arrangement with individual, interest rate | Two percent above the prime rate | ||
2007 Plan [Member] | Minimum [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, discount from market price | 0.00% | ||
2007 Plan [Member] | Maximum [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Share-based compensation arrangement by share-based payment award, discount from market price | 100.00% | ||
Deferred Compensation Plan [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Employee service share-based compensation, cash paid to exercise of stock options | $ 1.9 | ||
Share-based payment expense | $ 0.9 | 0.7 | $ 2.0 |
Liability for stock awards | $ 4.5 | $ 4.2 | |
Directors Plan Remaining Distributions Period [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Deferred compensation arrangement with individual, distributions period, months | 6 months |
Underwriting, Acquisition and Insurance Expenses - Underwriting, Acquisition and Insurance Expenses (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Underwriting Acquisition And Insurance Expenses [Abstract] | |||
Commissions | $ 232.2 | $ 231.1 | $ 229.6 |
General expenses | 298.5 | 288.0 | 272.8 |
Premium taxes, boards and bureaus | 9.8 | 25.5 | 24.2 |
Underwriting, acquisition and insurance expenses, total | 540.5 | 544.6 | 526.6 |
Net deferral of policy acquisition costs | (0.9) | (5.4) | (15.8) |
Total underwriting, acquisition and insurance expenses | $ 539.6 | $ 539.2 | $ 510.8 |
Underwriting, Acquisition and Insurance Expenses - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Underwriting Acquisition And Insurance Expenses [Abstract] | |||
Share-based payments expense | $ 29.1 | $ 19.6 | $ 23.3 |
Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Current tax provision | $ 6.0 | $ 5.2 | $ 32.7 |
Future tax deductions | 10.9 | 58.4 | 0.1 |
Valuation allowance change | (2.6) | (30.8) | 3.7 |
Income tax provision | $ 14.3 | $ 32.8 | $ 36.5 |
Income Taxes - Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 44.2 | $ 36.2 | $ 34.7 | $ 62.4 | $ 80.3 | $ 48.3 | $ 44.7 | $ 42.7 | $ 177.5 | $ 216.0 | $ 179.7 | ||||||||
Effective Tax Rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Bermuda [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 94.3 | $ 102.8 | $ 50.5 | ||||||||||||||||
Effective Tax Rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||
United States [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 64.8 | $ 98.0 | $ 120.9 | ||||||||||||||||
Effective Tax Rate | 19.90% | 28.10% | 28.20% | ||||||||||||||||
United Kingdom [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 21.3 | $ 21.5 | $ 18.5 | ||||||||||||||||
Effective Tax Rate | (4.70%) | 24.80% | 12.00% | ||||||||||||||||
Belgium [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 0.0 | [1] | $ 0.0 | [1] | $ 0.2 | ||||||||||||||
Effective Tax Rate | 237.00% | 63.80% | 103.00% | ||||||||||||||||
Brazil [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ (3.2) | $ (2.2) | $ (9.7) | ||||||||||||||||
Effective Tax Rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||
United Arab Emirates [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 0.2 | $ (0.9) | $ 1.1 | ||||||||||||||||
Effective Tax Rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Ireland [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | [2] | $ (0.1) | $ (1.1) | $ (0.1) | |||||||||||||||
Effective Tax Rate | [2] | 5.00% | 0.00% | 0.00% | |||||||||||||||
Malta [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 0.1 | $ (2.2) | $ (1.7) | ||||||||||||||||
Effective Tax Rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Switzerland [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 0.1 | $ 0.1 | $ 0.0 | [1] | |||||||||||||||
Effective Tax Rate | 20.50% | 17.60% | 5.60% | ||||||||||||||||
|
Income Taxes - Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 44.2 | $ 36.2 | $ 34.7 | $ 62.4 | $ 80.3 | $ 48.3 | $ 44.7 | $ 42.7 | $ 177.5 | $ 216.0 | $ 179.7 | ||||||||
Effective tax rate percent on intercompany dividends | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Intercompany dividends | $ 2.3 | $ 2.3 | $ 2.3 | ||||||||||||||||
Switzerland [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 0.1 | $ 0.1 | $ 0.0 | [1] | |||||||||||||||
Effective tax rate percent on intercompany dividends | 20.50% | 17.60% | 5.60% | ||||||||||||||||
Belgium [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 0.0 | [1] | $ 0.0 | [1] | $ 0.2 | ||||||||||||||
Effective tax rate percent on intercompany dividends | 237.00% | 63.80% | 103.00% | ||||||||||||||||
Ireland [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | [2] | $ (0.1) | $ (1.1) | $ (0.1) | |||||||||||||||
Effective tax rate percent on intercompany dividends | [2] | 5.00% | 0.00% | 0.00% | |||||||||||||||
Intercompany dividends | $ 50.0 | ||||||||||||||||||
Maximum [Member] | Switzerland [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | 0.1 | $ 0.1 | $ 0.1 | ||||||||||||||||
Maximum [Member] | Belgium [Member] | |||||||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||||||
Pre-Tax Income (Loss) | $ 0.1 | $ 0.1 | |||||||||||||||||
|
Income Taxes - Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Income tax provision at expected rate | $ 25.8 | $ 37.2 | $ 43.1 |
Tax-exempt interest | (4.2) | (4.5) | (5.6) |
Dividends received deduction | (2.3) | (2.3) | (2.3) |
Valuation allowance change | (2.6) | (30.8) | 3.7 |
Other permanent adjustments, net | 0.3 | (0.7) | 0.3 |
Adjustment for prior year tax return | (0.6) | (0.9) | (1.6) |
United States state tax expense | (2.5) | 2.5 | 0.3 |
PXRE Reinsurance capital loss carryforward | 0.0 | 29.8 | 0.0 |
Other foreign adjustments | (0.3) | 0.7 | (0.1) |
Foreign tax credit utilization | (2.1) | 0.1 | 1.1 |
Deferred tax rate reduction | 0.0 | (0.4) | (1.2) |
Foreign exchange adjustments | (0.1) | 1.7 | (1.7) |
Foreign withholding taxes | 2.9 | 0.4 | 0.5 |
Income tax provision | 14.3 | 32.8 | 36.5 |
Income tax provision - Foreign | (1.1) | 5.2 | 2.4 |
Income tax provision - United States, Federal | 16.4 | 23.3 | 33.2 |
Income tax (benefit) provision - United States, State | $ (3.9) | $ 3.9 | $ 0.4 |
Income Taxes - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Taxes Disclosure [Line Items] | |||
Foreign tax credit utilization | $ (2,100,000) | $ 100,000 | $ 1,100,000 |
Decrease in tax related to reversal of estimated state tax accrual | 2,500,000 | ||
Increase withholding taxes paid | 2,500,000 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 1,300,000 | 1,600,000 | |
Deferred tax rate reduction | 0 | (400,000) | (1,200,000) |
Foreign exchange adjustments, increase | 1,000,000 | 1,700,000 | |
Deferred tax decreased and Increase balance | $ (29,400,000) | 24,300,000 | |
Net operating losses carryback period | 2 years | ||
Capital losses carryback period | 3 years | ||
Total net deferred tax liabilities | $ 800,000 | ||
Net operating loss carryforward | 16,800,000 | ||
Loss carryforwards per year | 2,800,000 | ||
Valuation allowance | 22,800,000 | 25,400,000 | |
Unrecognized tax benefits | 0 | 0 | $ 0 |
December 31, 2025 [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Loss carryforwards, amounts expiring if not utilized | 15,300,000 | ||
December 31, 2027 [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Loss carryforwards, amounts expiring if not utilized | 1,500,000 | ||
ARIS [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforward | 1,000,000 | ||
ARIS [Member] | December 31, 2027 [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Loss carryforwards, amounts expiring if not utilized | 200,000 | ||
ARIS [Member] | December 31, 2028 [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Loss carryforwards, amounts expiring if not utilized | 400,000 | ||
ARIS [Member] | December 31, 2029 [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Loss carryforwards, amounts expiring if not utilized | 400,000 | ||
PXRE Reinsurance Company [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Increase of recognized benefit | 29,800,000 | ||
Valuation allowance | 14,900,000 | ||
Reduced valuation allowance | 1,000,000 | ||
United Kingdom [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Foreign tax credit utilization | 2,100,000 | ||
Deferred tax rate reduction | $ (400,000) | ||
Malta [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Valuation allowance | 1,800,000 | ||
Decreased valuation allowance | 300,000 | ||
Brazil [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Valuation allowance | 6,100,000 | ||
Decreased valuation allowance | $ 1,300,000 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Income Tax Examination [Line Items] | ||
Losses and loss adjustment expense reserve discounting | $ 23.4 | $ 25.1 |
Unearned premiums | 26.6 | 24.8 |
Allowance for bad debt | 1.6 | 2.0 |
Accrual for contingent commissions | 0.3 | 0.3 |
Net operating loss carryforward | 17.8 | 18.8 |
Impairment of investment values | 9.6 | 8.2 |
United States amortization of intangible assets | 4.9 | 4.3 |
Accrued bonus | 7.0 | 6.7 |
Accrued vacation | 1.6 | 1.7 |
Stock option expense | 10.1 | 8.0 |
Other | 15.9 | 7.0 |
Deferred tax assets, gross | 126.5 | 116.4 |
Unrealized gains on equity securities | (40.1) | (62.3) |
Unrealized gains on fixed maturities and other investment securities | (0.4) | (15.3) |
Deferred acquisition costs | (20.4) | (20.3) |
United States amortization of intangible assets | (3.6) | (3.5) |
United Kingdom underwriting losses | (9.7) | (9.0) |
United Kingdom amortization of intangible assets | (1.8) | (2.3) |
Deferred gain on like-kind exchange | (13.3) | 0.0 |
Depreciable fixed asset | (18.0) | (16.3) |
Unrealized Gain on Limited Partnership Interests | (11.0) | (10.5) |
Other | (9.0) | (4.5) |
Deferred tax liabilities, gross | (127.3) | (144.0) |
Deferred tax assets, net before valuation allowance | (0.8) | (27.6) |
Valuation allowance | (22.8) | (25.4) |
Deferred tax liabilities, net | (23.6) | (53.0) |
Net deferred tax liabilities - Foreign | (11.7) | (11.8) |
Net deferred tax liabilities - United States | (11.9) | (41.2) |
Brazil [Member] | ||
Income Tax Examination [Line Items] | ||
Operating losses | 5.9 | 7.4 |
Malta [Member] | ||
Income Tax Examination [Line Items] | ||
Operating losses | $ 1.8 | $ 2.1 |
Pension Benefits and Savings Plans - Schedule of Change in Plan Assets (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Compensation And Retirement Disclosure [Abstract] | ||
Fair value of plan assets at beginning of year | $ 19.2 | $ 20.2 |
Actual return on plan assets | (0.1) | 1.0 |
Employer contributions | 0.2 | 0.2 |
Settlements and benefits paid | (1.8) | (2.2) |
Fair value of plan assets at end of year | $ 17.5 | $ 19.2 |
Pension Benefits and Savings Plans - Schedule of Change in Projected Benefit Obligation (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Compensation And Retirement Disclosure [Abstract] | ||
Projected benefit obligation at beginning of year | $ 25.8 | $ 22.6 |
Interest cost | 0.8 | 1.0 |
Actuarial loss (gain) | (1.6) | 4.3 |
Settlements and benefits paid | (1.9) | (2.1) |
Projected benefit obligation at end of year | $ 23.1 | $ 25.8 |
Pension Benefits and Savings Plans - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 100,000 | $ 500,000 | $ 100,000 |
Unrecognized actuarial loss | 400,000 | ||
Maximum expected annual payments under the pensions plan | 2,500,000 | ||
Defined benefit plans with accumulated benefit obligations in excess of plan assets | 2,300,000 | 2,200,000 | |
Fair value of plan assets | 17,500,000 | 19,200,000 | 20,200,000 |
Contributions by employer towards savings plan | 200,000 | 200,000 | |
Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,400,000 | 18,800,000 | |
Short-Term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 100,000 | 400,000 | |
Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of pension related to plan | 3,400,000 | 4,400,000 | |
Non- Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of pension related to plan | 2,300,000 | 2,200,000 | |
Fair value of plan assets | $ 0 | 0 | |
Target Thresholds [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 65.00% | ||
Target Thresholds [Member] | Equity Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 35.00% | ||
Actual Asset Allocation [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 62.00% | ||
Actual Asset Allocation [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 21.30% | ||
Actual Asset Allocation [Member] | Equity Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 38.00% | ||
Actual Asset Allocation [Member] | Foreign Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 16.70% | ||
Employee Savings Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by employer towards savings plan | $ 6,300,000 | $ 7,100,000 | $ 6,800,000 |
Pension Benefits and Savings Plans - Schedule of Assumptions to Determine Benefit Obligations (Detail) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Compensation And Retirement Disclosure [Abstract] | ||
Weighted average discount rate | 3.48% | 3.37% |
Expected rate of increase in future compensation levels | 0.00% | 0.00% |
Pension Benefits and Savings Plans - Schedule of Assumptions to Determine Net Periodic Benefit Cost (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Compensation And Retirement Disclosure [Abstract] | |||
Weighted average discount rate | 3.55% | 4.39% | 3.63% |
Expected return on plan assets | 6.00% | 6.00% | 6.00% |
Expected rate of increase in future compensation levels | 0.00% | 0.00% | 0.00% |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Commitments And Contingencies [Line Items] | |
Contractual commitments related to its limited partnership investments | $ 90.2 |
Maximum [Member] | |
Commitments And Contingencies [Line Items] | |
Contractual commitments period | 13 years |
Leases - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Leases [Abstract] | |
2016 | $ 10.3 |
2017 | 9.2 |
2018 | 7.1 |
2019 | 5.9 |
2020 | 3.3 |
Thereafter | 4.4 |
Total | $ 40.2 |
Lease - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Leases [Abstract] | |||
Operating leases expense | $ 14.2 | $ 14.7 | $ 14.6 |
Segment Information - Additional Information (Detail) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
Segment
|
Dec. 31, 2014
USD ($)
|
|
Segment Reporting [Abstract] | ||
Number of reportable segments | Segment | 4 | |
Assets associated with trade capital providers | $ | $ 377.1 | $ 315.4 |
Segment Information - Revenue and Income (Loss) Before Income Taxes for Each Segment (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||||||||||
Earned premiums | $ 1,371.9 | $ 1,338.1 | $ 1,303.8 | ||||||||
Net investment income | 85.6 | 86.6 | 100.0 | ||||||||
Net realized investment and other gains | 27.1 | 94.0 | 71.3 | ||||||||
Total revenue | $ 369.1 | $ 371.0 | $ 373.1 | $ 371.4 | $ 412.1 | $ 371.3 | $ 375.2 | $ 360.1 | 1,484.6 | 1,518.7 | 1,475.1 |
Income (loss) before income taxes | $ 44.2 | $ 36.2 | $ 34.7 | $ 62.4 | $ 80.3 | $ 48.3 | $ 44.7 | $ 42.7 | 177.5 | 216.0 | 179.7 |
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net investment income | 2.6 | 3.1 | 4.8 | ||||||||
Income (loss) before income taxes | (33.4) | (35.1) | (40.4) | ||||||||
Operating Segments [Members] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) before income taxes | 183.8 | 157.1 | 148.8 | ||||||||
Excess and Surplus Lines [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned premiums | 525.3 | 485.2 | 460.2 | ||||||||
Net investment income | 35.2 | 36.7 | 42.2 | ||||||||
Excess and Surplus Lines [Member] | Operating Segments [Members] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) before income taxes | 96.0 | 106.0 | 89.4 | ||||||||
Commercial Specialty [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned premiums | 290.1 | 291.9 | 299.0 | ||||||||
Net investment income | 18.5 | 18.7 | 22.8 | ||||||||
Commercial Specialty [Member] | Operating Segments [Members] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) before income taxes | 29.9 | 8.9 | 21.4 | ||||||||
International Specialty [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned premiums | 148.7 | 148.3 | 142.4 | ||||||||
Net investment income | 11.8 | 8.2 | 8.4 | ||||||||
International Specialty [Member] | Operating Segments [Members] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) before income taxes | 31.3 | 21.1 | 11.3 | ||||||||
Syndicate 1200 [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned premiums | 407.4 | 411.1 | 401.7 | ||||||||
Net investment income | 9.2 | 10.2 | 11.0 | ||||||||
Syndicate 1200 [Member] | Operating Segments [Members] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) before income taxes | 33.8 | 44.1 | 37.3 | ||||||||
Run Off Lines [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned premiums | 0.4 | 1.6 | 0.5 | ||||||||
Net investment income | 8.3 | 9.7 | 10.8 | ||||||||
Run Off Lines [Member] | Operating Segments [Members] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) before income taxes | $ (7.2) | $ (23.0) | $ (10.6) |
Segment Information - Schedule of Earned Premiums by Geographic Location (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total earned premiums | $ 1,371.9 | $ 1,338.1 | $ 1,303.8 |
Bermuda [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total earned premiums | 103.4 | 101.5 | 101.7 |
Brazil [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total earned premiums | 43.1 | 44.3 | 38.7 |
Malta [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total earned premiums | 1.9 | 2.1 | 1.8 |
United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total earned premiums | 407.4 | 411.7 | 401.7 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total earned premiums | $ 816.1 | $ 778.5 | $ 759.9 |
Segment Information - Identifiable Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $ 6,630.1 | $ 6,356.3 |
Excess and Surplus Lines [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 2,439.9 | 2,344.0 |
Commercial Specialty [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 1,360.7 | 1,307.0 |
International Specialty [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 793.6 | 776.8 |
Syndicate 1200 [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 1,371.2 | 1,258.5 |
Run Off Lines [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 527.2 | 550.5 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $ 137.5 | $ 119.5 |
Segment Information - Schedule of Goodwill and Intangible Assets Net of Accumulated Amortization (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Goodwill | $ 152.2 | $ 152.2 |
Intangible assets, net of accumulated amortization | 73.3 | 78.6 |
Excess and Surplus Lines [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 76.4 | 76.4 |
Intangible assets, net of accumulated amortization | 2.2 | 2.8 |
Commercial Specialty [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 47.1 | 47.1 |
Intangible assets, net of accumulated amortization | 4.1 | 5.5 |
Syndicate 1200 [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 28.7 | 28.7 |
Intangible assets, net of accumulated amortization | $ 67.0 | $ 70.3 |
Run-Off Lines - Gross Reserves for Run-Off Lines (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Total Asbestos and Environmental | $ 46.4 | $ 53.9 |
Total Run-off Lines | 306.3 | 318.5 |
Reinsurance Assumed [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Total Asbestos and Environmental | 34.6 | 40.1 |
Other [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Total Asbestos and Environmental | 11.8 | 13.8 |
Risk Management [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Total Run-off Lines | 252.2 | 257.1 |
Run-Off Reinsurance Lines [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Total Run-off Lines | 3.0 | 4.1 |
Other Run-Off Lines [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Total Run-off Lines | $ 4.7 | $ 3.4 |
Run-Off Lines - Total Gross Reserves for Asbestos Exposure (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total direct written reserves | $ 10.7 | $ 11.1 | $ 9.4 |
Total assumed domestic reserves | 26.7 | 30.6 | 33.7 |
Total assumed London reserves | 5.4 | 6.1 | 7.6 |
Total asbestos reserves | 42.8 | 47.8 | 50.7 |
Case Reserves [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total direct written reserves | 2.0 | 2.5 | 1.7 |
Total assumed domestic reserves | 12.2 | 13.2 | 15.7 |
Total assumed London reserves | 4.0 | 4.7 | 5.8 |
ULAE [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total direct written reserves | 0.5 | 1.0 | 1.3 |
Total assumed domestic reserves | 0.8 | 1.6 | 2.2 |
Total assumed London reserves | 0.0 | 0.2 | 0.4 |
IBNR [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total direct written reserves | 8.2 | 7.6 | 6.4 |
Total assumed domestic reserves | 13.7 | 15.8 | 15.8 |
Total assumed London reserves | $ 1.4 | $ 1.2 | $ 1.4 |
Run-Off Lines - Net Underwriting Results for Run-Off Lines (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total Asbestos and Environmental | $ (4.4) | $ (13.3) | $ (11.0) |
Total Run-off Lines | (14.1) | (31.0) | (19.6) |
Reinsurance Assumed [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total Asbestos and Environmental | (1.0) | (8.3) | (3.8) |
Other [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total Asbestos and Environmental | (3.4) | (5.0) | (7.2) |
Risk Management [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total Run-off Lines | (8.2) | (15.5) | (5.9) |
Run-Off Reinsurance Lines [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total Run-off Lines | 2.0 | (1.5) | (1.9) |
Other Run-Off Lines [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total Run-off Lines | $ (3.5) | $ (0.7) | $ (0.8) |
Statutory Accounting Principle - Statutory Capital and Surplus for Principal Operating Subsidiaries (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Bermuda [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 1,260.1 | $ 1,261.1 |
United Kingdom [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 232.8 | 224.5 |
United States [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 854.5 | $ 790.4 |
Statutory Accounting Principles - Statutory Net Income (Loss) for Principal Operating Subsidiaries (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Bermuda [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 182.2 | $ 128.2 | $ 124.2 |
United Kingdom [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 34.8 | 28.7 | 42.3 |
United States [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 94.4 | $ 117.7 | $ 117.4 |
Statutory Accounting Principles - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Agro Re [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Maximum permissible limit for dividend | 25.00% | |||
Reduction in total statutory capital | 15.00% | |||
Maximum permitted amount of dividends | $ 315.2 | |||
Cash dividends | 41.0 | $ 40.9 | $ 84.5 | |
Rockwood Casualty Insurance Company [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Cash dividends | 20.0 | |||
Dividend received from subsidiary | 9.5 | |||
Rockwood Casualty Insurance Company [Member] | Scenario Forecast [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Maximum permitted amount of dividends | $ 18.2 | |||
Argonaut Insurance Company [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Cash dividends | 0.1 | |||
Dividends, Securities | 48.7 | 24.7 | ||
Value of ordinary dividends | 48.8 | 24.8 | ||
Dividend received from subsidiary | 0.1 | |||
Argonaut Insurance Company [Member] | Scenario Forecast [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Maximum permitted amount of dividends | 41.6 | |||
Colony Insurance Company [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Cash dividends | 0.2 | |||
Dividends, Securities | 55.0 | 75.9 | ||
Value of extraordinary dividends | 55.2 | 76.2 | ||
Dividend received from subsidiary | $ 0.3 | |||
Colony Insurance Company [Member] | Scenario Forecast [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Maximum permitted amount of dividends | $ 35.0 | |||
Minimum [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Minimum statutory capital and surplus balance | $ 345.9 | $ 332.1 |
Insurance Assessments - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Insurance [Abstract] | ||
Insurance assessments on current insolvencies | $ 4.1 | $ 17.0 |
Transactions with Related Parties - Additional Information (Detail) - Kinetica [Member] $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Schedule Of Other Related Party Transactions [Line Items] | |
Surety bonds issued | $ 13 |
Percentage of investment ownership | 10.00% |
Unaudited Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||
Total revenue | $ 369.1 | $ 371.0 | $ 373.1 | $ 371.4 | $ 412.1 | $ 371.3 | $ 375.2 | $ 360.1 | $ 1,484.6 | $ 1,518.7 | $ 1,475.1 | ||||||||||||
Net income before income taxes | 44.2 | 36.2 | 34.7 | 62.4 | 80.3 | 48.3 | 44.7 | 42.7 | 177.5 | 216.0 | 179.7 | ||||||||||||
Net income | $ 41.2 | $ 35.3 | $ 27.9 | $ 58.8 | $ 59.7 | $ 44.7 | $ 38.6 | $ 40.2 | $ 163.2 | $ 183.2 | $ 143.2 | ||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ 1.48 | [1] | $ 1.27 | [1] | $ 1.00 | [1] | $ 2.09 | [1] | $ 2.11 | [1] | $ 1.57 | [1] | $ 1.34 | [1] | $ 1.38 | [1] | $ 5.84 | [1] | $ 6.39 | [1] | $ 4.85 | ||
Diluted | $ 1.44 | [1] | $ 1.24 | [1] | $ 0.98 | [1] | $ 2.05 | [1] | $ 2.07 | [1] | $ 1.54 | [1] | $ 1.32 | [1] | $ 1.36 | [1] | $ 5.72 | [1] | $ 6.27 | [1] | $ 4.67 | ||
Comprehensive income (loss) | $ 29.2 | $ (18.3) | $ 18.9 | $ 36.8 | $ 31.3 | $ 6.8 | $ 64.1 | $ 41.3 | $ 66.6 | $ 143.5 | $ 101.5 | ||||||||||||
|
Information Provided in Connection With Outstanding Debt of Subsidiaries - Additional Information (Detail) - Senior Unsecured Fixed Rate Notes [Member] - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2012 |
|
Schedule Of Equity Method Investments [Line Items] | ||
Principal amount of senior note | $ 143,750,000 | |
Debt instrument interest rate stated percentage | 6.50% | |
Debt instrument maturity date | Sep. 15, 2042 | |
Initial maturity date | Sep. 15, 2017 | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Information Provided in Connection with Outstanding Debt of Subsidiaries - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||||
---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||
Investments | $ 4,115.7 | $ 4,097.9 | |||||||
Cash | 121.7 | 81.0 | $ 157.4 | $ 95.8 | |||||
Accrued investment income | 21.6 | 22.1 | |||||||
Premiums receivable | 404.5 | 353.6 | |||||||
Reinsurance recoverables | 1,121.1 | 997.2 | |||||||
Goodwill and other intangible assets, net | 225.5 | 230.8 | |||||||
Current income taxes receivable, net | 11.6 | 14.9 | |||||||
Deferred acquisition costs, net | 132.4 | 124.6 | |||||||
Ceded unearned premiums | 250.8 | 207.6 | |||||||
Other assets | 225.2 | 226.6 | |||||||
Due (to) from affiliates | 0.0 | 0.0 | |||||||
Intercompany note receivable | 0.0 | 0.0 | |||||||
Investments in subsidiaries | 0.0 | 0.0 | |||||||
Total assets | 6,630.1 | 6,356.3 | |||||||
Liabilities and Shareholders' Equity | |||||||||
Reserves for losses and loss adjustment expenses | 3,123.6 | 3,042.4 | 3,230.3 | ||||||
Unearned premiums | 886.7 | 817.2 | |||||||
Funds held and ceded reinsurance payable, net | 390.0 | 233.8 | |||||||
Long-term debt | 371.7 | 378.5 | |||||||
Deferred tax liabilities, net | 23.6 | 53.0 | |||||||
Accrued underwriting expenses and other liabilities | 166.4 | 184.7 | |||||||
Total liabilities | 4,962.0 | 4,709.6 | |||||||
Total shareholders' equity | 1,668.1 | 1,646.7 | 1,563.0 | 1,514.1 | |||||
Total liabilities and shareholders' equity | 6,630.1 | 6,356.3 | |||||||
Argo Group International Holdings, Ltd (Parent Guarantor) [Member] | |||||||||
Assets | |||||||||
Investments | 6.2 | 0.7 | |||||||
Cash | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Accrued investment income | 0.0 | 0.0 | |||||||
Premiums receivable | 0.0 | 0.0 | |||||||
Reinsurance recoverables | 0.0 | 0.0 | |||||||
Goodwill and other intangible assets, net | 0.0 | 0.0 | |||||||
Current income taxes receivable, net | 0.0 | 0.0 | |||||||
Deferred acquisition costs, net | 0.0 | 0.0 | |||||||
Ceded unearned premiums | 0.0 | 0.0 | |||||||
Other assets | 8.2 | 9.6 | |||||||
Due (to) from affiliates | (17.5) | 2.9 | |||||||
Intercompany note receivable | 0.0 | 0.0 | |||||||
Investments in subsidiaries | 1,715.9 | 1,698.0 | |||||||
Total assets | 1,712.8 | 1,711.2 | |||||||
Liabilities and Shareholders' Equity | |||||||||
Reserves for losses and loss adjustment expenses | 0.0 | 0.0 | |||||||
Unearned premiums | 0.0 | 0.0 | |||||||
Funds held and ceded reinsurance payable, net | 0.0 | 0.0 | |||||||
Long-term debt | 28.4 | 49.0 | |||||||
Deferred tax liabilities, net | 0.0 | 0.0 | |||||||
Accrued underwriting expenses and other liabilities | 16.3 | 15.5 | |||||||
Total liabilities | 44.7 | 64.5 | |||||||
Total shareholders' equity | 1,668.1 | 1,646.7 | |||||||
Total liabilities and shareholders' equity | 1,712.8 | 1,711.2 | |||||||
Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer) [Member] | |||||||||
Assets | |||||||||
Investments | 2,761.0 | 2,841.5 | |||||||
Cash | 88.8 | 49.3 | 132.1 | 73.9 | |||||
Accrued investment income | 16.4 | 17.8 | |||||||
Premiums receivable | 166.4 | 154.6 | |||||||
Reinsurance recoverables | 1,212.2 | 1,173.6 | |||||||
Goodwill and other intangible assets, net | 129.8 | 131.7 | |||||||
Current income taxes receivable, net | 4.7 | 10.1 | |||||||
Deferred acquisition costs, net | 58.2 | 58.0 | |||||||
Ceded unearned premiums | 125.8 | 98.5 | |||||||
Other assets | 156.2 | 174.1 | |||||||
Due (to) from affiliates | (2.3) | (19.8) | |||||||
Intercompany note receivable | 49.8 | 72.0 | |||||||
Investments in subsidiaries | 0.0 | 0.0 | |||||||
Total assets | 4,767.0 | 4,761.4 | |||||||
Liabilities and Shareholders' Equity | |||||||||
Reserves for losses and loss adjustment expenses | 2,194.1 | 2,136.4 | |||||||
Unearned premiums | 501.5 | 448.9 | |||||||
Funds held and ceded reinsurance payable, net | 702.6 | 675.1 | |||||||
Long-term debt | 288.7 | 288.7 | |||||||
Deferred tax liabilities, net | 11.9 | 41.2 | |||||||
Accrued underwriting expenses and other liabilities | 95.4 | 104.2 | |||||||
Total liabilities | 3,794.2 | 3,694.5 | |||||||
Total shareholders' equity | 972.8 | 1,066.9 | |||||||
Total liabilities and shareholders' equity | 4,767.0 | 4,761.4 | |||||||
Other Subsidiaries and Eliminations [Member] | |||||||||
Assets | |||||||||
Investments | [1] | 1,348.5 | 1,255.7 | ||||||
Cash | [1] | 32.9 | 31.7 | 25.3 | 21.9 | ||||
Accrued investment income | [1] | 5.2 | 4.3 | ||||||
Premiums receivable | [1] | 238.1 | 199.0 | ||||||
Reinsurance recoverables | [1] | (91.1) | (176.4) | ||||||
Goodwill and other intangible assets, net | [1] | 95.7 | 99.1 | ||||||
Current income taxes receivable, net | [1] | 6.9 | 4.8 | ||||||
Deferred acquisition costs, net | [1] | 74.2 | 66.6 | ||||||
Ceded unearned premiums | [1] | 125.0 | 109.1 | ||||||
Other assets | [1] | 60.8 | 67.9 | ||||||
Due (to) from affiliates | [1] | 2.3 | 19.8 | ||||||
Intercompany note receivable | [1] | (49.8) | (72.0) | ||||||
Investments in subsidiaries | [1] | 0.0 | 0.0 | ||||||
Total assets | [1] | 1,848.7 | 1,609.6 | ||||||
Liabilities and Shareholders' Equity | |||||||||
Reserves for losses and loss adjustment expenses | [1] | 929.5 | 906.0 | ||||||
Unearned premiums | [1] | 385.2 | 368.3 | ||||||
Funds held and ceded reinsurance payable, net | [1] | (312.6) | (441.3) | ||||||
Long-term debt | [1] | 54.6 | 61.4 | ||||||
Deferred tax liabilities, net | [1] | 11.7 | 11.8 | ||||||
Accrued underwriting expenses and other liabilities | [1] | 54.7 | 65.0 | ||||||
Total liabilities | [1] | 1,123.1 | 971.2 | ||||||
Total shareholders' equity | [1] | 725.6 | 638.4 | ||||||
Total liabilities and shareholders' equity | [1] | 1,848.7 | 1,609.6 | ||||||
Consolidating Adjustments [Member] | |||||||||
Assets | |||||||||
Investments | [2] | 0.0 | 0.0 | ||||||
Cash | [2] | 0.0 | 0.0 | $ 0.0 | $ 0.0 | ||||
Accrued investment income | [2] | 0.0 | 0.0 | ||||||
Premiums receivable | [2] | 0.0 | 0.0 | ||||||
Reinsurance recoverables | [2] | 0.0 | 0.0 | ||||||
Goodwill and other intangible assets, net | [2] | 0.0 | 0.0 | ||||||
Current income taxes receivable, net | [2] | 0.0 | 0.0 | ||||||
Deferred acquisition costs, net | [2] | 0.0 | 0.0 | ||||||
Ceded unearned premiums | [2] | 0.0 | 0.0 | ||||||
Other assets | [2] | 0.0 | (25.0) | ||||||
Due (to) from affiliates | [2] | 17.5 | (2.9) | ||||||
Intercompany note receivable | [2] | 0.0 | 0.0 | ||||||
Investments in subsidiaries | [2] | (1,715.9) | (1,698.0) | ||||||
Total assets | [2] | (1,698.4) | (1,725.9) | ||||||
Liabilities and Shareholders' Equity | |||||||||
Reserves for losses and loss adjustment expenses | [2] | 0.0 | 0.0 | ||||||
Unearned premiums | [2] | 0.0 | 0.0 | ||||||
Funds held and ceded reinsurance payable, net | [2] | 0.0 | 0.0 | ||||||
Long-term debt | [2] | 0.0 | (20.6) | ||||||
Deferred tax liabilities, net | [2] | 0.0 | 0.0 | ||||||
Accrued underwriting expenses and other liabilities | [2] | 0.0 | 0.0 | ||||||
Total liabilities | [2] | 0.0 | (20.6) | ||||||
Total shareholders' equity | [2] | (1,698.4) | (1,705.3) | ||||||
Total liabilities and shareholders' equity | [2] | $ (1,698.4) | $ (1,725.9) | ||||||
|
Information Provided in Connection with Outstanding Debt of Subsidiaries - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Premiums and other revenue: | ||||||||||||||||
Earned premiums | $ 1,371.9 | $ 1,338.1 | $ 1,303.8 | |||||||||||||
Net investment income | 85.6 | 86.6 | 100.0 | |||||||||||||
Net realized investment and other gains | 27.1 | 94.0 | 71.3 | |||||||||||||
Total revenue | $ 369.1 | $ 371.0 | $ 373.1 | $ 371.4 | $ 412.1 | $ 371.3 | $ 375.2 | $ 360.1 | 1,484.6 | 1,518.7 | 1,475.1 | |||||
Expenses: | ||||||||||||||||
Losses and loss adjustment expenses | 766.1 | 747.4 | 742.0 | |||||||||||||
Other reinsurance-related expenses | 0.0 | 0.0 | 19.2 | |||||||||||||
Underwriting, acquisition and insurance expenses | 539.6 | 539.2 | 510.8 | |||||||||||||
Interest expense | 19.0 | 19.9 | 20.2 | |||||||||||||
Fee and other expense, net | 0.7 | 0.6 | 4.9 | |||||||||||||
Foreign currency exchange loss (gains) | (18.3) | (7.8) | (1.7) | |||||||||||||
Impairment of intangible assets | 0.0 | 3.4 | 0.0 | |||||||||||||
Total expenses | 1,307.1 | 1,302.7 | 1,295.4 | |||||||||||||
Income before income taxes | 44.2 | 36.2 | 34.7 | 62.4 | 80.3 | 48.3 | 44.7 | 42.7 | 177.5 | 216.0 | 179.7 | |||||
Provision for income taxes | 14.3 | 32.8 | 36.5 | |||||||||||||
Net income before equity in earnings of subsidiaries | 163.2 | 183.2 | 143.2 | |||||||||||||
Equity in undistributed earnings of subsidiaries | 0.0 | 0.0 | 0.0 | |||||||||||||
Net income | $ 41.2 | $ 35.3 | $ 27.9 | $ 58.8 | $ 59.7 | $ 44.7 | $ 38.6 | $ 40.2 | 163.2 | 183.2 | 143.2 | |||||
Argo Group International Holdings, Ltd (Parent Guarantor) [Member] | ||||||||||||||||
Premiums and other revenue: | ||||||||||||||||
Earned premiums | 0.0 | 0.0 | 0.0 | |||||||||||||
Net investment income | 40.1 | 40.5 | 84.5 | |||||||||||||
Net realized investment and other gains | 0.0 | 2.0 | 0.0 | |||||||||||||
Total revenue | 40.1 | 42.5 | 84.5 | |||||||||||||
Expenses: | ||||||||||||||||
Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 | |||||||||||||
Other reinsurance-related expenses | 0.0 | |||||||||||||||
Underwriting, acquisition and insurance expenses | 19.0 | 17.3 | 27.4 | |||||||||||||
Interest expense | 1.5 | 2.3 | 3.3 | |||||||||||||
Fee and other expense, net | 0.0 | 0.0 | 0.0 | |||||||||||||
Foreign currency exchange loss (gains) | 0.0 | 0.0 | 0.0 | |||||||||||||
Impairment of intangible assets | 0.0 | 0.0 | ||||||||||||||
Total expenses | 20.5 | 19.6 | 30.7 | |||||||||||||
Income before income taxes | 19.6 | 22.9 | 53.8 | |||||||||||||
Provision for income taxes | 0.0 | 0.0 | 0.0 | |||||||||||||
Net income before equity in earnings of subsidiaries | 19.6 | 22.9 | 53.8 | |||||||||||||
Equity in undistributed earnings of subsidiaries | 143.6 | 160.3 | 89.4 | |||||||||||||
Net income | 163.2 | 183.2 | 143.2 | |||||||||||||
Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer) [Member] | ||||||||||||||||
Premiums and other revenue: | ||||||||||||||||
Earned premiums | 497.3 | 461.0 | 439.9 | |||||||||||||
Net investment income | 56.0 | 56.7 | 73.4 | |||||||||||||
Net realized investment and other gains | 34.8 | 86.9 | 72.2 | |||||||||||||
Total revenue | 588.1 | 604.6 | 585.5 | |||||||||||||
Expenses: | ||||||||||||||||
Losses and loss adjustment expenses | 304.2 | 285.6 | 268.6 | |||||||||||||
Other reinsurance-related expenses | 0.0 | |||||||||||||||
Underwriting, acquisition and insurance expenses | 198.4 | 199.9 | 176.9 | |||||||||||||
Interest expense | 15.3 | 15.2 | 15.2 | |||||||||||||
Fee and other expense, net | 4.3 | 2.4 | 4.1 | |||||||||||||
Foreign currency exchange loss (gains) | 1.0 | 0.4 | (0.3) | |||||||||||||
Impairment of intangible assets | 0.0 | 3.4 | ||||||||||||||
Total expenses | 523.2 | 506.9 | 464.5 | |||||||||||||
Income before income taxes | 64.9 | 97.7 | 121.0 | |||||||||||||
Provision for income taxes | 12.9 | 27.5 | 34.1 | |||||||||||||
Net income before equity in earnings of subsidiaries | 52.0 | 70.2 | 86.9 | |||||||||||||
Equity in undistributed earnings of subsidiaries | 0.0 | 0.0 | 0.0 | |||||||||||||
Net income | 52.0 | 70.2 | 86.9 | |||||||||||||
Other Subsidiaries and Eliminations [Member] | ||||||||||||||||
Premiums and other revenue: | ||||||||||||||||
Earned premiums | [1] | 874.6 | 877.1 | 863.9 | ||||||||||||
Net investment income | [1] | 30.5 | (10.6) | (57.9) | ||||||||||||
Net realized investment and other gains | [1] | (7.7) | 7.1 | (0.9) | ||||||||||||
Total revenue | [1] | 897.4 | 873.6 | 805.1 | ||||||||||||
Expenses: | ||||||||||||||||
Losses and loss adjustment expenses | [1] | 461.9 | 461.8 | 473.4 | ||||||||||||
Other reinsurance-related expenses | [1] | 19.2 | ||||||||||||||
Underwriting, acquisition and insurance expenses | [1] | 322.2 | 322.0 | 306.5 | ||||||||||||
Interest expense | [1] | 2.2 | 2.7 | 2.9 | ||||||||||||
Fee and other expense, net | [1] | (3.6) | (1.8) | 0.8 | ||||||||||||
Foreign currency exchange loss (gains) | [1] | (19.3) | (8.2) | (1.4) | ||||||||||||
Impairment of intangible assets | [1] | 0.0 | 0.0 | |||||||||||||
Total expenses | [1] | 763.4 | 776.5 | 801.4 | ||||||||||||
Income before income taxes | [1] | 134.0 | 97.1 | 3.7 | ||||||||||||
Provision for income taxes | [1] | 1.4 | 5.3 | 2.4 | ||||||||||||
Net income before equity in earnings of subsidiaries | [1] | 132.6 | 91.8 | 1.3 | ||||||||||||
Equity in undistributed earnings of subsidiaries | [1] | 0.0 | 0.0 | 0.0 | ||||||||||||
Net income | [1] | 132.6 | 91.8 | 1.3 | ||||||||||||
Consolidating Adjustments [Member] | ||||||||||||||||
Premiums and other revenue: | ||||||||||||||||
Earned premiums | [2] | 0.0 | 0.0 | 0.0 | ||||||||||||
Net investment income | [2] | (41.0) | 0.0 | 0.0 | ||||||||||||
Net realized investment and other gains | [2] | 0.0 | (2.0) | 0.0 | ||||||||||||
Total revenue | [2] | (41.0) | (2.0) | 0.0 | ||||||||||||
Expenses: | ||||||||||||||||
Losses and loss adjustment expenses | [2] | 0.0 | 0.0 | 0.0 | ||||||||||||
Other reinsurance-related expenses | [2] | 0.0 | ||||||||||||||
Underwriting, acquisition and insurance expenses | [2] | 0.0 | 0.0 | 0.0 | ||||||||||||
Interest expense | [2] | 0.0 | (0.3) | (1.2) | ||||||||||||
Fee and other expense, net | [2] | 0.0 | 0.0 | 0.0 | ||||||||||||
Foreign currency exchange loss (gains) | [2] | 0.0 | 0.0 | 0.0 | ||||||||||||
Impairment of intangible assets | [2] | 0.0 | 0.0 | |||||||||||||
Total expenses | [2] | 0.0 | (0.3) | (1.2) | ||||||||||||
Income before income taxes | [2] | (41.0) | (1.7) | 1.2 | ||||||||||||
Provision for income taxes | [2] | 0.0 | 0.0 | 0.0 | ||||||||||||
Net income before equity in earnings of subsidiaries | [2] | (41.0) | (1.7) | 1.2 | ||||||||||||
Equity in undistributed earnings of subsidiaries | [2] | (143.6) | (160.3) | (89.4) | ||||||||||||
Net income | [2] | $ (184.6) | $ (162.0) | $ (88.2) | ||||||||||||
|
Information Provided in Connection with Outstanding Debt of Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net cash flows (used by) from operating activities | $ 282.6 | $ 130.5 | $ (0.2) | |||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of investments | 967.9 | 1,262.0 | 1,966.3 | |||||
Maturities and mandatory calls of fixed maturity investments | 843.9 | 323.0 | 281.8 | |||||
Purchases of investments | (2,034.1) | (1,736.8) | (1,975.8) | |||||
Change in short-term investments and foreign regulatory deposits | 49.6 | 96.5 | (153.0) | |||||
Settlements of foreign currency exchange forward contracts | (10.1) | (1.1) | (3.9) | |||||
Issuance of intercompany note, net | 0.0 | 0.0 | 0.0 | |||||
Redemption of PXRE Capital Trust V | 0.0 | |||||||
Purchases of fixed assets and other, net | (10.8) | (64.9) | 5.4 | |||||
Cash (used) provided by investing activities | (193.6) | (121.3) | 120.8 | |||||
Cash flows from financing activities: | ||||||||
Borrowings under intercompany note, net | 0.0 | 0.0 | ||||||
Proceeds from issuance of senior unsecured fixed rate notes | 0.0 | |||||||
Redemption of trust preferred securities, net | 0.0 | (18.0) | 0.0 | |||||
Activity under stock incentive plans | 1.8 | 4.6 | 2.6 | |||||
Payment on note payable | 0.0 | (0.1) | 0.0 | |||||
Repurchase of Company's common shares | (29.7) | (50.8) | (46.5) | |||||
Excess tax expense from share-based payment arrangements | 0.6 | 0.1 | 0.2 | |||||
Payment of cash dividends to common shareholders | (22.7) | (18.2) | (15.8) | |||||
Cash used by financing activities | (50.0) | (82.4) | (59.5) | |||||
Effect of exchange rate changes on cash | 1.7 | (3.2) | 0.5 | |||||
Change in cash | 40.7 | (76.4) | 61.6 | |||||
Cash, beginning of year | 81.0 | 157.4 | 95.8 | |||||
Cash, end of year | 121.7 | 81.0 | 157.4 | |||||
Argo Group International Holdings, Ltd (Parent Guarantor) [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net cash flows (used by) from operating activities | 32.7 | 25.7 | 63.2 | |||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of investments | 0.0 | 0.0 | 0.0 | |||||
Maturities and mandatory calls of fixed maturity investments | 0.0 | 0.0 | 0.0 | |||||
Purchases of investments | 0.0 | 0.0 | 0.0 | |||||
Change in short-term investments and foreign regulatory deposits | 0.9 | 0.5 | (1.4) | |||||
Settlements of foreign currency exchange forward contracts | 1.5 | 1.3 | 0.7 | |||||
Issuance of intercompany note, net | 0.0 | 0.0 | 0.0 | |||||
Redemption of PXRE Capital Trust V | 0.0 | |||||||
Purchases of fixed assets and other, net | 3.8 | (7.0) | 0.0 | |||||
Cash (used) provided by investing activities | 6.2 | (5.2) | (0.7) | |||||
Cash flows from financing activities: | ||||||||
Borrowings under intercompany note, net | (6.9) | (49.3) | ||||||
Proceeds from issuance of senior unsecured fixed rate notes | 0.0 | |||||||
Redemption of trust preferred securities, net | (18.0) | 0.0 | 0.0 | |||||
Activity under stock incentive plans | 1.8 | 4.6 | 2.6 | |||||
Payment on note payable | 0.0 | 0.0 | ||||||
Repurchase of Company's common shares | 0.0 | 0.0 | 0.0 | |||||
Excess tax expense from share-based payment arrangements | 0.0 | 0.0 | 0.0 | |||||
Payment of cash dividends to common shareholders | (22.7) | (18.2) | (15.8) | |||||
Cash used by financing activities | (38.9) | (20.5) | (62.5) | |||||
Effect of exchange rate changes on cash | 0.0 | 0.0 | 0.0 | |||||
Change in cash | 0.0 | 0.0 | 0.0 | |||||
Cash, beginning of year | 0.0 | 0.0 | 0.0 | |||||
Cash, end of year | 0.0 | 0.0 | 0.0 | |||||
Argo Group US, Inc. and Subsidiaries (Subsidiary Issuer) [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net cash flows (used by) from operating activities | 116.4 | 43.2 | 62.5 | |||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of investments | 631.1 | 803.8 | 1,130.2 | |||||
Maturities and mandatory calls of fixed maturity investments | 681.8 | 192.1 | 168.9 | |||||
Purchases of investments | (1,384.5) | (1,126.1) | (1,156.7) | |||||
Change in short-term investments and foreign regulatory deposits | 14.9 | 76.0 | (119.1) | |||||
Settlements of foreign currency exchange forward contracts | 0.0 | 0.0 | 0.0 | |||||
Issuance of intercompany note, net | 7.5 | 14.5 | 35.0 | |||||
Redemption of PXRE Capital Trust V | 18.0 | |||||||
Purchases of fixed assets and other, net | (16.6) | (35.5) | (16.3) | |||||
Cash (used) provided by investing activities | (47.8) | (75.2) | 42.0 | |||||
Cash flows from financing activities: | ||||||||
Borrowings under intercompany note, net | 0.0 | 0.0 | ||||||
Proceeds from issuance of senior unsecured fixed rate notes | 0.0 | |||||||
Redemption of trust preferred securities, net | 0.0 | 0.0 | 0.0 | |||||
Activity under stock incentive plans | 0.0 | 0.0 | 0.0 | |||||
Payment on note payable | (0.1) | 0.0 | ||||||
Repurchase of Company's common shares | (29.7) | (50.8) | (46.5) | |||||
Excess tax expense from share-based payment arrangements | 0.6 | 0.1 | 0.2 | |||||
Payment of cash dividends to common shareholders | 0.0 | 0.0 | 0.0 | |||||
Cash used by financing activities | (29.1) | (50.8) | (46.3) | |||||
Effect of exchange rate changes on cash | 0.0 | 0.0 | 0.0 | |||||
Change in cash | 39.5 | (82.8) | 58.2 | |||||
Cash, beginning of year | 49.3 | 132.1 | 73.9 | |||||
Cash, end of year | 88.8 | 49.3 | 132.1 | |||||
Other Subsidiaries and Eliminations [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net cash flows (used by) from operating activities | [1] | 133.5 | 37.2 | (125.9) | ||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of investments | [1] | 336.8 | 458.2 | 836.1 | ||||
Maturities and mandatory calls of fixed maturity investments | [1] | 162.1 | 130.9 | 112.9 | ||||
Purchases of investments | [1] | (649.6) | (610.7) | (819.1) | ||||
Change in short-term investments and foreign regulatory deposits | [1] | 33.8 | 20.0 | (32.5) | ||||
Settlements of foreign currency exchange forward contracts | [1] | (11.6) | (2.4) | (4.6) | ||||
Issuance of intercompany note, net | [1] | (7.5) | (7.6) | 14.3 | ||||
Redemption of PXRE Capital Trust V | [1] | (18.0) | ||||||
Purchases of fixed assets and other, net | [1] | 2.0 | (16.0) | 21.7 | ||||
Cash (used) provided by investing activities | [1] | (152.0) | (27.6) | 128.8 | ||||
Cash flows from financing activities: | ||||||||
Borrowings under intercompany note, net | [1] | 0.0 | 0.0 | |||||
Proceeds from issuance of senior unsecured fixed rate notes | [1] | 0.0 | ||||||
Redemption of trust preferred securities, net | [1] | 18.0 | 0.0 | 0.0 | ||||
Activity under stock incentive plans | [1] | 0.0 | 0.0 | 0.0 | ||||
Payment on note payable | [1] | 0.0 | 0.0 | |||||
Repurchase of Company's common shares | [1] | 0.0 | 0.0 | 0.0 | ||||
Excess tax expense from share-based payment arrangements | [1] | 0.0 | 0.0 | 0.0 | ||||
Payment of cash dividends to common shareholders | [1] | 0.0 | 0.0 | 0.0 | ||||
Cash used by financing activities | [1] | 18.0 | 0.0 | 0.0 | ||||
Effect of exchange rate changes on cash | [1] | 1.7 | (3.2) | 0.5 | ||||
Change in cash | [1] | 1.2 | 6.4 | 3.4 | ||||
Cash, beginning of year | [1] | 31.7 | 25.3 | 21.9 | ||||
Cash, end of year | [1] | 32.9 | 31.7 | 25.3 | ||||
Consolidating Adjustments [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net cash flows (used by) from operating activities | [2] | 0.0 | 24.4 | 0.0 | ||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of investments | [2] | 0.0 | 0.0 | 0.0 | ||||
Maturities and mandatory calls of fixed maturity investments | [2] | 0.0 | 0.0 | 0.0 | ||||
Purchases of investments | [2] | 0.0 | 0.0 | 0.0 | ||||
Change in short-term investments and foreign regulatory deposits | [2] | 0.0 | 0.0 | 0.0 | ||||
Settlements of foreign currency exchange forward contracts | [2] | 0.0 | 0.0 | 0.0 | ||||
Issuance of intercompany note, net | [2] | 0.0 | (6.9) | (49.3) | ||||
Redemption of PXRE Capital Trust V | [2] | 0.0 | ||||||
Purchases of fixed assets and other, net | [2] | 0.0 | (6.4) | 0.0 | ||||
Cash (used) provided by investing activities | [2] | 0.0 | (13.3) | (49.3) | ||||
Cash flows from financing activities: | ||||||||
Borrowings under intercompany note, net | [2] | 6.9 | 49.3 | |||||
Proceeds from issuance of senior unsecured fixed rate notes | [2] | 0.0 | ||||||
Redemption of trust preferred securities, net | [2] | 0.0 | (18.0) | 0.0 | ||||
Activity under stock incentive plans | [2] | 0.0 | 0.0 | 0.0 | ||||
Payment on note payable | [2] | 0.0 | 0.0 | |||||
Repurchase of Company's common shares | [2] | 0.0 | 0.0 | 0.0 | ||||
Excess tax expense from share-based payment arrangements | [2] | 0.0 | 0.0 | 0.0 | ||||
Payment of cash dividends to common shareholders | [2] | 0.0 | 0.0 | 0.0 | ||||
Cash used by financing activities | [2] | 0.0 | (11.1) | 49.3 | ||||
Effect of exchange rate changes on cash | [2] | 0.0 | 0.0 | 0.0 | ||||
Change in cash | [2] | 0.0 | 0.0 | 0.0 | ||||
Cash, beginning of year | [2] | 0.0 | 0.0 | 0.0 | ||||
Cash, end of year | [2] | $ 0.0 | $ 0.0 | $ 0.0 | ||||
|
Schedule II - Schedule of Balance Sheets (Detail) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jul. 16, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | |||||
Short-term investments | $ 210,800,000 | $ 258,300,000 | |||
Investment in subsidiaries | 0 | 0 | |||
Other assets | 225,200,000 | 226,600,000 | |||
Total assets | 6,630,100,000 | 6,356,300,000 | |||
Junior subordinated debentures, Amount | 172,700,000 | 172,700,000 | $ 20,000,000 | ||
Accrued underwriting expenses | 133,900,000 | 143,100,000 | |||
Total liabilities | 4,962,000,000 | 4,709,600,000 | |||
Shareholders' equity | 1,668,100,000 | 1,646,700,000 | $ 1,563,000,000 | $ 1,514,100,000 | |
Total liabilities and shareholders' equity | 6,630,100,000 | 6,356,300,000 | |||
Argo Group International Holdings, Ltd (Parent Guarantor) [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Other investments, unrealized gain (loss) on foreign currency exchange forward contracts | 5,200,000 | (1,200,000) | |||
Short-term investments | 1,000,000 | 1,900,000 | |||
Investment in subsidiaries | 1,715,900,000 | 1,698,000,000 | |||
Due (to) from subsidiaries | (17,500,000) | 2,900,000 | |||
Other assets | 8,200,000 | 9,600,000 | |||
Total assets | 1,712,800,000 | 1,711,200,000 | |||
Junior subordinated debentures, Amount | 28,400,000 | 49,000,000 | |||
Accrued underwriting expenses | 16,300,000 | 15,500,000 | |||
Total liabilities | 44,700,000 | 64,500,000 | |||
Shareholders' equity | 1,668,100,000 | 1,646,700,000 | |||
Total liabilities and shareholders' equity | $ 1,712,800,000 | $ 1,711,200,000 |
Schedule II - Schedule of Statements of Income (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 85.6 | $ 86.6 | $ 100.0 | ||||||||
Net realized investment and other gains | 27.1 | 94.0 | 71.3 | ||||||||
Total revenue | $ 369.1 | $ 371.0 | $ 373.1 | $ 371.4 | $ 412.1 | $ 371.3 | $ 375.2 | $ 360.1 | 1,484.6 | 1,518.7 | 1,475.1 |
Interest expense | 19.0 | 19.9 | 20.2 | ||||||||
Other expenses | 539.6 | 539.2 | 510.8 | ||||||||
Net income before equity in earnings of subsidiaries | 163.2 | 183.2 | 143.2 | ||||||||
Equity in undistributed earnings of subsidiaries | 0.0 | 0.0 | 0.0 | ||||||||
Net income | $ 41.2 | $ 35.3 | $ 27.9 | $ 58.8 | $ 59.7 | $ 44.7 | $ 38.6 | $ 40.2 | 163.2 | 183.2 | 143.2 |
Argo Group International Holdings, Ltd (Parent Guarantor) [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | 40.1 | 40.5 | 84.5 | ||||||||
Net realized investment and other gains | 0.0 | 2.0 | 0.0 | ||||||||
Total revenue | 40.1 | 42.5 | 84.5 | ||||||||
Interest expense | 1.5 | 2.3 | 3.3 | ||||||||
Other expenses | 19.0 | 17.3 | 27.4 | ||||||||
Total expenses | 20.5 | 19.6 | 30.7 | ||||||||
Net income before equity in earnings of subsidiaries | 19.6 | 22.9 | 53.8 | ||||||||
Equity in undistributed earnings of subsidiaries | 143.6 | 160.3 | 89.4 | ||||||||
Net income | $ 163.2 | $ 183.2 | $ 143.2 |
Schedule II - Schedule of Statements of Income (Parenthetical) (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Argo Group International Holdings, Ltd (Parent Guarantor) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Intercompany dividend | $ 41.0 | $ 40.9 |
Schedule II - Schedule of Statements of Cash Flows (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 41.2 | $ 35.3 | $ 27.9 | $ 58.8 | $ 59.7 | $ 44.7 | $ 38.6 | $ 40.2 | $ 163.2 | $ 183.2 | $ 143.2 |
Amortization and depreciation | 38.7 | 37.2 | 39.6 | ||||||||
Share-based payments expense | 29.1 | 19.6 | 23.3 | ||||||||
Net realized investment and other gains | (27.1) | (94.0) | (71.3) | ||||||||
Undistributed earnings of subsidiaries | 0.0 | 0.0 | 0.0 | ||||||||
Accrued underwriting expenses | (24.6) | 11.7 | (4.0) | ||||||||
Other, net | 0.6 | 28.0 | (21.8) | ||||||||
Cash provided (used) by operating activities | 282.6 | 130.5 | (0.2) | ||||||||
Change in short-term investments | 46.1 | 75.3 | (145.3) | ||||||||
Settlements of foreign currency exchange forward contracts | (10.1) | (1.1) | (3.9) | ||||||||
Purchases of fixed assets and other, net | (10.8) | (64.9) | 5.4 | ||||||||
Cash (used) provided by investing activities | (193.6) | (121.3) | 120.8 | ||||||||
Activity under stock incentive plans | 1.8 | 4.6 | 2.6 | ||||||||
Redemption of trust preferred securities, net | 0.0 | (18.0) | 0.0 | ||||||||
Payment of cash dividends to common shareholders | (22.7) | (18.2) | (15.8) | ||||||||
Cash used by financing activities | (50.0) | (82.4) | (59.5) | ||||||||
Change in cash | 40.7 | (76.4) | 61.6 | ||||||||
Cash, beginning of year | 81.0 | 157.4 | 81.0 | 157.4 | 95.8 | ||||||
Cash, end of year | 121.7 | 81.0 | 121.7 | 81.0 | 157.4 | ||||||
Argo Group International Holdings, Ltd (Parent Guarantor) [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 163.2 | 183.2 | 143.2 | ||||||||
Amortization and depreciation | 0.2 | 0.0 | 0.7 | ||||||||
Share-based payments expense | 8.2 | 5.7 | 8.7 | ||||||||
Net realized investment and other gains | 0.0 | (2.0) | 0.0 | ||||||||
Undistributed earnings of subsidiaries | (143.6) | (160.3) | (89.4) | ||||||||
Prepaid assets | 0.2 | 2.0 | (0.1) | ||||||||
Accrued underwriting expenses | (2.4) | (2.2) | (0.9) | ||||||||
Due to subsidiaries | 12.5 | (0.6) | 0.2 | ||||||||
Interest on intercompany note payable | 0.0 | 0.3 | 0.8 | ||||||||
Other, net | (5.6) | (0.4) | 0.0 | ||||||||
Cash provided (used) by operating activities | 32.7 | 25.7 | 63.2 | ||||||||
Change in short-term investments | 0.9 | 0.5 | (1.4) | ||||||||
Settlements of foreign currency exchange forward contracts | 1.5 | 1.3 | 0.7 | ||||||||
Purchases of fixed assets and other, net | 3.8 | (7.0) | 0.0 | ||||||||
Cash (used) provided by investing activities | 6.2 | (5.2) | (0.7) | ||||||||
Borrowings under intercompany note payable, net | 0.0 | (6.9) | (49.3) | ||||||||
Activity under stock incentive plans | 1.8 | 4.6 | 2.6 | ||||||||
Redemption of trust preferred securities, net | (18.0) | 0.0 | 0.0 | ||||||||
Payment of cash dividends to common shareholders | (22.7) | (18.2) | (15.8) | ||||||||
Cash used by financing activities | (38.9) | (20.5) | (62.5) | ||||||||
Change in cash | 0.0 | 0.0 | 0.0 | ||||||||
Cash, beginning of year | $ 0.0 | $ 0.0 | 0.0 | 0.0 | 0.0 | ||||||
Cash, end of year | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Schedule III - Supplemental Insurance Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred acquisition costs | $ 132.4 | $ 124.6 | $ 113.9 |
Reserves for Losses and Loss Adjustment Expenses | 3,123.6 | 3,042.4 | 3,230.3 |
Unearned Premiums | 886.7 | 817.2 | 779.1 |
Earned premiums | 1,371.9 | 1,338.1 | 1,303.8 |
Net investment income | 85.6 | 86.6 | 100.0 |
Benefits, Claims and Claim Adjustment Expenses | 766.1 | 747.4 | 742.0 |
Amortization (Deferral) of Deferred Acquisition Costs | (0.9) | (5.4) | (15.8) |
Other Insurance Expenses | 540.5 | 544.6 | 526.6 |
Net Premiums Written | 1,402.1 | 1,367.9 | 1,351.3 |
Excess and Surplus Lines [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred acquisition costs | 38.3 | 36.9 | 38.8 |
Reserves for Losses and Loss Adjustment Expenses | 1,204.9 | 1,165.4 | 1,171.8 |
Unearned Premiums | 307.1 | 274.9 | 264.8 |
Earned premiums | 525.3 | 485.2 | 460.2 |
Net investment income | 35.2 | 36.7 | 42.2 |
Benefits, Claims and Claim Adjustment Expenses | 291.8 | 248.0 | 244.0 |
Amortization (Deferral) of Deferred Acquisition Costs | (1.4) | 1.9 | (1.4) |
Other Insurance Expenses | 168.1 | 159.7 | 158.6 |
Net Premiums Written | 552.9 | 487.8 | 478.7 |
Commercial Specialty [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred acquisition costs | 20.1 | 22.5 | 18.1 |
Reserves for Losses and Loss Adjustment Expenses | 683.7 | 652.2 | 653.4 |
Unearned Premiums | 194.1 | 172.9 | 159.4 |
Earned premiums | 290.1 | 291.9 | 299.0 |
Net investment income | 18.5 | 18.7 | 22.8 |
Benefits, Claims and Claim Adjustment Expenses | 179.3 | 189.1 | 194.0 |
Amortization (Deferral) of Deferred Acquisition Costs | 2.4 | (4.3) | 0.4 |
Other Insurance Expenses | 90.3 | 107.8 | 97.0 |
Net Premiums Written | 285.6 | 301.1 | 288.2 |
International Specialty [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred acquisition costs | 2.1 | 0.8 | 2.2 |
Reserves for Losses and Loss Adjustment Expenses | 324.7 | 306.3 | 295.6 |
Unearned Premiums | 123.3 | 123.9 | 117.1 |
Earned premiums | 148.7 | 148.3 | 142.4 |
Net investment income | 11.8 | 8.2 | 8.4 |
Benefits, Claims and Claim Adjustment Expenses | 72.8 | 77.8 | 79.9 |
Amortization (Deferral) of Deferred Acquisition Costs | (2.0) | 1.7 | (1.0) |
Other Insurance Expenses | 55.4 | 52.8 | 51.1 |
Net Premiums Written | 159.9 | 156.6 | 155.4 |
Syndicate 1200 [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred acquisition costs | 71.9 | 64.4 | 54.8 |
Reserves for Losses and Loss Adjustment Expenses | 604.0 | 600.0 | 777.0 |
Unearned Premiums | 262.2 | 245.5 | 237.8 |
Earned premiums | 407.4 | 411.1 | 401.7 |
Net investment income | 9.2 | 10.2 | 11.0 |
Benefits, Claims and Claim Adjustment Expenses | 213.6 | 208.1 | 208.6 |
Amortization (Deferral) of Deferred Acquisition Costs | 0.1 | (4.7) | (13.8) |
Other Insurance Expenses | 169.8 | 172.5 | 170.0 |
Net Premiums Written | 403.3 | 420.8 | 428.5 |
Run Off Lines [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred acquisition costs | 0.0 | 0.0 | 0.0 |
Reserves for Losses and Loss Adjustment Expenses | 306.3 | 318.5 | 332.5 |
Unearned Premiums | 0.0 | 0.0 | 0.0 |
Earned premiums | 0.4 | 1.6 | 0.5 |
Net investment income | 8.3 | 9.7 | 10.8 |
Benefits, Claims and Claim Adjustment Expenses | 8.6 | 24.4 | 15.5 |
Amortization (Deferral) of Deferred Acquisition Costs | 0.0 | 0.0 | 0.0 |
Other Insurance Expenses | 5.9 | 8.2 | 4.6 |
Net Premiums Written | 0.4 | 1.6 | 0.5 |
Corporate and Other [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred acquisition costs | 0.0 | 0.0 | 0.0 |
Reserves for Losses and Loss Adjustment Expenses | 0.0 | 0.0 | 0.0 |
Unearned Premiums | 0.0 | 0.0 | 0.0 |
Earned premiums | 0.0 | 0.0 | 0.0 |
Net investment income | 2.6 | 3.1 | 4.8 |
Benefits, Claims and Claim Adjustment Expenses | 0.0 | 0.0 | 0.0 |
Amortization (Deferral) of Deferred Acquisition Costs | 0.0 | 0.0 | 0.0 |
Other Insurance Expenses | 51.0 | 43.6 | 45.3 |
Net Premiums Written | $ 0.0 | $ 0.0 | $ 0.0 |
Schedule V - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Valuation And Qualifying Accounts [Abstract] | |||
Valuation allowance for deferred tax asset, Balance at Beginning of Year | $ 25.4 | $ 56.2 | $ 52.5 |
Valuation allowance for deferred tax asset, Charged to Cost and Expense | (1.0) | (30.7) | (1.0) |
Valuation allowance for deferred tax asset, Capital Loss Carryforward | 0.0 | 0.0 | 0.0 |
Valuation allowance for deferred tax asset, Net Operating Loss Carryforward | 0.0 | 0.0 | 0.0 |
Valuation allowance for deferred tax asset, Charged to Other Accounts | (1.6) | (0.1) | 4.7 |
Valuation allowance for deferred tax asset, Deductions | 0.0 | 0.0 | 0.0 |
Valuation allowance for deferred tax asset, Balance at End of Year | $ 22.8 | $ 25.4 | $ 56.2 |
Schedule VI - Supplemental Information for Property-Casualty Insurance Companies (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Supplemental Information For Property Casualty Insurance Underwriters [Abstract] | |||
Deferred acquisition costs | $ 132.4 | $ 124.6 | $ 113.9 |
Reserves for losses and loss adjustment expenses | 3,123.6 | 3,042.4 | 3,230.3 |
Unamortized discount in reserves for losses | 14.9 | 17.6 | 19.5 |
Unearned premiums | 886.7 | 817.2 | 779.1 |
Premiums earned | 1,371.9 | 1,338.1 | 1,303.8 |
Net investment income | 85.6 | 86.6 | 100.0 |
Losses and loss adjustment expenses incurred: Current Year | 798.5 | 785.1 | 775.6 |
Prior accident years | (32.4) | (37.7) | (33.6) |
Losses and loss adjustment expenses incurred | 766.1 | 747.4 | 742.0 |
Amortization (Deferral) of Deferred Acquisition Costs | (0.9) | (5.4) | (15.8) |
Paid losses and loss adjustment expenses, net of reinsurance | 733.5 | 736.7 | 753.5 |
Gross premiums written | $ 2,012.1 | $ 1,905.4 | $ 1,888.4 |