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Share Name | Share Symbol | Market | Type |
---|---|---|---|
State Auto Financial Corporation | NASDAQ:STFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.01 | 50.34 | 98.89 | 0 | 01:00:00 |
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☒
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Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Ohio
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31-1324304
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(State or other jurisdiction of
incorporation or organization)
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|
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(I.R.S. Employer
Identification No.)
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|
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518 East Broad Street
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Columbus
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Ohio
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43215-3976
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(Address of principal executive offices)
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|
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(Zip Code)
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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Common shares, without par value
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STFC
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The NASDAQ Global Select Market
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Large accelerated filer
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☐
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Accelerated filer
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x
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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(Do not check if a smaller reporting company)
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|
Emerging growth company
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☐
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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||
Item 2.
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||
Item 4.
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Item 5.
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Item 6.
|
||
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($ and shares in millions, except per share amounts)
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September 30, 2019
|
|
December 31, 2018
|
||||
(unaudited)
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|
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||||
Assets
|
|
|
|
||||
Fixed maturities, available-for-sale, at fair value (amortized cost $2,129.0 and $2,188.2, respectively)
|
$
|
2,189.3
|
|
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$
|
2,159.5
|
|
Equity securities
|
373.3
|
|
|
315.0
|
|
||
Other invested assets
|
64.6
|
|
|
48.8
|
|
||
Other invested assets, at cost
|
6.5
|
|
|
5.6
|
|
||
Notes receivable from affiliate
|
70.0
|
|
|
70.0
|
|
||
Total investments
|
2,703.7
|
|
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2,598.9
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|
||
Cash and cash equivalents
|
38.3
|
|
|
59.8
|
|
||
Accrued investment income and other assets
|
34.7
|
|
|
32.4
|
|
||
Deferred policy acquisition costs (affiliated net assumed $53.0 and $48.3, respectively)
|
114.3
|
|
|
101.9
|
|
||
Reinsurance recoverable on losses and loss expenses payable
|
7.2
|
|
|
5.5
|
|
||
Prepaid reinsurance premiums
|
7.5
|
|
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6.6
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|
||
Due from affiliate
|
17.4
|
|
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—
|
|
||
Current federal income taxes
|
6.3
|
|
|
5.9
|
|
||
Net deferred federal income taxes
|
46.2
|
|
|
77.8
|
|
||
Property and equipment, at cost
|
4.2
|
|
|
7.1
|
|
||
Total assets
|
$
|
2,979.8
|
|
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$
|
2,895.9
|
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Liabilities and Stockholders’ Equity
|
|
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|
||||
Losses and loss expenses payable (affiliated net assumed $521.5 and $593.6, respectively)
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$
|
1,092.7
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|
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$
|
1,146.8
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Unearned premiums (affiliated net assumed $111.7 and $112.4, respectively)
|
649.2
|
|
|
584.2
|
|
||
Notes payable (affiliates $15.2 and $15.2, respectively)
|
122.0
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|
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122.0
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||
Pension and postretirement benefits
|
70.3
|
|
|
83.0
|
|
||
Due to affiliate
|
—
|
|
|
22.4
|
|
||
Other liabilities (affiliated net assumed $13.1 and $19.9, respectively)
|
101.9
|
|
|
119.0
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|
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Total liabilities
|
2,036.1
|
|
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2,077.4
|
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Stockholders’ equity:
|
|
|
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||||
Class A Preferred stock (nonvoting), without par value. Authorized 2.5 shares; none issued
|
—
|
|
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—
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||
Class B Preferred stock, without par value. Authorized 2.5 shares; none issued
|
—
|
|
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—
|
|
||
Common stock, without par value. Authorized 100.0 shares; 50.3 and 50.0 shares issued, respectively, at stated value of $2.50 per share
|
125.8
|
|
|
125.0
|
|
||
Treasury stock, 6.8 and 6.8 shares, respectively, at cost
|
(117.5
|
)
|
|
(117.0
|
)
|
||
Additional paid-in capital
|
205.2
|
|
|
194.2
|
|
||
Accumulated other comprehensive loss
|
(24.2
|
)
|
|
(96.4
|
)
|
||
Retained earnings
|
754.4
|
|
|
712.7
|
|
||
Total stockholders’ equity
|
943.7
|
|
|
818.5
|
|
||
Total liabilities and stockholders’ equity
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$
|
2,979.8
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|
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$
|
2,895.9
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|
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|
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($ in millions, except per share amounts)
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Three months ended September 30
|
||||||
(unaudited)
|
2019
|
|
2018
|
||||
Earned premiums (affiliated net assumed $55.7 and $71.9, respectively)
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$
|
319.6
|
|
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$
|
306.8
|
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Net investment income (affiliates $0.7 and $1.3, respectively)
|
19.3
|
|
|
20.8
|
|
||
Net investment (loss) gain
|
(5.0
|
)
|
|
17.8
|
|
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Other income from affiliates
|
0.6
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|
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0.6
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Total revenues
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334.5
|
|
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346.0
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||
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|
||||
Losses and loss expenses (affiliated net assumed $24.2 and $43.0, respectively)
|
208.4
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|
|
191.0
|
|
||
Acquisition and operating expenses (affiliated net assumed $17.6 and affiliated net ceded $26.8, respectively)
|
109.7
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|
|
110.9
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|
||
Interest expense (affiliates $0.2 and $0.2, respectively)
|
1.2
|
|
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1.2
|
|
||
Other expenses
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2.5
|
|
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1.9
|
|
||
Total expenses
|
321.8
|
|
|
305.0
|
|
||
Income before federal income taxes
|
12.7
|
|
|
41.0
|
|
||
Federal income tax expense (benefit):
|
|
|
|
||||
Current
|
—
|
|
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(0.1
|
)
|
||
Deferred
|
1.2
|
|
|
7.7
|
|
||
Total federal income tax expense
|
1.2
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7.6
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||
Net income
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$
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11.5
|
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$
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33.4
|
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Earnings per common share:
|
|
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||||
Basic
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$
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0.26
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$
|
0.78
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Diluted
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$
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0.25
|
|
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$
|
0.76
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Dividends paid per common share
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$
|
0.10
|
|
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$
|
0.10
|
|
|
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|
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($ in millions, except per share amounts)
|
Nine months ended September 30
|
||||||
(unaudited)
|
2019
|
|
2018
|
||||
Earned premiums (affiliated net assumed $168.5 and $251.1, respectively)
|
$
|
930.0
|
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$
|
929.2
|
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Net investment income (affiliates $2.3 and $3.7, respectively)
|
60.4
|
|
|
62.2
|
|
||
Net investment gain
|
50.2
|
|
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18.2
|
|
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Other income from affiliates
|
1.6
|
|
|
1.8
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|
||
Total revenues
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1,042.2
|
|
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1,011.4
|
|
||
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|
|||
Losses and loss expenses (affiliated net assumed $125.1 and $136.3, respectively)
|
637.6
|
|
|
621.1
|
|
||
Acquisition and operating expenses (affiliated net assumed $54.5 and $52.3, respectively)
|
325.2
|
|
|
333.0
|
|
||
Interest expense (affiliates $0.7 and $0.7, respectively)
|
3.7
|
|
|
4.5
|
|
||
Other expenses
|
9.0
|
|
|
7.4
|
|
||
Total expenses
|
975.5
|
|
|
966.0
|
|
||
Income before federal income taxes
|
66.7
|
|
|
45.4
|
|
||
Federal income tax (benefit) expense:
|
|
|
|
|
|||
Current
|
(0.4
|
)
|
|
(1.1
|
)
|
||
Deferred
|
12.4
|
|
|
9.2
|
|
||
Total federal income tax expense
|
12.0
|
|
|
8.1
|
|
||
Net income
|
$
|
54.7
|
|
|
$
|
37.3
|
|
Earnings per common share:
|
|
|
|
||||
Basic
|
$
|
1.26
|
|
|
$
|
0.87
|
|
Diluted
|
$
|
1.25
|
|
|
$
|
0.86
|
|
Dividends paid per common share
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
Three months ended September 30
|
||||||
(unaudited)
|
2019
|
|
2018
|
||||
Net income
|
$
|
11.5
|
|
|
$
|
33.4
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Net unrealized holding gain (loss) on fixed available-for-sale investments:
|
|
|
|
||||
Unrealized holding gain (loss)
|
22.6
|
|
|
(14.7
|
)
|
||
Reclassification adjustments for gains realized in net income
|
(1.2
|
)
|
|
—
|
|
||
Income tax (expense) benefit
|
(4.5
|
)
|
|
3.1
|
|
||
Total net unrealized holding gain (loss) on available-for-sale investments
|
16.9
|
|
|
(11.6
|
)
|
||
Net unrecognized benefit plan obligations:
|
|
|
|
||||
Reclassification adjustments for amortization to statements of income:
|
|
|
|
||||
Negative prior service cost
|
(1.6
|
)
|
|
(1.6
|
)
|
||
Net actuarial loss
|
2.4
|
|
|
3.3
|
|
||
Income tax expense
|
(0.2
|
)
|
|
(0.4
|
)
|
||
Total net unrecognized benefit plan obligations
|
0.6
|
|
|
1.3
|
|
||
Other comprehensive income (loss)
|
17.5
|
|
|
(10.3
|
)
|
||
Comprehensive income
|
$
|
29.0
|
|
|
$
|
23.1
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
Nine months ended September 30
|
||||||
(unaudited)
|
2019
|
|
2018
|
||||
Net income
|
$
|
54.7
|
|
|
$
|
37.3
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Net unrealized holding gain (loss) on fixed available-for-sale investments:
|
|
|
|
||||
Unrealized holding gain (loss)
|
91.8
|
|
|
(61.6
|
)
|
||
Reclassification adjustments for gains realized in net income
|
(2.8
|
)
|
|
(1.7
|
)
|
||
Income tax (expense) benefit
|
(18.7
|
)
|
|
13.3
|
|
||
Total net unrealized holding gain (loss) on available-for-sale investments
|
70.3
|
|
|
(50.0
|
)
|
||
Net unrecognized benefit plan obligations:
|
|
|
|
||||
Reclassification adjustments for amortization to statements of income:
|
|
|
|
||||
Negative prior service cost
|
(4.8
|
)
|
|
(4.8
|
)
|
||
Net actuarial loss
|
7.2
|
|
|
9.9
|
|
||
Income tax expense
|
(0.5
|
)
|
|
(1.1
|
)
|
||
Total net unrecognized benefit plan obligations
|
1.9
|
|
|
4.0
|
|
||
Other comprehensive income (loss)
|
72.2
|
|
|
(46.0
|
)
|
||
Comprehensive income (loss)
|
$
|
126.9
|
|
|
$
|
(8.7
|
)
|
|
|
|
|
|
(in millions)
|
Three months ended September 30
|
||||||
|
2019
|
|
2018
|
||||
Common shares:
|
|
|
|
||||
Balance at beginning of period
|
50.3
|
|
|
49.7
|
|
||
Issuance of shares
|
—
|
|
|
0.1
|
|
||
Balance at September 30
|
50.3
|
|
|
49.8
|
|
||
Treasury shares:
|
|
|
|
||||
Balance at beginning of period
|
(6.8
|
)
|
|
(6.8
|
)
|
||
Balance at September 30
|
(6.8
|
)
|
|
(6.8
|
)
|
||
Common stock:
|
|
|
|
||||
Balance at beginning of period
|
$
|
125.7
|
|
|
$
|
124.1
|
|
Issuance of shares
|
0.1
|
|
|
0.4
|
|
||
Balance at September 30
|
$
|
125.8
|
|
|
$
|
124.5
|
|
Treasury stock:
|
|
|
|
||||
Balance at beginning of period
|
$
|
(117.5
|
)
|
|
$
|
(116.9
|
)
|
Shares acquired on stock award exercises and vested restricted shares
|
—
|
|
|
(0.1
|
)
|
||
Balance at September 30
|
$
|
(117.5
|
)
|
|
$
|
(117.0
|
)
|
Additional paid-in capital:
|
|
|
|
||||
Balance at beginning of period
|
$
|
202.5
|
|
|
$
|
184.8
|
|
Issuance of common stock
|
0.7
|
|
|
2.0
|
|
||
Stock awards granted
|
2.0
|
|
|
1.8
|
|
||
Balance at September 30
|
$
|
205.2
|
|
|
$
|
188.6
|
|
Accumulated other comprehensive loss:
|
|
|
|
||||
Balance at beginning of period
|
$
|
(41.7
|
)
|
|
$
|
(95.8
|
)
|
Change in unrealized holding gain (loss) on investments, net of tax
|
16.9
|
|
|
(11.6
|
)
|
||
Change in unrecognized benefit plan obligations, net of tax
|
0.6
|
|
|
1.3
|
|
||
Balance at September 30
|
$
|
(24.2
|
)
|
|
$
|
(106.1
|
)
|
Retained earnings:
|
|
|
|
||||
Balance at beginning of period
|
$
|
747.2
|
|
|
$
|
712.3
|
|
Net income
|
11.5
|
|
|
33.4
|
|
||
Dividends declared (affiliates $2.6 and $2.6, respectively)
|
$
|
(4.3
|
)
|
|
$
|
(4.1
|
)
|
Balance at September 30
|
754.4
|
|
|
741.6
|
|
||
Total stockholders’ equity at September 30
|
$
|
943.7
|
|
|
$
|
831.6
|
|
|
|
|
|
|
(in millions)
|
Nine months ended September 30
|
||||||
|
2019
|
|
2018
|
||||
Common shares:
|
|
|
|
||||
Balance at beginning of year
|
50.0
|
|
|
49.2
|
|
||
Issuance of shares
|
0.3
|
|
|
0.6
|
|
||
Balance at September 30
|
50.3
|
|
|
49.8
|
|
||
Treasury shares:
|
|
|
|
||||
Balance at beginning of year
|
(6.8
|
)
|
|
(6.8
|
)
|
||
Balance at September 30
|
(6.8
|
)
|
|
(6.8
|
)
|
||
Common stock:
|
|
|
|
||||
Balance at beginning of year
|
$
|
125.0
|
|
|
$
|
123.0
|
|
Issuance of shares
|
0.8
|
|
|
1.5
|
|
||
Balance at September 30
|
$
|
125.8
|
|
|
$
|
124.5
|
|
Treasury stock:
|
|
|
|
||||
Balance at beginning of year
|
$
|
(117.0
|
)
|
|
$
|
(116.8
|
)
|
Shares acquired on stock award exercises and vested restricted shares
|
(0.5
|
)
|
|
(0.2
|
)
|
||
Balance at September 30
|
$
|
(117.5
|
)
|
|
$
|
(117.0
|
)
|
Additional paid-in capital:
|
|
|
|
||||
Balance at beginning of year
|
$
|
194.2
|
|
|
$
|
171.8
|
|
Issuance of common stock
|
4.0
|
|
|
10.1
|
|
||
Stock awards granted
|
7.0
|
|
|
6.7
|
|
||
Balance at September 30
|
$
|
205.2
|
|
|
$
|
188.6
|
|
Accumulated other comprehensive (loss) income:
|
|
|
|
||||
Balance at beginning of year
|
$
|
(96.4
|
)
|
|
$
|
3.8
|
|
Cumulative effect of change in accounting for equity securities and other invested assets and reclassification of stranded tax effects as of January 1, 2018
|
—
|
|
|
(63.9
|
)
|
||
Change in unrealized holding gain (loss) on investments, net of tax
|
70.3
|
|
|
(50.0
|
)
|
||
Change in unrecognized benefit plan obligations, net of tax
|
1.9
|
|
|
4.0
|
|
||
Balance at September 30
|
$
|
(24.2
|
)
|
|
$
|
(106.1
|
)
|
Retained earnings:
|
|
|
|
||||
Balance at beginning of year
|
$
|
712.7
|
|
|
$
|
653.2
|
|
Cumulative effect of change in accounting for equity securities and other invested assets and reclassification of stranded tax effects as of January 1, 2018
|
—
|
|
|
63.9
|
|
||
Net income
|
54.7
|
|
|
37.3
|
|
||
Dividends declared (affiliates $7.8 and $7.8, respectively)
|
$
|
(13.0
|
)
|
|
$
|
(12.8
|
)
|
Balance at September 30
|
754.4
|
|
|
741.6
|
|
||
Total stockholders’ equity at September 30
|
$
|
943.7
|
|
|
$
|
831.6
|
|
|
|
|
|
|
($ in millions)
|
Nine months ended September 30
|
||||||
(unaudited)
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
54.7
|
|
|
$
|
37.3
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization, net
|
6.2
|
|
|
6.7
|
|
||
Share-based compensation
|
7.0
|
|
|
5.7
|
|
||
Net investment gain
|
(50.2
|
)
|
|
(18.2
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Deferred policy acquisition costs
|
(12.4
|
)
|
|
5.8
|
|
||
Accrued investment income and other assets
|
(2.3
|
)
|
|
(3.0
|
)
|
||
Postretirement and pension benefits
|
(12.2
|
)
|
|
(16.3
|
)
|
||
Other liabilities and due to/from affiliates, net
|
(55.0
|
)
|
|
19.0
|
|
||
Reinsurance recoverable on losses and loss expenses payable and prepaid reinsurance premiums
|
(2.6
|
)
|
|
(2.3
|
)
|
||
Losses and loss expenses payable
|
(54.1
|
)
|
|
(56.9
|
)
|
||
Unearned premiums
|
65.0
|
|
|
(16.2
|
)
|
||
Deferred tax (benefit) expense on share-based awards
|
(0.7
|
)
|
|
—
|
|
||
Federal income taxes
|
12.7
|
|
|
8.1
|
|
||
Net cash used in operating activities
|
(43.9
|
)
|
|
(30.3
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of fixed maturities available-for-sale
|
(459.9
|
)
|
|
(267.0
|
)
|
||
Purchases of equity securities
|
(48.9
|
)
|
|
(82.2
|
)
|
||
Purchases of other invested assets
|
(12.9
|
)
|
|
(1.1
|
)
|
||
Maturities, calls and pay downs of fixed maturities available-for-sale
|
267.1
|
|
|
180.4
|
|
||
Sales of fixed maturities available-for-sale
|
248.7
|
|
|
69.7
|
|
||
Sales of equity securities
|
34.4
|
|
|
89.3
|
|
||
Sales of other invested assets
|
1.0
|
|
|
0.9
|
|
||
Net disposals of property and equipment
|
1.6
|
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
31.1
|
|
|
(10.0
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from issuance of common stock
|
4.8
|
|
|
11.7
|
|
||
Payments to acquire treasury stock
|
(0.5
|
)
|
|
(0.2
|
)
|
||
Payment of dividends
|
(13.0
|
)
|
|
(12.8
|
)
|
||
Payment of prepayment fee
|
—
|
|
|
(0.4
|
)
|
||
Net cash used in financing activities
|
(8.7
|
)
|
|
(1.7
|
)
|
||
Net decrease in cash and cash equivalents
|
(21.5
|
)
|
|
(42.0
|
)
|
||
Cash and cash equivalents at beginning of period
|
59.8
|
|
|
91.5
|
|
||
Cash and cash equivalents at end of period
|
$
|
38.3
|
|
|
$
|
49.5
|
|
Supplemental disclosures:
|
|
|
|
||||
Interest expense (affiliates $0.7 and $0.7, respectively)
|
$
|
3.5
|
|
|
$
|
4.5
|
|
|
|
|
|
|
|
($ millions)
|
Cost or amortized cost
|
|
Gross unrealized holding gains
|
|
Gross unrealized holding losses
|
|
Fair value
|
||||||||
September 30, 2019
|
|||||||||||||||
Available-for-sale fixed maturities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities and obligations of U.S. government agencies
|
$
|
516.4
|
|
|
$
|
14.8
|
|
|
$
|
(1.2
|
)
|
|
$
|
530.0
|
|
Obligations of states and political subdivisions
|
415.3
|
|
|
21.8
|
|
|
—
|
|
|
437.1
|
|
||||
Corporate securities
|
492.3
|
|
|
10.9
|
|
|
(1.1
|
)
|
|
502.1
|
|
||||
U.S. government agencies mortgage-backed securities
|
705.0
|
|
|
18.2
|
|
|
(3.1
|
)
|
|
720.1
|
|
||||
Total available-for-sale fixed maturities
|
$
|
2,129.0
|
|
|
$
|
65.7
|
|
|
$
|
(5.4
|
)
|
|
$
|
2,189.3
|
|
|
|
|
|
|
|
|
|
||||||||
($ millions)
|
Cost or amortized cost
|
|
Gross unrealized holding gains
|
|
Gross unrealized holding losses
|
|
Fair value
|
||||||||
December 31, 2018
|
|||||||||||||||
Available-for-sale fixed maturities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities and obligations of U.S. government agencies
|
$
|
438.4
|
|
|
$
|
3.2
|
|
|
$
|
(9.2
|
)
|
|
$
|
432.4
|
|
Obligations of states and political subdivisions
|
408.2
|
|
|
7.3
|
|
|
(0.9
|
)
|
|
414.6
|
|
||||
Corporate securities
|
551.7
|
|
|
0.6
|
|
|
(11.7
|
)
|
|
540.6
|
|
||||
U.S. government agencies mortgage-backed securities
|
789.9
|
|
|
3.3
|
|
|
(21.3
|
)
|
|
771.9
|
|
||||
Total available-for-sale fixed maturities
|
$
|
2,188.2
|
|
|
$
|
14.4
|
|
|
$
|
(43.1
|
)
|
|
$
|
2,159.5
|
|
|
|
|
|
|
|
|
|
|
($ millions, except # of positions)
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||||||||||||||||
|
Fair value
|
|
Unrealized losses
|
|
Number of positions
|
|
Fair value
|
|
Unrealized losses
|
|
Number of positions
|
|
Fair value
|
|
Unrealized losses
|
|
Number of positions
|
|||||||||||||||
September 30, 2019
|
||||||||||||||||||||||||||||||||
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. treasury securities and obligations of U.S. government agencies
|
$
|
41.1
|
|
|
$
|
(0.1
|
)
|
|
9
|
|
|
$
|
184.5
|
|
|
$
|
(1.1
|
)
|
|
16
|
|
|
$
|
225.6
|
|
|
$
|
(1.2
|
)
|
|
25
|
|
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
|
—
|
|
|
1
|
|
|
4.1
|
|
|
—
|
|
|
1
|
|
||||||
Corporate securities
|
20.3
|
|
|
(0.3
|
)
|
|
2
|
|
|
56.9
|
|
|
$
|
(0.8
|
)
|
|
9
|
|
|
77.2
|
|
|
$
|
(1.1
|
)
|
|
11
|
|
||||
U.S. government agencies mortgage-backed securities
|
50.9
|
|
|
(0.3
|
)
|
|
7
|
|
|
161.1
|
|
|
(2.8
|
)
|
|
35
|
|
|
212.0
|
|
|
(3.1
|
)
|
|
42
|
|
||||||
Total temporarily impaired securities
|
$
|
112.3
|
|
|
$
|
(0.7
|
)
|
|
18
|
|
|
$
|
406.6
|
|
|
$
|
(4.7
|
)
|
|
61
|
|
|
$
|
518.9
|
|
|
$
|
(5.4
|
)
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
($ millions, except # of positions)
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||||||||||||||||
|
Fair value
|
|
Unrealized losses
|
|
Number of positions
|
|
Fair value
|
|
Unrealized losses
|
|
Number of positions
|
|
Fair value
|
|
Unrealized losses
|
|
Number of positions
|
|||||||||||||||
December 31, 2018
|
||||||||||||||||||||||||||||||||
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. treasury securities and obligations of U.S. government agencies
|
$
|
83.1
|
|
|
$
|
(1.8
|
)
|
|
7
|
|
|
$
|
259.6
|
|
|
$
|
(7.4
|
)
|
|
35
|
|
|
$
|
342.7
|
|
|
$
|
(9.2
|
)
|
|
42
|
|
Obligations of states and political subdivisions
|
63.6
|
|
|
(0.5
|
)
|
|
7
|
|
|
39.6
|
|
|
(0.4
|
)
|
|
8
|
|
|
103.2
|
|
|
(0.9
|
)
|
|
15
|
|
||||||
Corporate securities
|
244.0
|
|
|
(3.0
|
)
|
|
31
|
|
|
189.5
|
|
|
(8.7
|
)
|
|
30
|
|
|
433.5
|
|
|
(11.7
|
)
|
|
61
|
|
||||||
U.S. government agencies mortgage-backed securities
|
169.5
|
|
|
(2.8
|
)
|
|
18
|
|
|
385.5
|
|
|
(18.5
|
)
|
|
70
|
|
|
555.0
|
|
|
(21.3
|
)
|
|
88
|
|
||||||
Total temporarily impaired securities
|
$
|
560.2
|
|
|
$
|
(8.1
|
)
|
|
63
|
|
|
$
|
874.2
|
|
|
$
|
(35.0
|
)
|
|
143
|
|
|
$
|
1,434.4
|
|
|
$
|
(43.1
|
)
|
|
206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
Amortized cost
|
|
Fair
value
|
||||
Due in 1 year or less
|
$
|
55.7
|
|
|
$
|
56.6
|
|
Due after 1 year through 5 years
|
562.7
|
|
|
569.4
|
|
||
Due after 5 years through 10 years
|
239.9
|
|
|
249.7
|
|
||
Due after 10 years
|
565.7
|
|
|
593.5
|
|
||
U.S. government agencies mortgage-backed securities
|
705.0
|
|
|
720.1
|
|
||
Total
|
$
|
2,129.0
|
|
|
$
|
2,189.3
|
|
|
|
|
|
($ millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Fixed maturities
|
$
|
15.3
|
|
|
$
|
16.4
|
|
|
$
|
47.7
|
|
|
$
|
49.4
|
|
Equity securities
|
3.0
|
|
|
3.0
|
|
|
8.9
|
|
|
8.6
|
|
||||
Cash and cash equivalents, and other
|
1.1
|
|
|
1.7
|
|
|
4.2
|
|
|
5.2
|
|
||||
Investment income
|
19.4
|
|
|
21.1
|
|
|
60.8
|
|
|
63.2
|
|
||||
Investment expenses
|
0.1
|
|
|
0.3
|
|
|
0.4
|
|
|
1.0
|
|
||||
Net investment income
|
$
|
19.3
|
|
|
$
|
20.8
|
|
|
$
|
60.4
|
|
|
$
|
62.2
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Investment gains (losses), net:
|
|
|
|
|
|
|
|
||||||||
Fixed maturities:
|
|
|
|
|
|
|
|
||||||||
Realized gains on sales of securities
|
1.2
|
|
|
—
|
|
|
2.8
|
|
|
1.7
|
|
||||
Net gains on fixed maturities
|
1.2
|
|
|
—
|
|
|
2.8
|
|
|
1.7
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Realized (losses) gains on sales of securities, net
|
(1.8
|
)
|
|
1.0
|
|
|
(2.5
|
)
|
|
5.4
|
|
||||
Unrealized (losses) gains on securities still held, net
|
(4.1
|
)
|
|
16.4
|
|
|
46.4
|
|
|
12.8
|
|
||||
Net (losses) gains on equity securities
|
(5.9
|
)
|
|
17.4
|
|
|
43.9
|
|
|
18.2
|
|
||||
Other invested assets:
|
|
|
|
|
|
|
|
||||||||
Unrealized (losses) gains on securities still held, net
|
(0.3
|
)
|
|
0.4
|
|
|
4.8
|
|
|
(1.7
|
)
|
||||
Net (losses) gains on other invested assets
|
(0.3
|
)
|
|
0.4
|
|
|
4.8
|
|
|
(1.7
|
)
|
||||
Other net realized loss
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
||||
Net (losses) gains on investments
|
$
|
(5.0
|
)
|
|
$
|
17.8
|
|
|
$
|
50.2
|
|
|
$
|
18.2
|
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized holding gains (losses), net of tax:
|
|
|
|
|
|
|
|
||||||||
Fixed maturities
|
$
|
21.4
|
|
|
$
|
(14.7
|
)
|
|
$
|
89.0
|
|
|
$
|
(63.3
|
)
|
Deferred federal income tax (liability) benefit
|
(4.5
|
)
|
|
3.1
|
|
|
(18.7
|
)
|
|
13.3
|
|
||||
Change in net unrealized holding gains (losses), net of tax
|
$
|
16.9
|
|
|
$
|
(11.6
|
)
|
|
$
|
70.3
|
|
|
$
|
(50.0
|
)
|
|
|
|
|
|
|
|
|
•
|
Level 1 includes observable inputs which reflect quoted prices for identical assets or liabilities in active markets at the measurement date.
|
•
|
Level 2 includes observable inputs for assets or liabilities other than quoted prices included in Level 1, and it includes valuation techniques which use prices for similar assets and liabilities.
|
•
|
Level 3 includes unobservable inputs which reflect the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
|
|
|
($ millions)
|
Total
|
|
Level 1
|
|
Level 2
|
||||||
September 30, 2019
|
|||||||||||
Available-for-sale fixed maturities:
|
|
|
|
|
|
||||||
U.S. treasury securities and obligations of U.S. government agencies
|
$
|
530.0
|
|
|
$
|
—
|
|
|
$
|
530.0
|
|
Obligations of states and political subdivisions
|
437.1
|
|
|
—
|
|
|
437.1
|
|
|||
Corporate securities
|
502.1
|
|
|
—
|
|
|
502.1
|
|
|||
U.S. government agencies mortgage-backed securities
|
720.1
|
|
|
—
|
|
|
720.1
|
|
|||
Total available-for-sale fixed maturities
|
2,189.3
|
|
|
—
|
|
|
2,189.3
|
|
|||
Equity securities:
|
|
|
|
|
|
||||||
Large-cap securities
|
99.1
|
|
|
99.1
|
|
|
—
|
|
|||
Mutual and exchange traded funds
|
274.2
|
|
|
274.2
|
|
|
—
|
|
|||
Total equity securities
|
373.3
|
|
|
373.3
|
|
|
—
|
|
|||
Other invested assets
|
12.9
|
|
|
12.9
|
|
|
—
|
|
|||
Total investments
|
$
|
2,575.5
|
|
|
$
|
386.2
|
|
|
$
|
2,189.3
|
|
|
|
|
|
|
|
||||||
($ millions)
|
Total
|
|
Level 1
|
|
Level 2
|
||||||
December 31, 2018
|
|||||||||||
Available-for-sale fixed maturities:
|
|
|
|
|
|
||||||
U.S. treasury securities and obligations of U.S. government agencies
|
$
|
432.4
|
|
|
$
|
—
|
|
|
$
|
432.4
|
|
Obligations of states and political subdivisions
|
414.6
|
|
|
—
|
|
|
414.6
|
|
|||
Corporate securities
|
540.6
|
|
|
—
|
|
|
540.6
|
|
|||
U.S. government agencies mortgage-backed securities
|
771.9
|
|
|
—
|
|
|
771.9
|
|
|||
Total available-for-sale fixed maturities
|
2,159.5
|
|
|
—
|
|
|
2,159.5
|
|
|||
Equity securities:
|
|
|
|
|
|
||||||
Large-cap securities
|
77.2
|
|
|
77.2
|
|
|
—
|
|
|||
Mutual and exchange traded funds
|
237.8
|
|
|
237.8
|
|
|
—
|
|
|||
Total equity securities
|
315.0
|
|
|
315.0
|
|
|
—
|
|
|||
Other invested assets
|
10.3
|
|
|
10.3
|
|
|
—
|
|
|||
Total investments
|
$
|
2,484.8
|
|
|
$
|
325.3
|
|
|
$
|
2,159.5
|
|
|
|
|
|
|
|
|
($ millions, except interest rates)
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||
|
Carrying value
|
|
Fair Value
|
|
Interest rate
|
|
Carrying value
|
|
Fair value
|
|
Interest rate
|
||||||||||
FHLB Loan due 2021: issued $21.5, September 2016 with fixed interest
|
$
|
21.5
|
|
|
$
|
21.5
|
|
|
1.73
|
%
|
|
$
|
21.5
|
|
|
$
|
20.9
|
|
|
1.73
|
%
|
FHLB Loan due 2033: issued $85.0, May 2018 with fixed interest
|
85.3
|
|
|
100.1
|
|
|
3.96
|
%
|
|
85.3
|
|
|
89.0
|
|
|
3.96
|
%
|
||||
Affiliate Subordinated Debentures due 2033: issued $15.5, May 2003 with variable interest
|
15.2
|
|
|
15.2
|
|
|
6.33
|
%
|
|
15.2
|
|
|
15.2
|
|
|
6.94
|
%
|
||||
Total notes payable
|
$
|
122.0
|
|
|
$
|
136.8
|
|
|
|
|
$
|
122.0
|
|
|
$
|
125.1
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
2019
|
|
2018
|
||||
Losses and loss expenses payable, at beginning of period
|
$
|
1,146.8
|
|
|
$
|
1,255.6
|
|
Less: reinsurance recoverable on losses and loss expenses payable
|
5.5
|
|
|
3.1
|
|
||
Net balance at beginning of period
|
1,141.3
|
|
|
1,252.5
|
|
||
Incurred related to:
|
|
|
|
||||
Current year
|
692.7
|
|
|
678.7
|
|
||
Prior years
|
(55.1
|
)
|
|
(57.6
|
)
|
||
Total incurred
|
637.6
|
|
|
621.1
|
|
||
Paid related to:
|
|
|
|
||||
Current year
|
366.4
|
|
|
314.1
|
|
||
Prior years
|
327.0
|
|
|
365.8
|
|
||
Total paid
|
693.4
|
|
|
679.9
|
|
||
Net balance at end of period
|
1,085.5
|
|
|
1,193.7
|
|
||
Plus: reinsurance recoverable on losses and loss expenses payable
|
7.2
|
|
|
5.0
|
|
||
Losses and loss expenses payable, at end of period
|
$
|
1,092.7
|
|
|
$
|
1,198.7
|
|
|
|
|
|
|
($ millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Premiums earned:
|
|
|
|
|
|
|
|
||||||||
Assumed from external insurers and reinsurers
|
$
|
21.0
|
|
|
$
|
17.3
|
|
|
$
|
59.3
|
|
|
$
|
41.9
|
|
Assumed under Pooling Arrangement
|
319.6
|
|
|
306.8
|
|
|
930.0
|
|
|
929.2
|
|
||||
Ceded to external insurers and reinsurers
|
(6.6
|
)
|
|
(5.9
|
)
|
|
(18.8
|
)
|
|
(16.7
|
)
|
||||
Ceded under Pooling Arrangement
|
(263.9
|
)
|
|
(234.9
|
)
|
|
(761.5
|
)
|
|
(678.1
|
)
|
||||
Net assumed premiums earned
|
$
|
70.1
|
|
|
$
|
83.3
|
|
|
$
|
209.0
|
|
|
$
|
276.3
|
|
Losses and loss expenses incurred:
|
|
|
|
|
|
|
|
||||||||
Assumed from external insurers and reinsurers
|
$
|
14.6
|
|
|
$
|
10.9
|
|
|
$
|
45.6
|
|
|
$
|
34.2
|
|
Assumed under Pooling Arrangement
|
209.3
|
|
|
191.4
|
|
|
639.4
|
|
|
622.3
|
|
||||
Ceded to external insurers and reinsurers
|
(0.6
|
)
|
|
(1.9
|
)
|
|
(6.2
|
)
|
|
(3.4
|
)
|
||||
Ceded under Pooling Arrangement
|
(185.1
|
)
|
|
(148.4
|
)
|
|
(514.3
|
)
|
|
(486.0
|
)
|
||||
Net assumed losses and loss expenses incurred
|
$
|
38.2
|
|
|
$
|
52.0
|
|
|
$
|
164.5
|
|
|
$
|
167.1
|
|
|
|
|
|
|
|
|
|
($ millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
Amount at statutory rate
|
$
|
2.7
|
|
|
21.0
|
%
|
|
$
|
8.6
|
|
|
21.0
|
%
|
|
$
|
14.0
|
|
|
21.0
|
%
|
|
$
|
9.5
|
|
|
21.0
|
%
|
Tax-exempt interest and dividends received deduction
|
(0.7
|
)
|
|
(5.3
|
)
|
|
(0.5
|
)
|
|
(1.3
|
)
|
|
(2.1
|
)
|
|
(3.1
|
)
|
|
(1.7
|
)
|
|
(3.8
|
)
|
||||
Other, net
|
(0.8
|
)
|
|
(6.3
|
)
|
|
(0.5
|
)
|
|
(1.1
|
)
|
|
0.1
|
|
|
—
|
|
|
0.3
|
|
|
0.6
|
|
||||
Federal income tax expense
|
1.2
|
|
|
9.4
|
%
|
|
7.6
|
|
|
18.6
|
%
|
|
12.0
|
|
|
17.9
|
%
|
|
$
|
8.1
|
|
|
17.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
Pension
|
|
Postretirement
|
|
Pension
|
|
Postretirement
|
||||||||||||||||||||||||
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Service cost
|
$
|
0.8
|
|
|
$
|
1.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.8
|
|
|
$
|
3.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
2.9
|
|
|
2.7
|
|
|
0.2
|
|
|
0.2
|
|
|
8.6
|
|
|
8.0
|
|
|
0.5
|
|
|
0.5
|
|
||||||||
Expected return on plan assets
|
(4.2
|
)
|
|
(4.5
|
)
|
|
—
|
|
|
—
|
|
|
(12.5
|
)
|
|
(13.5
|
)
|
|
—
|
|
|
—
|
|
||||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Negative prior service cost
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
(1.4
|
)
|
|
—
|
|
|
—
|
|
|
(4.1
|
)
|
|
(4.1
|
)
|
||||||||
Net actuarial loss
|
1.5
|
|
|
2.1
|
|
|
0.1
|
|
|
0.1
|
|
|
4.5
|
|
|
6.2
|
|
|
0.2
|
|
|
0.2
|
|
||||||||
Net periodic cost (benefit)
|
$
|
1.0
|
|
|
$
|
1.5
|
|
|
$
|
(1.1
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
3.4
|
|
|
$
|
4.5
|
|
|
$
|
(3.4
|
)
|
|
$
|
(3.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
Unrealized Gains
and Losses on
Available-for-Sale
Securities
|
|
Benefit Plan Items
|
|
Total
|
|||||||
Beginning balance at July 1, 2019
|
$
|
33.2
|
|
|
$
|
(74.9
|
)
|
|
$
|
(41.7
|
)
|
|
Other comprehensive income before reclassifications
|
17.8
|
|
|
—
|
|
|
17.8
|
|
||||
Amounts reclassified from AOCI (a)
|
(0.9
|
)
|
|
0.6
|
|
|
(0.3
|
)
|
||||
Net current period other comprehensive income
|
16.9
|
|
|
0.6
|
|
|
17.5
|
|
||||
Ending balance at September 30, 2019
|
$
|
50.1
|
|
|
$
|
(74.3
|
)
|
|
$
|
(24.2
|
)
|
|
|
|
|
|
|
|
|||||||
Beginning balance at July 1, 2018
|
$
|
(20.3
|
)
|
|
$
|
(75.5
|
)
|
|
$
|
(95.8
|
)
|
|
Other comprehensive loss before reclassifications
|
(11.6
|
)
|
|
—
|
|
|
(11.6
|
)
|
||||
Amounts reclassified from AOCI (a)
|
—
|
|
|
1.3
|
|
|
1.3
|
|
||||
Net current period other comprehensive (loss) income
|
(11.6
|
)
|
|
1.3
|
|
|
(10.3
|
)
|
||||
Ending balance at September 30, 2018
|
$
|
(31.9
|
)
|
|
$
|
(74.2
|
)
|
|
$
|
(106.1
|
)
|
|
|
|
|
|
|
|
|
||||||
(a)
|
See separate table below for details about these reclassifications
|
($ millions)
|
Unrealized Gains
and Losses on
Available-for-Sale
Securities
|
|
Benefit Plan Items
|
|
Total
|
|||||||
Beginning balance at January 1, 2019
|
$
|
(20.2
|
)
|
|
$
|
(76.2
|
)
|
|
$
|
(96.4
|
)
|
|
Other comprehensive income before reclassifications
|
72.5
|
|
|
—
|
|
|
72.5
|
|
||||
Amounts reclassified from AOCI (a)
|
(2.2
|
)
|
|
1.9
|
|
|
(0.3
|
)
|
||||
Net current period other comprehensive income
|
70.3
|
|
|
1.9
|
|
|
72.2
|
|
||||
Ending balance at September 30, 2019
|
$
|
50.1
|
|
|
$
|
(74.3
|
)
|
|
$
|
(24.2
|
)
|
|
|
|
|
|
|
|
|||||||
Beginning balance at January 1, 2018
|
$
|
66.0
|
|
|
$
|
(62.2
|
)
|
|
$
|
3.8
|
|
|
Cumulative effect of change in accounting for equity securities and other invested assets and reclassification of stranded tax effects as of January 1, 2018
|
(47.9
|
)
|
|
(16.0
|
)
|
|
(63.9
|
)
|
||||
Other comprehensive loss before reclassifications
|
(48.7
|
)
|
|
—
|
|
|
(48.7
|
)
|
||||
Amounts reclassified from AOCI (a)
|
(1.3
|
)
|
|
4.0
|
|
|
2.7
|
|
||||
Net current period other comprehensive (loss) income
|
(50.0
|
)
|
|
4.0
|
|
|
(46.0
|
)
|
||||
Ending balance at September 30, 2018
|
$
|
(31.9
|
)
|
|
$
|
(74.2
|
)
|
|
$
|
(106.1
|
)
|
|
|
|
|
|
|
|
|
||||||
(a)
|
See separate table below for details about these reclassifications
|
|
($ millions)
|
|
|
|
|
|
|
|||||
Details about Accumulated Other
|
|
Three months ended September 30
|
|
Affected line item in the Condensed
|
|||||||
Comprehensive Income Components
|
|
|
Consolidated Statements of Income
|
||||||||
|
|
2019
|
|
2018
|
|
|
|||||
Unrealized gains on available-for-sale fixed maturity investments
|
|
$
|
1.2
|
|
|
$
|
—
|
|
|
Realized gains on sale of securities
|
|
|
|
1.2
|
|
|
—
|
|
|
Total before tax
|
|||
|
|
(0.3
|
)
|
|
—
|
|
|
Tax expense
|
|||
|
|
0.9
|
|
|
—
|
|
|
Net of tax
|
|||
Amortization of benefit plan items
|
|
|
|
|
|
|
|||||
Negative prior service cost
|
|
1.6
|
|
|
1.6
|
|
|
(b)
|
|||
Net actuarial loss
|
|
(2.4
|
)
|
|
(3.3
|
)
|
|
(b)
|
|||
|
|
(0.8
|
)
|
|
(1.7
|
)
|
|
Total before tax
|
|||
|
|
0.2
|
|
|
0.4
|
|
|
Tax benefit
|
|||
|
|
(0.6
|
)
|
|
(1.3
|
)
|
|
Net of tax
|
|||
Total reclassifications for the period
|
|
$
|
0.3
|
|
|
$
|
(1.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||
(b)
|
These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see pension and postretirement benefit plans footnote for additional details).
|
|
($ and shares in millions, except per share amounts)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income for basic earnings per common share
|
$
|
11.5
|
|
|
$
|
33.4
|
|
|
$
|
54.7
|
|
|
$
|
37.3
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares for basic (loss) earnings per common share
|
43.5
|
|
|
43.0
|
|
|
43.4
|
|
|
42.8
|
|
||||
Effect of dilutive share-based awards
|
0.5
|
|
|
0.6
|
|
|
0.6
|
|
|
0.5
|
|
||||
Adjusted weighted average shares for diluted net (loss) earnings per common share
|
44.0
|
|
|
43.6
|
|
|
44.0
|
|
|
43.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net earnings per common share
|
$
|
0.26
|
|
|
$
|
0.78
|
|
|
$
|
1.26
|
|
|
$
|
0.87
|
|
Diluted net earnings per common share
|
$
|
0.25
|
|
|
$
|
0.76
|
|
|
$
|
1.25
|
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
(shares in millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Total number of antidilutive options and awards
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue from external sources:
|
|
|
|
|
|
|
|
||||||||
Insurance operations
|
|
|
|
|
|
|
|
||||||||
Personal insurance
|
$
|
192.7
|
|
|
$
|
173.0
|
|
|
$
|
562.5
|
|
|
$
|
494.2
|
|
Commercial insurance
|
127.0
|
|
|
115.2
|
|
|
361.4
|
|
|
345.7
|
|
||||
Specialty run-off
|
(0.1
|
)
|
|
18.6
|
|
|
6.1
|
|
|
89.3
|
|
||||
Total insurance operations
|
319.6
|
|
|
306.8
|
|
|
930.0
|
|
|
929.2
|
|
||||
Investment operations
|
|
|
|
|
|
|
|
||||||||
Net investment income
|
19.3
|
|
|
20.8
|
|
|
60.4
|
|
|
62.2
|
|
||||
Net investment (loss) gain
|
(5.0
|
)
|
|
17.8
|
|
|
50.2
|
|
|
18.2
|
|
||||
Total investment operations
|
14.3
|
|
|
38.6
|
|
|
110.6
|
|
|
80.4
|
|
||||
All other
|
0.6
|
|
|
0.6
|
|
|
1.6
|
|
|
1.8
|
|
||||
Total revenue from external sources
|
334.5
|
|
|
346.0
|
|
|
1,042.2
|
|
|
1,011.4
|
|
||||
Intersegment revenue
|
1.7
|
|
|
1.6
|
|
|
4.9
|
|
|
4.8
|
|
||||
Total revenue
|
336.2
|
|
|
347.6
|
|
|
1,047.1
|
|
|
1,016.2
|
|
||||
Reconciling items:
|
|
|
|
|
|
|
|
||||||||
Eliminate intersegment revenue
|
(1.7
|
)
|
|
(1.6
|
)
|
|
(4.9
|
)
|
|
(4.8
|
)
|
||||
Total consolidated revenues
|
$
|
334.5
|
|
|
$
|
346.0
|
|
|
$
|
1,042.2
|
|
|
$
|
1,011.4
|
|
Segment (loss) income before federal income tax:
|
|
|
|
|
|
|
|
||||||||
Insurance operations SAP underwriting (loss) gain
|
|
|
|
|
|
|
|
||||||||
Personal insurance
|
$
|
(6.3
|
)
|
|
$
|
6.9
|
|
|
$
|
(32.0
|
)
|
|
$
|
(4.6
|
)
|
Commercial insurance
|
1.2
|
|
|
(5.2
|
)
|
|
(17.1
|
)
|
|
(22.3
|
)
|
||||
Specialty run-off
|
(0.6
|
)
|
|
1.9
|
|
|
(1.3
|
)
|
|
4.5
|
|
||||
Total insurance operations
|
(5.7
|
)
|
|
3.6
|
|
|
(50.4
|
)
|
|
(22.4
|
)
|
||||
Investment operations
|
|
|
|
|
|
|
|
||||||||
Net investment income
|
19.3
|
|
|
20.8
|
|
|
60.4
|
|
|
62.2
|
|
||||
Net investment (loss) gain
|
(5.0
|
)
|
|
17.8
|
|
|
50.2
|
|
|
18.2
|
|
||||
Total investment operations
|
14.3
|
|
|
38.6
|
|
|
110.6
|
|
|
80.4
|
|
||||
All other
|
—
|
|
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
||||
Total segment income before reconciling items
|
8.6
|
|
|
42.3
|
|
|
60.4
|
|
|
58.3
|
|
||||
Reconciling items:
|
|
|
|
|
|
|
|
||||||||
GAAP expense adjustments
|
7.2
|
|
|
0.8
|
|
|
17.3
|
|
|
(2.6
|
)
|
||||
Interest expense on corporate debt
|
(1.2
|
)
|
|
(1.2
|
)
|
|
(3.7
|
)
|
|
(4.5
|
)
|
||||
Corporate expenses
|
(1.9
|
)
|
|
(0.9
|
)
|
|
(7.3
|
)
|
|
(5.8
|
)
|
||||
Total reconciling items
|
4.1
|
|
|
(1.3
|
)
|
|
6.3
|
|
|
(12.9
|
)
|
||||
Total consolidated income before federal income tax
|
$
|
12.7
|
|
|
$
|
41.0
|
|
|
$
|
66.7
|
|
|
$
|
45.4
|
|
|
|
|
|
|
|
|
|
|
|
|
STFC Pooled Companies:
|
|
||
State Auto P&C
|
51.0
|
%
|
|
Milbank
|
14.0
|
|
|
SA Ohio
|
—
|
|
|
Total STFC Pooled Companies
|
65.0
|
%
|
|
State Auto Mutual Pooled Companies:
|
|
||
State Auto Mutual
|
34.5
|
%
|
|
SA Wisconsin
|
—
|
|
|
Meridian Security
|
—
|
|
|
Patrons Mutual
|
0.5
|
|
|
RIC
|
—
|
|
|
Plaza
|
—
|
|
|
American Compensation
|
—
|
|
|
Bloomington Compensation
|
—
|
|
|
Total State Auto Mutual Pooled Companies
|
35.0
|
%
|
|
|
|
|
|
($ millions, except per share amounts)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
GAAP Basis:
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
334.5
|
|
|
$
|
346.0
|
|
|
$
|
1,042.2
|
|
|
$
|
1,011.4
|
|
Income before federal income taxes
|
$
|
12.7
|
|
|
$
|
41.0
|
|
|
$
|
66.7
|
|
|
$
|
45.4
|
|
Net income
|
$
|
11.5
|
|
|
$
|
33.4
|
|
|
$
|
54.7
|
|
|
$
|
37.3
|
|
Basic earnings per share
|
$
|
0.26
|
|
|
$
|
0.78
|
|
|
$
|
1.26
|
|
|
$
|
0.87
|
|
Diluted earnings per share
|
$
|
0.25
|
|
|
$
|
0.76
|
|
|
$
|
1.25
|
|
|
$
|
0.86
|
|
Stockholders’ equity
|
$
|
943.7
|
|
|
$
|
831.6
|
|
|
|
|
|
||||
Return on average equity (LTM)
|
3.4
|
%
|
|
3.7
|
%
|
|
|
|
|
||||||
Book value per share
|
$
|
21.68
|
|
|
$
|
19.36
|
|
|
|
|
|
||||
Debt to capital ratio
|
11.4
|
%
|
|
12.8
|
%
|
|
|
|
|
||||||
Cat loss and ALAE ratio
|
3.3
|
%
|
|
5.3
|
%
|
|
8.1
|
%
|
|
6.8
|
%
|
||||
Non-cat loss and LAE ratio
|
61.9
|
%
|
|
57.0
|
%
|
|
60.5
|
%
|
|
60.0
|
%
|
||||
Loss and LAE ratio
|
65.2
|
%
|
|
62.3
|
%
|
|
68.6
|
%
|
|
66.8
|
%
|
||||
Expense ratio
|
34.3
|
%
|
|
36.1
|
%
|
|
35.0
|
%
|
|
35.8
|
%
|
||||
Combined ratio
|
99.5
|
%
|
|
98.4
|
%
|
|
103.6
|
%
|
|
102.6
|
%
|
||||
Premium written growth
|
11.0
|
%
|
|
(2.8
|
)%
|
|
9.0
|
%
|
|
(5.9
|
)%
|
||||
Investment yield
|
2.9
|
%
|
|
3.1
|
%
|
|
3.0
|
%
|
|
3.1
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
SAP Basis:
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE ratio
|
3.3
|
%
|
|
5.3
|
%
|
|
8.1
|
%
|
|
6.8
|
%
|
||||
Non-cat loss and ALAE ratio
|
56.1
|
%
|
|
51.2
|
%
|
|
54.3
|
%
|
|
54.2
|
%
|
||||
ULAE ratio
|
6.0
|
%
|
|
5.9
|
%
|
|
6.3
|
%
|
|
6.0
|
%
|
||||
Loss and LAE ratio
|
65.4
|
%
|
|
62.4
|
%
|
|
68.7
|
%
|
|
67.0
|
%
|
||||
Expense ratio
|
33.6
|
%
|
|
35.8
|
%
|
|
34.3
|
%
|
|
36.1
|
%
|
||||
Combined ratio
|
99.0
|
%
|
|
98.2
|
%
|
|
103.0
|
%
|
|
103.1
|
%
|
||||
|
|
|
|
|
|
|
|
|
Twelve months ended September 30
|
||||
|
2019
|
|
2018
|
||
Net premiums written to surplus
|
1.5
|
|
|
1.4
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
||||||
Three months ended September 30, 2019
|
|
Personal & Commercial
|
|
Specialty run-off
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Net written premiums
|
|
$
|
347.2
|
|
|
$
|
(0.4
|
)
|
|
$
|
346.8
|
|
Net earned premiums
|
|
319.7
|
|
|
(0.1
|
)
|
|
319.6
|
|
|||
Losses and LAE incurred:
|
|
|
|
|
|
|
||||||
Cat loss and ALAE
|
|
10.3
|
|
|
0.3
|
|
|
10.6
|
|
|||
Non-cat loss and ALAE
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE
|
|
(15.2
|
)
|
|
(0.9
|
)
|
|
(16.1
|
)
|
|||
Current accident year non-cat loss and ALAE
|
|
195.0
|
|
|
0.1
|
|
|
195.1
|
|
|||
Total non-cat loss and ALAE
|
|
179.8
|
|
|
(0.8
|
)
|
|
179.0
|
|
|||
Total Loss and ALAE
|
|
190.1
|
|
|
(0.5
|
)
|
|
189.6
|
|
|||
ULAE
|
|
19.2
|
|
|
(0.1
|
)
|
|
19.1
|
|
|||
Total Loss and LAE
|
|
209.3
|
|
|
(0.6
|
)
|
|
208.7
|
|
|||
Underwriting expenses
|
|
115.5
|
|
|
1.1
|
|
|
116.6
|
|
|||
Net underwriting loss
|
|
$
|
(5.1
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(5.7
|
)
|
|
|
|
|
|
|
|
||||||
Cat loss and ALAE ratio
|
|
3.2
|
%
|
|
N/M(1)
|
|
|
3.3
|
%
|
|||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(4.8
|
)%
|
|
N/M
|
|
|
(5.1
|
)%
|
|||
Current accident year non-cat loss and ALAE ratio
|
|
61.0
|
%
|
|
N/M
|
|
|
61.2
|
%
|
|||
Total non-cat loss and ALAE ratio
|
|
56.2
|
%
|
|
N/M
|
|
|
56.1
|
%
|
|||
Total Loss and ALAE ratio
|
|
59.4
|
%
|
|
N/M
|
|
|
59.4
|
%
|
|||
ULAE ratio
|
|
6.0
|
%
|
|
N/M
|
|
|
6.0
|
%
|
|||
Total Loss and LAE ratio
|
|
65.4
|
%
|
|
N/M
|
|
|
65.4
|
%
|
|||
Expense ratio
|
|
33.3
|
%
|
|
N/M
|
|
|
33.6
|
%
|
|||
Combined ratio
|
|
98.7
|
%
|
|
N/M
|
|
|
99.0
|
%
|
|||
|
|
|
|
|
|
|
||||||
(1) N/M = Not Meaningful
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
||||||
Three months ended September 30, 2018
|
|
Personal & Commercial
|
|
Specialty run-off
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Net written premiums
|
|
$
|
312.9
|
|
|
$
|
(0.5
|
)
|
|
$
|
312.4
|
|
Net earned premiums
|
|
288.2
|
|
|
18.6
|
|
|
306.8
|
|
|||
Losses and LAE incurred:
|
|
|
|
|
|
|
||||||
Cat loss and ALAE
|
|
15.9
|
|
|
0.4
|
|
|
16.3
|
|
|||
Non-cat loss and ALAE
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE
|
|
(19.9
|
)
|
|
1.8
|
|
|
(18.1
|
)
|
|||
Current accident year non-cat loss and ALAE
|
|
163.7
|
|
|
11.4
|
|
|
175.1
|
|
|||
Total non-cat loss and ALAE
|
|
143.8
|
|
|
13.2
|
|
|
157.0
|
|
|||
Total Loss and ALAE
|
|
159.7
|
|
|
13.6
|
|
|
173.3
|
|
|||
ULAE
|
|
17.3
|
|
|
0.8
|
|
|
18.1
|
|
|||
Total Loss and LAE
|
|
177.0
|
|
|
14.4
|
|
|
191.4
|
|
|||
Underwriting expenses
|
|
109.5
|
|
|
2.3
|
|
|
111.8
|
|
|||
Net underwriting gain
|
|
$
|
1.7
|
|
|
$
|
1.9
|
|
|
$
|
3.6
|
|
|
|
|
|
|
|
|
||||||
Cat loss and ALAE ratio
|
|
5.5
|
%
|
|
2.2
|
%
|
|
5.3
|
%
|
|||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(6.9
|
)%
|
|
9.4
|
%
|
|
(5.9
|
)%
|
|||
Current accident year non-cat loss and ALAE ratio
|
|
56.8
|
%
|
|
62.1
|
%
|
|
57.1
|
%
|
|||
Total non-cat loss and ALAE ratio
|
|
49.9
|
%
|
|
71.5
|
%
|
|
51.2
|
%
|
|||
Total Loss and ALAE ratio
|
|
55.4
|
%
|
|
73.7
|
%
|
|
56.5
|
%
|
|||
ULAE ratio
|
|
6.0
|
%
|
|
3.9
|
%
|
|
5.9
|
%
|
|||
Total Loss and LAE ratio
|
|
61.4
|
%
|
|
77.6
|
%
|
|
62.4
|
%
|
|||
Expense ratio
|
|
35.0
|
%
|
|
(439.2
|
)%
|
|
35.8
|
%
|
|||
Combined ratio
|
|
96.4
|
%
|
|
(361.6
|
)%
|
|
98.2
|
%
|
|||
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
||||||
Nine months ended September 30, 2019
|
|
Personal & Commercial
|
|
Specialty run-off
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Net written premiums
|
|
$
|
994.0
|
|
|
$
|
0.5
|
|
|
$
|
994.5
|
|
Net earned premiums
|
|
923.9
|
|
|
6.1
|
|
|
930.0
|
|
|||
Losses and LAE incurred:
|
|
|
|
|
|
|
||||||
Cat loss and ALAE
|
|
71.7
|
|
|
4.0
|
|
|
75.7
|
|
|||
Non-cat loss and ALAE
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE
|
|
(51.7
|
)
|
|
(2.4
|
)
|
|
(54.1
|
)
|
|||
Current accident year non-cat loss and ALAE
|
|
553.6
|
|
|
4.9
|
|
|
558.5
|
|
|||
Total non-cat loss and ALAE
|
|
501.9
|
|
|
2.5
|
|
|
504.4
|
|
|||
Total Loss and ALAE
|
|
573.6
|
|
|
6.5
|
|
|
580.1
|
|
|||
ULAE
|
|
59.6
|
|
|
(0.8
|
)
|
|
58.8
|
|
|||
Total Loss and LAE
|
|
633.2
|
|
|
5.7
|
|
|
638.9
|
|
|||
Underwriting expenses
|
|
339.8
|
|
|
1.7
|
|
|
341.5
|
|
|||
Net underwriting loss
|
|
$
|
(49.1
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(50.4
|
)
|
|
|
|
|
|
|
|
||||||
Cat loss and ALAE ratio
|
|
7.8
|
%
|
|
N/M(1)
|
|
|
8.1
|
%
|
|||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(5.6
|
)%
|
|
N/M
|
|
|
(5.8
|
)%
|
|||
Current accident year non-cat loss and ALAE ratio
|
|
59.9
|
%
|
|
N/M
|
|
|
60.1
|
%
|
|||
Total non-cat loss and ALAE ratio
|
|
54.3
|
%
|
|
N/M
|
|
|
54.3
|
%
|
|||
Total Loss and ALAE ratio
|
|
62.1
|
%
|
|
N/M
|
|
|
62.4
|
%
|
|||
ULAE ratio
|
|
6.4
|
%
|
|
N/M
|
|
|
6.3
|
%
|
|||
Total Loss and LAE ratio
|
|
68.5
|
%
|
|
N/M
|
|
|
68.7
|
%
|
|||
Expense ratio
|
|
34.2
|
%
|
|
N/M
|
|
|
34.3
|
%
|
|||
Combined ratio
|
|
102.7
|
%
|
|
N/M
|
|
|
103.0
|
%
|
|||
|
|
|
|
|
|
|
||||||
(1) N/M = Not Meaningful
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
||||||
Nine months ended September 30, 2018
|
|
Personal & Commercial
|
|
Specialty run-off
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Net written premiums
|
|
$
|
898.4
|
|
|
$
|
14.3
|
|
|
$
|
912.7
|
|
Net earned premiums
|
|
839.9
|
|
|
89.3
|
|
|
929.2
|
|
|||
Losses and LAE incurred:
|
|
|
|
|
|
|
||||||
Cat loss and ALAE
|
|
63.4
|
|
|
0.2
|
|
|
63.6
|
|
|||
Non-cat loss and ALAE
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE
|
|
(56.4
|
)
|
|
4.2
|
|
|
(52.2
|
)
|
|||
Current accident year non-cat loss and ALAE
|
|
496.0
|
|
|
59.4
|
|
|
555.4
|
|
|||
Total non-cat loss and ALAE
|
|
439.6
|
|
|
63.6
|
|
|
503.2
|
|
|||
Total Loss and ALAE
|
|
503.0
|
|
|
63.8
|
|
|
566.8
|
|
|||
ULAE
|
|
51.0
|
|
|
4.5
|
|
|
55.5
|
|
|||
Total Loss and LAE
|
|
554.0
|
|
|
68.3
|
|
|
622.3
|
|
|||
Underwriting expenses
|
|
312.8
|
|
|
16.5
|
|
|
329.3
|
|
|||
Net underwriting (loss) gain
|
|
$
|
(26.9
|
)
|
|
$
|
4.5
|
|
|
$
|
(22.4
|
)
|
|
|
|
|
|
|
|
||||||
Cat loss and ALAE ratio
|
|
7.6
|
%
|
|
0.2
|
%
|
|
6.8
|
%
|
|||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(6.7
|
)%
|
|
4.6
|
%
|
|
(5.6
|
)%
|
|||
Current accident year non-cat loss and ALAE ratio
|
|
59.0
|
%
|
|
66.6
|
%
|
|
59.8
|
%
|
|||
Total non-cat loss and ALAE ratio
|
|
52.3
|
%
|
|
71.2
|
%
|
|
54.2
|
%
|
|||
Total Loss and ALAE ratio
|
|
59.9
|
%
|
|
71.4
|
%
|
|
61.0
|
%
|
|||
ULAE ratio
|
|
6.1
|
%
|
|
5.0
|
%
|
|
6.0
|
%
|
|||
Total Loss and LAE ratio
|
|
66.0
|
%
|
|
76.4
|
%
|
|
67.0
|
%
|
|||
Expense ratio
|
|
34.8
|
%
|
|
115.9
|
%
|
|
36.1
|
%
|
|||
Combined ratio
|
|
100.8
|
%
|
|
192.3
|
%
|
|
103.1
|
%
|
|||
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
||||||||
Three months ended September 30, 2019
|
|
Personal Auto
|
|
Homeowners
|
|
Other Personal
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net written premiums
|
|
$
|
107.1
|
|
|
$
|
91.5
|
|
|
$
|
11.2
|
|
|
$
|
209.8
|
|
Net earned premiums
|
|
108.3
|
|
|
75.6
|
|
|
8.8
|
|
|
192.7
|
|
||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE
|
|
0.9
|
|
|
7.0
|
|
|
0.3
|
|
|
8.2
|
|
||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE
|
|
(1.2
|
)
|
|
—
|
|
|
(0.9
|
)
|
|
(2.1
|
)
|
||||
Current accident year non-cat loss and ALAE
|
|
73.0
|
|
|
41.2
|
|
|
4.7
|
|
|
118.9
|
|
||||
Total non-cat loss and ALAE
|
|
71.8
|
|
|
41.2
|
|
|
3.8
|
|
|
116.8
|
|
||||
Total Loss and ALAE
|
|
72.7
|
|
|
48.2
|
|
|
4.1
|
|
|
125.0
|
|
||||
ULAE
|
|
7.4
|
|
|
4.4
|
|
|
0.2
|
|
|
12.0
|
|
||||
Total Loss and LAE
|
|
80.1
|
|
|
52.6
|
|
|
4.3
|
|
|
137.0
|
|
||||
Underwriting expenses
|
|
30.9
|
|
|
27.8
|
|
|
3.3
|
|
|
62.0
|
|
||||
Net underwriting (loss) gain
|
|
$
|
(2.7
|
)
|
|
$
|
(4.8
|
)
|
|
$
|
1.2
|
|
|
$
|
(6.3
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE ratio
|
|
0.8
|
%
|
|
9.2
|
%
|
|
3.5
|
%
|
|
4.2
|
%
|
||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(1.2
|
)%
|
|
0.1
|
%
|
|
(9.8
|
)%
|
|
(1.1
|
)%
|
||||
Current accident year non-cat loss and ALAE ratio
|
|
67.4
|
%
|
|
54.5
|
%
|
|
52.5
|
%
|
|
61.7
|
%
|
||||
Total non-cat loss and ALAE ratio
|
|
66.2
|
%
|
|
54.6
|
%
|
|
42.7
|
%
|
|
60.6
|
%
|
||||
Total Loss and ALAE ratio
|
|
67.0
|
%
|
|
63.8
|
%
|
|
46.2
|
%
|
|
64.8
|
%
|
||||
ULAE ratio
|
|
6.9
|
%
|
|
5.8
|
%
|
|
2.0
|
%
|
|
6.2
|
%
|
||||
Total Loss and LAE ratio
|
|
73.9
|
%
|
|
69.6
|
%
|
|
48.2
|
%
|
|
71.0
|
%
|
||||
Expense ratio
|
|
28.9
|
%
|
|
30.3
|
%
|
|
29.6
|
%
|
|
29.6
|
%
|
||||
Combined ratio
|
|
102.8
|
%
|
|
99.9
|
%
|
|
77.8
|
%
|
|
100.6
|
%
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
||||||||
Three months ended September 30, 2018
|
|
Personal Auto
|
|
Homeowners
|
|
Other Personal
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net written premiums
|
|
$
|
110.7
|
|
|
$
|
76.6
|
|
|
$
|
8.0
|
|
|
$
|
195.3
|
|
Net earned premiums
|
|
103.5
|
|
|
63.7
|
|
|
5.8
|
|
|
173.0
|
|
||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE
|
|
0.9
|
|
|
11.1
|
|
|
0.8
|
|
|
12.8
|
|
||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE
|
|
(7.3
|
)
|
|
(1.5
|
)
|
|
(0.8
|
)
|
|
(9.6
|
)
|
||||
Current accident year non-cat loss and ALAE
|
|
61.9
|
|
|
27.6
|
|
|
2.4
|
|
|
91.9
|
|
||||
Total non-cat loss and ALAE
|
|
54.6
|
|
|
26.1
|
|
|
1.6
|
|
|
82.3
|
|
||||
Total Loss and ALAE
|
|
55.5
|
|
|
37.2
|
|
|
2.4
|
|
|
95.1
|
|
||||
ULAE
|
|
6.8
|
|
|
3.8
|
|
|
0.1
|
|
|
10.7
|
|
||||
Total Loss and LAE
|
|
62.3
|
|
|
41.0
|
|
|
2.5
|
|
|
105.8
|
|
||||
Underwriting expenses
|
|
32.6
|
|
|
24.9
|
|
|
2.8
|
|
|
60.3
|
|
||||
Net underwriting gain (loss)
|
|
$
|
8.6
|
|
|
$
|
(2.2
|
)
|
|
$
|
0.5
|
|
|
$
|
6.9
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE ratio
|
|
0.8
|
%
|
|
17.4
|
%
|
|
13.7
|
%
|
|
7.4
|
%
|
||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(7.1
|
)%
|
|
(2.3
|
)%
|
|
(14.5
|
)%
|
|
(5.6
|
)%
|
||||
Current accident year non-cat loss and ALAE ratio
|
|
59.8
|
%
|
|
43.2
|
%
|
|
43.0
|
%
|
|
53.1
|
%
|
||||
Total non-cat loss and ALAE ratio
|
|
52.7
|
%
|
|
40.9
|
%
|
|
28.5
|
%
|
|
47.5
|
%
|
||||
Total Loss and ALAE ratio
|
|
53.5
|
%
|
|
58.3
|
%
|
|
42.2
|
%
|
|
54.9
|
%
|
||||
ULAE ratio
|
|
6.6
|
%
|
|
5.9
|
%
|
|
1.1
|
%
|
|
6.2
|
%
|
||||
Total Loss and LAE ratio
|
|
60.1
|
%
|
|
64.2
|
%
|
|
43.3
|
%
|
|
61.1
|
%
|
||||
Expense ratio
|
|
29.5
|
%
|
|
32.6
|
%
|
|
34.4
|
%
|
|
30.9
|
%
|
||||
Combined ratio
|
|
89.6
|
%
|
|
96.8
|
%
|
|
77.7
|
%
|
|
92.0
|
%
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended September 30, 2019
|
|
Personal Auto
|
|
Homeowners
|
|
Other Personal
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net written premiums
|
|
$
|
324.8
|
|
|
$
|
241.4
|
|
|
$
|
29.0
|
|
|
$
|
595.2
|
|
Net earned premiums
|
|
322.1
|
|
|
216.1
|
|
|
24.3
|
|
|
562.5
|
|
||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE
|
|
5.4
|
|
|
47.8
|
|
|
4.0
|
|
|
57.2
|
|
||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE
|
|
(11.0
|
)
|
|
0.5
|
|
|
(1.9
|
)
|
|
(12.4
|
)
|
||||
Current accident year non-cat loss and ALAE
|
|
207.8
|
|
|
110.4
|
|
|
12.7
|
|
|
330.9
|
|
||||
Total non-cat loss and ALAE
|
|
196.8
|
|
|
110.9
|
|
|
10.8
|
|
|
318.5
|
|
||||
Total Loss and ALAE
|
|
202.2
|
|
|
158.7
|
|
|
14.8
|
|
|
375.7
|
|
||||
ULAE
|
|
22.2
|
|
|
15.1
|
|
|
0.9
|
|
|
38.2
|
|
||||
Total Loss and LAE
|
|
224.4
|
|
|
173.8
|
|
|
15.7
|
|
|
413.9
|
|
||||
Underwriting expenses
|
|
96.7
|
|
|
74.8
|
|
|
9.1
|
|
|
180.6
|
|
||||
Net underwriting gain (loss)
|
|
$
|
1.0
|
|
|
$
|
(32.5
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(32.0
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE ratio
|
|
1.6
|
%
|
|
22.1
|
%
|
|
16.5
|
%
|
|
10.2
|
%
|
||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(3.4
|
)%
|
|
0.3
|
%
|
|
(7.8
|
)%
|
|
(2.2
|
)%
|
||||
Current accident year non-cat loss and ALAE ratio
|
|
64.5
|
%
|
|
51.0
|
%
|
|
52.0
|
%
|
|
58.7
|
%
|
||||
Total non-cat loss and ALAE ratio
|
|
61.1
|
%
|
|
51.3
|
%
|
|
44.2
|
%
|
|
56.5
|
%
|
||||
Total Loss and ALAE ratio
|
|
62.7
|
%
|
|
73.4
|
%
|
|
60.7
|
%
|
|
66.7
|
%
|
||||
ULAE ratio
|
|
6.9
|
%
|
|
7.0
|
%
|
|
3.7
|
%
|
|
6.8
|
%
|
||||
Total Loss and LAE ratio
|
|
69.6
|
%
|
|
80.4
|
%
|
|
64.4
|
%
|
|
73.5
|
%
|
||||
Expense ratio
|
|
29.8
|
%
|
|
31.0
|
%
|
|
31.5
|
%
|
|
30.4
|
%
|
||||
Combined ratio
|
|
99.4
|
%
|
|
111.4
|
%
|
|
95.9
|
%
|
|
103.9
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended September 30, 2018
|
|
Personal Auto
|
|
Homeowners
|
|
Other Personal
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net written premiums
|
|
$
|
318.8
|
|
|
$
|
203.0
|
|
|
$
|
20.1
|
|
|
$
|
541.9
|
|
Net earned premiums
|
|
296.1
|
|
|
182.0
|
|
|
16.1
|
|
|
494.2
|
|
||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE
|
|
4.8
|
|
|
38.1
|
|
|
2.2
|
|
|
45.1
|
|
||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE
|
|
(18.5
|
)
|
|
(7.2
|
)
|
|
(1.1
|
)
|
|
(26.8
|
)
|
||||
Current accident year non-cat loss and ALAE
|
|
193.6
|
|
|
81.9
|
|
|
8.0
|
|
|
283.5
|
|
||||
Total non-cat loss and ALAE
|
|
175.1
|
|
|
74.7
|
|
|
6.9
|
|
|
256.7
|
|
||||
Total Loss and ALAE
|
|
179.9
|
|
|
112.8
|
|
|
9.1
|
|
|
301.8
|
|
||||
ULAE
|
|
17.7
|
|
|
12.4
|
|
|
0.6
|
|
|
30.7
|
|
||||
Total Loss and LAE
|
|
197.6
|
|
|
125.2
|
|
|
9.7
|
|
|
332.5
|
|
||||
Underwriting expenses
|
|
92.9
|
|
|
65.9
|
|
|
7.5
|
|
|
166.3
|
|
||||
Net underwriting gain (loss)
|
|
$
|
5.6
|
|
|
$
|
(9.1
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(4.6
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Cat loss and ALAE ratio
|
|
1.6
|
%
|
|
20.9
|
%
|
|
13.5
|
%
|
|
9.1
|
%
|
||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(6.3
|
)%
|
|
(3.9
|
)%
|
|
(7.1
|
)%
|
|
(5.4
|
)%
|
||||
Current accident year non-cat loss and ALAE ratio
|
|
65.4
|
%
|
|
45.0
|
%
|
|
50.0
|
%
|
|
57.4
|
%
|
||||
Total non-cat loss and ALAE ratio
|
|
59.1
|
%
|
|
41.1
|
%
|
|
42.9
|
%
|
|
52.0
|
%
|
||||
Total Loss and ALAE ratio
|
|
60.7
|
%
|
|
62.0
|
%
|
|
56.4
|
%
|
|
61.1
|
%
|
||||
ULAE ratio
|
|
6.0
|
%
|
|
6.8
|
%
|
|
3.7
|
%
|
|
6.2
|
%
|
||||
Total Loss and LAE ratio
|
|
66.7
|
%
|
|
68.8
|
%
|
|
60.1
|
%
|
|
67.3
|
%
|
||||
Expense ratio
|
|
29.1
|
%
|
|
32.5
|
%
|
|
37.2
|
%
|
|
30.7
|
%
|
||||
Combined ratio
|
|
95.8
|
%
|
|
101.3
|
%
|
|
97.3
|
%
|
|
98.0
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three months ended
September 30, 2019 |
|
Commercial Auto
|
|
Small Commercial Package
|
|
Middle Market Commercial
|
|
Workers' Comp
|
|
Farm & Ranch
|
|
Other Commercial
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net written premiums
|
|
$
|
27.7
|
|
|
$
|
30.0
|
|
|
$
|
39.8
|
|
|
$
|
23.9
|
|
|
$
|
11.4
|
|
|
$
|
4.6
|
|
|
$
|
137.4
|
|
Net earned premiums
|
|
23.8
|
|
|
29.9
|
|
|
34.9
|
|
|
21.7
|
|
|
12.4
|
|
|
4.3
|
|
|
127.0
|
|
|||||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE
|
|
0.1
|
|
|
1.1
|
|
|
0.5
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
2.1
|
|
|||||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE
|
|
(1.1
|
)
|
|
(4.1
|
)
|
|
(1.2
|
)
|
|
(4.4
|
)
|
|
(0.7
|
)
|
|
(1.6
|
)
|
|
(13.1
|
)
|
|||||||
Current accident year non-cat loss and ALAE
|
|
15.2
|
|
|
17.9
|
|
|
19.7
|
|
|
13.9
|
|
|
6.2
|
|
|
3.2
|
|
|
76.1
|
|
|||||||
Total non-cat loss and ALAE
|
|
14.1
|
|
|
13.8
|
|
|
18.5
|
|
|
9.5
|
|
|
5.5
|
|
|
1.6
|
|
|
63.0
|
|
|||||||
Total Loss and ALAE
|
|
14.2
|
|
|
14.9
|
|
|
19.0
|
|
|
9.5
|
|
|
5.9
|
|
|
1.6
|
|
|
65.1
|
|
|||||||
ULAE
|
|
1.6
|
|
|
1.3
|
|
|
2.0
|
|
|
1.8
|
|
|
0.4
|
|
|
0.1
|
|
|
7.2
|
|
|||||||
Total Loss and LAE
|
|
15.8
|
|
|
16.2
|
|
|
21.0
|
|
|
11.3
|
|
|
6.3
|
|
|
1.7
|
|
|
72.3
|
|
|||||||
Underwriting expenses
|
|
11.9
|
|
|
11.7
|
|
|
15.9
|
|
|
7.2
|
|
|
4.7
|
|
|
2.1
|
|
|
53.5
|
|
|||||||
Net underwriting (loss) gain
|
|
$
|
(3.9
|
)
|
|
$
|
2.0
|
|
|
$
|
(2.0
|
)
|
|
$
|
3.2
|
|
|
$
|
1.4
|
|
|
$
|
0.5
|
|
|
$
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE ratio
|
|
0.5
|
%
|
|
3.7
|
%
|
|
1.6
|
%
|
|
—
|
%
|
|
3.2
|
%
|
|
—
|
%
|
|
1.7
|
%
|
|||||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(4.6
|
)%
|
|
(13.7
|
)%
|
|
(3.6
|
)%
|
|
(20.1
|
)%
|
|
(5.7
|
)%
|
|
(37.9
|
)%
|
|
(10.4
|
)%
|
|||||||
Current accident year non-cat loss and ALAE ratio
|
|
63.8
|
%
|
|
60.1
|
%
|
|
56.3
|
%
|
|
64.2
|
%
|
|
50.0
|
%
|
|
75.9
|
%
|
|
60.0
|
%
|
|||||||
Total non-cat loss and ALAE ratio
|
|
59.2
|
%
|
|
46.4
|
%
|
|
52.7
|
%
|
|
44.1
|
%
|
|
44.3
|
%
|
|
38.0
|
%
|
|
49.6
|
%
|
|||||||
Total Loss and ALAE ratio
|
|
59.7
|
%
|
|
50.1
|
%
|
|
54.3
|
%
|
|
44.1
|
%
|
|
47.5
|
%
|
|
38.0
|
%
|
|
51.3
|
%
|
|||||||
ULAE ratio
|
|
6.7
|
%
|
|
4.2
|
%
|
|
5.7
|
%
|
|
8.3
|
%
|
|
3.2
|
%
|
|
4.1
|
%
|
|
5.7
|
%
|
|||||||
Total Loss and LAE ratio
|
|
66.4
|
%
|
|
54.3
|
%
|
|
60.0
|
%
|
|
52.4
|
%
|
|
50.7
|
%
|
|
42.1
|
%
|
|
57.0
|
%
|
|||||||
Expense ratio
|
|
43.0
|
%
|
|
39.1
|
%
|
|
40.0
|
%
|
|
30.0
|
%
|
|
41.7
|
%
|
|
42.2
|
%
|
|
38.9
|
%
|
|||||||
Combined ratio
|
|
109.4
|
%
|
|
93.4
|
%
|
|
100.0
|
%
|
|
82.4
|
%
|
|
92.4
|
%
|
|
84.3
|
%
|
|
95.9
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three months ended
September 30, 2018 |
|
Commercial Auto
|
|
Small Commercial Package
|
|
Middle Market Commercial
|
|
Workers' Comp
|
|
Farm & Ranch
|
|
Other Commercial
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net written premiums
|
|
$
|
19.1
|
|
|
$
|
29.1
|
|
|
$
|
30.7
|
|
|
$
|
24.1
|
|
|
$
|
10.7
|
|
|
$
|
3.9
|
|
|
$
|
117.6
|
|
Net earned premiums
|
|
18.8
|
|
|
30.5
|
|
|
29.4
|
|
|
21.3
|
|
|
11.3
|
|
|
3.9
|
|
|
115.2
|
|
|||||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE
|
|
(0.4
|
)
|
|
2.1
|
|
|
0.5
|
|
|
—
|
|
|
0.8
|
|
|
0.1
|
|
|
3.1
|
|
|||||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE
|
|
(1.1
|
)
|
|
(1.8
|
)
|
|
(2.1
|
)
|
|
(2.5
|
)
|
|
(1.0
|
)
|
|
(1.8
|
)
|
|
(10.3
|
)
|
|||||||
Current accident year non-cat loss and ALAE
|
|
11.5
|
|
|
18.5
|
|
|
18.7
|
|
|
14.3
|
|
|
6.5
|
|
|
2.3
|
|
|
71.8
|
|
|||||||
Total non-cat loss and ALAE
|
|
10.4
|
|
|
16.7
|
|
|
16.6
|
|
|
11.8
|
|
|
5.5
|
|
|
0.5
|
|
|
61.5
|
|
|||||||
Total Loss and ALAE
|
|
10.0
|
|
|
18.8
|
|
|
17.1
|
|
|
11.8
|
|
|
6.3
|
|
|
0.6
|
|
|
64.6
|
|
|||||||
ULAE
|
|
0.9
|
|
|
1.8
|
|
|
1.6
|
|
|
1.8
|
|
|
0.3
|
|
|
0.2
|
|
|
6.6
|
|
|||||||
Total Loss and LAE
|
|
10.9
|
|
|
20.6
|
|
|
18.7
|
|
|
13.6
|
|
|
6.6
|
|
|
0.8
|
|
|
71.2
|
|
|||||||
Underwriting expenses
|
|
8.8
|
|
|
12.7
|
|
|
12.5
|
|
|
7.4
|
|
|
5.5
|
|
|
2.3
|
|
|
49.2
|
|
|||||||
Net underwriting (loss) gain
|
|
$
|
(0.9
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
(1.8
|
)
|
|
$
|
0.3
|
|
|
$
|
(0.8
|
)
|
|
$
|
0.8
|
|
|
$
|
(5.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE ratio
|
|
(1.8
|
)%
|
|
6.8
|
%
|
|
1.7
|
%
|
|
—
|
%
|
|
7.3
|
%
|
|
2.1
|
%
|
|
2.7
|
%
|
|||||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(5.9
|
)%
|
|
(5.8
|
)%
|
|
(7.3
|
)%
|
|
(12.0
|
)%
|
|
(8.2
|
)%
|
|
(44.6
|
)%
|
|
(8.9
|
)%
|
|||||||
Current accident year non-cat loss and ALAE ratio
|
|
60.9
|
%
|
|
60.6
|
%
|
|
63.6
|
%
|
|
67.5
|
%
|
|
57.5
|
%
|
|
60.8
|
%
|
|
62.4
|
%
|
|||||||
Total non-cat loss and ALAE ratio
|
|
55.0
|
%
|
|
54.8
|
%
|
|
56.3
|
%
|
|
55.5
|
%
|
|
49.3
|
%
|
|
16.2
|
%
|
|
53.5
|
%
|
|||||||
Total Loss and ALAE ratio
|
|
53.2
|
%
|
|
61.6
|
%
|
|
58.0
|
%
|
|
55.5
|
%
|
|
56.6
|
%
|
|
18.3
|
%
|
|
56.2
|
%
|
|||||||
ULAE ratio
|
|
5.1
|
%
|
|
5.7
|
%
|
|
5.3
|
%
|
|
8.1
|
%
|
|
2.4
|
%
|
|
6.5
|
%
|
|
5.7
|
%
|
|||||||
Total Loss and LAE ratio
|
|
58.3
|
%
|
|
67.3
|
%
|
|
63.3
|
%
|
|
63.6
|
%
|
|
59.0
|
%
|
|
24.8
|
%
|
|
61.9
|
%
|
|||||||
Expense ratio
|
|
46.3
|
%
|
|
43.6
|
%
|
|
40.5
|
%
|
|
30.5
|
%
|
|
51.5
|
%
|
|
57.7
|
%
|
|
41.8
|
%
|
|||||||
Combined ratio
|
|
104.6
|
%
|
|
110.9
|
%
|
|
103.8
|
%
|
|
94.1
|
%
|
|
110.5
|
%
|
|
82.5
|
%
|
|
103.7
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Nine months ended
September 30, 2019 |
|
Commercial Auto
|
|
Small Commercial Package
|
|
Middle Market Commercial
|
|
Workers' Comp
|
|
Farm & Ranch
|
|
Other Commercial
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net written premiums
|
|
$
|
81.4
|
|
|
$
|
92.0
|
|
|
$
|
115.1
|
|
|
$
|
58.8
|
|
|
$
|
37.4
|
|
|
$
|
14.1
|
|
|
$
|
398.8
|
|
Net earned premiums
|
|
65.3
|
|
|
88.9
|
|
|
98.1
|
|
|
60.3
|
|
|
36.2
|
|
|
12.6
|
|
|
361.4
|
|
|||||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE
|
|
0.2
|
|
|
6.1
|
|
|
5.7
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
14.5
|
|
|||||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE
|
|
(3.6
|
)
|
|
(11.8
|
)
|
|
(7.2
|
)
|
|
(13.4
|
)
|
|
(1.9
|
)
|
|
(1.4
|
)
|
|
(39.3
|
)
|
|||||||
Current accident year non-cat loss and ALAE
|
|
41.2
|
|
|
51.3
|
|
|
62.2
|
|
|
42.3
|
|
|
18.0
|
|
|
7.7
|
|
|
222.7
|
|
|||||||
Total non-cat loss and ALAE
|
|
37.6
|
|
|
39.5
|
|
|
55.0
|
|
|
28.9
|
|
|
16.1
|
|
|
6.3
|
|
|
183.4
|
|
|||||||
Total Loss and ALAE
|
|
37.8
|
|
|
45.6
|
|
|
60.7
|
|
|
28.9
|
|
|
18.6
|
|
|
6.3
|
|
|
197.9
|
|
|||||||
ULAE
|
|
4.2
|
|
|
4.8
|
|
|
5.0
|
|
|
5.4
|
|
|
1.5
|
|
|
0.5
|
|
|
21.4
|
|
|||||||
Total Loss and LAE
|
|
42.0
|
|
|
50.4
|
|
|
65.7
|
|
|
34.3
|
|
|
20.1
|
|
|
6.8
|
|
|
219.3
|
|
|||||||
Underwriting expenses
|
|
33.6
|
|
|
36.0
|
|
|
46.0
|
|
|
20.2
|
|
|
17.4
|
|
|
6.0
|
|
|
159.2
|
|
|||||||
Net underwriting (loss) gain
|
|
$
|
(10.3
|
)
|
|
$
|
2.5
|
|
|
$
|
(13.6
|
)
|
|
$
|
5.8
|
|
|
$
|
(1.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(17.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE ratio
|
|
0.4
|
%
|
|
6.9
|
%
|
|
5.8
|
%
|
|
—
|
%
|
|
6.8
|
%
|
|
—
|
%
|
|
4.0
|
%
|
|||||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(5.5
|
)%
|
|
(13.3
|
)%
|
|
(7.4
|
)%
|
|
(22.1
|
)%
|
|
(5.2
|
)%
|
|
(11.2
|
)%
|
|
(10.9
|
)%
|
|||||||
Current accident year non-cat loss and ALAE ratio
|
|
62.9
|
%
|
|
57.7
|
%
|
|
63.4
|
%
|
|
70.2
|
%
|
|
49.7
|
%
|
|
61.7
|
%
|
|
61.7
|
%
|
|||||||
Total non-cat loss and
ALAE ratio |
|
57.4
|
%
|
|
44.4
|
%
|
|
56.0
|
%
|
|
48.1
|
%
|
|
44.5
|
%
|
|
50.5
|
%
|
|
50.8
|
%
|
|||||||
Total Loss and ALAE ratio
|
|
57.8
|
%
|
|
51.3
|
%
|
|
61.8
|
%
|
|
48.1
|
%
|
|
51.3
|
%
|
|
50.5
|
%
|
|
54.8
|
%
|
|||||||
ULAE ratio
|
|
6.5
|
%
|
|
5.4
|
%
|
|
5.1
|
%
|
|
8.9
|
%
|
|
4.2
|
%
|
|
4.3
|
%
|
|
5.9
|
%
|
|||||||
Total Loss and LAE ratio
|
|
64.3
|
%
|
|
56.7
|
%
|
|
66.9
|
%
|
|
57.0
|
%
|
|
55.5
|
%
|
|
54.8
|
%
|
|
60.7
|
%
|
|||||||
Expense ratio
|
|
41.3
|
%
|
|
39.1
|
%
|
|
40.0
|
%
|
|
34.4
|
%
|
|
46.6
|
%
|
|
41.7
|
%
|
|
39.9
|
%
|
|||||||
Combined ratio
|
|
105.6
|
%
|
|
95.8
|
%
|
|
106.9
|
%
|
|
91.4
|
%
|
|
102.1
|
%
|
|
96.5
|
%
|
|
100.6
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Nine months ended
September 30, 2018 |
|
Commercial Auto
|
|
Small Commercial Package
|
|
Middle Market Commercial
|
|
Workers' Comp
|
|
Farm & Ranch
|
|
Other Commercial
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net written premiums
|
|
$
|
59.1
|
|
|
$
|
91.1
|
|
|
$
|
92.6
|
|
|
$
|
66.1
|
|
|
$
|
34.9
|
|
|
$
|
12.7
|
|
|
$
|
356.5
|
|
Net earned premiums
|
|
55.9
|
|
|
91.2
|
|
|
86.7
|
|
|
66.7
|
|
|
33.4
|
|
|
11.8
|
|
|
345.7
|
|
|||||||
Losses and LAE incurred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE
|
|
0.2
|
|
|
9.8
|
|
|
5.8
|
|
|
—
|
|
|
2.4
|
|
|
0.1
|
|
|
18.3
|
|
|||||||
Non-cat loss and ALAE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE
|
|
(5.7
|
)
|
|
(6.5
|
)
|
|
(2.9
|
)
|
|
(8.4
|
)
|
|
(2.2
|
)
|
|
(3.9
|
)
|
|
(29.6
|
)
|
|||||||
Current accident year non-cat loss and ALAE
|
|
34.9
|
|
|
55.3
|
|
|
55.9
|
|
|
43.3
|
|
|
17.1
|
|
|
6.0
|
|
|
212.5
|
|
|||||||
Total non-cat loss and ALAE
|
|
29.2
|
|
|
48.8
|
|
|
53.0
|
|
|
34.9
|
|
|
14.9
|
|
|
2.1
|
|
|
182.9
|
|
|||||||
Total Loss and ALAE
|
|
29.4
|
|
|
58.6
|
|
|
58.8
|
|
|
34.9
|
|
|
17.3
|
|
|
2.2
|
|
|
201.2
|
|
|||||||
ULAE
|
|
3.2
|
|
|
4.8
|
|
|
4.6
|
|
|
5.6
|
|
|
1.3
|
|
|
0.8
|
|
|
20.3
|
|
|||||||
Total Loss and LAE
|
|
32.6
|
|
|
63.4
|
|
|
63.4
|
|
|
40.5
|
|
|
18.6
|
|
|
3.0
|
|
|
221.5
|
|
|||||||
Underwriting expenses
|
|
26.4
|
|
|
40.4
|
|
|
36.1
|
|
|
21.8
|
|
|
15.7
|
|
|
6.1
|
|
|
146.5
|
|
|||||||
Net underwriting (loss) gain
|
|
$
|
(3.1
|
)
|
|
$
|
(12.6
|
)
|
|
$
|
(12.8
|
)
|
|
$
|
4.4
|
|
|
$
|
(0.9
|
)
|
|
$
|
2.7
|
|
|
$
|
(22.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cat loss and ALAE ratio
|
|
0.4
|
%
|
|
10.8
|
%
|
|
6.7
|
%
|
|
—
|
%
|
|
7.3
|
%
|
|
0.6
|
%
|
|
5.3
|
%
|
|||||||
Non-cat loss and ALAE ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Prior accident years non-cat loss and ALAE ratio
|
|
(10.1
|
)%
|
|
(7.1
|
)%
|
|
(3.3
|
)%
|
|
(12.6
|
)%
|
|
(6.5
|
)%
|
|
(32.9
|
)%
|
|
(8.5
|
)%
|
|||||||
Current accident year non-cat loss and ALAE ratio
|
|
62.4
|
%
|
|
60.6
|
%
|
|
64.5
|
%
|
|
64.9
|
%
|
|
51.1
|
%
|
|
51.2
|
%
|
|
61.5
|
%
|
|||||||
Total non-cat loss and
ALAE ratio
|
|
52.3
|
%
|
|
53.5
|
%
|
|
61.2
|
%
|
|
52.3
|
%
|
|
44.6
|
%
|
|
18.3
|
%
|
|
53.0
|
%
|
|||||||
Total Loss and ALAE ratio
|
|
52.7
|
%
|
|
64.3
|
%
|
|
67.9
|
%
|
|
52.3
|
%
|
|
51.9
|
%
|
|
18.9
|
%
|
|
58.3
|
%
|
|||||||
ULAE ratio
|
|
5.8
|
%
|
|
5.2
|
%
|
|
5.3
|
%
|
|
8.4
|
%
|
|
3.9
|
%
|
|
6.8
|
%
|
|
5.9
|
%
|
|||||||
Total Loss and LAE ratio
|
|
58.5
|
%
|
|
69.5
|
%
|
|
73.2
|
%
|
|
60.7
|
%
|
|
55.8
|
%
|
|
25.7
|
%
|
|
64.2
|
%
|
|||||||
Expense ratio
|
|
44.7
|
%
|
|
44.3
|
%
|
|
39.0
|
%
|
|
32.9
|
%
|
|
45.0
|
%
|
|
47.9
|
%
|
|
41.1
|
%
|
|||||||
Combined ratio
|
|
103.2
|
%
|
|
113.8
|
%
|
|
112.2
|
%
|
|
93.6
|
%
|
|
100.8
|
%
|
|
73.6
|
%
|
|
105.3
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
$ Change
|
|
2019
|
|
2018
|
|
$ Change
|
||||||||||||
|
|
(Redundancy)/Deficiency
|
|
|
|
(Redundancy)/Deficiency
|
|
|
||||||||||||||||
Non-cat loss and ALAE:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Personal Insurance Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Personal Auto
|
|
$
|
(1.2
|
)
|
|
$
|
(7.3
|
)
|
|
$
|
6.1
|
|
|
$
|
(11.0
|
)
|
|
$
|
(18.5
|
)
|
|
$
|
7.5
|
|
Homeowners
|
|
—
|
|
|
(1.5
|
)
|
|
1.5
|
|
|
0.5
|
|
|
(7.2
|
)
|
|
7.7
|
|
||||||
Other Personal
|
|
(0.9
|
)
|
|
(0.8
|
)
|
|
(0.1
|
)
|
|
(1.9
|
)
|
|
(1.1
|
)
|
|
(0.8
|
)
|
||||||
Total Personal Insurance Segment
|
|
(2.1
|
)
|
|
(9.6
|
)
|
|
7.5
|
|
|
(12.4
|
)
|
|
(26.8
|
)
|
|
14.4
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial Insurance Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial Auto
|
|
(1.1
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(3.6
|
)
|
|
(5.7
|
)
|
|
2.1
|
|
||||||
Small Commercial Package
|
|
(4.1
|
)
|
|
(1.8
|
)
|
|
(2.3
|
)
|
|
(11.8
|
)
|
|
(6.5
|
)
|
|
(5.3
|
)
|
||||||
Middle Market Commercial
|
|
(1.2
|
)
|
|
(2.1
|
)
|
|
0.9
|
|
|
(7.2
|
)
|
|
(2.9
|
)
|
|
(4.3
|
)
|
||||||
Workers' Compensation
|
|
(4.4
|
)
|
|
(2.5
|
)
|
|
(1.9
|
)
|
|
(13.4
|
)
|
|
(8.4
|
)
|
|
(5.0
|
)
|
||||||
Farm & Ranch
|
|
(0.7
|
)
|
|
(1.0
|
)
|
|
0.3
|
|
|
(1.9
|
)
|
|
(2.2
|
)
|
|
0.3
|
|
||||||
Other Commercial
|
|
(1.6
|
)
|
|
(1.8
|
)
|
|
0.2
|
|
|
(1.4
|
)
|
|
(3.9
|
)
|
|
2.5
|
|
||||||
Total Commercial Insurance Segment
|
|
(13.1
|
)
|
|
(10.3
|
)
|
|
(2.8
|
)
|
|
(39.3
|
)
|
|
(29.6
|
)
|
|
(9.7
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Specialty run-off
|
|
(0.9
|
)
|
|
1.8
|
|
|
(2.7
|
)
|
|
(2.4
|
)
|
|
4.2
|
|
|
(6.6
|
)
|
||||||
Cat Loss and ALAE
|
|
(1.0
|
)
|
|
0.8
|
|
|
(1.8
|
)
|
|
(0.2
|
)
|
|
1.3
|
|
|
(1.5
|
)
|
||||||
ULAE
|
|
(0.4
|
)
|
|
(2.0
|
)
|
|
1.6
|
|
|
(0.8
|
)
|
|
(6.7
|
)
|
|
5.9
|
|
||||||
Total
|
|
$
|
(17.5
|
)
|
|
$
|
(19.3
|
)
|
|
$
|
1.8
|
|
|
$
|
(55.1
|
)
|
|
$
|
(57.6
|
)
|
|
$
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
September 30, 2019
|
|
December 31, 2018
|
|
$ Change
|
||||||
Personal Insurance Segment:
|
|
|
|
|
|
||||||
Personal Auto
|
$
|
163.5
|
|
|
$
|
173.2
|
|
|
$
|
(9.7
|
)
|
Homeowners
|
70.6
|
|
|
53.2
|
|
|
17.4
|
|
|||
Other Personal
|
15.1
|
|
|
14.1
|
|
|
1.0
|
|
|||
Total Personal Insurance Segment
|
249.2
|
|
|
240.5
|
|
|
8.7
|
|
|||
Commercial Insurance Segment:
|
|
|
|
|
|
||||||
Commercial Auto
|
77.4
|
|
|
78.9
|
|
|
(1.5
|
)
|
|||
Small Commercial Package
|
116.9
|
|
|
120.0
|
|
|
(3.1
|
)
|
|||
Middle Market Commercial
|
153.0
|
|
|
147.2
|
|
|
5.8
|
|
|||
Workers’ Compensation
|
194.3
|
|
|
195.4
|
|
|
(1.1
|
)
|
|||
Farm & Ranch
|
15.6
|
|
|
12.9
|
|
|
2.7
|
|
|||
Other Commercial
|
31.8
|
|
|
27.5
|
|
|
4.3
|
|
|||
Total Commercial Insurance Segment
|
589.0
|
|
|
581.9
|
|
|
7.1
|
|
|||
Specialty run-off:
|
|
|
|
|
|
||||||
E&S Property
|
24.0
|
|
|
33.1
|
|
|
(9.1
|
)
|
|||
E&S Casualty
|
155.2
|
|
|
186.8
|
|
|
(31.6
|
)
|
|||
Programs
|
68.1
|
|
|
99.0
|
|
|
(30.9
|
)
|
|||
Total Specialty run-off
|
247.3
|
|
|
318.9
|
|
|
(71.6
|
)
|
|||
Total losses and loss expenses payable, net of reinsurance
recoverable on losses and loss expenses payable
|
$
|
1,085.5
|
|
|
$
|
1,141.3
|
|
|
$
|
(55.8
|
)
|
|
|
|
|
|
|
|
($ millions)
|
September 30, 2019
|
|
% of Total
|
|
December 31, 2018
|
|
% of Total
|
|||||||
Cash and cash equivalents
|
$
|
38.3
|
|
|
1.4
|
%
|
|
$
|
59.8
|
|
|
2.2
|
%
|
|
Fixed maturities, at fair value:
|
|
|
|
|
|
|
|
|||||||
Fixed maturities
|
2,054.0
|
|
|
74.9
|
%
|
|
2,017.1
|
|
|
75.9
|
%
|
|||
Treasury inflation-protected securities
|
135.3
|
|
|
4.9
|
%
|
|
142.4
|
|
|
5.4
|
%
|
|||
Total fixed maturities
|
2,189.3
|
|
|
79.8
|
%
|
|
2,159.5
|
|
|
81.3
|
%
|
|||
Notes receivable from affiliate
|
70.0
|
|
|
2.6
|
%
|
|
70.0
|
|
|
2.6
|
%
|
|||
Equity securities:
|
|
|
|
|
|
|
|
|||||||
Large-cap securities
|
99.1
|
|
|
3.6
|
%
|
|
77.2
|
|
|
2.9
|
%
|
|||
Mutual and exchange traded funds
|
274.2
|
|
|
10.0
|
%
|
|
237.8
|
|
|
8.9
|
%
|
|||
Total equity securities
|
373.3
|
|
|
13.6
|
%
|
|
315.0
|
|
|
11.8
|
%
|
|||
Other invested assets:
|
|
|
|
|
|
|
|
|||||||
International funds
|
51.7
|
|
|
1.9
|
%
|
|
38.5
|
|
|
1.5
|
%
|
|||
Other invested assets
|
12.9
|
|
|
0.5
|
%
|
|
10.3
|
|
|
0.4
|
%
|
|||
Total other invested assets
|
64.6
|
|
|
2.4
|
%
|
|
48.8
|
|
|
1.9
|
%
|
|||
Other invested assets, at cost
|
6.5
|
|
|
0.2
|
%
|
|
5.6
|
|
|
0.2
|
%
|
|||
Total portfolio
|
$
|
2,742.0
|
|
|
100.0
|
%
|
|
$
|
2,658.7
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
Amortized cost
|
|
Fair
value
|
||||
Due in 1 year or less
|
$
|
55.7
|
|
|
$
|
56.6
|
|
Due after 1 year through 5 years
|
562.7
|
|
|
569.4
|
|
||
Due after 5 years through 10 years
|
239.9
|
|
|
249.7
|
|
||
Due after 10 years
|
565.7
|
|
|
593.5
|
|
||
U.S. government agencies mortgage-backed securities
|
705.0
|
|
|
720.1
|
|
||
Total
|
$
|
2,129.0
|
|
|
$
|
2,189.3
|
|
|
|
|
|
|
($ millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Gross investment income:
|
|
|
|
|
|
|
|
||||||||
Fixed maturities
|
$
|
15.3
|
|
|
$
|
16.4
|
|
|
$
|
47.7
|
|
|
$
|
49.4
|
|
Equity securities
|
3.0
|
|
|
3.0
|
|
|
8.9
|
|
|
8.6
|
|
||||
Other
|
1.1
|
|
|
1.7
|
|
|
4.2
|
|
|
5.2
|
|
||||
Total gross investment income
|
19.4
|
|
|
21.1
|
|
|
60.8
|
|
|
63.2
|
|
||||
Less: Investment expenses
|
0.1
|
|
|
0.3
|
|
|
0.4
|
|
|
1.0
|
|
||||
Net investment income
|
$
|
19.3
|
|
|
$
|
20.8
|
|
|
$
|
60.4
|
|
|
$
|
62.2
|
|
|
|
|
|
|
|
|
|
||||||||
Average invested assets (at cost)
|
$
|
2,638.0
|
|
|
$
|
2,692.3
|
|
|
$
|
2,648.4
|
|
|
$
|
2,672.1
|
|
Annualized investment yield
|
2.9
|
%
|
|
3.1
|
%
|
|
3.0
|
%
|
|
3.1
|
%
|
||||
Annualized investment yield, after tax
|
2.4
|
%
|
|
2.5
|
%
|
|
2.5
|
%
|
|
2.5
|
%
|
||||
Net investment income, after tax
|
$
|
16.0
|
|
|
$
|
17.0
|
|
|
$
|
49.8
|
|
|
$
|
50.9
|
|
Effective tax rate
|
9.4
|
%
|
|
18.5
|
%
|
|
17.9
|
%
|
|
18.2
|
%
|
||||
|
|
|
|
|
|
|
|
($ in millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||||||
|
Realized gains (losses)
|
|
Proceeds received on sale
|
|
Realized gains (losses)
|
|
Proceeds received on sale
|
|
Realized gains (losses)
|
|
Proceeds received on sale
|
|
Realized gains (losses)
|
|
Proceeds received on sale
|
||||||||||||||||
Realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed maturities
|
$
|
1.2
|
|
|
$
|
50.0
|
|
|
$
|
—
|
|
|
$
|
8.8
|
|
|
$
|
2.8
|
|
|
$
|
248.7
|
|
|
$
|
1.7
|
|
|
$
|
69.7
|
|
Equity securities
|
0.2
|
|
|
4.1
|
|
|
1.0
|
|
|
7.3
|
|
|
1.7
|
|
|
14.3
|
|
|
6.0
|
|
|
83.0
|
|
||||||||
Total realized gains
|
1.4
|
|
|
54.1
|
|
|
1.0
|
|
|
16.1
|
|
|
4.5
|
|
|
263.0
|
|
|
7.7
|
|
|
152.7
|
|
||||||||
Realized losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity securities
|
(2.0
|
)
|
|
10.0
|
|
|
—
|
|
|
0.1
|
|
|
(4.2
|
)
|
|
20.1
|
|
|
(0.6
|
)
|
|
6.3
|
|
||||||||
Other invested assets
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
0.9
|
|
||||||||
Total realized losses
|
(2.0
|
)
|
|
10.4
|
|
|
—
|
|
|
0.3
|
|
|
(4.2
|
)
|
|
21.1
|
|
|
(0.6
|
)
|
|
7.2
|
|
||||||||
Net realized (losses) gains on investments
|
$
|
(0.6
|
)
|
|
$
|
64.5
|
|
|
$
|
1.0
|
|
|
$
|
16.4
|
|
|
$
|
0.3
|
|
|
$
|
284.1
|
|
|
$
|
7.1
|
|
|
$
|
159.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions, except # of positions)
|
Cost or amortized cost
|
|
Gross unrealized holding gains
|
|
Number of gain positions
|
|
Gross unrealized holding
losses
|
|
Number of loss positions
|
|
Fair value
|
||||||||||
Available-for-sale fixed maturities:
|
|
|
|
||||||||||||||||||
U.S. treasury securities and obligations of U.S. government agencies
|
$
|
516.4
|
|
|
$
|
14.8
|
|
|
40
|
|
|
$
|
(1.2
|
)
|
|
25
|
|
|
$
|
530.0
|
|
Obligations of states and political subdivisions
|
415.3
|
|
|
21.8
|
|
|
89
|
|
|
—
|
|
|
1
|
|
|
437.1
|
|
||||
Corporate securities
|
492.3
|
|
|
10.9
|
|
|
58
|
|
|
(1.1
|
)
|
|
11
|
|
|
502.1
|
|
||||
U.S. government agencies mortgage-backed securities
|
705.0
|
|
|
18.2
|
|
|
63
|
|
|
(3.1
|
)
|
|
42
|
|
|
720.1
|
|
||||
Total available-for-sale fixed maturities
|
$
|
2,129.0
|
|
|
$
|
65.7
|
|
|
250
|
|
|
$
|
(5.4
|
)
|
|
79
|
|
|
$
|
2,189.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ millions)
|
September 30, 2019
|
|
December 31, 2018
|
|
$ Change
|
||||||
Available-for-sale investments:
|
|
|
|
|
|
||||||
Unrealized holding gains (losses):
|
|
|
|
|
|
||||||
Fixed maturities
|
$
|
60.3
|
|
|
$
|
(28.7
|
)
|
|
$
|
89.0
|
|
Net deferred federal income tax
|
(12.6
|
)
|
|
6.1
|
|
|
(18.7
|
)
|
|||
Unrealized gains (losses), net of tax
|
$
|
47.7
|
|
|
$
|
(22.6
|
)
|
|
$
|
70.3
|
|
|
|
|
|
|
|
|
($ millions)
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income before federal income taxes
|
$
|
12.7
|
|
|
$
|
41.0
|
|
|
$
|
66.7
|
|
|
$
|
45.4
|
|
Federal income tax expense (benefit)
|
|
|
|
|
|
|
|
||||||||
Current
|
—
|
|
|
(0.1
|
)
|
|
(0.4
|
)
|
|
(1.1
|
)
|
||||
Deferred
|
1.2
|
|
|
7.7
|
|
|
12.4
|
|
|
9.2
|
|
||||
Total federal income tax expense
|
1.2
|
|
|
7.6
|
|
|
12.0
|
|
|
8.1
|
|
||||
Net income
|
$
|
11.5
|
|
|
$
|
33.4
|
|
|
$
|
54.7
|
|
|
$
|
37.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
Information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission;
|
2.
|
Information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure; and
|
3.
|
Our disclosure controls and procedures are effective in timely making known to them material information required to be included in our periodic filings with the Securities and Exchange Commission.
|
|
|
Exhibit
No.
|
|
Description of Exhibits
|
|
|
|
|
|
31.01
|
|
|
|
|
|
|
|
31.02
|
|
|
|
|
|
|
|
32.01
|
|
|
|
|
|
|
|
32.02
|
|
|
|
|
|
|
|
101.INS
|
|
|
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
|
|
|
|
|
101.SCH
|
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
101.CAL
|
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
101.DEF
|
|
|
Inline XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
101.LAB
|
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
101.PRE
|
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
State Auto Financial Corporation
|
|
|
Date: November 1, 2019
|
/s/ Steven E. English
|
|
Steven E. English
|
|
Chief Financial Officer
|
|
(Duly Authorized Officer and
|
|
Principal Financial Officer)
|
1 Year State Auto Financial Chart |
1 Month State Auto Financial Chart |
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