aiz-20200930
0001267238December 312020Q3FALSEus-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201613Member00012672382020-01-012020-09-300001267238us-gaap:CommonStockMember2020-01-012020-09-300001267238us-gaap:ConvertiblePreferredStockMember2020-01-012020-09-30xbrli:shares00012672382020-10-30iso4217:USD00012672382020-09-3000012672382019-12-310001267238us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-09-300001267238us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-31xbrli:pure0001267238us-gaap:SeriesDPreferredStockMember2020-01-012020-09-300001267238us-gaap:SeriesDPreferredStockMember2019-01-012019-12-31iso4217:USDxbrli:shares0001267238us-gaap:SeriesDPreferredStockMember2019-12-310001267238us-gaap:SeriesDPreferredStockMember2020-09-3000012672382020-07-012020-09-3000012672382019-07-012019-09-3000012672382019-01-012019-09-300001267238us-gaap:PreferredStockMember2020-06-300001267238us-gaap:CommonStockMember2020-06-300001267238us-gaap:AdditionalPaidInCapitalMember2020-06-300001267238us-gaap:RetainedEarningsMember2020-06-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001267238us-gaap:TreasuryStockMember2020-06-300001267238us-gaap:NoncontrollingInterestMember2020-06-3000012672382020-06-300001267238us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001267238us-gaap:RetainedEarningsMember2020-07-012020-09-300001267238us-gaap:TreasuryStockMember2020-07-012020-09-300001267238us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001267238us-gaap:PreferredStockMember2020-09-300001267238us-gaap:CommonStockMember2020-09-300001267238us-gaap:AdditionalPaidInCapitalMember2020-09-300001267238us-gaap:RetainedEarningsMember2020-09-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001267238us-gaap:TreasuryStockMember2020-09-300001267238us-gaap:NoncontrollingInterestMember2020-09-300001267238us-gaap:PreferredStockMember2019-06-300001267238us-gaap:CommonStockMember2019-06-300001267238us-gaap:AdditionalPaidInCapitalMember2019-06-300001267238us-gaap:RetainedEarningsMember2019-06-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001267238us-gaap:TreasuryStockMember2019-06-300001267238us-gaap:NoncontrollingInterestMember2019-06-3000012672382019-06-300001267238us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001267238us-gaap:RetainedEarningsMember2019-07-012019-09-300001267238us-gaap:TreasuryStockMember2019-07-012019-09-300001267238us-gaap:NoncontrollingInterestMember2019-07-012019-09-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001267238us-gaap:PreferredStockMember2019-09-300001267238us-gaap:CommonStockMember2019-09-300001267238us-gaap:AdditionalPaidInCapitalMember2019-09-300001267238us-gaap:RetainedEarningsMember2019-09-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001267238us-gaap:TreasuryStockMember2019-09-300001267238us-gaap:NoncontrollingInterestMember2019-09-3000012672382019-09-300001267238us-gaap:PreferredStockMember2019-12-310001267238us-gaap:CommonStockMember2019-12-310001267238us-gaap:AdditionalPaidInCapitalMember2019-12-310001267238us-gaap:RetainedEarningsMember2019-12-310001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001267238us-gaap:TreasuryStockMember2019-12-310001267238us-gaap:NoncontrollingInterestMember2019-12-310001267238us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001267238srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001267238us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001267238us-gaap:RetainedEarningsMember2020-01-012020-09-300001267238us-gaap:TreasuryStockMember2020-01-012020-09-300001267238us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001267238us-gaap:PreferredStockMember2018-12-310001267238us-gaap:CommonStockMember2018-12-310001267238us-gaap:AdditionalPaidInCapitalMember2018-12-310001267238us-gaap:RetainedEarningsMember2018-12-310001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001267238us-gaap:TreasuryStockMember2018-12-310001267238us-gaap:NoncontrollingInterestMember2018-12-3100012672382018-12-310001267238us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001267238us-gaap:RetainedEarningsMember2019-01-012019-09-300001267238us-gaap:TreasuryStockMember2019-01-012019-09-300001267238us-gaap:NoncontrollingInterestMember2019-01-012019-09-300001267238us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001267238aiz:AmericanFinancialAutomotiveServicesMember2020-01-012020-09-300001267238aiz:StrategicAcquisitionInGlobalLifestyleBusinessMember2020-01-012020-09-30aiz:acquisitionaiz:segmentaiz:client0001267238aiz:AmericanFinancialAutomotiveServicesMember2020-05-01aiz:state0001267238aiz:AmericanFinancialAutomotiveServicesMember2020-05-012020-05-010001267238us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberaiz:CLOAssetManagementPlatformMember2020-07-310001267238aiz:CLOAssetManagementPlatformMember2020-07-012020-09-300001267238aiz:CLOAssetManagementPlatformMember2020-01-012020-09-300001267238us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberaiz:CLOAssetManagementPlatformMember2020-07-012020-09-300001267238us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberaiz:CLOAssetManagementPlatformMember2020-01-012020-09-300001267238aiz:IkeMember2014-12-310001267238aiz:IkeMember2014-01-012014-12-310001267238us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberaiz:IkeMember2020-04-012020-06-300001267238aiz:IkeMember2020-01-012020-09-300001267238aiz:IkeMember2019-01-012019-09-300001267238aiz:IkeMember2020-04-012020-06-300001267238aiz:IkeMember2019-07-012019-09-300001267238aiz:IkLoanMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberaiz:IkeMember2020-05-310001267238us-gaap:LondonInterbankOfferedRateLIBORMemberaiz:IkLoanMember2020-05-310001267238aiz:IkLoanMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberaiz:IkeMemberus-gaap:OtherInvestmentsMember2020-09-300001267238srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-0100012672382020-01-010001267238srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-01-010001267238srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-012020-09-300001267238us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-09-300001267238us-gaap:GainLossOnInvestmentsMember12020-01-012020-09-300001267238us-gaap:RealEstateLoanMember2020-01-012020-09-300001267238aiz:StandardPoorsAorBetterRatingMember2020-09-300001267238aiz:StandardPoorsBBBorBBRatingMember2020-09-300001267238aiz:StandardPoorsNoRatingMember2020-09-300001267238aiz:GlobalLifestyleMember2019-12-310001267238aiz:GlobalHousingMember2019-12-310001267238aiz:GlobalPreneedMember2019-12-310001267238us-gaap:CorporateAndOtherMember2019-12-310001267238aiz:GlobalLifestyleMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001267238aiz:GlobalHousingMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001267238aiz:GlobalPreneedMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001267238us-gaap:CorporateAndOtherMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001267238aiz:GlobalLifestyleMember2020-01-012020-09-300001267238aiz:GlobalHousingMember2020-01-012020-09-300001267238aiz:GlobalPreneedMember2020-01-012020-09-300001267238us-gaap:CorporateAndOtherMember2020-01-012020-09-300001267238aiz:GlobalLifestyleMember2020-09-300001267238aiz:GlobalHousingMember2020-09-300001267238aiz:GlobalPreneedMember2020-09-300001267238us-gaap:CorporateAndOtherMember2020-09-300001267238us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MinimumMemberus-gaap:RealEstateLoanMember2020-09-300001267238us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MaximumMemberus-gaap:RealEstateLoanMember2020-09-300001267238us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MinimumMemberus-gaap:RealEstateLoanMember2019-12-310001267238us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MaximumMemberus-gaap:RealEstateLoanMember2019-12-310001267238aiz:DebttoValueRatioLessthan70PercentMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebttoValueRatio71to80PercentMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebttoValueRatio81to95PercentMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebttoValueRatiosMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebtServiceCoverageRatioGreaterthan2.0Memberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebtServiceCoverageRatioBetween1.5and2.0Memberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebtServiceCoverageRatioBetween1.0xand1.5Memberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebtServiceCoverageRatioLessThan1.0Memberus-gaap:CommercialPortfolioSegmentMember2020-09-300001267238aiz:DebtServiceCoverageRatioMemberus-gaap:CommercialPortfolioSegmentMember2020-09-30aiz:reportable_segment0001267238aiz:GlobalLifestyleMember2020-07-012020-09-300001267238aiz:GlobalHousingMember2020-07-012020-09-300001267238aiz:GlobalPreneedMember2020-07-012020-09-300001267238aiz:TotalCorporateAndOtherMember2020-07-012020-09-300001267238aiz:TotalCorporateAndOtherMember2020-09-300001267238aiz:GlobalLifestyleMember2019-07-012019-09-300001267238aiz:GlobalHousingMember2019-07-012019-09-300001267238aiz:GlobalPreneedMember2019-07-012019-09-300001267238aiz:TotalCorporateAndOtherMember2019-07-012019-09-300001267238aiz:TotalCorporateAndOtherMember2020-01-012020-09-300001267238aiz:GlobalLifestyleMember2019-01-012019-09-300001267238aiz:GlobalHousingMember2019-01-012019-09-300001267238aiz:GlobalPreneedMember2019-01-012019-09-300001267238aiz:TotalCorporateAndOtherMember2019-01-012019-09-300001267238aiz:ServiceContractsAndSalesMember2020-09-300001267238aiz:ServiceContractsAndSalesMember2019-12-310001267238aiz:ServiceContractsAndSalesMember2020-07-012020-09-300001267238aiz:ServiceContractsAndSalesMember2019-07-012019-09-300001267238aiz:ServiceContractsAndSalesMember2020-01-012020-09-300001267238aiz:ServiceContractsAndSalesMember2019-01-012019-09-300001267238us-gaap:USTreasuryAndGovernmentMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:USTreasuryAndGovernmentMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238us-gaap:USTreasuryAndGovernmentMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:USTreasuryAndGovernmentMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:FixedMaturitiesMember2019-12-310001267238us-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-300001267238country:CAus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001267238country:BRus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001267238country:MXus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001267238country:CAus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001267238country:BRus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001267238country:MXus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001267238aiz:OtherCountriesMemberus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001267238aiz:OtherCountriesMemberus-gaap:InvestmentsMemberaiz:ForeignGovernmentFixedMaturitySecuritiesMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001267238aiz:CorporateFixedMaturityandEquitySecuritiesMembersrt:EuropeMember2020-09-300001267238aiz:CorporateFixedMaturityandEquitySecuritiesMembersrt:EuropeMember2019-12-310001267238aiz:CorporateFixedMaturityandEquitySecuritiesMembersrt:EuropeMemberaiz:InvestmentSectorConcentrationRiskMemberaiz:FinancialIndustrySectorMemberus-gaap:InvestmentsMember2019-01-012019-12-310001267238aiz:CorporateFixedMaturityandEquitySecuritiesMemberus-gaap:InvestmentsMembercountry:GBus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001267238aiz:CorporateFixedMaturityandEquitySecuritiesMemberus-gaap:InvestmentsMembercountry:GBus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001267238aiz:EnergySectorMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-09-300001267238aiz:EnergySectorMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001267238aiz:EnergySectorMemberus-gaap:InternalInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-09-300001267238aiz:EnergySectorMemberus-gaap:InternalInvestmentGradeMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-12-310001267238us-gaap:AssetBackedSecuritiesMember2020-09-300001267238us-gaap:CommercialMortgageBackedSecuritiesMember2020-09-300001267238us-gaap:ResidentialMortgageBackedSecuritiesMember2020-09-300001267238us-gaap:FixedMaturitiesMember2020-07-012020-09-300001267238us-gaap:FixedMaturitiesMember2019-07-012019-09-300001267238us-gaap:FixedMaturitiesMember2019-01-012019-09-300001267238us-gaap:EquitySecuritiesMember2020-07-012020-09-300001267238us-gaap:EquitySecuritiesMember2019-07-012019-09-300001267238us-gaap:EquitySecuritiesMember2020-01-012020-09-300001267238us-gaap:EquitySecuritiesMember2019-01-012019-09-300001267238us-gaap:MortgagesMember2020-07-012020-09-300001267238us-gaap:MortgagesMember2019-07-012019-09-300001267238us-gaap:MortgagesMember2020-01-012020-09-300001267238us-gaap:MortgagesMember2019-01-012019-09-300001267238us-gaap:OtherInvestmentsMember2020-07-012020-09-300001267238us-gaap:OtherInvestmentsMember2019-07-012019-09-300001267238us-gaap:OtherInvestmentsMember2020-01-012020-09-300001267238us-gaap:OtherInvestmentsMember2019-01-012019-09-300001267238us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300001267238us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-07-012019-09-300001267238us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001267238us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-09-300001267238us-gaap:ForeignGovernmentDebtMemberus-gaap:FixedMaturitiesMember2020-09-300001267238us-gaap:ForeignGovernmentDebtMemberus-gaap:FixedMaturitiesMember2019-12-31aiz:investment0001267238aiz:SubordinatedDebtTranchesMemberaiz:CollateralizedLoanObligationfundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SubordinatedDebtMember2019-12-310001267238aiz:SeniorDebtMemberaiz:SeniorDebtTranchesMemberaiz:CollateralizedLoanObligationfundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-06-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-06-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2018-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-07-012019-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-01-012019-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:NoncontrollingInterestMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMember2020-01-012020-09-300001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2020-09-300001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DomesticCorporateDebtSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignCorporateDebtSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignCorporateDebtSecuritiesMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MutualFundMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MutualFundMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MutualFundMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2020-09-300001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberaiz:OtherDerivativesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberaiz:OtherDerivativesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberaiz:OtherDerivativesMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberaiz:OtherDerivativesMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberaiz:AssetsHeldInSeparateAccountsMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberaiz:AssetsHeldInSeparateAccountsMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberaiz:AssetsHeldInSeparateAccountsMember2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberaiz:AssetsHeldInSeparateAccountsMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2019-12-310001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DomesticCorporateDebtSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignCorporateDebtSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignCorporateDebtSecuritiesMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MutualFundMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MutualFundMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MutualFundMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NonredeemablePreferredStockMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2019-12-310001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberaiz:AssetsHeldInSeparateAccountsMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberaiz:AssetsHeldInSeparateAccountsMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberaiz:AssetsHeldInSeparateAccountsMember2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberaiz:AssetsHeldInSeparateAccountsMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-09-300001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001267238us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001267238us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001267238aiz:CededToU.S.GovernmentMemberaiz:NotRatedMember2020-09-300001267238aiz:CededToU.S.GovernmentMemberaiz:NotRatedMember2019-09-300001267238us-gaap:HurricaneMemberaiz:GlobalHousingMember2019-01-012019-09-300001267238aiz:AssurantHealth1Memberaiz:GlobalPreneedandOtherMember2020-01-012020-09-300001267238aiz:AssurantHealth1Memberaiz:GlobalPreneedandOtherMember2019-01-012019-09-300001267238aiz:SeniorNotes2021Memberus-gaap:SeniorNotesMember2020-09-300001267238aiz:SeniorNotes2021Memberus-gaap:SeniorNotesMember2019-12-310001267238us-gaap:SeniorNotesMemberaiz:SeniorNotesMarch2023Member2020-09-300001267238us-gaap:SeniorNotesMemberaiz:SeniorNotesMarch2023Member2019-12-310001267238aiz:SeniorNotes2023Memberus-gaap:SeniorNotesMember2020-09-300001267238aiz:SeniorNotes2023Memberus-gaap:SeniorNotesMember2019-12-310001267238us-gaap:SeniorNotesMemberaiz:SeniorNotes2028Member2020-09-300001267238us-gaap:SeniorNotesMemberaiz:SeniorNotes2028Member2019-12-310001267238aiz:SeniorNotes2030Memberus-gaap:SeniorNotesMember2020-09-300001267238aiz:SeniorNotes2030Memberus-gaap:SeniorNotesMember2019-12-310001267238aiz:SeniorNotes2034Memberus-gaap:SeniorNotesMember2020-09-300001267238aiz:SeniorNotes2034Memberus-gaap:SeniorNotesMember2019-12-310001267238aiz:SubordinatedNotes2048Memberus-gaap:SeniorSubordinatedNotesMember2020-09-300001267238aiz:SubordinatedNotes2048Memberus-gaap:SeniorSubordinatedNotesMember2019-12-310001267238us-gaap:LondonInterbankOfferedRateLIBORMemberaiz:SeniorNotes2021Memberus-gaap:SeniorNotesMember2020-01-012020-09-300001267238us-gaap:LondonInterbankOfferedRateLIBORMemberaiz:SubordinatedNotes2048Memberus-gaap:SeniorSubordinatedNotesMember2020-01-012020-09-300001267238us-gaap:RevolvingCreditFacilityMemberaiz:JPMorganChaseBankN.A.andBankofAmericaN.A.Memberaiz:CreditFacility2017Member2020-09-300001267238us-gaap:RevolvingCreditFacilityMemberaiz:CreditFacility2017Member2020-03-270001267238us-gaap:RevolvingCreditFacilityMemberaiz:JPMorganChaseBankN.A.andBankofAmericaN.A.Memberus-gaap:LondonInterbankOfferedRateLIBORMemberaiz:CreditFacility2017Member2020-03-272020-06-260001267238us-gaap:RevolvingCreditFacilityMemberaiz:JPMorganChaseBankN.A.andBankofAmericaN.A.Memberus-gaap:LondonInterbankOfferedRateLIBORMemberaiz:CreditFacility2017Member2020-06-272020-07-290001267238us-gaap:RevolvingCreditFacilityMemberaiz:CreditFacility2017Member2020-07-292020-07-290001267238us-gaap:RevolvingCreditFacilityMemberaiz:CreditFacility2017Member2020-09-300001267238us-gaap:LetterOfCreditMember2020-09-300001267238us-gaap:RevolvingCreditFacilityMemberaiz:CreditFacility2017Member2020-07-012020-09-300001267238us-gaap:DerivativeMember2018-03-012018-03-310001267238aiz:InterestRateDerivativesMember2020-01-012020-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2020-06-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2020-06-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2020-07-012020-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-012020-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-012020-09-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2020-07-012020-09-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2020-07-012020-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2020-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-09-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2020-09-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2020-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-06-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-06-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2019-06-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2019-06-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2019-07-012019-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-07-012019-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-07-012019-09-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2019-07-012019-09-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2019-07-012019-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-07-012019-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2019-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-09-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2019-09-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2019-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2019-12-310001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2019-12-310001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001267238us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-09-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2020-01-012020-09-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2020-01-012020-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2018-12-310001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2018-12-310001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310001267238us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-09-300001267238aiz:AOCIDebtSecuritiesAvailableForSaleCreditRelatedImpairmentsMember2019-01-012019-09-300001267238aiz:AccumulatedNoncreditRelatedImpairmentAttributabletoParentMember2019-01-012019-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2020-07-012020-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2019-07-012019-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001267238us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001267238us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001267238us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2020-01-012020-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2019-01-012019-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001267238us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001267238us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001267238aiz:LongTermEquityIncentivePlanMember2019-05-310001267238aiz:LongTermEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001267238aiz:LongTermEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2019-07-012019-09-300001267238aiz:LongTermEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001267238aiz:LongTermEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2019-01-012019-09-300001267238aiz:LongTermEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2020-09-300001267238us-gaap:PerformanceSharesMemberaiz:LongTermEquityIncentivePlanMember2020-07-012020-09-300001267238us-gaap:PerformanceSharesMemberaiz:LongTermEquityIncentivePlanMember2019-07-012019-09-300001267238us-gaap:PerformanceSharesMemberaiz:LongTermEquityIncentivePlanMember2020-01-012020-09-300001267238us-gaap:PerformanceSharesMemberaiz:LongTermEquityIncentivePlanMember2019-01-012019-09-300001267238us-gaap:PerformanceSharesMemberaiz:LongTermEquityIncentivePlanMember2020-09-300001267238us-gaap:SeriesDPreferredStockMember2018-03-310001267238us-gaap:SeriesDPreferredStockMember2018-03-012018-03-310001267238us-gaap:SeriesDPreferredStockMembersrt:MinimumMember2020-07-012020-09-300001267238srt:MaximumMemberus-gaap:SeriesDPreferredStockMember2020-07-012020-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2020-07-012020-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2019-07-012019-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2020-01-012020-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2019-01-012019-09-300001267238aiz:EmployeeStockPurchaseProgramMember2020-07-012020-09-300001267238aiz:EmployeeStockPurchaseProgramMember2019-07-012019-09-300001267238aiz:EmployeeStockPurchaseProgramMember2020-01-012020-09-300001267238aiz:EmployeeStockPurchaseProgramMember2019-01-012019-09-300001267238us-gaap:SeriesDPreferredStockMember2020-07-012020-09-300001267238us-gaap:SeriesDPreferredStockMember2019-07-012019-09-300001267238us-gaap:SeriesDPreferredStockMember2019-01-012019-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2020-07-012020-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2020-01-012020-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2019-07-012019-09-300001267238us-gaap:PhantomShareUnitsPSUsMember2019-01-012019-09-300001267238aiz:EmployeeStockPurchaseProgramMember2020-07-012020-09-300001267238aiz:EmployeeStockPurchaseProgramMember2019-07-012019-09-300001267238us-gaap:SeriesDPreferredStockMember2020-01-012020-09-300001267238us-gaap:SeriesDPreferredStockMember2020-07-012020-09-300001267238us-gaap:SeriesDPreferredStockMember2019-07-012019-09-300001267238us-gaap:SeriesDPreferredStockMember2019-01-012019-09-300001267238us-gaap:DefinedBenefitPostretirementHealthCoverageMember2020-02-290001267238us-gaap:DefinedBenefitPostretirementHealthCoverageMember2020-01-012020-09-300001267238us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2020-07-012020-09-300001267238us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2019-07-012019-09-300001267238us-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-07-012020-09-300001267238us-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-07-012019-09-300001267238us-gaap:DefinedBenefitPostretirementHealthCoverageMember2020-07-012020-09-300001267238us-gaap:DefinedBenefitPostretirementHealthCoverageMember2019-07-012019-09-300001267238us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2020-01-012020-09-300001267238us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2019-01-012019-09-300001267238us-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-09-300001267238us-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-09-300001267238us-gaap:DefinedBenefitPostretirementHealthCoverageMember2019-01-012019-09-300001267238aiz:HYLAMobileMemberus-gaap:SubsequentEventMember2020-10-012020-10-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2020
OR 
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Assurant, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-31978 39-1126612
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
28 Liberty Street, 41st Floor
New York, New York 10005
(212) 859-7000
(Address, including zip code, and telephone number, including area code, of Registrant’s Principal Executive Offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 Par ValueAIZNew York Stock Exchange
6.50% Series D Mandatory Convertible Preferred Stock, $1.00 Par ValueAIZPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒  Accelerated filer ☐
Non-accelerated filer 
☐
  Smaller reporting company ☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares of the registrant’s common stock outstanding at October 30, 2020 was 58,759,191.


ASSURANT, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS
 
Item
Number
 
Page
Number
1.
2.
3.
4.
1.
1A.
2.
6.

1


Assurant, Inc.
Consolidated Balance Sheets (unaudited)


September 30, 2020December 31, 2019
 (in millions, except number of 
shares and per share amounts)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of $1.5 at September 30, 2020; amortized cost - $11,379.3 and $11,064.8 at September 30, 2020 and December 31, 2019, respectively)
$13,094.5 $12,322.4 
Equity securities at fair value384.4 388.5 
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $6.9 at September 30, 2020)
771.1 815.0 
Short-term investments250.0 402.5 
Other investments (net of allowances for credit losses of $1.4 at September 30, 2020)
705.9 638.9 
Total investments15,205.9 14,567.3 
Cash and cash equivalents2,203.0 1,867.1 
Premiums and accounts receivable (net of allowances for credit losses of $15.9 at September 30, 2020)
1,576.7 1,692.8 
Reinsurance recoverables (net of allowances for credit losses of $25.5 at September 30, 2020)
9,796.2 9,593.4 
Accrued investment income133.0 131.1 
Deferred acquisition costs7,405.5 6,668.0 
Property and equipment, net468.4 433.7 
Goodwill2,325.8 2,343.4 
Value of business acquired1,339.8 2,004.3 
Other intangible assets, net581.8 540.2 
Other assets (net of allowances for credit losses of $1.8 at September 30, 2020)
540.4 590.1 
Assets held in separate accounts2,006.1 1,839.7 
Assets of consolidated investment entities (1)— 2,020.1 
Total assets$43,582.6 $44,291.2 
Liabilities
Future policy benefits and expenses$9,907.4 $9,807.3 
Unearned premiums17,116.6 16,603.6 
Claims and benefits payable2,758.2 2,687.7 
Commissions payable547.0 540.5 
Reinsurance balances payable435.4 358.5 
Funds held under reinsurance361.2 319.4 
Accounts payable and other liabilities 2,502.1 2,758.5 
Debt2,008.6 2,006.9 
Liabilities related to separate accounts2,006.1 1,839.7 
Liabilities of consolidated investment entities (1)— 1,687.0 
Total liabilities37,642.6 38,609.1 
Commitments and contingencies (Note 21)
Stockholders’ equity
6.50% Series D mandatory convertible preferred stock, par value $1.00 per share, 2,875,000 shares authorized, issued and outstanding at September 30, 2020 and December 31, 2019, respectively
2.9 2.9 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 162,051,167 and 161,607,866 shares issued and 59,076,751 and 59,945,893 shares outstanding at September 30, 2020 and December 31, 2019, respectively
1.6 1.6 
Additional paid-in capital4,568.2 4,537.7 
Retained earnings6,126.0 5,966.4 
Accumulated other comprehensive income658.2 411.5 
Treasury stock, at cost; 102,974,416 and 101,661,973 shares at September 30, 2020 and December 31, 2019, respectively
(5,420.5)(5,267.3)
Total Assurant, Inc. stockholders’ equity5,936.4 5,652.8 
Non-controlling interests3.6 29.3 
Total equity5,940.0 5,682.1 
Total liabilities and equity$43,582.6 $44,291.2 
(1)The following table presents information on assets and liabilities related to consolidated investment entities as of December 31, 2019. During the third quarter of 2020, the Company sold its collateralized loan obligation asset management platform and outsourced its real estate asset management, which resulted in the deconsolidation of the consolidated investment entities. Refer to Notes 5 and 12 for additional information.
2


Assurant, Inc.
Consolidated Balance Sheets (unaudited)
December 31, 2019
Assets
Cash and cash equivalents$32.9 
Investments, at fair value1,957.9 
Other receivables29.3 
Total assets$2,020.1 
Liabilities
Collateralized loan obligation notes, at fair value1,603.1 
Other liabilities83.9 
Total liabilities$1,687.0 


See the accompanying Notes to Consolidated Financial Statements
3


Assurant, Inc.
Consolidated Statements of Operations (unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (in millions, except number of shares and per share amounts)
Revenues
Net earned premiums$2,102.8 $2,015.4 $6,223.0 $5,952.5 
Fees and other income245.9 295.1 934.3 959.5 
Net investment income135.1 169.5 428.3 490.0 
Net realized gains (losses) on investments (including $(1.5), $(0.2), $(14.6), and $(1.1) of impairment losses for the three and nine months ended September 30, 2020 and 2019, respectively)
16.6 14.9 (54.6)61.5 
Amortization of deferred gains on disposal of businesses2.1 4.4 8.7 16.9 
Total revenues2,502.5 2,499.3 7,539.7 7,480.4 
Benefits, losses and expenses
Policyholder benefits709.6 705.2 1,908.9 2,006.9 
Amortization of deferred acquisition costs and value of business acquired946.2 869.5 2,745.7 2,462.6 
Underwriting, general and administrative expenses687.5 764.5 2,331.8 2,388.1 
Goodwill impairment (Note 6)137.8 — 137.8 — 
Iké net losses (Note 5)— 121.1 5.9 130.5 
Interest expense25.5 32.2 77.7 85.2 
Loss on extinguishment of debt— 31.4 — 31.4 
Total benefits, losses and expenses2,506.6 2,523.9 7,207.8 7,104.7 
(Loss) income before provision for income taxes(4.1)(24.6)331.9 375.7 
Provision for income taxes26.4 28.6 28.2 117.7 
Net (loss) income(30.5)(53.2)303.7 258.0 
Less: Net loss (income) attributable to non-controlling interests0.3 (1.6)(1.1)(3.0)
Net (loss) income attributable to stockholders(30.2)(54.8)302.6 255.0 
Less: Preferred stock dividends(4.7)(4.7)(14.0)(14.0)
Net (loss) income attributable to common stockholders$(34.9)$(59.5)$288.6 $241.0 
Earnings Per Common Share
Basic$(0.58)$(0.96)$4.78 $3.88 
Diluted$(0.58)$(0.96)$4.76 $3.86 
Share Data
Weighted average common shares outstanding used in basic per common share calculations60,190,103 61,804,492 60,384,817 62,204,242 
Plus: Dilutive securities— — 256,128 256,003 
Weighted average common shares used in diluted per common share calculations60,190,103 61,804,492 60,640,945 62,460,245 
See the accompanying Notes to Consolidated Financial Statements
4


Assurant, Inc.
Consolidated Statements of Comprehensive Income (unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (in millions)
Net (loss) income$(30.5)$(53.2)$303.7 $258.0 
Other comprehensive income (loss):
Change in unrealized gains on investments, net of taxes of $(12.3), $(28.5), $(53.7) and $(157.5) for the three and nine months ended September 30, 2020 and 2019, respectively
54.1 97.4 186.7 574.8 
Change in unrealized gains on derivative transactions, net of taxes of $0.2, $0.2, $0.5 and $0.5 for the three and nine months ended September 30, 2020 and 2019, respectively
(0.6)2.7 (1.8)(0.5)
Change in credit related impairment losses, net of taxes of $(0.3) for the three and nine months ended September 30, 2020
1.2 — 1.2 — 
Change in non-credit related impairment losses, net of taxes of $(0.4), $(0.1), $(0.1) and $(0.2) for the three and nine months ended September 30, 2020 and 2019, respectively
1.5 0.2 0.3 0.7 
Change in foreign currency translation, net of taxes of $(1.5), $0.8, $4.2 and $(0.6) for the three and nine months ended September 30, 2020 and 2019, respectively
35.3 (23.6)15.2 (14.6)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.6, $—, $(12.0) and $(0.1) for the three and nine months ended September 30, 2020 and 2019, respectively (1)
(2.2)(0.2)45.1 0.2 
Total other comprehensive income89.3 76.5 246.7 560.6 
Total comprehensive income58.8 23.3 550.4 818.6 
Less: Comprehensive loss (income) attributable to non-controlling interests0.3 (1.6)(1.1)(3.0)
Total comprehensive income attributable to stockholders$59.1 $21.7 $549.3 $815.6 
(1)Change in nine months ended September 30, 2020 includes the prior service credit resulting from the February 2020 amendment of the Retirement Health Benefits plan. Refer to Note 20 for further information.

See the accompanying Notes to Consolidated Financial Statements
5


Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Three Months Ended September 30, 2020
Preferred StockCommon StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income		Treasury
Stock		Non-controlling InterestsTotal
 (in millions)
Balance at June 30, 2020$2.9 $1.6 $4,550.4 $6,194.4 $568.9 $(5,350.4)$16.7 $5,984.5 
Stock plan issuances— — 4.7 — — — — 4.7 
Stock plan compensation expense— — 15.5 — — — — 15.5 
Common stock dividends ($0.63 per share)
— — — (37.5)— — — (37.5)
Acquisition of common stock— — (1.7)— — (70.1)— (71.8)
Net loss— — — (30.2)— — (0.3)(30.5)
Preferred stock dividends ($1.63 per share)
— — — (4.7)— — — (4.7)
Change in equity of non-controlling interests— — — 4.0 — — (11.2)(7.2)
Acquisition of non-controlling interests— — (0.7)— — — (1.6)(2.3)
Other comprehensive income— — — — 89.3 — — 89.3 
Balance at September 30, 2020$2.9 $1.6 $4,568.2 $6,126.0 $658.2 $(5,420.5)$3.6 $5,940.0 
Three Months Ended September 30, 2019
Preferred StockCommon StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income		Treasury
Stock		Non-controlling InterestsTotal
 (in millions)
Balance at June 30, 2019$2.9 $1.6 $4,509.2 $5,980.9 $328.7 $(5,093.1)$30.1 $5,760.3 
Stock plan issuances— — 3.6 — — — — 3.6 
Stock plan compensation expense— — 15.0 — — — — 15.0 
Common stock dividends ($0.60 per share)
— — — (37.3)— — — (37.3)
Acquisition of common stock— — (3.3)— — (65.4)— (68.7)
Net (loss) income— — — (54.8)— — 1.6 (53.2)
Preferred stock dividends ($1.63 per share)
— — — (4.7)— — — (4.7)
Change in equity of non-controlling interests— — — (1.2)— — 0.1 (1.1)
Other comprehensive income— — — — 76.5 — — 76.5 
Balance at September 30, 2019$2.9 $1.6 $4,524.5 $5,882.9 $405.2 $(5,158.5)$31.8 $5,690.4 
6


Assurant, Inc.
Consolidated Statements of Changes in Equity (unaudited)
Nine Months Ended September 30, 2020
Preferred StockCommon StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Income		Treasury
Stock		Non-controlling InterestsTotal
 (in millions)
Balance at December 31, 2019$2.9 $1.6 $4,537.7 $5,966.4 $411.5 $(5,267.3)$29.3 $5,682.1 
Cumulative effect of change in accounting principles, net of taxes (1)— — — (20.4)— — — (20.4)
Stock plan issuances— — 8.6 — — — — 8.6 
Stock plan compensation expense— — 41.9 — — — — 41.9 
Common stock dividends ($1.89 per share)
— — — (115.1)— — — (115.1)
Acquisition of common stock— — (19.3)— — (153.2)— (172.5)
Net income— — — 302.6 — — 1.1 303.7 
Preferred stock dividends ($4.88 per share)
— — — (14.0)— — — (14.0)
Change in equity of non-controlling interests— — — 6.5 — — (25.2)(18.7)
Acquisition of non-controlling interests— — (0.7)— — — (1.6)(2.3)
Other comprehensive income— — — — 246.7 — — 246.7 
Balance at September 30, 2020$2.9 $1.6 $4,568.2 $6,126.0 $658.2 $(5,420.5)$3.6 $5,940.0 
Nine Months Ended September 30, 2019
Preferred StockCommon StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Non-controlling InterestsTotal
 (in millions)
Balance at December 31, 2018$2.9 $1.6 $4,495.6 $5,759.7 $(155.4)$(4,992.4)$21.9 $5,133.9 
Stock plan issuances— — 7.1 — — — — 7.1 
Stock plan compensation expense— — 40.7 — — — — 40.7 
Common stock dividends ($1.80 per share)
— — — (113.0)— — — (113.0)
Acquisition of common stock— — (18.9)— — (166.1)— (185.0)
Net income— — — 255.0 — — 3.0 258.0 
Preferred stock dividends ($4.88 per share)
— — — (14.0)— — — (14.0)
Change in equity of non-controlling interests— — — (4.8)— — 6.9 2.1 
Other comprehensive income— — — — 560.6 — — 560.6 
Balance at September 30, 2019$2.9 $1.6 $4,524.5 $5,882.9 $405.2 $(5,158.5)$31.8 $5,690.4 
(1)Amount relates to the adoption of a new accounting standard for accounting for expected credit losses for assets held at amortized cost, which established allowances for such expected credit losses as of January 1, 2020. Refer to Notes 3 and 7 for additional information.


See the accompanying Notes to Consolidated Financial Statements
7


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
 20202019
(in millions)
Operating activities
Net income attributable to stockholders$302.6 $255.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income:
Deferred tax expense172.1 40.6 
Amortization of deferred gains on disposal of businesses (8.7)(16.9)
Depreciation and amortization 105.1 87.4 
Net realized losses (gains) on investments, including impairment losses54.6 (61.5)
Loss on extinguishment of debt— 31.4 
Loss on sale of business— 9.6 
Stock based compensation expense41.9 40.7 
Other intangible asset impairment— 16.2 
Goodwill impairment137.8 — 
Iké related charges, net of derivative gains (1)1.7 130.5 
Changes in operating assets and liabilities:
Change in insurance policy reserves and expenses825.9 1,393.2 
Change in premiums and accounts receivable 102.8 (138.8)
Change in commissions payable14.1 75.2 
Change in reinsurance recoverable(154.5)(259.5)
Change in reinsurance balance payable 80.5 12.9 
Change in funds withheld under reinsurance 42.6 13.4 
Change in deferred acquisition costs and value of business acquired (418.3)(685.1)
Change in taxes (receivable) payable (5)(33.0)63.8 
Change in other assets and other liabilities(371.5)163.6 
Other5.9 (3.8)
Net cash provided by operating activities901.6 1,167.9 
Investing activities
Sales of:
Fixed maturity securities available for sale489.2 1,730.0 
Equity securities21.4 85.3 
Other invested assets87.4 45.8 
Iké foreign currency hedge (1)22.0 — 
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale723.6 483.9 
Commercial mortgage loans on real estate38.5 41.7 
Purchases of:
Fixed maturity securities available for sale(1,543.7)(2,434.1)
Equity securities(27.9)(81.8)
Commercial mortgage loans on real estate(3.0)(84.3)
Other invested assets (2)(78.6)(33.4)
Property and equipment and other(81.1)(70.5)
Subsidiaries, net of cash transferred (3)(166.1)— 
Net cash outflow related to sale of interests in Iké and termination of put/call obligations (1)(73.3)— 
8


Assurant, Inc.
Consolidated Statements of Cash Flows (unaudited)
Consolidated investment entities (4):
Purchases of investments(353.1)(1,163.1)
Sale of investments550.2 754.4 
Change in short-term investments118.9 108.5 
Other0.4 4.0 
Net cash used in investing activities(275.2)(613.6)
Financing activities
Issuance of debt, net of issuance costs — 346.7 
Repayment of debt, including tender offer premium— (379.6)
Issuance of collateralized loan obligation notes (4)— 404.8 
Issuance of debt for consolidated investment entities (4)— 189.1 
Repayment of debt for consolidated investment entities (4)(1.2)(318.7)
Payment of contingent liability— (19.3)
Borrowings under secured revolving credit facility200.0 — 
Payments on secured revolving credit facility(200.0)— 
Acquisition of common stock(154.5)(164.3)
Common stock dividends paid(115.1)(113.0)
Preferred stock dividends paid(14.0)(14.0)
Employee stock purchases and withholdings(12.0)18.1 
Other— 0.1 
Net cash used in financing activities(296.8)(50.1)
Effect of exchange rate changes on cash and cash equivalents6.3 (8.9)
Change in cash and cash equivalents335.9 495.3 
Cash and cash equivalents at beginning of period1,867.1 1,254.0 
Cash and cash equivalents at end of period$2,203.0 $1,749.3 
 
(1)Relates to Iké disposition and related financing. Refer to Note 5 for additional information.
(2)Includes loan to Iké Grupo. Refer to Note 5 for additional information.
(3)Consists of $175.4 million in cash consideration for the acquisition of American Financial & Automotive Services, Inc., net of $39.6 million of cash acquired, and $30.3 million in total cash consideration for three business acquisitions within the Global Lifestyle business. Refer to Note 4 for additional information.
(4)Relates to cash flows from the Company’s variable interest entities. Refer to Note 12 for additional information.
(5)Includes receipt of the $204.9 million federal tax refund, which includes interest, related to the ability to carryback net operating losses to prior periods under the CARES Act. Refer to Note 8 for additional information.




See the accompanying Notes to Consolidated Financial Statements





9
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)




1. Nature of Operations
Assurant, Inc. (the “Company”) is a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. The Company partners with leading brands to develop innovative products and services and to deliver enhanced customer experience. The Company operates in North America, Latin America, Europe and Asia Pacific through three operating segments: Global Lifestyle, Global Housing and Global Preneed. Through its Global Lifestyle segment, the Company provides mobile device solutions and extended service products and related services for consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit and other insurance products (referred to as “Global Financial Services and Other”). Through its Global Housing segment, the Company provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”). Through its Global Preneed segment, the Company provides pre-funded funeral insurance, final need insurance and related services.
The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.

2. Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The interim financial data as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. 
Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

3. Recent Accounting Pronouncements
Adopted
Measurement of credit losses on financial instruments held at amortized cost (“CECL”): In June 2016, the Financial Accounting Standards Board (“FASB”) issued amended guidance on reporting credit losses for assets held at amortized cost and available for sale debt securities (codified in the FASB Accounting Standards Codification Topic 326 (“ASC 326”)). For assets held at amortized cost, the amended guidance eliminates the probable recognition threshold and instead requires an entity to reflect the current estimate of all expected credit losses. For available for sale debt securities, credit losses are measured in a manner similar to accounting requirements in effect prior to adoption; however, the amended guidance requires that credit-related impairment losses be presented as an allowance rather than as a permanent impairment. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, premium receivables, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted this standard as of January 1, 2020. Refer to Note 7 for additional information.
Customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract: In August 2018, the FASB issued guidance aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain
10
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



internal-use software. For these arrangements, the guidance also limits the period to expense capitalized implementation costs based on the term of the hosting agreement, including the noncancelable period of the arrangement plus periods covered by options to extend the arrangement that are reasonably certain of exercise. The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments. The Company adopted the guidance on its effective date of January 1, 2020 with no material impact on its financial position and results of operations.
Not Yet Adopted
Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement.
The guidance will be effective for the Company beginning January 1, 2022, including interim periods within that year. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. In July 2020, the FASB issued a proposed accounting standards update that, if adopted, would extend the effective date of this guidance for the Company to January 1, 2023 (with early adoption permitted) and the application transition date would be January 1, 2022.
This guidance will apply to the Company’s preneed life insurance policies, as well as its annuity and universal life products (which are no longer offered and are in run-off). The Company is evaluating the requirements of this guidance and the potential impact on the Company’s financial position and results of operations.
Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard will be effective for the Company beginning on January 1, 2021, including interim periods within that year. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the impact of adopting this new accounting guidance on the consolidated financial statements.
Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.
The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed.
As LIBOR is expected to be discontinued after 2021, the Company is evaluating the provisions of this new accounting guidance and the impact to debt, investments and derivatives that have references to LIBOR and the subsequent transition to alternative reference rates. 
Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current
11
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement.
This guidance will be effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company is evaluating the requirements of this guidance and the potential impact on its financial position and results of operations.

4. Acquisition
American Financial & Automotive Services
On May 1, 2020, the Company acquired American Financial & Automotive Services, Inc. (“AFAS”), a provider of auto finance and insurance products and services, including vehicle service contracts, guaranteed asset protection insurance and other ancillary products sold directly through a network of nearly 600 franchised dealership clients across 40 states. The total consideration was $176.9 million, comprised of a base purchase price of $157.5 million, contingent consideration of $1.5 million and other purchase price adjustments of $17.9 million, including excess cash in the business. The transaction resulted in provisional estimates of $2.9 million in net liabilities, $104.0 million of goodwill and $75.8 million of other intangible assets, which are primarily dealer relationships amortizable over 15 years.

5. Dispositions
Sale of Collateralized Loan Obligation (“CLO”) Asset Management Platform
In July 2020, the Company sold its CLO asset management platform for $20.0 million in cash consideration, resulting in a net gain of $18.3 million, including costs to sell, for the three and nine months ended September 30, 2020, reported through underwriting, general and administrative expenses in the consolidated statements of operations. The Company incurred additional exit related expenses of $6.1 million and $7.5 million for the three and nine months ended September 30, 2020, respectively, that were also included in underwriting, general and administrative expenses in the consolidated statements of operations. Prior to the sale, the CLOs were variable interest entities (“VIEs”) that the Company consolidated, as described in Note 12. The Company retained its direct investments in the CLOs following the sale, but deconsolidated the CLOs in third quarter 2020 since it no longer acts as collateral manager and, as a result, no longer has the power to control the CLO entities.
Sale of Investment in Iké
In 2014, the Company made an approximately 40% investment in Iké Grupo, Iké Asistencia and certain of their affiliates (collectively, “Iké”), a services assistance business, for which the Company paid approximately $110.0 million. At the same time, the Company also entered into a shareholders’ agreement that provided the right to acquire the remainder of Iké from the majority shareholders and the majority shareholders the right to put their interests in Iké to the Company (together, the “put/call”) in mid-2019 at a predetermined price. During 2019, the Company entered into a cooperation agreement with the majority shareholders of Iké to extend the put/call. In January 2020, in lieu of exercising the put/call, the Company entered into a formal agreement to sell its interests in Iké.
In May 2020, the Company completed the sale of its interests in Iké and terminated its put/call obligations recognizing a net loss on sale of $3.9 million pre-tax and $2.9 million after-tax in the second quarter of 2020. Prior to the sale, in 2020, the Company recorded aggregate impairment losses and put/call valuation losses of $22.3 million compared to $130.5 million for the nine months ended September 30, 2019. In connection with the anticipated sale, the Company entered into a financial derivative in January 2020 that provided an economic hedge against declines in the Mexican Peso relative to the U.S. Dollar since the purchase price was to be paid in Mexican Pesos. The Company settled its position upon the sale, resulting in a cash inflow of $22.0 million, and net realized (losses) gains on the derivative of $20.3 million during the second quarter of 2020.
12
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)



In total, the Company recorded net pre-tax charges of $121.1 million for the three months ended September 30, 2019, and $5.9 million and $130.5 million for the nine months ended September 30, 2020 and 2019, respectively, presented as Iké net losses in the consolidated statements of operations. For the nine months ended September 30, 2020, total impairment and put/call losses resulted in a tax benefit of $6.7 million; however, this was fully offset by a valuation allowance as the realizability of the tax losses in the related tax jurisdiction is unlikely. There was tax expense of $4.3 million on the income arising on the financial derivative in the second quarter of 2020, as such contract was originated in the U.S. tax jurisdiction. As such, after-tax charges of $124.8 million were recorded for the three months ended September 30, 2019, and $9.3 million and $131.4 million were recorded for the nine months ended September 30, 2020 and 2019, respectively.
In connection with the sale, the Company provided financing to Iké Grupo in an aggregate principal amount of $34.0 million (the “Iké Loan”). The Iké Loan matures in May 2025, bears floating interest at a rate equal to three-month LIBOR plus 4.25% per annum payable quarterly and provides for quarterly principal amortization payments through the maturity date. The Iké Loan, which has an outstanding balance of $33.2 million as of September 30, 2020, is classified in other investments in the consolidated balance sheets and interest income is reflected as a component of net investment income in the consolidated statements of operations.

6. Goodwill
Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. The Company performs its annual goodwill impairment test as of October 1 each year, or more frequently if indicators of impairment exist. For the year ended December 31, 2019, goodwill of all reporting units was not considered impaired based on qualitative and quantitative tests.
Global Preneed Goodwill Impairment
During the third quarter of 2020, the Company identified impairment indicators impacting the fair value of the Global Preneed reportable segment in connection with exploring strategic alternatives for the Global Preneed business, including the possible sale of the business, to focus on opportunities within the Global Lifestyle and Global Housing segments. Such impairment indicators included the evaluation of the long term economic performance of the segment in light of further expected declines in interest rates from the resurgence of COVID-19 cases. As interest rates are critical to the performance of the business, the anticipated long-term declines in interest rates are expected to have adverse impacts on existing business and cause significant challenges to profitability from new business. The overall expected adverse impact to the business in the segment was an important indicator that triggered the requirement for an interim goodwill impairment analysis in the third quarter of 2020. As a result, an updated fair value assessment was completed based on how a market participant would consider the long-term outlook for business performance, long-term forecasts of the interest rate environment and its impact on the fair value of liabilities.
The fair value of the reportable segment was determined using a discounted cash flow method which calculates the present value of future earnings developed from projected earnings arising from existing and new business and considers all aspects of the business including investment assumptions of asset portfolios. The fair value calculated in the third quarter of 2020 was lower than the carrying value of the reportable segment, resulting in the pre-tax impairment charge of the entire goodwill of $137.8 million and after-tax impairment charge of $135.6 million (substantial portion is not tax deductible) related to the segment. The goodwill impairment charge is reported separately in the consolidated statements of operations for the three and nine months ended September 30, 2020, with a corresponding reduction to goodwill in the consolidated balance sheet as of September 30, 2020.
The Company had previously determined in the first two quarters of 2020 that the impact of COVID-19 and suppression of interest rates was expected to be short term and due to excess fair value over carrying value of the reporting unit from the prior quantitative test, concluded that no indicators were triggered that would have required an interim impairment test.

13
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
7. Allowance for Credit Losses
The Company adopted ASC 326 using a modified retrospective method for all financial assets measured at amortized cost. Results for the reporting periods beginning January 1, 2020 and after are presented under ASC 326 while prior period amounts are reported in accordance with previous applicable GAAP. The Company recorded a decrease of $20.4 million to retained earnings, net of tax, as of January 1, 2020 for the cumulative impact of adoption.
The following table illustrates the impact of adoption:
As of January 1, 2020
Prior to adoptionAs reported on adoptionImpact of adoption
Financial assets, at amortized cost:
Reinsurance recoverables$9,593.4 $9,570.9 $(22.5)
Premiums and accounts receivable, net1,692.8 1,691.0 (1.8)
Commercial mortgage loans on real estate815.0 813.4 (1.6)
Total$12,101.2 $12,075.3 (25.9)
Tax effect5.5 
Cumulative effect of adoption$(20.4)
The total allowance for credit losses for the financial assets was $53.0 million, $46.2 million and $20.3 million as of September 30, 2020, January 1, 2020 (date of adoption) and December 31, 2019, respectively.
For the nine months ended September 30, 2020, the net increase in the allowance for credit losses that reduced pre-tax income was $10.2 million, consisting of increases in the allowance for credit losses of $14.1 million, partially offset by recoveries of $3.9 million, principally related to account write-downs established prior to implementation of the new standard. The net increase is classified in the consolidated statements of operations as follows: $2.6 million is included in underwriting, general and administrative expenses and $7.6 million included in net realized losses on investments, comprised of $4.7 million related to commercial mortgage loans on real estate, $1.5 million related to available for sale fixed maturity securities and $1.4 million related to the Iké Loan (as referenced in Note 5).
Reinsurance Recoverables
As part of the Company’s overall risk and capacity management strategy, reinsurance is used to mitigate certain risks underwritten by various business segments. The Company is exposed to the credit risk of reinsurers, as the Company remains liable to insureds regardless of whether related reinsurance recoverables are collected. As of September 30, 2020 and December 31, 2019, reinsurance recoverables totaled $9.80 billion and $9.59 billion, respectively, the majority of which are protected from credit risk by various types of collateral or other risk mitigation mechanisms, such as trusts, letters of credit or by withholding the assets in a modified coinsurance or funds withheld arrangement.
Methodology:
The Company uses a probability of default and loss given default methodology in estimating the allowance, whereby the credit ratings of reinsurers are used in determining the probability of default. The allowance is established for reinsurance recoverables on paid and unpaid future policy benefits and claims and benefits. Prior to applying default factors, the net exposure to credit risk is reduced for any collateral for which the right of offset exists, such as funds withheld, assets held in trust and letters of credit, which are part of the reinsurance arrangements, with adjustments to include consideration of credit exposure on the collateral. The methodology used by the Company incorporates historical default factors for each reinsurer based on their credit rating using comparably rated bonds as published by a major ratings service. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing and other relevant factors.
The Company utilizes external credit ratings published by S&P Global Ratings, a division of S&P Global Inc., at the balance sheet date when determining the allowance. Where rates are not available, the Company assigns default credit ratings
14
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
based on if the reinsurer is authorized or unauthorized. Of the total recoverables subject to the allowance, 77% were rated A- or better, 17% were rated BBB or BB, and 6% were not rated based on the Company’s analysis and assigned ratings.
The following table presents the changes in the CECL allowance for reinsurance recoverables by portfolio segment for the nine months ended September 30, 2020.
Global LifestyleGlobal HousingGlobal PreneedCorporate and OtherTotal
Balance, December 31, 2019$2.5 $0.3 $— $— $2.8 
Cumulative effect of adoption3.9 0.7 0.2 17.7 22.5 
Incremental allowance0.1 (0.4)— 3.1 2.8 
Recoveries(2.5)— — — (2.5)
Other— — (0.1)— (0.1)
Balance, September 30, 2020$4.0 $0.6 $0.1 $20.8 $25.5 
For the nine months ended September 30, 2020, the incremental allowance of $2.8 million was principally due to the reduction of anticipated recoveries upon default following the recent economic impact related to COVID-19. When determining the allowance at September 30, 2020, the Company did not increase default probabilities by reinsurer since there had been no credit rating downgrades or major negative credit indications of the Company’s reinsurers that has impacted rating. The allowance may be increased and income reduced in future periods if there are future ratings downgrades or other measurable information supporting an increase in reinsurer default probabilities, including, but not limited to, collateral reductions.
Premium and Accounts Receivables
The Company is exposed to credit risk from premiums and other accounts receivables. For premiums receivable, the exposure to loss upon a default is often mitigated by the ability to terminate the policy on default and offset the corresponding unearned premium liability. The Company has other mitigating offsets from amounts payable on commissions and profit share arrangements when the counterparty to the receivable is a sponsor/agent of the Company’s insurance product.
Methodology:
For receivables due directly from the insured or consumer, the allowance is generally calculated by aging receivable balances and applying default factors based on the Company’s historical collection data. For receivables due from product sponsors or agents, receivable balances are generally segregated by the sponsor or agent and an appropriate default factor determined based on creditworthiness, billing terms and aging of balances. The financial exposure of a credit loss is determined net of offsets (such as related unearned premium reserves for consumer receivables and receivables net of commissions payable, profit share liabilities and captive reinsurance for balances due from sponsors/agents) prior to applying a default factor.
The following table presents the changes in the allowance for credit losses by portfolio segment for premium and account receivables for the nine months ended September 30, 2020.
Global LifestyleGlobal HousingGlobal PreneedCorporate and OtherTotal
Balance, December 31, 2019$14.2 $0.2 $0.5 $0.4 $15.3 
Cumulative effect of adoption1.3 0.5 — — 1.8 
Acquired allowance as of acquisition date0.4 — — — 0.4 
Incremental allowance2.2 1.1 — 0.2 3.5 
Recoveries(1.4)— — — (1.4)
Write-offs(3.4)— — — (3.4)
Foreign currency translation(0.3)— — — (0.3)
Balance, September 30, 2020$13.0 $1.8 $0.5 $0.6 $15.9 
15
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
For the nine months ended September 30, 2020, the incremental allowance of $3.5 million relates to an increase in past due accounts and default factors following the economic impact related to COVID-19 to reflect the expectation that future defaults will exceed historical defaults. There is a risk that income may be reduced in future periods for additional credit losses.
Commercial Mortgage Loans
The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. and Canada. As of September 30, 2020, approximately 40% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Utah and New York. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from $0.1 million to $12.2 million as of September 30, 2020 and from $0.1 million to $12.3 million as of December 31, 2019.
Methodology:
The Company records commercial mortgage loans at amortized cost, net of the allowance for credit losses. The allowance for the Company’s commercial mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, utilizing a probability-of-default and loss methodology, which incorporates various probability weighted economic scenarios. The probability of default is estimated using macroeconomic factors as well as individual loan characteristics, including loan-to-value (“LTV”) and debt service coverage ratios (“DSC”), loan term, collateral type, geography and underlying credit. The loss given default is driven primarily by the type and value of underlying collateral, and to a lesser extent by expected liquidation costs and time to recovery. Each loan is analyzed individually based on loan-specific data elements to estimate the expected loss and then aggregated.
The Company places loans on nonaccrual status after 90 days of delinquent payments (unless the loans are secured and in the process of collection). A loan may be placed on nonaccrual status before this time if information is available that suggests collection is unlikely. The Company charges off loan and accrued interest balances that are deemed uncollectible. Charge offs are recorded to net income in the period deemed uncollectible.
Upon adoption of ASC 326 on January 1, 2020, the Company increased its allowance for credit losses from $0.6 million to $2.2 million with the after-tax impact of $1.3 million reflected in retained earnings. For the nine months ended September 30, 2020, the CECL allowance was increased by an additional $4.7 million due to an increase in anticipated default factors following the recent economic impact related to COVID-19.
The following table presents the amortized cost basis of commercial mortgage loans, excluding allowance for credit losses, by origination year for certain key credit quality indicators at September 30, 2020.
16
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
Origination Year
2019201820172016PriorTotal% of Total
Loan to value ratios (1):
70% and less$109.2 $187.9 $146.2 $90.7 $225.6 $759.6 97.6 %
71% to 80%7.0 — — 6.9 — 13.9 1.8 %
81% to 95%— — — — 4.5 4.5 0.6 %
Total$116.2 $187.9 $146.2 $97.6 $230.1 $778.0 100.0 %
Origination Year
2019201820172016PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$37.3 $71.2 $72.3 $67.2 $106.3 $354.3 45.5 %
1.5 to 2.041.6 73.7 47.7 20.8 55.0 238.8 30.7 %
1.0 to 1.537.3 43.0 26.2 9.6 64.5 180.6 23.2 %
Less than 1.0— — — — 4.3 4.3 0.6 %
Total$116.2 $187.9 $146.2 $97.6 $230.1 $778.0 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.

Available for Sale Securities
ASC 326 includes certain changes to the accounting and reporting for impairments involving available for sale securities, including presentation of credit-related impairments as an allowance rather than as a permanent impairment, eliminating duration of unrealized loss as a consideration when assessing recognition of an impairment, recognition of credit impairments upon purchase of securities as applicable, and requiring reversals of previously recognized credit-related impairments when applicable. Effective January 1, 2020, the Company’s updated accounting policy for available for sale securities is as follows:
For available for sale fixed maturity securities in an unrealized loss position for which the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before an anticipated recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost basis, changes to the credit rating of the security by a nationally recognized statistical ratings organization and any adverse conditions specifically related to the security, industry or geographic area, among other factors. If this assessment indicates a potential credit loss may exist, the present value of cash flows expected to be collected are compared to the security’s amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit-related impairment exists, and a charge to income and an associated allowance for credit losses is recorded for the credit-related impairment. Any impairment not related to credit losses is recorded through other comprehensive income. The amount of the allowance for credit losses is limited to the amount by which fair value is less than the amortized cost basis. Upon recognizing a credit-related impairment, the cost basis of the security is not adjusted.
Subsequent changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. For fixed maturities where the Company records a credit loss, a determination is made as to the cause of the impairment and whether the Company expects a recovery in the value. Write-offs are charged against the allowance when management concludes the financial asset is uncollectible. For fixed maturities where the Company expects a recovery in value, the effective yield method is utilized, and the investment is amortized to par. The Company recorded a $1.5 million allowance for credit losses on fixed maturity securities available for sale for the three and nine months ended September 30, 2020.
17
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
For available for sale fixed maturity securities that the Company intends to sell, or for which it is more likely than not that the Company will be required to sell before recovery of its amortized cost basis, the entire impairment loss, or difference between the fair value and amortized cost basis of the security, is recognized in net realized gains (losses). The new cost basis of the security is the previous amortized cost basis less the impairment recognized and is not adjusted for any subsequent recoveries in fair value. 
The Company reports receivables for accrued investment income separately from fixed maturities available for sale and elected not to measure allowances for credit losses for accrued investment income as uncollectible balances are written off in a timely manner.

8. Income Taxes
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted, implementing numerous changes to tax law including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits.
During the nine months ended September 30, 2020, the Company filed a refund claim for $198.4 million and recorded a $79.3 million tax benefit related to the ability to carryback net operating losses to prior periods under the CARES Act, resulting in a decrease of the deferred tax asset of $107.1 million and increase to the current receivable of $186.4 million. The Company accrued a $5.2 million after-tax interest benefit related to the refund from the carryback for the nine months ended September 30, 2020, included in the provision for income taxes in the consolidated statements of operations. The Company received the full amount of the refund plus interest in July 2020. The Company also recorded refundable employee retention tax credits of $3.1 million and $4.8 million for the three and nine months ended September 30, 2020, respectively, included in underwriting, general and administrative expenses in the consolidated statements of operations. Due to the recent enactment of this legislation, the Company continues to assess the potential tax impacts on its financial position and results of operations.

9. Segment Information
As of September 30, 2020, the Company had four reportable segments, which are defined based on the manner in which the Company’s chief operating decision maker, the Chief Executive Officer (“CEO”), reviews the business to assess performance and allocate resources, and which align to the nature of the products and services offered:
•Global Lifestyle: provides mobile device solutions and extended service products and related services for consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit and other insurance products (referred to as “Global Financial Services and Other”);
•Global Housing: provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”);
•Global Preneed: provides pre-funded funeral insurance, final need insurance and related services; and
•Corporate and Other: includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), interest income earned from short-term investments held, income (expenses) primarily related to the Company’s frozen benefit plans, amounts related to businesses previously disposed of through reinsurance and the run-off of the Assurant Health business. Corporate and Other also includes the foreign currency gains (losses) from remeasurement of monetary assets and liabilities, changes in the fair value of derivative instruments and other expenses related to merger and acquisition activities, as well as other highly variable or unusual items other than reportable catastrophes (reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums).
18
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
The following tables summarize selected financial information by segment:
Three Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$1,633.2 $453.6 $16.0 $— $2,102.8 
Fees and other income171.8 37.7 35.9 0.5 245.9 
Net investment income44.6 16.5 70.1 3.9 135.1 
Net realized gains on investments— — — 16.6 16.6 
Amortization of deferred gains on disposal of businesses — — — 2.1 2.1 
Total revenues1,849.6 507.8 122.0 23.1 2,502.5 
Benefits, losses and expenses
Policyholder benefits365.4 272.8 71.1 0.3 709.6 
Amortization of deferred acquisition costs and value of business acquired870.5 56.8 18.9 — 946.2 
Underwriting, general and administrative expenses480.8 162.2 15.3 29.2 687.5 
Goodwill impairment— — — 137.8 137.8 
Interest expense— — — 25.5 25.5 
Total benefits, losses and expenses1,716.7 491.8 105.3 192.8 2,506.6 
Segment income (loss) before provision (benefit) for income tax132.9 16.0 16.7 (169.7)(4.1)
Provision (benefit) for income taxes26.3 2.9 3.5 (6.3)26.4 
Segment income (loss) after taxes106.6 13.1 13.2 (163.4)(30.5)
Less: Net loss attributable to non-controlling interests— — — 0.3 0.3 
Net income (loss) attributable to stockholders106.6 13.1 13.2 (163.1)(30.2)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$106.6 $13.1 $13.2 $(167.8)$(34.9)
As of September 30, 2020
Segment assets:$23,563.3 $4,194.2 $7,507.0 $8,318.1 $43,582.6 
19
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

Three Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$1,525.1 $475.2 $15.1 $— $2,015.4 
Fees and other income224.2 35.1 35.7 0.1 295.1 
Net investment income62.1 22.4 73.0 12.0 169.5 
Net realized gains on investments— — — 14.9 14.9 
Amortization of deferred gains on disposal of businesses — — — 4.4 4.4 
Total revenues1,811.4 532.7 123.8 31.4 2,499.3 
Benefits, losses and expenses
Policyholder benefits392.1 245.8 67.3 — 705.2 
Amortization of deferred acquisition costs and value of business acquired791.9 47.3 30.3 — 869.5 
Underwriting, general and administrative expenses 496.6 187.6 18.2 62.1 764.5 
Iké net losses— — — 121.1 121.1 
Interest expense— — — 32.2 32.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses1,680.6 480.7 115.8 246.8 2,523.9 
Segment income (loss) before provision (benefit) for income tax130.8 52.0 8.0 (215.4)(24.6)
Provision (benefit) for income taxes28.7 10.4 0.6 (11.1)28.6 
Segment income (loss) after taxes102.1 41.6 7.4 (204.3)(53.2)
Less: Net income attributable to non-controlling interest— — — (1.6)(1.6)
Net income (loss) attributable to stockholders102.1 41.6 7.4 (205.9)(54.8)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$102.1 $41.6 $7.4 $(210.6)$(59.5)
20
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
Nine Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$4,799.0 $1,374.6 $49.4 $— $6,223.0 
Fees and other income721.6 106.0 106.2 0.5 934.3 
Net investment income143.5 54.9 210.3 19.6 428.3 
Net realized losses on investments— — — (54.6)(54.6)
Amortization of deferred gains on disposal of businesses — — — 8.7 8.7 
Total revenues5,664.1 1,535.5 365.9 (25.8)7,539.7 
Benefits, losses and expenses
Policyholder benefits1,044.7 651.9 211.6 0.7 1,908.9 
Amortization of deferred acquisition costs and value of business acquired2,519.7 169.9 56.1 — 2,745.7 
Underwriting, general and administrative expenses1,649.4 496.6 48.4 137.4 2,331.8 
Goodwill impairment— — — 137.8 137.8 
Iké net losses— — — 5.9 5.9 
Interest expense— — — 77.7 77.7 
Total benefits, losses and expenses5,213.8 1,318.4 316.1 359.5 7,207.8 
Segment income (loss) before provision (benefit) for income tax450.3 217.1 49.8 (385.3)331.9 
Provision (benefit) for income taxes101.0 44.4 10.6 (127.8)28.2 
Segment income (loss) after taxes349.3 172.7 39.2 (257.5)303.7 
Less: Net income attributable to non-controlling interests— — — (1.1)(1.1)
Net income (loss) attributable to stockholders349.3 172.7 39.2 (258.6)302.6 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$349.3 $172.7 $39.2 $(272.6)$288.6 
21
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
Nine Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$4,499.1 $1,407.1 $46.3 $— $5,952.5 
Fees and other income740.9 113.3 103.2 2.1 959.5 
Net investment income177.5 66.6 212.7 33.2 490.0 
Net realized gains on investments— — — 61.5 61.5 
Amortization of deferred gains on disposal of businesses — — — 16.9 16.9 
Total revenues5,417.5 1,587.0 362.2 113.7 7,480.4 
Benefits, losses and expenses
Policyholder benefits1,152.2 652.5 202.1 0.1 2,006.9 
Amortization of deferred acquisition costs and value of business acquired2,238.4 158.7 65.5 — 2,462.6 
Underwriting, general and administrative expenses 1,622.6 541.6 49.8 174.1 2,388.1 
Iké net losses— — — 130.5 130.5 
Interest expense— — — 85.2 85.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses5,013.2 1,352.8 317.4 421.3 7,104.7 
Segment income (loss) before provision (benefit) for income tax404.3 234.2 44.8 (307.6)375.7 
Provision (benefit) for income taxes92.3 48.4 8.7 (31.7)117.7 
Segment income (loss) after taxes312.0 185.8 36.1 (275.9)258.0 
Less: Net income attributable to non-controlling interest — — — (3.0)(3.0)
Net income (loss) attributable to stockholders312.0 185.8 36.1 (278.9)255.0 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$312.0 $185.8 $36.1 $(292.9)$241.0 
10. Contract Revenues
The Company partners with clients to provide consumers a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.
The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $124.6 million and $188.8 million for Global Lifestyle and $25.3 million and $23.8 million for Global Housing for the three months ended September 30, 2020 and 2019, respectively. The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $579.3 million and $614.6 million for
22
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
Global Lifestyle and $71.1 million and $81.4 million for Global Housing for the nine months ended September 30, 2020 and 2019, respectively.
Global Lifestyle
In the Company’s Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile carriers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its client, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payment for the products is received prior to shipment and the Company deducts its per unit fee prior to remitting the remainder to the client.
Global Housing
In the Company’s Global Housing segment, revenues from service contracts and sales of products are primarily from the Company’s Lender-placed Insurance business. Under the Company’s Lender-placed Insurance business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
Contract Balances
The receivables and unearned revenue under these contracts were $210.0 million and $85.7 million, respectively, as of September 30, 2020, and $185.0 million and $87.6 million, respectively, as of December 31, 2019. These balances are included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended September 30, 2020 and 2019 that was included in unearned revenue as of December 31, 2019 and 2018 was $10.3 million and $14.5 million, respectively. Revenue from service contracts and sales of products recognized during the nine months ended September 30, 2020 and 2019 that was included in unearned revenue as of December 31, 2019 and 2018 was $37.5 million and $44.7 million, respectively.
In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of September 30, 2020 and December 31, 2019, the Company has approximately $14.2 million and $25.8 million, respectively, of such intangible assets attributed to service contracts that will be expensed over the term of the client contracts.

11. Investments
The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, fair value, and impairment included within accumulated other comprehensive income (“AOCI”) of the Company’s fixed maturity securities as of the dates indicated:  
23
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 September 30, 2020
 Cost or
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueImpairment in
AOCI (1)
Fixed maturity securities:
U.S. government and government agencies and authorities$125.1 $— $6.8 $— $131.9 $— 
States, municipalities and political subdivisions224.6 — 34.2 (0.1)258.7 — 
Foreign governments872.2 — 149.7 (1.0)1,020.9 — 
Asset-backed529.9 — 8.5 (6.0)532.4 — 
Commercial mortgage-backed327.2 — 16.8 (3.8)340.2 — 
Residential mortgage-backed1,084.7 — 95.8 (0.2)1,180.3 2.5 
U.S. corporate6,001.0 (1.5)1,100.3 (23.2)7,076.6 17.6 
Foreign corporate2,214.6 — 341.6 (2.7)2,553.5 — 
Total fixed maturity securities$11,379.3 $(1.5)$1,753.7 $(37.0)$13,094.5 $20.1 
 December 31, 2019
 Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueImpairment in
AOCI (1)
Fixed maturity securities:
U.S. government and government agencies and authorities$188.9 $5.3 $(0.1)$194.1 $— 
States, municipalities and political subdivisions216.1 26.4 — 242.5 — 
Foreign governments916.9 94.3 (0.8)1,010.4 — 
Asset-backed502.4 3.1 (2.3)503.2 — 
Commercial mortgage-backed212.7 10.2 (0.8)222.1 — 
Residential mortgage-backed1,235.3 52.4 (1.4)1,286.3 3.1 
U.S. corporate5,679.8 818.9 (2.1)6,496.6 16.5 
Foreign corporate2,112.7 255.4 (0.9)2,367.2 — 
Total fixed maturity securities$11,064.8 $1,266.0 $(8.4)$12,322.4 $19.6 
 
(1)Represents the amount of non-credit related impairment recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date prior to adoption of ASC 326. See Note 3 for further information.
 
The Company’s state, municipality and political subdivision holdings are highly diversified across the U.S., with no individual state, municipality or political subdivision exposure (including both general obligation and revenue securities) exceeding 0.3% of the overall investment portfolio as of September 30, 2020 and December 31, 2019. As of September 30, 2020 and December 31, 2019, the securities included general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers, including $38.7 million and $51.9 million, respectively, of advance refunded or escrowed-to-maturity bonds (collectively referred to as “pre-refunded bonds”), which are bonds for which an irrevocable trust has been established to fund the remaining payments of principal and interest. As of September 30, 2020 and December 31, 2019, revenue bonds accounted for 63% and 60% of the holdings, respectively. Excluding pre-refunded bonds, the activities supporting the income streams of the Company’s revenue bonds are across a broad range of sectors, primarily water, airport and marina, specifically pledged tax revenues, leases, colleges and universities and other miscellaneous sources such as bond banks, finance authorities and appropriations.
24
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
The Company’s investments in foreign government fixed maturity securities are held mainly in countries and currencies where the Company has policyholder liabilities, to facilitate matching of assets to the related liabilities. As of September 30, 2020, approximately 59%, 12% and 8% of the foreign government securities were held in Canadian government/provincials and the governments of Brazil and Mexico, respectively. As of December 31, 2019, approximately 58%, 20% and 6% of the foreign government securities were held in Canadian government/provincials and the governments of Brazil and Mexico, respectively. No other country represented more than 4% and 5% of the Company’s foreign government securities as of September 30, 2020 and December 31, 2019, respectively.
The Company had European investment exposure in its corporate fixed maturity securities of $881.5 million with a net unrealized gain of $109.2 million as of September 30, 2020 and $802.3 million with a net unrealized gain of $82.4 million as of December 31, 2019. Approximately 28% of the corporate fixed maturity European exposure was held in the financial industry as of September 30, 2020 and December 31, 2019. The Company’s largest European country exposure (the United Kingdom) represented approximately 4% of the fair value of the Company’s corporate fixed maturity securities as of September 30, 2020 and December 31, 2019. The Company’s international investments are managed as part of the overall portfolio with the same approach to risk management and focus on diversification.
The Company had exposure to the energy sector in its corporate fixed maturity securities of $748.3 million with a net unrealized gain of $62.4 million as of September 30, 2020 and $784.4 million with a net unrealized gain of $93.1 million as of December 31, 2019. Approximately 86% and 94% of the energy exposure is rated as investment grade as of September 30, 2020 and December 31, 2019, respectively.
The cost or amortized cost and fair value of fixed maturity securities as of September 30, 2020 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
Cost or
Amortized Cost		Fair Value
Due in one year or less$463.5 $470.4 
Due after one year through five years2,547.5 2,717.6 
Due after five years through ten years2,439.3 2,744.2 
Due after ten years3,987.2 5,109.4 
Total9,437.5 11,041.6 
Asset-backed529.9 532.4 
Commercial mortgage-backed327.2 340.2 
Residential mortgage-backed1,084.7 1,180.3 
Total$11,379.3 $13,094.5 

The following table sets forth the net realized gains (losses), including impairment, recognized in the consolidated statements of operations for the periods indicated: 
25
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net realized gains (losses) related to sales and other:
Fixed maturity securities $1.8 $7.4 $7.6 $15.1 
Equity securities (1)16.9 9.4 (9.9)46.3 
Commercial mortgage loans on real estate(2.8)— (4.6)— 
Other investments2.2 0.3 (0.8)5.4 
Consolidated investment entities (2)— (2.0)(32.3)(4.2)
Total net realized gains (losses) related to sales and other18.1 15.1 (40.0)62.6 
Net realized losses related to impairments:
Fixed maturity securities (3)(1.5)(0.2)(3.2)(1.1)
Other investments (4)— — (11.4)— 
Total net realized losses related to impairments(1.5)(0.2)(14.6)(1.1)
Total net realized gains (losses)$16.6 $14.9 $(54.6)$61.5 
(1)Nine months ended September 30, 2020 and 2019 includes $2.2 million and $10.4 million, respectively, of gains on equity investment holdings accounted for under the measurement alternative. There were no changes in fair value recorded on equity investments holdings accounted for under the measurement alternative for the three months ended September 30, 2020 and 2019.
(2)Consists of net realized losses from the change in fair value of the Company’s direct investment in collateralized loan obligations (“CLOs”). Refer to Notes 5 and 12 for additional information.
(3)Includes credit impairment charges recognized in net realized gains (losses) of $1.5 million on fixed maturity securities available for sale for the three and nine months ended September 30, 2020. Refer to Note 7 for additional information.
(4)Results for the nine months ended September 30, 2020 consist of impairment losses on equity investment holdings accounted for under the measurement alternative.
The following table sets forth the portion of unrealized gains (losses) related to equity securities for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net gains (losses) recognized on equity securities$16.9 $9.4 $(9.9)$46.3 
Less: Net realized gains related to sales of equity securities0.4 0.9 1.3 — 
Total net unrealized gains (losses) on equity securities held$16.5 $8.5 $(11.2)$46.3 
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of September 30, 2020 and December 31, 2019 were as follows:
26
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 September 30, 2020
 Less than 12 months12 Months or MoreTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
States, municipalities and political subdivisions24.7 (0.1)— — 24.7 (0.1)
Foreign governments14.9 (1.0)— — 14.9 (1.0)
Asset-backed112.5 (3.8)83.9 (2.2)196.4 (6.0)
Commercial mortgage-backed53.2 (2.9)3.9 (0.9)57.1 (3.8)
Residential mortgage-backed26.2 (0.1)1.5 (0.1)27.7 (0.2)
U.S. corporate307.9 (22.0)15.7 (1.2)323.6 (23.2)
Foreign corporate112.9 (2.7)— — 112.9 (2.7)
Total fixed maturity securities$652.3 $(32.6)$105.0 $(4.4)$757.3 $(37.0)
 
 December 31, 2019
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$21.9 $(0.1)$— $— $21.9 $(0.1)
Foreign governments115.7 (0.8)— — 115.7 (0.8)
Asset-backed66.9 (0.2)105.1 (2.1)172.0 (2.3)
Commercial mortgage-backed20.0 (0.3)4.3 (0.5)24.3 (0.8)
Residential mortgage-backed82.5 (0.6)82.6 (0.8)165.1 (1.4)
U.S. corporate87.5 (1.4)14.4 (0.7)101.9 (2.1)
Foreign corporate45.8 (0.7)7.5 (0.2)53.3 (0.9)
Total fixed maturity securities$440.3 $(4.1)$213.9 $(4.3)$654.2 $(8.4)
Total gross unrealized losses represented approximately 5% and 1% of the aggregate fair value of the related securities as of September 30, 2020 and December 31, 2019, respectively. Approximately 88% and 49% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of September 30, 2020 and December 31, 2019, respectively. The total gross unrealized losses are comprised of 396 and 330 individual securities as of September 30, 2020 and December 31, 2019, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of September 30, 2020 and December 31, 2019 were related to non-credit factors and therefore, did not incur credit-related losses during the three and nine months ended September 30, 2020. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.

12. Variable Interest Entities
In the normal course of business, the Company is involved with various types of investment entities that may be considered VIEs. The Company evaluates its involvement with each entity to determine whether consolidation is required. The Company’s maximum risk of loss is limited to the carrying value and unfunded commitments of its investments in the VIEs.
Consolidated VIEs
One of the Company’s subsidiaries was registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser. The subsidiary (or one of its affiliates) managed and invested in CLOs and real estate funds and conducted other forms of investment activities. Prior to third quarter 2020, the Company had determined that the CLOs and real estate
27
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
fund were VIEs and consolidated each because the Company was deemed to be the primary beneficiary of these entities due to (i) its role as collateral manager, which gave it the power to direct the activities that most significantly impact the economic performance of the entities, and (ii) its economic interest in the entities, which exposed it to losses and the right to receive benefits that could potentially be significant to the entities. During the third quarter 2020, the Company sold its CLO asset management platform and outsourced its real estate asset management. As a result of these transactions, the Company deconsolidated the CLO entities and real estate fund since it no longer acts as collateral manager and, as a result, no longer has the power to control these entities. See Note 5 for additional information on the sale of the CLO asset management platform.
Collateralized Loan Obligations: Prior to the deconsolidation in the third quarter of 2020, the CLO entities were collateralized financing entities. Under the elected measurement alternative for collateralized financing entities, the carrying value of the CLO debt equals the fair value of the CLO assets (senior secured leveraged loans) as the assets have more observable fair values. The CLO liabilities are reduced by the fair value of the beneficial interests the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. CLO earnings attributable to the Company’s shareholders are measured by the change in the fair value of the Company’s CLO investments, net investment income earned and investment management and contingent performance fees earned. Investment management fees are reported as a reduction to investment expenses in the consolidated statements of operations. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs.
As of September 30, 2020, due to the deconsolidation, the CLO investments are reported in the consolidated balance sheet in fixed maturity securities and other investments. As of December 31, 2019, the carrying value of the Company’s investment in the CLOs that had closed was $77.4 million in subordinated debt tranches and $21.1 million in senior debt tranches.
The Company’s retained beneficial interests in subordinated tranches are measured at fair value using the market or income valuation techniques using significant unobservable inputs and assumptions, including prepayment, default rate, recovery lag, reinvestment, collateral liquidation price, discount rate and call date assumptions.
Real Estate Fund: Prior to the deconsolidation in the third quarter of 2020, the Company’s real estate fund investment was a closed ended fund that included contributions from third party investors, which were recorded as non-controlling interests. Real estate fund earnings attributable to the Company’s shareholders are measured by the net investment income of the real estate fund, which includes the change in fair value of the Company’s investments in the real estate fund and investment management fees earned. The Company had a majority investment in the real estate fund in the form of an equity interest. As of September 30, 2020, the real estate fund is reported in the consolidated balance sheet in other investments. The carrying value of the Company’s investment in the real estate fund was $88.3 million as of December 31, 2019.
For all consolidated investment entities, intercompany transactions are eliminated upon consolidation.
Fair Value of VIE Assets and Liabilities
The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 13 for the definition of the three levels of the fair value hierarchy. The following table presents the Company’s fair value hierarchy for financial assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis as of December 31, 2019.
28
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
December 31, 2019
TotalLevel 1Level 2Level 3
Financial Assets
Investments:
Cash and cash equivalents$32.9 $32.9 (1)$— $— 
Corporate debt securities1,850.7 — 1,850.7 — 
Real estate fund107.2 — — 107.2 
Total financial assets$1,990.8 $32.9 $1,850.7 $107.2 
Financial Liabilities
Collateralized loan obligation notes$1,603.1 $— $1,603.1 $— 
Total financial liabilities$1,603.1 $— $1,603.1 $— 
(1)Amounts consist of money market funds.
Level 2 Securities
Corporate debt securities: These assets are comprised of senior secured leveraged loans. The Company values these securities using estimates of fair value from a pricing service which utilizes the market valuation technique. The primary observable market inputs used by the pricing service are prices of reported trades from dealers. The fair value is calculated using a simple average of the prices received.
Collateralized loan obligation notes: As the Company elected the measurement alternative, the carrying value of the CLO debt is equal to the fair value of the CLO assets. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets.
Level 3 Securities
Real estate fund: These assets are comprised of investments in limited partnerships whose underlying investments are real estate properties. Management estimates the fair value of these real estate assets using the market, income or cost approach valuation techniques, using significant unobservable inputs and assumptions, including capitalization rates, discount rates, market comparable prices, leasing assumptions and replacement costs.
The following table summarizes the change in balance sheet carrying value associated with Level 3 assets held by consolidated investment entities measured at fair value during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Balance, beginning of period$54.5 $138.2 $107.2 $112.0 
Purchases— — — 15.4 
Sales— (5.6)(61.0)(5.6)
Deconsolidation adjustments (1)
(54.5)— (54.5)— 
Total income included in earnings— 6.5 8.3 17.3 
Balance, end of period$— $139.1 $— $139.1 
(1) Deconsolidation adjustments include $8.8 million related to non-controlling interests and $45.7 million related to investments retained, which are now included in other investments.

29
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
13. Fair Value Disclosures
Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures
The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as 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. In accordance with this guidance, the Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.
The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.
The levels of the fair value hierarchy are described below:
•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
•Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.
•Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, a modified coinsurance arrangement and other derivatives. Other liabilities are comprised of investments in the AIP and other derivatives, including the put/call for Iké. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties. 
30
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 September 30, 2020 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$131.9 $—   $131.9   $—   
States, municipalities and political subdivisions258.7 —   258.7   —   
Foreign governments1,020.9 0.6   1,020.0   0.3   
Asset-backed532.4 —   531.6   0.8 
Commercial mortgage-backed340.2 —   320.4   19.8   
Residential mortgage-backed1,180.3 —   1,177.6   2.7   
U.S. corporate7,076.6 — 7,050.1 26.5 
Foreign corporate2,553.5 —   2,520.0   33.5   
Equity securities:
Mutual funds42.6 42.6 — — 
Common stocks20.4 18.6   0.7   1.1   
Non-redeemable preferred stocks321.4 —   319.3   2.1   
Short-term investments217.3 174.8 (2)42.5 —   
Other investments231.7 66.4 (1)165.3 (3)— 
Cash equivalents1,592.4 1,564.8 (2)27.6 (3)—   
Other assets1.0 — 0.8 (4)0.2 (4)
Assets held in separate accounts1,972.6 1,802.1 (1)170.5 (3)—   
Total financial assets$17,493.9 $3,669.9   $13,737.0   $87.0   
Financial Liabilities
Other liabilities$66.4 $66.4 (1)$— $— 
Liabilities related to separate accounts1,972.6 1,802.1 (1)170.5 (3)— 
  
Total financial liabilities$2,039.0 $1,868.5   $170.5 
  
$— 
  

 
 
31
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 December 31, 2019 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$194.1 $—  $194.1  $—  
States, municipalities and political subdivisions242.5 —  242.5  —  
Foreign governments1,010.4 0.3  1,010.1  —  
Asset-backed503.2 —  503.2  —  
Commercial mortgage-backed222.1 —  198.6  23.5  
Residential mortgage-backed1,286.3 —  1,286.3  —  
U.S. corporate6,496.6 — 6,494.8 1.8 
Foreign corporate2,367.2 —  2,331.5  35.7  
Equity securities:
Mutual funds45.5 45.5 — — 
Common stocks23.5 22.8  0.7  —  
Non-redeemable preferred stocks319.5 —  317.3  2.2  
Short-term investments367.5 271.4 (2)96.1 —  
Other investments234.6 70.3 (1)164.3 (3)— 
Cash equivalents1,287.5 1,277.8 (2)9.7 (3)—  
Assets held in separate accounts1,806.3 1,623.7 (1)182.6 (3)—  
Total financial assets$16,406.8 $3,311.8  $13,031.8  $63.2  
Financial Liabilities
Other liabilities$172.0 $70.3 (1)$101.5 (5)$0.2 
Liabilities related to separate accounts1,806.3 1,623.7 (1)182.6 (3)—  
Total financial liabilities$1,978.3 $1,694.0  $284.1  $0.2  
 
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities and related obligations.
(4)Primarily includes derivative assets.
(5)Includes the put/call related to the investment in Iké. See Note 5 for more information.

The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
32
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 September 30, 2020
  Fair Value
 Carrying
Value		TotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$771.1 $827.0 $— $— $827.0 
Other investments165.4 165.4 30.3 — 135.1 
Other assets24.8 24.8 — — 24.8 
Total financial assets$961.3 $1,017.2 $30.3 $— $986.9 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$527.1 $585.3 $— $— $585.3 
Funds withheld under reinsurance361.2 361.2 361.2 — — 
Debt2,008.6 2,204.3 — 2,204.3 — 
Total financial liabilities$2,896.9 $3,150.8 $361.2 $2,204.3 $585.3 
 December 31, 2019
  Fair Value
  
Carrying
Value		TotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$815.0 $843.8 $— $— $843.8 
Other investments140.0 140.0 30.7 — 109.3 
Other assets28.9 28.9 — — 28.9 
Total financial assets$983.9 $1,012.7 $30.7 $— $982.0 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$551.6 $588.4 $— $— $588.4 
Funds withheld under reinsurance319.4 319.4 319.4 — — 
Debt2,006.9 2,190.6 — 2,190.6 — 
Total financial liabilities$2,877.9 $3,098.4 $319.4 $2,190.6 $588.4 
 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above.

14. Reserves
Reserve Roll Forward
The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.
Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.
33
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
For the Nine Months Ended September 30,
20202019
Claims and benefits payable, at beginning of period$2,687.7 $2,813.7 
Less: Reinsurance ceded and other(1,900.0)(2,053.7)
Net claims and benefits payable, at beginning of period787.7 760.0 
Incurred losses and loss adjustment expenses related to:
Current year1,951.4 2,034.2 
Prior years(43.0)(27.3)
Total incurred losses and loss adjustment expenses1,908.4 2,006.9 
Paid losses and loss adjustment expenses related to:
Current year1,368.4 1,468.4 
Prior years463.0 470.4 
Total paid losses and loss adjustment expenses1,831.4 1,938.8 
Net claims and benefits payable, at end of period864.7 828.1 
Plus: Reinsurance ceded and other (1) 1,893.5 2,043.0 
Claims and benefits payable, at end of period (1)$2,758.2 $2,871.1 
(1)Includes reinsurance recoverables and claims and benefits payable of $118.4 million and $191.7 million as of September 30, 2020 and 2019, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
The Company experienced favorable development in both periods presented in the roll forward table above. Global Lifestyle contributed $34.0 million and $28.5 million to the net favorable development during the nine months ended September 30, 2020 and 2019, respectively. The net favorable development in both years was attributable to nearly all lines of business across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience each period. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable. Global Housing contributed $2.9 million of net favorable development and $7.5 million of net unfavorable development for the nine months ended September 30, 2020 and 2019, respectively. The net favorable development in 2020 was primarily attributable to Lender-placed Insurance products from accident year 2019 due to lower than expected claim frequency for water damage and other claims. The net unfavorable development in 2019 was primarily attributable to $4.5 million in net unfavorable development from prior catastrophes, due to rising severity trends from Hurricane Maria and Michael, partially offset by increased subrogation recoveries associated with the 2017 and 2018 California wildfires. Global Preneed and other contributed $6.1 million and $6.3 million in net favorable development for the nine months ended September 30, 2020 and 2019, respectively.

34
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
15. Debt
The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized
discount and issuance costs as applicable, as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
Principal AmountCarrying ValuePrincipal AmountCarrying Value
Floating Rate Senior Notes due March 2021 (1)$50.0 $50.0 $50.0 $49.9 
4.00% Senior Notes due March 2023
350.0 348.8 350.0 348.5 
4.20% Senior Notes due September 2023
300.0 298.2 300.0 297.8 
4.90% Senior Notes due March 2028
300.0 297.1 300.0 296.8 
3.70% Senior Notes due February 2030
350.0 347.0 350.0 346.8 
6.75% Senior Notes due February 2034
275.0 272.2 275.0 272.1 
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (2)
400.0 395.3 400.0 395.0 
Total Debt$2,008.6 $2,006.9 
(1)Bears floating interest at a rate equal to three-month LIBOR plus 1.25% per annum.
(2)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter.

Credit Facility
The Company has a senior unsecured $450.0 million revolving credit agreement (the “Credit Facility”) with a syndicate of banks arranged by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association (the “Lenders”). The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $450.0 million, which may be increased up to $575.0 million. The Credit Facility is available until December 2022, provided the Company is in compliance with all covenants. The Credit Facility has a sub-limit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for the Company’s commercial paper program or for general corporate purposes.
On March 27, 2020, the Company drew down $200.0 million from its Credit Facility as a precautionary measure to strengthen its liquidity position and capital flexibility due to the uncertainty caused by the COVID-19 pandemic. The initial interest period for the loan ended on June 26, 2020 and bore a floating interest rate equal to three-month LIBOR plus 1.50% per annum. Upon the expiration of the initial interest period, the Company continued the $200.0 million loan for an additional month bearing a floating interest rate equal to one-month LIBOR plus 1.50% per annum. The Company repaid the full $200.0 million loan on July 29, 2020. As of September 30, 2020, no borrowings were outstanding under the Credit Facility, and $445.5 million was available under the Credit Facility, due to $4.5 million of letters of credit outstanding. Total interest expense on the $200.0 million draw for the nine months ended September 30, 2020 was $1.7 million.
Interest Rate Derivatives
In March 2018, the Company exercised a series of derivative transactions it had entered into in 2017 to hedge the interest rate risk related to expected borrowing to finance the acquisition of TWG Holdings Limited and its subsidiaries. The Company determined that the derivatives qualified for hedge accounting as effective cash flow hedges and recognized a deferred gain of $26.7 million upon settlement that was reported through other comprehensive income. The deferred gain is being recognized as a reduction in interest expense related to the 4.20% senior notes due 2023, the 4.90% senior notes due 2028 and the 7.00% fixed-to-floating rate subordinated notes on an effective yield basis. The amortization of the deferred gain for the three months ended September 30, 2020 and 2019 was $0.7 million and $0.6 million, respectively, and the amortization of deferred gain for nine months ended September 30, 2020 and 2019 was $2.2 million and $2.1 million, respectively. The remaining deferred gain as of September 30, 2020 was $19.3 million.

35
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
16. Accumulated Other Comprehensive Income
Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 
 Three Months Ended September 30, 2020
 Foreign
currency
translation
adjustment		Net unrealized
gains on
investments		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net losses on Pension PlansAccumulated
other
comprehensive
income
Balance at June 30, 2020$(379.0)$989.1 $15.9 $— $14.3 $(71.4)$568.9 
Change in accumulated other comprehensive income (loss) before reclassifications35.3 53.8 — 1.2 1.5 (0.5)91.3 
Amounts reclassified from accumulated other comprehensive income (loss)— 0.3 (0.6)— — (1.7)(2.0)
Net current-period other comprehensive income (loss)35.3 54.1 (0.6)1.2 1.5 (2.2)89.3 
Balance at September 30, 2020$(343.7)$1,043.2 $15.3 $1.2 $15.8 $(73.6)$658.2 
 Three Months Ended September 30, 2019
 Foreign
currency
translation
adjustment		Net unrealized
gains on
investments		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) gains on Pension PlansAccumulated
other
comprehensive
income
Balance at June 30, 2019$(366.6)$778.4 $15.2 $— $15.6 $(113.9)$328.7 
Change in accumulated other comprehensive (loss) income before reclassifications(23.6)101.0 0.5 — 0.2 0.1 78.2 
Amounts reclassified from accumulated other comprehensive (loss) income— (3.6)2.2 — — (0.3)(1.7)
Net current-period other comprehensive (loss) income(23.6)97.4 2.7 — 0.2 (0.2)76.5 
Balance at September 30, 2019$(390.2)$875.8 $17.9 $— $15.8 $(114.1)$405.2 
36
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 Nine Months Ended September 30, 2020
 Foreign
currency
translation
adjustment		Net unrealized
gains on
securities		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) on Pension Plans (1)Accumulated
other
comprehensive
income
Balance at December 31, 2019$(358.9)$856.5 $17.1 $— $15.5 $(118.7)$411.5 
Change in accumulated other comprehensive (loss) income before reclassifications(4.5)189.1 — 1.2 0.3 48.4 234.5 
Amounts reclassified from accumulated other comprehensive income (loss)19.7 (2.4)(1.8)— — (3.3)12.2 
Net current-period other comprehensive income (loss)15.2 186.7 (1.8)1.2 0.3 45.1 246.7 
Balance at September 30, 2020$(343.7)$1,043.2 $15.3 $1.2 $15.8 $(73.6)$658.2 
 Nine Months Ended September 30, 2019
 Foreign
currency
translation
adjustment		Net unrealized
gains on
securities		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) on Pension PlansAccumulated
other
comprehensive
income
Balance at December 31, 2018$(375.6)$301.0 $18.4 $— $15.1 $(114.3)$(155.4)
Change in accumulated other comprehensive (loss) income before reclassifications(14.6)581.4 (1.5)— 0.7 0.1 566.1 
Amounts reclassified from accumulated other comprehensive (loss) income— (6.6)1.0 — — 0.1 (5.5)
Net current-period other
comprehensive (loss) income		(14.6)574.8 (0.5)— 0.7 0.2 560.6 
Balance at September 30, 2019$(390.2)$875.8 $17.9 $— $15.8 $(114.1)$405.2 
 

(1)The Retirement Health Benefits plan was amended in February 2020, which resulted in a prior service credit recognized in other comprehensive income that will be recognized in income over the remaining period of the plan. Refer to Note 20 for additional information.
The following tables summarize the reclassifications out of AOCI for the periods indicated:
37
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
Details about accumulated other comprehensive income componentsAmount reclassified from
accumulated other
comprehensive income		Affected line item in the
statement where net
income is presented
 Three Months Ended September 30, 
 20202019 
Net unrealized losses (gains) on investments$0.3 $(4.5)Net realized gains (losses) on investments
— 0.9 Provision for income taxes
$0.3 $(3.6)Net of tax
Net unrealized (gains) losses on derivative transactions$(0.7)$2.0 Interest expense
0.1 0.2 Provision for income taxes
$(0.6)$2.2 Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss (gain)$1.3 $(0.4)(1)
Amortization of prior service credit(3.4)— (1)
(2.1)(0.4)
0.4 0.1 Provision for income taxes
$(1.7)$(0.3)Net of tax
Total reclassifications for the period$(2.0)$(1.7)Net of tax
Details about accumulated other comprehensive income componentsAmount reclassified from
accumulated other
comprehensive income		Affected line item in the
statement where net
income is presented
Nine Months Ended September 30,
20202019
Foreign currency translation adjustment$19.7 $— Iké net losses (see Note 5)
— — Provision for income taxes
$19.7 $— Net of tax
Net unrealized gains on investments$(3.1)$(8.3)Net realized gains (losses) on investments
0.7 1.7 Provision for income taxes
$(2.4)$(6.6)Net of tax
Net unrealized (gains) losses on derivative transactions$(2.2)$0.5 Interest expense
0.4 0.5 Provision for income taxes
$(1.8)$1.0 Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss$3.8 $0.2 (1)
Amortization of prior service credit(7.9)— (1)
(4.1)0.2 
0.8 (0.1)Provision for income taxes
$(3.3)$0.1 Net of tax
Total reclassifications for the period$12.2 $(5.5)Net of tax
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 20 for additional information.
38
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)

17. Stock Based Compensation
Under the Assurant, Inc. 2017 Long-Term Equity Incentive Plan (“ALTEIP”), as amended in May 2019, the Company is authorized to issue up to 1,588,797 new shares of the Company’s common stock to employees, officers and non-employee directors. Under the ALTEIP, the Company may grant awards based on shares of its common stock, including stock options, stock appreciation rights, restricted stock (including performance shares), unrestricted stock, restricted stock units (“RSUs”), performance share units (“PSUs”) and dividend equivalents. All share-based grants are awarded under the ALTEIP.
Restricted Stock Units
The following table shows a summary of RSU activity during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
RSU compensation expense$7.2 $7.9 $20.8 $22.3 
Income tax benefit(1.4)(1.4)(3.8)(4.1)
RSU compensation expense, net of tax$5.8 $6.5 $17.0 $18.2 
RSUs granted32,844 29,195 294,794 254,591 
Weighted average grant date fair value per unit$101.81 $108.99 $92.2 $98.86 
Total fair value of vested RSUs$4.8 $6.4 $29.2 $33.2 
As of September 30, 2020, there was $24.4 million of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.1 years.
Performance Share Units
The following table shows a summary of PSU activity during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
PSU compensation expense$7.6 $6.7 $19.7 $17.5 
Income tax benefit(0.8)(1.0)(2.1)(2.5)
PSU compensation expense, net of tax$6.8 $5.7 $17.6 $15.0 
PSUs granted— — 302,274 246,219 
Weighted average grant date fair value per unit$— $— $87.36 $105.23 
Total fair value of vested PSUs$0.3 $1.9 $24.7 $19.6 
As of September 30, 2020, there was $27.8 million of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 1.1 years. 
The fair value of PSUs with market conditions was estimated as of the date of grant using a Monte Carlo simulation model, which utilizes multiple variables that determine the probability of satisfying the market condition stipulated in the award. Expected volatilities for awards issued during the nine months ended September 30, 2020 and 2019 were based on the historical stock prices of the Company’s stock and peer group. The expected term for grants issued during the nine months ended September 30, 2020 and 2019 was assumed to equal the average of the vesting period of the PSUs. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant.

39
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
18. Equity Transactions
Stock Repurchase
During the nine months ended September 30, 2020 and 2019, the Company repurchased 1,312,443 and 1,582,448 shares of the Company’s outstanding common stock at a cost of $153.2 million and $166.1 million, exclusive of commissions, respectively, leaving $333.1 million remaining under the total repurchase authorization as of September 30, 2020.
The timing and the amount of future repurchases will depend on market conditions, the Company’s financial condition, results of operations and liquidity and other factors.
Issuance of Mandatory Convertible Preferred Stock (“MCPS”)
In March 2018, the Company issued 2,875,000 shares of the MCPS at a public offering price of $100.00 per share. The net proceeds from the sale of the MCPS was $276.4 million after deducting the underwriting discounts and offering expenses.
Each outstanding share of MCPS will convert automatically on March 15, 2021 into between 0.9391 (the “minimum conversion rate”) and 1.1269 shares of common stock, subject to customary anti-dilution adjustments. At any time prior to March 2021, holders may elect to convert each share of MCPS into shares of common stock at the minimum conversion rate or in the event of a fundamental change at the specified rates as defined in the Certificate of Designations of the MCPS.
Dividends on the MCPS will be payable on a cumulative basis when, as and if declared, at an annual rate of 6.50% of the liquidation preference of $100.00 per share. The Company may pay declared dividends in cash or, subject to certain limitations, in shares of the Company’s common stock, or in any combination of cash and shares of the Company’s common stock quarterly, commencing in June 2018 and ending in March 2021. No dividend or distribution may be declared or paid on common stock or any other class or series of junior stock, and no common stock or any other class or series of junior stock or parity stock may be purchased, redeemed or otherwise acquired for consideration unless all accumulated and unpaid dividends on the MCPS for all preceding dividend periods have been declared and paid in full, subject to certain limited exceptions. The Company paid preferred stock dividends of $4.7 million for the three months ended September 30, 2020 and 2019. The Company paid preferred stock dividends of $14.0 million for the nine months ended September 30, 2020 and 2019.

19. Earnings Per Common Share
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon conversion of the MCPS using the if-converted method. Refer to Notes 17 and 18 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
40
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Numerator
Net (loss) income attributable to stockholders$(30.2)$(54.8)$302.6 $255.0 
Less: Preferred stock dividends(4.7)(4.7)(14.0)(14.0)
Net (loss) income attributable to common stockholders(34.9)(59.5)288.6 241.0 
Less: Common stock dividends paid(37.5)(37.3)(115.1)(113.0)
Undistributed earnings$(72.4)$(96.8)$173.5 $128.0 
Denominator
Weighted average common shares outstanding used in basic earnings per common share calculations60,190,103 61,804,492 60,384,817 62,204,242 
Incremental common shares from:
PSUs— — 253,982 256,003 
ESPP— — 2,146 — 
MCPS— — — — 
Weighted average common shares used in diluted earnings per common share calculations60,190,103 61,804,492 60,640,945 62,460,245 
Earnings per common share - Basic
Distributed earnings$0.62 $0.60 $1.91 $1.82 
Undistributed (losses) earnings(1.20)(1.56)2.87 2.06 
Net (loss) income attributable to common stockholders$(0.58)$(0.96)$4.78 $3.88 
Earnings per common share - Diluted (1)
Distributed earnings$0.62 $0.60 $1.90 $1.81 
Undistributed (losses) earnings(1.20)(1.56)2.86 2.05 
Net (loss) income attributable to common stockholders$(0.58)$(0.96)$4.76 $3.86 

(1)In accordance with earnings per share guidance, diluted per share amounts are computed in the same manner as basic per share amounts when a loss from operations exists.
Average PSUs totaling 233,039 for the three months ended September 30, 2020 were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. There were no anti-dilutive average PSUs for the nine months ended September 30, 2020. Average PSUs totaling 261,332 and 118 for the three and nine months ended September 30, 2019, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Incremental common shares from ESPP totaling 2,580 and 2,631 for the three months ended September 30, 2020 and 2019, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average MCPS totaling 2,699,913 for the three and nine months ended September 30, 2020 and 2,693,588 and 2,739,875 for the three and nine months ended September 30, 2019, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the if-converted method.

20. Retirement and Other Employee Benefits
The Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. In addition, the Company provides certain life and health care benefits (“Retirement Health Benefits”) for retired employees and their dependents. The Pension Benefits and Retirement Health Benefits (together, the “Plans”) were frozen on March 1, 2016.
41
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
In February 2020, the Company amended the Retirement Health Benefits to terminate effective December 31, 2024 (the “Termination Date”). Benefits will be paid up to the Termination Date. The Retirement Health Benefits obligations were re-measured using a discount rate of 1.55%, selected based on a cash flow analysis using a bond yield curve as of February 29, 2020, and the fair market value of the Retirement Health Benefits assets as of February 29, 2020. The remeasurement resulted in a reduction to the Retirement Health Benefits obligations of $65.6 million and a corresponding prior service credit in AOCI, which will be reclassified from AOCI as it is amortized in the net periodic benefit cost over the remaining period until the Termination Date.
The following tables present the components of net periodic benefit cost for the Plans for the three and nine months ended September 30, 2020 and 2019: 
 Qualified Pension BenefitsUnfunded Non-qualified 
Pension Benefits		Retirement Health
Benefits
 For the Three Months Ended September 30,For the Three Months Ended September 30,For the Three Months Ended September 30,
 202020192020201920202019
Interest cost$5.1 $6.2 $0.5 $0.8 $0.1 $0.6 
Expected return on plan assets(7.7)(8.7)— — (0.8)(0.5)
Amortization of prior service credit— — — — (3.4)— 
Amortization of net loss0.7 — 0.6 0.2 — (0.6)
Net periodic benefit cost$(1.9)$(2.5)$1.1 $1.0 $(4.1)$(0.5)
 Qualified Pension BenefitsUnfunded Nonqualified 
Pension Benefits		Retirement Health
Benefits
 For the Nine Months Ended September 30,For the Nine Months Ended September 30,For the Nine Months Ended September 30,
 202020192020201920202019
Interest cost$15.3 $19.3 $1.5 $2.2 $0.6 $2.4 
Expected return on plan assets(23.1)(26.7)— — (1.3)(1.4)
Amortization of prior service credit— — — — (7.9)— 
Amortization of net loss (gain)2.1 — 1.7 0.8 — (0.6)
Net periodic benefit cost$(5.7)$(7.4)$3.2 $3.0 $(8.6)$0.4 
 
The Assurant Pension Plan funded status was $54.1 million at September 30, 2020 and $66.4 million at December 31, 2019 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 107% and 109% funded status at September 30, 2020 and December 31, 2019, respectively. During the nine months ended September 30, 2020, no cash was contributed to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funded status, no additional cash is expected to be contributed to the Assurant Pension Plan over the remainder of 2020.

21. Commitments and Contingencies
Letters of Credit
In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $7.6 million and $12.1 million of letters of credit outstanding as of September 30, 2020 and December 31, 2019, respectively.
Legal and Regulatory Matters
The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. In particular, the Company is a
42
Assurant, Inc.
Notes to Consolidated Financial Statements (unaudited)
(in millions, except number of shares and per share amounts)
defendant in class actions in a number of jurisdictions regarding its Lender-placed Insurance programs. These cases assert a variety of claims under a number of legal theories. The plaintiffs typically seek premium refunds and other relief. The Company continues to defend itself vigorously in these class actions. The Company has participated and may participate in settlements on terms that the Company considers reasonable.
The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.
Risks and Uncertainties
The Company is actively monitoring developments related to the COVID-19 pandemic to assess the ongoing impact on its business, results of operations and financial condition. While continuing to evolve, the COVID-19 pandemic has caused significant global economic and financial market disruption, resulting in increased financial market volatility, business and operational challenges such as the temporary closures of businesses, and overall diminished expectations for the economy and the financial markets.
At this time, it is not possible to estimate how long it will take to halt the spread of the virus or the long-term effects that the COVID-19 pandemic could have on the economy or the Company’s business.  The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations or financial condition, including demand for the Company’s products and services and the value of the Company’s investment portfolio and other tangible or intangible assets, among other impacts, will depend on future developments which are highly uncertain and difficult to predict. These include the severity and duration of the pandemic and the actions taken by government authorities and other third parties to contain or address its impact. Even after the COVID-19 outbreak has subsided, the Company may experience materially adverse impacts to its business, results of operations and financial condition as a result of the pandemic’s global economic impact.

22. Subsequent Event
Acquisition of HYLA Mobile
In October 2020, the Company announced the signing of a definitive agreement to acquire HYLA Mobile, a provider of smartphone software and trade-in and upgrade services, for $325.0 million. The acquisition is expected to close by the end of 2020, subject to regulatory and other customary approvals, and to be funded through a combination of existing cash at the holding company and new debt to be issued before closing.

43


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions, except number of shares and per share amounts)
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and the annual audited consolidated financial statements for the year ended December 31, 2019 and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited consolidated financial statements for the three and nine months ended September 30, 2020 and accompanying notes (the “Consolidated Financial Statements”) included elsewhere in this Quarterly Report on Form 10-Q (this “Report”).
Some of the statements included in this MD&A and elsewhere in this Report, particularly those with respect to the proposed HYLA Mobile acquisition and process to explore strategic alternatives for our Global Preneed segment, including our financial plans and any statements regarding our anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We do not have a definitive timetable to complete our review of strategic alternatives for our Global Preneed segment and there can be no assurance that any such process will result in a transaction. You can identify these statements by the use of words such as “will,” “may,” “can,” “anticipates,” “expects,” “estimates,” “projects,” “intends,” “plans,” “believes,” “targets,” “forecasts,” “potential,” “approximately,” and the negative version of those words and other words and terms with a similar meaning. Any forward-looking statements contained in this Report are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. We undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments. The following factors could cause our actual results to differ materially from those currently estimated by management:
(i)the impact of the COVID-19 pandemic, including the scope and duration of the outbreak, government actions and restrictive measures taken in response, and its effect on the global economic and financial markets;
(ii)the loss of significant clients, distributors or other parties with whom we do business, or if we are unable to renew contracts with them on favorable terms, or those parties facing financial, reputational or regulatory issues;
(iii)significant competitive pressures, changes in customer preferences and disruption;
(iv)the failure to find suitable acquisitions, integrate completed acquisitions or grow organically, and risks associated with joint ventures and franchise ownership and operations;
(v)the impact of general economic, financial market and political conditions, including unfavorable conditions in the capital and credit markets and in the markets in which we operate, including as a result of COVID-19;
(vi)risks related to our international operations, including the United Kingdom’s withdrawal from the European Union, or fluctuations in exchange rates;
(vii)the impact of catastrophic and non-catastrophe losses, including as a result of climate change;
(viii)our inability to recover should we experience a business continuity event, including as a result of COVID-19;
(ix)our inability to develop and maintain distribution sources or attract and retain sales representatives and executives with key client relationships;
(x)the failure to manage vendors and other third parties on whom we rely to conduct business and provide services to our clients;
(xi)declines in the value of mobile devices, the risk of guaranteed buybacks or export compliance risk in our mobile business;
(xii)negative publicity relating to our products and services or the markets in which we operate;
(xiii)the failure to implement our strategy and to attract and retain key personnel, including senior management;
(xiv)employee misconduct;
44

(xv)the adequacy of reserves established for claims and our inability to accurately predict and price for claims;
(xvi)a decline in financial strength ratings or corporate senior debt ratings;
(xvii)an impairment of goodwill or other intangible assets;
(xviii)the failure to maintain effective internal control over financial reporting;
(xix)a decrease in the value of our investment portfolio, including due to market, credit and liquidity risks, changes in interest rates and COVID-19;
(xx)the impact of U.S. tax reform legislation and impairment of deferred tax assets;
(xxi)the unavailability or inadequacy of reinsurance coverage and the credit risk of reinsurers, including those to whom we have sold business through reinsurance;
(xxii)the credit risk of some of our agents, third-party administrators and clients;
(xxiii)the inability of our subsidiaries to pay sufficient dividends to the holding company and limitations on our ability to declare and pay dividends, including as a result of COVID-19;
(xxiv)changes in the method for determining LIBOR or the replacement of LIBOR;
(xxv)the failure to effectively maintain and modernize our information technology systems and infrastructure, or the failure to integrate those of acquired businesses;
(xxvi)breaches of our information systems or those of third parties with whom we do business, or the failure to protect data in such systems, including due to cyber-attacks and as a result of working remotely during the COVID-19 pandemic;
(xxvii)the costs of complying with, or the failure to comply with, extensive laws and regulations to which we are subject, including those related to privacy, data security and data protection;
(xxviii)the impact from litigation and regulatory actions, including those arising from COVID-19;
(xxix)reductions or deferrals in the insurance premiums we charge, including as a result of COVID-19; and
(xxx)changes in insurance and other regulation, including to mitigate the impact of COVID-19.
For additional information on factors that could affect our actual results, please refer to “Critical Factors Affecting Results” below and in Item 7 of our 2019 Annual Report, and “Item 1A—Risk Factors” below and in our 2019 Annual Report.
General
As of September 30, 2020, the Company had four reportable segments, which are defined based on the nature of the products and services offered:
•Global Lifestyle: provides mobile device solutions and extended service products and related services for consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit and other insurance products (referred to as “Global Financial Services and Other”);
•Global Housing: provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”);
•Global Preneed: provides pre-funded funeral insurance, final need insurance and related services; and
45

•Corporate and Other: includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), interest income earned from short-term investments held, income (expenses) primarily related to the Company’s frozen benefit plans, amounts related to businesses previously disposed of through reinsurance and the run-off of the Assurant Health business. Corporate and Other also includes the foreign currency gains (losses) from remeasurement of monetary assets and liabilities, changes in the fair value of derivative instruments and other expenses related to merger and acquisition activities, as well as other highly variable or unusual items other than reportable catastrophes (reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums).
The following discussion covers the three and nine months ended September 30, 2020 (“Third Quarter 2020” and “Nine Months 2020”) and the three and nine months ended September 30, 2019 (“Third Quarter 2019” and “Nine Months 2019”).
Executive Summary
COVID-19
    While continuing to evolve, the COVID-19 pandemic has caused significant global economic and financial market disruption, resulting in increased financial market volatility, business and operational challenges such as the temporary closures of businesses, and overall diminished expectations for the economy and the financial markets.
    Toward the end of the first quarter of 2020 and into the second quarter of 2020, the pandemic impacted each of our operating segments and may continue to impact our businesses if similar conditions continue to persist or worsen. Overall, in Third Quarter 2020, we believe COVID-19 had a modest negative impact on our net income, mainly due to lower investment income from lower yields. Our investment portfolio will continue to be impacted by COVID-19 and related financial market volatility. Though we generally believe our portfolio remains well diversified and high-quality, with the majority comprised of investment grade fixed maturity assets, interest rates are expected to remain relatively low for the foreseeable future. Refer to “—Investments” below and Note 11 to the Consolidated Financial Statements included elsewhere in this Report.
Our Response to COVID-19
As a global organization, we actively monitor the developments of the continuously evolving situation resulting from COVID-19. Throughout this period of uncertainty, we have acted swiftly and deliberately to safeguard our employees, to maintain business operations and service levels for customers, and to support our local communities. Since implementing restrictions on non-essential business travel and transitioning the vast majority of our workforce to work-from-home, we have approved a limited return to office within certain Asian and European locations, as well as limited, essential business travel. For those employees who need to work in our offices or global facilities, we’ve maintained safety and hygiene protocols, such as social distancing, mandatory use of personal protection equipment and regular cleaning and disinfecting of our locations. To support our employees, we have implemented additional floating holidays, a one-time COVID-19 relief payment for eligible work-from-home employees and incentive bonuses for eligible on-site employees, as well as increased well-being and mental health support services. We offered financial support through a special COVID-19 Emergency Relief Program to eligible employees who experienced severe financial hardship caused by the pandemic. We also have been active in maintaining our support within our local communities through charitable contributions.
Evaluation of Business Trends, Capital and Liquidity
We have run multiple scenarios based on the potential duration and severity of this crisis to better understand how our business might perform and stress-tested our capital, cash flows and liquidity. Our business has performed on the high-end of the scenarios, demonstrating its overall resilience.
Although in late March and through April, our businesses experienced a reduction in new sales across our Multifamily Housing and Global Automotive lines of business, as well as Global Preneed, these trends have generally reversed through the end of Third Quarter 2020. Our mobile business experienced lower trade-in activity and slower sales growth, which also improved through the end of Third Quarter 2020. We believe we have benefitted from our installed customer base across Connected Living, Global Automotive, Multifamily Housing and Global Preneed.
Third Quarter 2020 Global Lifestyle results were modestly impacted by COVID-19-related factors, including more favorable international claims activity in Connected Living and Global Automotive and lower expenses, offset by lower investment income and foreign exchange impacts. We expect that claims activity in Connected Living and Global Automotive will continue to normalize in the fourth quarter of 2020. We also expect investment income to be impacted from lower investment yields coming from new business. Throughout Global Lifestyle, we may also continue to see adverse fluctuations in foreign exchange.
46

Third Quarter 2020 Global Housing results were modestly impacted by COVID-19-related factors, including lower real estate owned (“REO”) volumes in Lender-placed Insurance and lower investment income, partially offset by lower expenses. For Lender-placed Insurance, we will continue to monitor the state of the overall housing market and the potential impact of the current mortgage moratorium, including REO volumes. Should the housing market deteriorate for a prolonged period, we would expect a longer-term increase in our placement rates. We also expect investment income to be impacted from lower investment yields.
For Global Preneed, sales have generally rebounded from April levels but remain below 2019 levels. We are also monitoring mortality trends, which have fluctuated during the pandemic, but were not a material driver of overall Global Preneed results in the quarter. We expect longer term results to be impacted from lower yields on new sales due to the current interest rate environment, given the average duration of our investment portfolio.
We continue to take actions to mitigate potential impacts, including deferring certain discretionary expenses and delaying the fulfillment of open positions in support functions, though we expect to see increased spending in these items in the fourth quarter of 2020, as well as in investments that had been deferred.
Throughout this period, we believe our liquidity has remained strong. As of September 30, 2020, we had $460.3 million of holding company liquidity.
For a discussion of the material risks relating to COVID-19 on our business, results of operations and financial condition, refer to the risk factor disclosed in Item 8.01 of our Current Report on Form 8-K filed on May 5, 2020 and “Item 1A—Risk Factors—The value of our deferred tax assets could become impaired, which could materially and adversely affect our results of operations and financial condition” in our 2019 Annual Report.
Global Preneed Goodwill Impairment and Review of Strategic Alternatives
During Third Quarter 2020, we identified impairment indicators impacting the fair value of Global Preneed in connection with exploring strategic alternatives for the Global Preneed business, including the possible sale of the business, to focus on opportunities within the broader Global Lifestyle and Global Housing portfolio. Such impairment indicators included the evaluation of the long-term economic performance of the segment in light of further expected decline in interest rates from the resurgence of COVID-19 cases. As interest rates are critical to the performance of the business, the anticipated declines in interest rates are expected to have adverse impacts on existing business and cause significant challenges to profitability from new business. The overall expected adverse impact to the business in the segment was an important indicator that triggered the requirement for an interim goodwill impairment analysis in the Third Quarter 2020. The fair value calculated in Third Quarter 2020 was lower than the carrying value of the reporting unit, resulting in the impairment of the entire goodwill of $137.8 million related to the Global Preneed reporting unit. For additional information on the impairment test, refer to Note 6 to the Consolidated Financial Statements included elsewhere in this Report.
Iké
    In May 2020, we sold our minority interests in Iké Grupo, Iké Asistencia and certain of their affiliates (collectively, “Iké”), terminated our obligations to purchase the remaining shares of Iké, and settled a financial derivative that provided an economic hedge against declines in the Mexican Peso relative to the U.S. Dollar. These transactions resulted in net cash outflows of $85.3 million, which included financing of $34.0 million, the proceeds from the settlement of the derivative and transaction expenses. For additional information on this transaction, see “—Liquidity and Capital Resources” below and Note 5 to the Consolidated Financial Statements included elsewhere in this Report.
American Financial & Automotive Services
In May 2020, we completed our acquisition of American Financial & Automotive Services, Inc. (“AFAS”), a provider of finance and insurance products and services including vehicle service contracts, guaranteed asset protection insurance and other ancillary products sold directly through a network of nearly 600 franchised dealership clients across 40 states, for total consideration of $176.9 million. See Note 4 to the Consolidated Financial Statements included elsewhere in this Report.
Catastrophe Reinsurance Program
In June 2020, we finalized our 2020 property catastrophe reinsurance program. The U.S. per-event catastrophe coverage provides $930.0 million of protection in excess of $80.0 million of retention per event. The coverage was placed with more than 40 reinsurers that are all rated A- or better by A.M. Best.
Acquisition of HYLA Mobile
47

In October 2020, we announced the signing of a definitive agreement to acquire HYLA Mobile, a provider of smartphone software and trade-in and upgrade services, for $325.0 million. The acquisition is expected to close by the end of 2020, subject to regulatory and other customary approvals, and to be funded through a combination of existing cash at the holding company and new debt to be issued before closing.
Summary of Financial Results
Consolidated net loss attributable to common stockholders decreased $24.6 million, or 41%, to $34.9 million for Third Quarter 2020 from $59.5 million for Third Quarter 2019. The decrease was largely driven by the absence of the $124.8 million reduction in fair value of Iké, as well as improved results from our Global Housing segment, excluding reportable catastrophes, partially offset by the $135.6 million after-tax impairment on the Global Preneed goodwill and $51.3 million of higher after-tax reportable catastrophes for Global Housing.
Global Lifestyle segment net income increased $4.5 million, or 4%, to $106.6 million for Third Quarter 2020 from $102.1 million for Third Quarter 2019, primarily driven by Connected Living, mainly due to mobile from continued subscriber growth in North America and Asia Pacific, as well as improved profitability from extended service contracts. Results were partially offset by lower investment income and unfavorable foreign exchange, as well as lower volumes and unfavorable loss experience in Global Financial Services and Other, including impacts from COVID-19.
Global Lifestyle net earned premiums, fees and other income increased $55.7 million, or 3%, to $1.81 billion for Third Quarter 2020 from $1.75 billion for Third Quarter 2019, primarily due to prior period sales in Global Automotive, as well as continued mobile subscriber growth. The increase was partially offset by lower mobile trade-in results, including a $39.0 million impact resulting from a previously disclosed mobile program change, and unfavorable foreign exchange.
Global Housing segment net income decreased $28.5 million, or 69%, to $13.1 million for Third Quarter 2020 from $41.6 million for Third Quarter 2019. Segment net income for Third Quarter 2020 included $87.0 million of reportable catastrophes, primarily from Hurricane Laura, compared to $35.7 million of reportable catastrophes for Third Quarter 2019. Excluding reportable catastrophes, segment net income increased $22.8 million, primarily due to more favorable non-catastrophe loss experience across our Specialty and Other products and Lender-placed Insurance driven by lower claims frequency, reserve releases related to run-off business and previously implemented underwriting initiatives. Growth in Multifamily Housing and Specialty and Other products also contributed to the increase.
Global Housing net earned premiums, fees and other income decreased $19.0 million, or 4%, to $491.3 million for Third Quarter 2020 from $510.3 million for Third Quarter 2019, primarily due to expected run-off of small commercial products and declines in Lender-placed Insurance policies in-force from the previously disclosed financially insolvent client. The decrease was partially offset by continued growth in Multifamily Housing and Specialty and Other products.
Global Preneed segment net income increased $5.8 million, or 78%, to $13.2 million for Third Quarter 2020 from $7.4 million for Third Quarter 2019. Third Quarter 2019 included a $9.9 million after-tax expense related to an out of period adjustment for over-capitalization of deferred acquisition costs occurring over a ten-year period. Excluding this adjustment, underlying results decreased primarily due to lower investment income from lower yields and real estate joint venture partnerships compared to the prior year period.
Global Preneed net earned premiums, fees and other income increased $1.1 million, or 2%, to $51.9 million for Third Quarter 2020 from $50.8 million for Third Quarter 2019, primarily driven by prior period sales of the Final Need product.
Critical Factors Affecting Results
Our results depend on, among other things, the appropriateness of our product pricing, underwriting, the accuracy of our reserving methodology for future policyholder benefits and claims, the frequency and severity of reportable and non-reportable catastrophes, returns on and values of invested assets, and our ability to manage our expenses and achieve expense savings. Our results will also depend on our ability to profitably grow our businesses, in particular our Connected Living, Multifamily Housing and Global Automotive businesses, and maintaining our position in our Lender-placed Insurance business and the North American credit insurance business in Global Financial Services and Other. Factors affecting these items, including the impact of the COVID-19 pandemic and measures taken in response thereto, conditions in financial markets, the global economy and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, may have a material adverse effect on our results of operations or financial condition. For more information on these and other factors that could affect our results, see “Item 1A—Risk Factors”, below and in our 2019 Annual Report, “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Factors Affecting Results” in our 2019 Annual Report and “—Executive Summary—COVID-19” and “—Executive Summary—Our Response to COVID-19,” above.
48

Our results may be impacted by our ability to continue to grow in the markets in which we operate, including in our Connected Living, Multifamily Housing and Global Automotive businesses. Our mobile business is subject to volatility in mobile device trade-in volumes based on the actual and anticipated timing of the release of new devices and carrier promotional programs, as well as to changes in consumer preferences. Our Lender-placed Insurance revenues will also be impacted by changes in the housing market. In addition, across many of our businesses, we must respond to the threat of disruption. See “Item 1A—Risk Factors—Business and Competitive Risks—Significant competitive pressures, changes in customer preferences and disruption could adversely affect our results of operations” in our 2019 Annual Report.
Management believes that we will have sufficient liquidity to satisfy our needs over the next twelve months, including the ability to pay interest on our debt and dividends on our common and preferred stock.
For Nine Months 2020, net cash provided by operating activities was $901.6 million; net cash used in investing activities was $275.2 million; and net cash used in financing activities was $296.8 million. We had $2.20 billion in cash and cash equivalents as of September 30, 2020 as compared to $1.87 billion as of December 31, 2019. See “—Liquidity and Capital Resources,” below for further details.
Critical Accounting Policies and Estimates
Our 2019 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition and liquidity. The accounting policies and estimation process described in the 2019 Annual Report were consistently applied to the unaudited interim Consolidated Financial Statements for Third Quarter 2020.
Recent Accounting Pronouncements
For a discussion of recent accounting pronouncements, see Note 3 to the Consolidated Financial Statements included elsewhere in this Report.
Regulatory Matters
We are subject to extensive federal, state and international regulation and supervision in the jurisdictions in which we do business, including insurance holding company laws in the jurisdictions in which our insurance companies are domiciled. For example, under applicable insurance holding company regulations, no person may acquire a controlling interest in the Company or any of our insurance company subsidiaries, unless such person has obtained prior regulatory approval for such acquisition. Under these laws, “control” is presumed when any person acquires or holds, directly or indirectly, 10% or more of our common stock or of the voting securities of any of our insurance company subsidiaries. To obtain approval, the proposed acquiror must file an application with the relevant regulator, including the regulator for the insurance subsidiaries we have established in the Netherlands for continued access to the European markets after the transition period for the U.K.’s withdrawal from the European Union. As previously disclosed, our insurance subsidiaries in the Netherlands have received the necessary regulatory approvals for the Company to continue conducting business in Europe following the end of the transition period.
For additional information, see “Item 1—Business—Regulation” in our 2019 Annual Report.
49

Results of Operations
Assurant Consolidated
Overview
The table below presents information regarding our consolidated results of operations for the periods indicated:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Revenues:
Net earned premiums$2,102.8 $2,015.4 $6,223.0 $5,952.5 
Fees and other income245.9 295.1 934.3 959.5 
Net investment income135.1 169.5 428.3 490.0 
Net realized gains (losses) on investments16.6 14.9 (54.6)61.5 
Amortization of deferred gains on disposal of businesses2.1 4.4 8.7 16.9 
Total revenues2,502.5 2,499.3 7,539.7 7,480.4 
Benefits, losses and expenses:
Policyholder benefits709.6 705.2 1,908.9 2,006.9 
Amortization of deferred acquisition costs and value of business acquired946.2 869.5 2,745.7 2,462.6 
Underwriting, general and administrative expenses687.5 764.5 2,331.8 2,388.1 
Goodwill impairment137.8 — 137.8 — 
Iké net losses— 121.1 5.9 130.5 
Interest expense25.5 32.2 77.7 85.2 
Loss on extinguishment of debt— 31.4 — 31.4 
Total benefits, losses and expenses2,506.6 2,523.9 7,207.8 7,104.7 
(Loss) income before provision for income taxes(4.1)(24.6)331.9 375.7 
Provision for income taxes26.4 28.6 28.2 117.7 
Net (loss) income(30.5)(53.2)303.7 258.0 
Less: Net loss (income) attributable to non-controlling interest0.3 (1.6)(1.1)(3.0)
Net (loss) income attributable to stockholders(30.2)(54.8)302.6 255.0 
Less: Preferred stock dividends(4.7)(4.7)(14.0)(14.0)
Net (loss) income attributable to common stockholders$(34.9)$(59.5)$288.6 $241.0 
For the Three Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019
Net Loss Attributable to Common Stockholders
Consolidated net loss attributable to common stockholders decreased $24.6 million, or 41%, to $34.9 million for Third Quarter 2020 from $59.5 million loss for Third Quarter 2019. The decrease in net loss was primarily due to the absence of certain events that occurred in Third Quarter 2019, mainly a $124.8 million after-tax loss related to a decrease in the estimated fair value of Iké, $29.6 million of after-tax debt related charges associated with refinancing debt at a lower interest rate and a $9.9 million after-tax expense related to an out of period adjustment in our Global Preneed segment for over-capitalization of deferred acquisition costs occurring over a ten-year period. Additionally, the decrease in net loss was due to improved results from our Global Housing segment, excluding reportable catastrophes, due to more favorable non-catastrophe loss experience across our Specialty and Other products and Lender-placed Insurance driven by lower claims frequency, previously implemented underwriting initiatives and reserve releases related to run-off business, and a $9.7 million of income, net of certain exit costs, from the sale of our CLO asset management platform. The decrease in net loss was partially offset by the $135.6 million after-tax impairment on the Global Preneed goodwill and $51.3 million of higher after-tax reportable catastrophes for Global Housing.
For the Nine Months Ended September 30, 2020 Compared to the Nine Months Ended September 30, 2019
50

Net Income Attributable to Common Stockholders
Consolidated net income attributable to common stockholders increased $47.6 million, or 20%, to $288.6 million for Nine Months 2020 from $241.0 million for Nine Months 2019. Net income for Nine Months 2020 included $109.9 million of reportable catastrophes, primarily related to Hurricane Laura, compared to $41.4 million in Nine Months 2019. Excluding reportable catastrophes, net income increased $116.1 million, or 41%, due to the absence of a $131.4 million after-tax loss related to a decrease in the estimated fair value of Iké that was recorded in Nine Months 2019, an $84.4 million tax benefit related to the utilization of net operating losses in connection with the CARES Act, an improvement in our results from Global Housing and Global Lifestyle as well as the absence of $29.6 million of after-tax debt related charges from Nine Months 2019. These increases were partially offset by the $135.6 million after-tax impairment on the Global Preneed goodwill and a $67.7 million after-tax decrease in net unrealized gains from changes in fair value of our equity securities and collateralized loan obligations that included $34.4 million of after-tax net unrealized losses for Nine Months 2020 compared to $33.3 million of after-tax net unrealized gains for Nine Months 2019.



51

Global Lifestyle
Overview
The table below presents information regarding the Global Lifestyle segment’s results of operations for the periods indicated: 
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Revenues:
Net earned premiums$1,633.2 $1,525.1 $4,799.0 $4,499.1 
Fees and other income171.8 224.2 721.6 740.9 
Net investment income44.6 62.1 143.5 177.5 
Total revenues1,849.6 1,811.4 5,664.1 5,417.5 
Benefits, losses and expenses:
Policyholder benefits365.4 392.1 1,044.7 1,152.2 
Amortization of deferred acquisition costs and value of business acquired870.5 791.9 2,519.7 2,238.4 
Underwriting, general and administrative expenses480.8 496.6 1,649.4 1,622.6 
Total benefits, losses and expenses1,716.7 1,680.6 5,213.8 5,013.2 
Segment income before provision for income taxes132.9 130.8 450.3 404.3 
Provision for income taxes26.3 28.7 101.0 92.3 
Segment net income$106.6 $102.1 $349.3 $312.0 
Net earned premiums, fees and other income:
Connected Living (mobile and service contracts)$909.5 $931.9 $2,914.4 $2,764.6 
Global Automotive802.5 706.9 2,311.0 2,131.9 
Global Financial Services and Other93.0 110.5 295.2 343.5 
Total$1,805.0 $1,749.3 $5,520.6 $5,240.0 
Net earned premiums, fees and other income:
Domestic$1,335.4 $1,237.6 $4,080.2 $3,680.0 
International 469.6 511.7 1,440.4 1,560.0 
Total$1,805.0 $1,749.3 $5,520.6 $5,240.0 
For the Three Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019
Net Income
Segment net income increased $4.5 million, or 4%, to $106.6 million for Third Quarter 2020 from $102.1 million for Third Quarter 2019. The increase was primarily driven by our Connected Living business, mainly due to mobile due to subscriber growth in North America and Asia Pacific, as well as improved profitability from extended service contracts. This was partially offset by a reduction in investment income and unfavorable foreign exchange. The increase was further offset by lower income in our Global Financial Services and Other business, mainly due to lower volumes, including anticipated declines from business in run-off, and higher loss experience.
Total Revenues
Total revenues increased $38.2 million, or 2%, to $1.85 billion for Third Quarter 2020 from $1.81 billion for Third Quarter 2019. Net earned premiums increased $108.1 million, or 7%, primarily due to continued growth from prior period production in our Global Automotive business and growth in our Connected Living business, mainly due to growth in extended service contract programs and continued subscriber growth from mobile protection programs. These increases in net earned premiums were partially offset by unfavorable foreign exchange and a decrease in our Global Financial Services and Other business, mainly due to domestic business in run-off. Fees and other income declined $52.4 million, or 23%, primarily due to declines in our Connected Living business, mainly driven by lower mobile trade-in results from our repairs and logistics business, including a $39.0 million impact resulting from a previously disclosed mobile program contract change. Net investment income declined $17.5 million, or 28%, primarily due to lower cash yields, lower income from real estate and lower yielding new money bond purchases.
52

Total Benefits, Losses and Expenses
Total benefits, losses and expenses increased $36.1 million, or 2%, to $1.72 billion for Third Quarter 2020 from $1.68 billion for Third Quarter 2019. The increase was primarily due to a $78.6 million, or 10%, increase in amortization of deferred acquisition costs and value of business acquired, mainly related to prior period growth from our Global Automotive business. The increase was partially offset by a decrease in policyholder benefits of $26.7 million, or 7%, primarily due to lower global losses in our Global Automotive business, driven in part by COVID-19. This increase was also partially offset by a decrease in underwriting, general and administrative expenses of $15.8 million, or 3%, primarily due to a mobile program contract change and lower trade-in volumes in our domestic repairs and logistics business and favorable foreign exchange, partially offset by growth in our mobile protection and extended service contract programs within our Connected Living business and growth in our Global Automotive business.
For the Nine Months Ended September 30, 2020 Compared to the Nine Months Ended September 30, 2019
Net Income
Segment net income increased $37.3 million, or 12%, to $349.3 million for Nine Months 2020 from $312.0 million for Nine Months 2019, and included a $6.7 million after-tax benefit for a client recoverable in our Connected Living business. Excluding this item, the increase in net income was mostly driven by our Connected Living business, primarily due to continued mobile subscriber growth in North America and Asia Pacific and improved profitability from extended service contracts. The increase was also due to higher income and organic growth in our Global Automotive business, as well as $9.2 million of client benefits. These increases were partially offset by lower income in our Global Financial Services and Other business mainly due to lower volumes, higher loss experience, and anticipated declines from domestic business in run-off. The increase was further offset by a reduction in net investment income due to lower cash yields, lower income from real estate and lower yielding new money bond purchases and unfavorable foreign exchange volatility.
Total Revenues
Total revenues increased $246.6 million, or 5%, to $5.66 billion for Nine Months 2020 from $5.42 billion for Nine Months 2019. Net earned premiums increased $299.9 million, or 7%, primarily driven by continued growth from prior period production in our Global Automotive business and growth in our Connected Living business, mainly due to growth in extended service contract programs and continued subscriber growth from mobile protection programs. These increases in net earned premiums were partially offset by unfavorable foreign exchange and a decrease in our Global Financial Services and Other business, mainly due to domestic business in run-off. Fees and other income decreased $19.3 million, or 3%, primarily due to lower mobile trade-in results, including a $39 million impact resulting from a previously disclosed mobile program contract change, partially offset by an $11.1 million benefit for a client recoverable in our Connected Living business. Investment income decreased $34.0 million, or 19%, primarily due to lower cash yields, lower income from real estate, lower yielding new money bond purchases and unfavorable foreign exchange volatility.
Total Benefits, Losses and Expenses
Total benefits, losses and expenses increased $200.6 million, or 4%, to $5.21 billion for Nine Months 2020 from $5.01 billion for Nine Months 2019, primarily driven by amortization of deferred acquisition costs and value of business acquired, which increased $281.3 million, or 13%, primarily due to growth from our Global Automotive and Connected Living businesses. Underwriting, general and administrative expenses increased $26.8 million, or 2%, primarily due to growth in our mobile protection and extended service contract programs within our Connected Living business and growth in our Global Automotive business, partially offset by a mobile program contract change in our domestic repairs and logistics business and favorable foreign exchange. These increases were partially offset by a decrease in policyholder benefits of $107.5 million, or 9%, mostly due to a favorable mix of mobile business, lower loss experience within our Connected Living and Global Automotive businesses, in part due to COVID-19, and favorable foreign exchange, partially offset by an increase from growth in our Connected Living business.
53

Global Housing
Overview
The table below presents information regarding the Global Housing segment’s results of operations for the periods indicated:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Revenues:
Net earned premiums$453.6 $475.2 $1,374.6 $1,407.1 
Fees and other income37.7 35.1 106.0 113.3 
Net investment income16.5 22.4 54.9 66.6 
Total revenues507.8 532.7 1,535.5 1,587.0 
Benefits, losses and expenses:
Policyholder benefits272.8 245.8 651.9 652.5 
Amortization of deferred acquisition costs and value of business acquired56.8 47.3 169.9 158.7 
Underwriting, general and administrative expenses162.2 187.6 496.6 541.6 
Total benefits, losses and expenses491.8 480.7 1,318.4 1,352.8 
Segment income before provision for income taxes16.0 52.0 217.1 234.2 
Provision for income taxes2.9 10.4 44.4 48.4 
Segment net income$13.1 $41.6 $172.7 $185.8 
Net earned premiums, fees and other income:
Lender-placed Insurance$258.2 $275.6 $787.5 $831.6 
Multifamily Housing117.9 108.7 338.1 319.3 
Specialty and Other115.2 126.0 355.0 369.5 
Total$491.3 $510.3 $1,480.6 $1,520.4 
For the Three Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019
Net Income
Segment net income decreased $28.5 million, or 69%, to $13.1 million for Third Quarter 2020 from $41.6 million for Third Quarter 2019. Segment net income for Third Quarter 2020 included $87.0 million of reportable catastrophes, primarily related to Hurricane Laura, compared to $35.7 million for Third Quarter 2019. Excluding reportable catastrophes, segment net income increased $22.8 million, or 29%, primarily due to more favorable non-catastrophe loss experience across Specialty and Other products and Lender-placed Insurance, driven by lower claims frequency, reserve releases related to run-off business and previously implemented underwriting initiatives. Higher premium rates in our Lender-placed Insurance business, continued growth in Multifamily Housing and our Specialty and Other products also contributed to the increase. The increase was partially offset by declines in our Lender-placed Insurance policies in-force from a financially insolvent client, as well as lower REO volumes as less homes are moving to default or foreclosure due to moratoriums enacted in connection with COVID-19.
Total Revenues
Total revenues decreased $24.9 million, or 5%, to $507.8 million for Third Quarter 2020 from $532.7 million for Third Quarter 2019. Net earned premiums decreased $21.6 million, or 5%, primarily due to the run-off of our small commercial product and declines in our Lender-placed Insurance business, mainly from the reduction of policies in-force for a financially insolvent client and lower REO volume, partially offset by continued growth from renters insurance in our Multifamily Housing business and premium rate increases in our Lender-placed Insurance business. Net investment income decreased $5.9 million, or 26%, primarily due to lower income from real estate related investments and lower cash yields. These decreases were partially offset by an increase in fees and other income of $2.6 million, or 7%, primarily due to an increase in installment fees for renters insurance in our Multifamily Housing business.
54

Total Benefits, Losses and Expenses
Total benefits, losses and expenses increased $11.1 million, or 2%, to $491.8 million for Third Quarter 2020 from $480.7 million for Third Quarter 2019. The increase was primarily due to an increase in total policyholder benefits of $27.0 million, or 11%, from higher reportable catastrophe losses related to hurricanes and wildfires across the U.S. in Third Quarter 2020, partially offset by a decrease in non-catastrophe losses, as explained above. This increase was partially offset by a decrease of $15.9 million, or 7%, in amortization of deferred acquisition costs and underwriting, general and administrative expenses, primarily due to lower employment related expenses in our Lender-placed Insurance business.
For the Nine Months Ended September 30, 2020 Compared to the Nine Months Ended September 30, 2019
Net Income
Segment net income decreased $13.1 million, or 7%, to $172.7 million for Nine Months 2020 from $185.8 million for Nine Months 2019. Segment income for Nine Months 2020 included $109.9 million of reportable catastrophes, primarily related to Hurricane Laura, compared to $41.8 million in Nine Months 2019. Excluding reportable catastrophes, segment net income increased $55.0 million, or 24%, primarily driven by favorable non-catastrophe losses across all major products, higher premium rates in our Lender-placed Insurance business, the absence of losses from our small commercial product and lower operating expenses in our Lender-placed Insurance business. The increase was partially offset by a reduction in policies in-force from a financially insolvent client and lower REO volume and fee income in our Lender-placed Insurance business.
Total Revenues
Total revenues decreased $51.5 million, or 3%, to $1.54 billion for Nine Months 2020 from $1.59 billion for Nine Months 2019. Net earned premiums decreased $32.5 million, or 2%, primarily due to declines in our Lender-placed Insurance business, mainly from the reduction in policies in-force for a financially insolvent client and lower REO volume, as well as declines in our small commercial business. This decrease was partially offset by premium rate increases in our Lender-placed Insurance business, continued growth from renters insurance in Multifamily Housing business, and growth from our Specialty and Other business, mainly sharing economy products. Fees and other income decreased $7.3 million, or 6%, primarily due to a decline in Lender-placed Insurance, mostly due to lower loss draft volume. Net investment income decreased $11.7 million, or 18%, primarily due to lower income from real estate related investments, lower cash yields, and a decrease in invested assets.
Total Benefits, Losses and Expenses
Total benefits, losses and expenses decreased $34.4 million, or 3%, to $1.32 billion for Nine Months 2020 from $1.35 billion for Nine Months 2019. The decrease was primarily due to a decrease of $33.8 million, or 5%, in amortization of deferred acquisition costs and underwriting, general and administrative expenses, primarily due to lower employment related expenses in our Lender-placed Insurance business. Policyholder benefits decreased $0.6 million mainly from lower non-catastrophe losses across all major products and the absence of losses from our small commercial product, partially offset by higher reportable catastrophe losses.

55

Global Preneed
Overview
The table below presents information regarding the Global Preneed segment’s results of operations for the periods indicated:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Revenues:
Net earned premiums$16.0 $15.1 $49.4 $46.3 
Fees and other income35.9 35.7 106.2 103.2 
Net investment income70.1 73.0 210.3 212.7 
Total revenues122.0 123.8 365.9 362.2 
Benefits, losses and expenses:
Policyholder benefits71.1 67.3 211.6 202.1 
Amortization of deferred acquisition costs and value of business acquired18.9 30.3 56.1 65.5 
Underwriting, general and administrative expenses15.3 18.2 48.4 49.8 
Total benefits, losses and expenses105.3 115.8 316.1 317.4 
Segment income before provision for income taxes16.7 8.0 49.8 44.8 
Provision for income taxes3.5 0.6 10.6 8.7 
Segment net income$13.2 $7.4 $39.2 $36.1 
For the Three Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019
Net Income
Segment net income increased $5.8 million, or 78%, to $13.2 million for Third Quarter 2020 from $7.4 million for Third Quarter 2019, primarily due to absence of a $9.9 million after-tax expense related to an out of period adjustment for over-capitalization of deferred acquisition costs occurring over a ten-year period recorded in Third Quarter 2019. This was partially offset by a decrease in investment income.
Total Revenues
Total revenues were relatively flat at $122.0 million for Third Quarter 2020 compared to $123.8 million for Third Quarter 2019 mostly due to decreased investment income primarily driven by lower income from real estate. This was partially offset by increased sales of the Final Need product.
Total Benefits, Losses and Expenses
Total benefits, losses and expenses decreased $10.5 million, or 9%, to $105.3 million for Third Quarter 2020 from $115.8 million for Third Quarter 2019. Amortization of deferred acquisition costs and value of business acquired decreased $11.4 million, or 38%, primarily due to the absence of a $14.2 million expense related to an out of period adjustment for over-capitalization of deferred acquisition costs occurring over a ten-year period in Third Quarter 2019. Underwriting, general and administrative expenses decreased $2.9 million, or 16%, due to a decrease in general expenses. This was partially offset by an increase in policyholder benefits of $3.8 million, or 6%, driven by growth in the domestic preneed business.
For the Nine Months Ended September 30, 2020 Compared to the Nine Months Ended September 30, 2019
Net Income
Segment net income increased $3.1 million, or 9%, to $39.2 million for Nine Months 2020 from $36.1 million for Nine Months 2019, primarily due to the absence of a $9.9 million after-tax expense related to an out of period adjustment for over-capitalization of deferred acquisition costs occurring over a ten-year period recorded in Nine Months 2019. This was partially offset by a decrease in investment income and an increase in policyholder benefits driven by growth in the domestic preneed business.
Total Revenues
56

Total revenues increased $3.7 million, or 1%, to $365.9 million for Nine Months 2020 from $362.2 million for Nine Months 2019, primarily due to growth in pre-funded funeral policies in the U.S. and sales of the Final Need product. This was offset by lower investment income driven by an increase in investment expenses related to our strategic decision to outsource the management of our investment portfolio, lower income from real estate and lower yielding new money bond purchases, partially offset by an increase in invested assets.
Total Benefits, Losses and Expenses

Total benefits, losses and expenses decreased $1.3 million to $316.1 million for Nine Months 2020 from $317.4 million for Nine Months 2019. Amortization of deferred acquisition costs and value of business acquired decreased $9.4 million, or 14%, primarily due to the absence of a $14.2 million expense related to an out of period adjustment for over-capitalization of deferred acquisition costs occurring over a ten-year period in Nine Months 2019. Underwriting, general and administrative expenses decreased $1.4 million, or 3%, due to decrease in general expenses. This was partially offset by an increase in policyholder benefits of $9.5 million, or 5%, driven by the growth in the domestic preneed business.

57

Corporate and Other
Overview
The tables below present information regarding the Corporate and Other’s segment results of operations for the periods indicated:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Revenues:
Net earned premiums$— $— $— $— 
Fees and other income0.5 0.1 0.5 2.1 
Net investment income3.9 12.0 19.6 33.2 
Net realized gains (losses) on investments16.6 14.9 (54.6)61.5 
Amortization of deferred gains on disposal of businesses2.1 4.4 8.7 16.9 
Total revenues23.1 31.4 (25.8)113.7 
Benefits, losses and expenses:
Policyholder benefits0.3 — 0.7 0.1 
General and administrative expenses29.2 62.1 137.4 174.1 
Goodwill impairment137.8 — 137.8 — 
Iké net losses— 121.1 5.9 130.5 
Interest expense25.5 32.2 77.7 85.2 
Loss on extinguishment of debt— 31.4 — 31.4 
Total benefits, losses and expenses192.8 246.8 359.5 421.3 
Segment loss before benefit for income taxes(169.7)(215.4)(385.3)(307.6)
Benefit for income taxes(6.3)(11.1)(127.8)(31.7)
Segment net loss(163.4)(204.3)(257.5)(275.9)
Less: Net loss (income) attributable to non-controlling interest0.3 (1.6)(1.1)(3.0)
Net loss attributable to stockholders(163.1)(205.9)(258.6)(278.9)
Less: Preferred stock dividends(4.7)(4.7)(14.0)(14.0)
Net loss attributable to common stockholders$(167.8)$(210.6)$(272.6)$(292.9)
For the Three Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019
Net Loss Attributable to Common Stockholders
Segment net loss attributable to common stockholders decreased $42.8 million, or 20%, to $167.8 million for Third Quarter 2020 from $210.6 million for Third Quarter 2019. The decrease in net loss was primarily due to the absence of a $124.8 million after-tax loss related to a decrease in the estimated fair value of Iké and $29.6 million of after-tax debt related charges associated with refinancing debt at a lower interest rate that were both recorded in Third Quarter 2019. The decrease in net loss was also due $10.0 million of lower net losses from foreign exchange related to the remeasurement of net monetary assets in Argentina, a highly inflationary currency, and a $9.7 million of income, net of certain exit costs, from the sale of our CLO asset management platform. The decrease in net loss was partially offset by the $135.6 million after-tax impairment on the Global Preneed goodwill.
Total Revenues
Total revenues decreased $8.3 million, or 26%, to $23.1 million for Third Quarter 2020 from $31.4 million for Third Quarter 2019, primarily due to an $8.1 million decrease in net investment income driven by lower income from a higher concentration of lower yielding liquid investments for Third Quarter 2020 compared to Third Quarter 2019 and lower income from real estate.
Total Benefits, Losses and Expenses
58

Total benefits, losses and expenses decreased $54.0 million, or 22%, to $192.8 million for Third Quarter 2020 from $246.8 million for Third Quarter 2019, mostly due to the absence of the $121.1 million loss related to a decrease in the estimated fair value of Iké and $37.4 million of debt-related charges associated with refinancing debt at a lower interest rate that were both recorded in Third Quarter 2019. The decrease was also due to a $12.2 million income, net of certain exit costs, from the sale of our CLO asset management platform, $10.0 million of lower net losses from foreign change related to the remeasurement of net monetary assets in Argentina and a $9.6 million loss on sale of Mortgage Solutions. The decrease was partially offset by the $137.8 million impairment on the Global Preneed goodwill.
For the Nine Months Ended September 30, 2020 Compared to the Nine Months Ended September 30, 2019
Net Loss Attributable to Common Stockholders
Segment net loss attributable to common stockholders decreased $20.3 million, or 7%, to $272.6 million for Nine Months 2020 from $292.9 million for Nine Months 2019 due to the absence of a $131.4 million of after-tax loss related to a decrease in the estimated fair value of Iké that was recorded in Nine Months 2019, an $84.4 million tax benefit related to the utilization of net operating losses in connection with the CARES Act and the absence of $29.6 million of after-tax debt related charges associated with refinancing debt at a lower interest rate from Nine Months 2019. These increases were partially offset by the $135.6 million after-tax impairment on the Global Preneed goodwill and a $67.7 million after-tax decrease in net unrealized gains from changes in fair value of our equity securities and collateralized loan obligations that included $34.4 million of after-tax net unrealized losses for Nine Months 2020 compared to $33.3 million of after-tax net unrealized gains for Nine Months 2019, as well as $17.3 million of after-tax direct and incremental operating expenses incurred in connection with the COVID-19 pandemic.
Total Revenues
Total revenues decreased $139.5 million to $(25.8) million for Nine Months 2020 from $113.7 million for Nine Months 2019, primarily due to an increase in unrealized losses on investments mostly related to a net decrease in the fair value of our equity securities and collateralized loan obligations. The decrease was also due to lower net investment income, driven by lower income from a higher concentration of lower yielding liquid investments for Third Quarter 2020 compared to Third Quarter 2019 and lower income from real estate, as well as lower amortization of deferred gains associated with the sale of Assurant Employee Benefits.
Total Benefits, Losses and Expenses
Total benefits, losses and expenses decreased $61.8 million, or 15%, to $359.5 million for Nine Months 2020 from $421.3 million for Nine Months 2019, primarily due to the absence of certain events that occurred in Nine Months 2019, mainly $124.6 million of lower losses associated with Iké, $37.4 million of debt related charges associated with refinancing debt at a lower interest rates and a $15.6 million impairment of certain intangible assets from our acquisition of Green Tree Insurance Agency. The decrease was also due to an $11.5 million decrease in integration expenses associated with the TWG acquisition, $11.3 million of lower net losses from foreign exchange related to the remeasurement of net monetary assets in Argentina and $10.8 million of income, net of certain exit costs, from the sale of our CLO asset management platform. These decrease were partially offset by the $137.8 million impairment on the Global Preneed goodwill and $21.9 million of direct and incremental operating expenses incurred in connection with the COVID-19 pandemic.

59

Investments
We had total investments of $15.21 billion and $14.57 billion as of September 30, 2020 and December 31, 2019, respectively. Net unrealized gains on our fixed maturity securities portfolio increased by $459.1 million during Nine Months 2020, from $1.26 billion as of December 31, 2019 to $1.72 billion as of September 30, 2020, primarily due to spread compression, partially offset by decreases in foreign exchange rates in several countries.
The following table shows the credit quality of our fixed maturity securities portfolio as of the dates indicated:
 Fair value as of
Fixed Maturity Securities by Credit Quality September 30, 2020December 31, 2019
Aaa / Aa / A$8,185.0 62.5 %$8,014.7 65.1 %
Baa4,274.8 32.6 %3,734.7 30.3 %
Ba534.3 4.1 %480.7 3.9 %
B and lower100.4 0.8 %92.3 0.7 %
Total$13,094.5 100.0 %$12,322.4 100.0 %
The following table shows the major categories of net investment income for the periods indicated: 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Fixed maturity securities$120.6 $125.2 $359.5 $370.3 
Equity securities5.1 5.2 15.5 16.7 
Commercial mortgage loans on real estate8.8 8.6 27.1 26.3 
Short-term investments1.1 5.0 5.4 16.4 
Other investments2.9 10.7 11.2 23.0 
Cash and cash equivalents1.5 7.5 10.8 21.0 
Revenue from consolidated investment entities (1)3.9 25.6 56.3 90.2 
Total investment income143.9 187.8 485.8 563.9 
Investment expenses(4.9)(6.3)(20.6)(18.3)
Expenses from consolidated investment entities (1)(3.9)(12.0)$(36.9)$(55.6)
Net investment income$135.1 $169.5 $428.3 $490.0 
(1)The following table shows the net of revenues and expenses from consolidated investment entities for the periods indicated. Refer to Note 5 and 12 to the Consolidated Financial Statements included elsewhere in this Report for further detail.
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Investment income from direct investments in:
Real estate fund (1)$— $6.5 $8.3 $17.3 
CLO entities— 5.3 8.0 12.1 
Investment management fees— 1.8 3.1 5.2 
Net investment income from consolidated investment entities$— $13.6 $19.4 $34.6 
(1)The investment income from the real estate funds includes (loss) income attributable to non-controlling interest of $1.2 million for the three months ended September 30, 2019 and $1.1 million and $2.4 million for the nine months ended September 30, 2020 and 2019, respectively.
Net investment income decreased $34.4 million, or 20%, to $135.1 million for Third Quarter 2020 from $169.5 million for Third Quarter 2019. The decrease was primarily driven by a decrease in income from real estate, lower income from short term investments and cash and cash equivalents driven by lower cash yields, and a reduction in income from fixed maturity securities due to lower yielding new money bond purchases.
Net investment income decreased $61.7 million, or 13%, to $428.3 million for Nine Months 2020 from $490.0 million for Nine Months 2019. The decrease was primarily driven by lower income from short term investments and cash and cash equivalents, mainly due to lower cash yields and unfavorable foreign exchange, and a decrease in income from real estate. The decrease was also due to a reduction in income from fixed maturity securities due to lower yielding new money bond purchases.
60

As of September 30, 2020, we owned $68.0 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $58.6 million of municipal securities, whose credit rating was AA- with the guarantee, but would have had a rating of A without the guarantee.
For more information on our investments, see Notes 11 and 13 to the Consolidated Financial Statements included elsewhere in this Report.

Liquidity and Capital Resources
COVID-19 did not materially impact our liquidity and capital resources during Third Quarter 2020. Throughout this period, we believe our liquidity remained strong. As of September 30, 2020, we had $460.3 million of holding company liquidity. Refer to the risk factor disclosed in Item 8.01 of our Current Report on Form 8-K filed on May 5, 2020 for a discussion of COVID-19 related factors that could impact our liquidity and capital resources in the future.
The CARES Act, which was enacted on March 27, 2020, includes measures to assist companies in response to the COVID-19 pandemic. These measures include the ability to carry back net operating losses to prior years taxed at higher rates and defer the due dates of certain tax payments. Pursuant to the CARES Act, we carried back net operating losses to 2013 and 2014, resulting in a refund claim of $198.4 million. We also deferred our first quarter 2020 and second quarter 2020 federal estimated tax payments and payments related to the employer’s portion of social security tax in 2020. This will have the effect of increasing cash outlays for these taxes during the second half of 2020, 2021 and 2022. In July 2020, we received the full amount of the refund plus interest related to the net operating losses we carried back under the CARES Act, a portion of which was included in Third Quarter 2020 holding company liquidity. We continue to monitor and assess the potential tax impact of this and other COVID-19-related legislation on our liquidity, financial position and results of operations.
Regulatory Requirements
Assurant, Inc. is a holding company and, as such, has limited direct operations of its own. Our assets consist primarily of the capital stock of our subsidiaries. Accordingly, our future cash flows depend upon the availability of dividends and other statutorily permissible payments from our subsidiaries, such as payments under our tax allocation agreement and under management agreements with our subsidiaries. Our insurance subsidiaries’ ability to pay such dividends and to make such other payments will be limited by applicable laws and regulations of the jurisdictions in which our subsidiaries are domiciled, which subject our subsidiaries to significant regulatory restrictions. The dividend requirements and regulations vary from jurisdiction to jurisdiction and by type of insurance provided by the applicable subsidiary. These laws and regulations require, among other things, our insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends they can pay to the holding company. Regulatory actions in response to COVID-19 could further restrict our insurance subsidiaries’ ability to pay us dividends. See “Item 1—Business—Regulation—U.S. Insurance Regulation” and “Item 1A—Risk Factors—Legal and Regulatory Risks—Changes in insurance regulation may reduce our profitability and limit our growth” in our 2019 Annual Report and the risk factor disclosed in Item 8.01 of our Current Report on Form 8-K filed on May 5, 2020. Along with solvency regulations, the primary driver in determining the amount of capital used for dividends is the level of capital needed to maintain desired financial strength ratings from A.M. Best Company (“A.M. Best”).
Regulators or rating agencies could become more conservative in their methodology and criteria, increasing capital requirements for our insurance subsidiaries and may base these changes using different factors including industry studies, management actions or market conditions. The rating agencies’ assessment of the Company may consider the results of internally developed stress testing models and potential impacts to our earnings and capital, including from COVID-19 and the associated economic environment. For further information on our ratings and the risks of ratings downgrades, see “Item 1—Business—Ratings” and “Item 1A—Risk Factors—Financial Risks—A decline in the financial strength ratings of our insurance company subsidiaries could adversely affect our results of operations and financial condition” in our 2019 Annual Report.
For the year ending December 31, 2020, the maximum amount of dividends our regulated U.S. domiciled insurance subsidiaries could pay us, under applicable laws and regulations currently in effect and without prior regulatory approval, is $423.7 million. In addition, our international and non-insurance subsidiaries provide additional sources of dividends.
Holding Company
As of September 30, 2020, we had approximately $460.3 million in holding company liquidity, which was $235.3 million above our targeted minimum level of $225.0 million. The target minimum level of holding company liquidity, which can be used for unforeseen capital needs at our subsidiaries or liquidity needs at the holding company, is calibrated based on approximately one year of corporate operating and interest expenses and Mandatory Convertible Preferred Stock (“MCPS”)
61

dividends. We use the term “holding company liquidity” to represent the portion of cash and other liquid marketable securities held at Assurant, Inc., out of a total of $576.1 million of holding company investment securities and cash, which we are not otherwise holding for a specific purpose as of the balance sheet date. We can use the assets that comprise holding company liquidity for stock repurchases, stockholder dividends, acquisitions and other corporate purposes.
Dividends or returns of capital paid by our subsidiaries, net of infusions and excluding amounts used for acquisitions or received for dispositions, were approximately $529.0 million for Nine Months 2020. In 2019, dividends, net of infusions and excluding amounts used for acquisitions or received for dispositions, made to the holding company were $748.0 million.
In addition to paying expenses, making interest payments on indebtedness and making dividend payments on our preferred stock, our capital management strategy provides for several uses of the cash generated by our subsidiaries, including returning capital to common stockholders through share repurchases and dividends, investing in our business to support growth in targeted areas and making prudent and opportunistic acquisitions. From time to time, we may also seek to purchase outstanding debt in open market repurchases or privately negotiated transactions. During Nine Months 2020 and the year ended December 31, 2019, we made common stock repurchases and paid dividends to our common stockholders of $268.3 million and $426.3 million, respectively. We expect to deploy capital primarily to support business growth, fund other investments and return capital to shareholders, subject to Board of Directors (the “Board”) approval and market conditions.
In May 2020, we sold our minority interests in Iké and terminated our obligations to purchase the remaining shares of Iké (collectively, the “Sale”). In connection with the Sale, we provided financing to Iké Grupo in an aggregate principal amount of $34.0 million (the “Iké Loan”). The Iké Loan matures in May 2025, bears floating interest at a rate equal to three-month LIBOR plus 4.25% per annum payable quarterly and provides for quarterly principal amortization payments through the maturity date. The outstanding balance of the Iké Loan as of September 30, 2020 was $33.2 million.
For Nine Months 2020, net cash outflows related to the Sale were $85.3 million, including net proceeds paid of $73.3 million and the Iké Loan of $34.0 million, less cash inflows of $22.0 million upon settling a financial derivative we had entered into in connection with our agreement to sell our interests in Iké. The financial derivative had provided an economic hedge against declines in the Mexican Peso relative to the U.S. Dollar since the purchase price was to be paid in Mexican Pesos. See Note 5 in the accompanying Notes to Consolidated Financial Statements elsewhere in this Report.
On May 1, 2020, we completed our acquisition of AFAS, a provider of finance and insurance products and services including vehicle service contracts, guaranteed asset protection insurance and other ancillary products sold directly through a network of nearly 600 franchised dealership clients across 40 states, for total consideration of $176.9 million. See Note 4 in the accompanying Notes to Consolidated Financial Statements elsewhere in this Report.
In October 2020, we announced the signing of a definitive agreement to acquire HYLA Mobile, a provider of smartphone software and trade-in and upgrade services, for $325.0 million. The acquisition is expected to close by the end of 2020, subject to regulatory and other customary approvals, and to be funded through a combination of existing cash at the holding company and new debt to be issued before closing. In parallel, we are exploring a range of strategic alternatives for Global Preneed, including the possible sale of the business, to focus on opportunities within the broader lifestyle and housing portfolio.
In management’s opinion, dividends from our subsidiaries and other expected cash inflows together with our income and gains from our investment portfolio and cash and liquid assets on hand will provide sufficient liquidity to meet our needs in the ordinary course of business.
Assurant Subsidiaries
The primary sources of funds for our subsidiaries consist of premiums and fees collected, proceeds from the sales and maturity of investments and net investment income. Cash is primarily used to pay insurance claims, agent commissions, operating expenses and taxes. We generally invest our subsidiaries’ excess funds in order to generate investment income.
We conduct periodic asset liability studies to measure the duration of our insurance liabilities, to develop optimal asset portfolio maturity structures for our significant lines of business and ultimately to assess that cash flows are sufficient to meet the timing of cash needs. These studies are conducted in accordance with formal company-wide Asset Liability Management guidelines.
To complete a study for a particular line of business, models are developed to project asset and liability cash flows and balance sheet items under a large, varied set of plausible economic scenarios. These models consider many factors including the current investment portfolio, the required capital for the related assets and liabilities, our tax position and projected cash flows from both existing and projected new business.
62

Alternative asset portfolio structures are analyzed for significant lines of business. An investment portfolio maturity structure is then selected from these profiles given our return hurdle and risk preference. Scenario testing of significant liability assumptions and new business projections is also performed. Specific to COVID-19, several scenarios around impact on near term asset and liability projections, including new business, were modeled and evaluated.
Our liabilities generally have limited policyholder optionality, which means that the timing of payments is relatively insensitive to the interest rate environment. In addition, our investment portfolio is largely comprised of highly liquid fixed maturity securities with a sufficient component of such securities invested that are near maturity which may be sold with minimal risk of loss to meet cash needs. Therefore, we believe we have limited exposure to disintermediation risk.
Generally, our subsidiaries’ premiums, fees and investment income, along with planned asset sales and maturities, provide sufficient cash to pay claims and expenses. However, there may be instances when unexpected cash needs arise in excess of that available from usual operating sources. In such instances, we have several options to raise needed funds, including selling assets from the subsidiaries’ investment portfolios, using holding company cash (if available), issuing commercial paper, or drawing funds from the five-year senior unsecured $450.0 million revolving credit agreement (the “Credit Facility”) with a syndicate of banks arranged by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association (of which $445.5 million was available as of September 30, 2020). In addition, in January 2018, we filed an automatically effective shelf registration statement on Form S-3 with the SEC. This registration statement allows us to issue equity, debt or other types of securities through one or more methods of distribution. The terms of any offering would be established at the time of the offering, subject to market conditions. If we decide to make an offering of securities, we will consider the nature of the cash requirement as well as the cost of capital in determining what type of securities we may offer.
Dividends and Repurchases
We paid dividends of $0.63 per common share on September 22, 2020 to stockholders of record as of August 31, 2020 and dividends of $1.6250 per share of MCPS on September 15, 2020 to stockholders of record as of September 1, 2020. Any determination to pay future dividends will be at the discretion of the Board and will be dependent upon various factors, including: our subsidiaries’ payments of dividends and other statutorily permissible payments to us; our results of operations and cash flows; our financial condition and capital requirements; general business conditions and growth prospects; legal, tax, regulatory and contractual restrictions on the payment of dividends; and other factors the Board deems relevant, including the impact of COVID-19 on our business. Payments of dividends on shares of common stock are subject to the preferential rights of the MCPS. The Credit Facility contains limitations on our ability to pay dividends to our stockholders if we are in default, or such dividend payments would cause us to be in default, of our obligations thereunder. In addition, if we defer the payment of interest on our Subordinated Notes (as defined below), we generally may not make payments on our capital stock.
During Nine Months 2020, the Company repurchased 1,312,443 shares of our outstanding common stock at a cost of $153.2 million, exclusive of commissions. As of September 30, 2020, $333.1 million remained under the Board repurchase authorization. The timing and the amount of future repurchases will depend on market conditions, our financial condition, results of operations, liquidity and other factors, including the impact of COVID-19 on our business.
Management believes that we will have sufficient liquidity to satisfy our needs over the next twelve months, including the ability to pay interest on our debt and dividends on our common and preferred stock.
Mandatory Convertible Preferred Stock
In March 2018, we issued 2,875,000 shares of our 6.50% MCPS, with a par value of $1.00 per share. Each outstanding share of MCPS will convert automatically on March 15, 2021 into between 0.9391 (the “minimum conversion rate”) and 1.1269 shares of common stock, subject to customary anti-dilution adjustments. At any time prior to March 2021, holders may elect to convert each share of MCPS into shares of common stock at the minimum conversion rate or in the event of a fundamental change at the specified rates defined in the Certificate of Designations of the MCPS.
Dividends on the MCPS will be payable on a cumulative basis when, as and if declared, at an annual rate of 6.50% of the liquidation preference of $100.00 per share. We may pay declared dividends in cash or, subject to certain limitations, in shares of our common stock, or in any combination of cash and shares of our common stock quarterly, commencing in June 2018 and ending in March 2021. No dividend or distribution may be declared or paid on common stock or any other class or series of junior stock, and no common stock or any other class or series of junior stock or parity stock may be purchased, redeemed or otherwise acquired for consideration unless all accumulated and unpaid dividends on the MCPS for all preceding dividend periods have been declared and paid in full, subject to certain limited exceptions. We paid preferred stock dividends of $4.7 million for each of Third Quarter 2020 and Third Quarter 2019, and $14.0 million for each of Nine Months 2020 and Nine Months 2019. For additional information regarding the MCPS, see Note 18 in the Consolidated Financial Statements included elsewhere in this Report.
63

Outstanding Debt
The following table shows the principal amount and carrying value of our outstanding debt, less unamortized discount and issuance costs as applicable, as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
Principal AmountCarrying ValuePrincipal AmountCarrying Value
Floating Rate Senior Notes due March 2021 (1)$50.0 $50.0 $50.0 $49.9 
4.00% Senior Notes due March 2023350.0 348.8 350.0 348.5 
4.20% Senior Notes due September 2023300.0 298.2 300.0 297.8 
4.90% Senior Notes due March 2028300.0 297.1 300.0 296.8 
3.70% Senior Notes due February 2030350.0 347.0 350.0 346.8 
6.75% Senior Notes due February 2034275.0 272.2 275.0 272.1 
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (2)400.0 395.3 400.0 395.0 
Total Debt$2,008.6 $2,006.9 
(1)Bears floating interest at a rate equal to three-month LIBOR plus 1.25% per annum.
(2)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter.
Senior and Subordinated Notes
2030 Senior Notes: In August 2019, we issued senior notes with an aggregate principal amount of $350.0 million which bear interest at a rate of 3.70% per year, mature in February 2030 and were issued at a 0.035% discount to the public (the “2030 Senior Notes”). Interest is payable semi-annually in arrears beginning in February 2020. Prior to November 2029, we may redeem the 2030 Senior Notes at any time in whole or from time to time in part at a make-whole premium plus accrued and unpaid interest. On or after that date, we may redeem the 2030 Senior Notes at any time in whole or from time to time in part at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest.
We used the net proceeds from the offering, together with cash on hand, to purchase $100.0 million of our 6.75% senior notes due 2034 in a cash tender offer, to redeem $250.0 million of our floating rate senior notes due 2021 and to pay related premiums, fees and expenses.
2021, 2023 and 2028 Senior Notes
In March 2018, we issued the following three series of senior notes with an aggregate principal amount of $900.0 million:
•2021 Senior Notes: The first series of senior notes is $300.0 million in principal amount, bears floating interest at a rate equal to three-month LIBOR plus 1.25% (3.36% as of September 30, 2020) per year and matures in March 2021 (the “2021 Senior Notes”). Interest on the 2021 Senior Notes is payable quarterly. Commencing on or after March 2019, we may redeem the 2021 Senior Notes at any time in whole or from time to time in part at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest. In August 2019, we redeemed $250.0 million of the $300.0 million outstanding aggregate principal amount of the 2021 Senior Notes.
•2023 Senior Notes: The second series of senior notes is $300.0 million in principal amount, bears interest at 4.20% per year, matures in September 2023 and was issued at a 0.233% discount to the public (the “2023 Senior Notes”). Interest on the 2023 Senior Notes is payable semi-annually. Prior to August 2023, we may redeem the 2023 Senior Notes at any time in whole or from time to time in part at a make-whole premium plus accrued and unpaid interest. On or after that date, we may redeem the 2023 Senior Notes at any time in whole or from time to time in part at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest.
•2028 Senior Notes: The third series of senior notes is $300.0 million in principal amount, bears interest at 4.90% per year, matures in March 2028 and was issued at a 0.383% discount to the public (the “2028 Senior Notes”). Interest on the 2028 Senior Notes is payable semi-annually. Prior to December 2027, we may redeem the 2028 Senior Notes at any time in whole or from time to time in part of a make-whole premium plus accrued and unpaid interest. On or after that date, we may redeem the 2028 Senior Notes at any time in whole or from time to time in part at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest.
64

The interest rate payable on each of the 2021 Senior Notes, the 2023 Senior Notes, the 2028 Senior Notes and the 2030 Senior Notes will be subject to adjustment from time to time, if either Moody’s Investor Service, Inc. (“Moody’s”) or S&P Global Ratings, a division of S&P Global Inc. (“S&P”) downgrades the credit rating assigned to such series of senior notes to Ba1 or below or to BB+ or below, respectively, or subsequently upgrades the credit ratings once the senior notes are at or below such levels. The following table details the increase in interest rate over the issuance rate by rating with the impact equal to the sum of the number of basis points next to such rating for a maximum increase of 200 basis points over the issuance rate:
Rating Agencies
Rating LevelsMoody’s (1)S&P (1)Interest Rate Increase (2)
1Ba1BB+25 basis points
2Ba2BB 50 basis points
3Ba3BB-75 basis points
4B1 or belowB+ or below100 basis points
(1)Including the equivalent ratings of any substitute rating agency.
(2)Applies to each rating agency individually.
Subordinated Notes
In March 2018, we issued fixed-to-floating rate subordinated notes due March 2048 with a principal amount of $400.0 million (the “Subordinated Notes”), which bear interest from March 2018 to March 2028 at an annual rate of 7.00%, payable semi-annually. The Subordinated Notes will bear interest at an annual rate equal to three-month LIBOR plus 4.135%, payable quarterly, beginning in June 2028. On or after March 2028, we may redeem the Subordinated Notes in whole at any time or in part from time to time, at a redemption price equal to their principal amount plus accrued and unpaid interest provided that if they are not redeemed in whole, a minimum amount must remain outstanding. At any time prior to March 2028, we may redeem the Subordinated Notes in whole but not in part after the occurrence of a tax event, rating agency event or regulatory capital event as defined in the global note representing the Subordinated Notes, at a redemption price equal to (i) with respect to a rating agency event 102% of their principal amount and (ii) with respect to a tax event or regulatory capital event, their principal amount plus accrued and unpaid interest.
In addition, so long as no event of default with respect to the Subordinated Notes has occurred and is continuing, we have the right, on one or more occasions, to defer the payment of interest on the Subordinated Notes for one or more consecutive interest periods for up to five years as described in the global note representing the Subordinated Notes. During a deferral period, interest will continue to accrue on the Subordinated Notes at the then-applicable interest rate. At any time when we have given notice of our election to defer interest payments on the Subordinated Notes, we generally may not make payments on or redeem or purchase any shares of our capital stock or any of our debt securities or guarantees that rank upon our liquidation on a parity with or junior to the Subordinated Notes, subject to certain limited exceptions.
Other Notes
In March 2013, we issued two series of senior notes with an aggregate principal amount of $700.0 million. The first series was $350.0 million in principal amount, bore interest at 2.50% per year and was repaid at maturity in March 2018. The second series is $350.0 million in principal amount and was issued at a 0.365% discount to the public. This series bears interest at 4.00% per year and matures in March 2023. Interest is payable semi-annually. We may redeem the outstanding series of senior notes in whole or in part at any time and from time to time before maturity at the redemption price set forth in the global note representing the outstanding series of senior notes.
In February 2004, we issued senior notes with an aggregate principal amount of $475.0 million at a 0.61% discount to the public, which bear interest at 6.75% per year and matures in February 2034. Interest is payable semi-annually. These senior notes are not redeemable prior to maturity. In December 2016 and August 2019, we completed cash tender offers of $100.0 million each in aggregate principal amount of such senior notes. A loss on extinguishment of debt of $31.4 million was reported in the third quarter of 2019.
Credit Facility and Commercial Paper Program
We have a Credit Facility that provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $450.0 million, which may be increased up to $575.0 million. The Credit Facility is available until December 2022, provided we are in compliance with all covenants. The Credit Facility has a sub-limit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for our commercial paper program or for general corporate purposes.
65

On March 27, 2020, we drew down $200.0 million from our Credit Facility. We repaid the loan on July 29, 2020, at the end of the then-current interest period, during which the loan bore interest at a floating rate equal to one-month LIBOR plus 1.50% per annum.
Our commercial paper program requires us to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1 by A.M. Best, P-3 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is currently backed up by the Credit Facility, of which $445.5 million out of the $450.0 million was available as of September 30, 2020, due to $4.5 million of letters of credit outstanding.
Retirement and Other Employee Benefits
For information on our retirement and other employee benefits, see Note 20 to the Consolidated Financial Statements, included elsewhere in this Report.
Cash Flows
The table below shows our net cash flows for the periods indicated:
 For the Nine Months Ended September 30,
Net cash provided by (used in):20202019
Operating activities$901.6 $1,167.9 
Investing activities(275.2)(613.6)
Financing activities(296.8)(50.1)
Effect of exchange rate changes on cash and cash equivalents6.3 (8.9)
Net change in cash$335.9 $495.3 
 
We typically generate operating cash inflows from premiums collected from our insurance products, fees received for services and income received from our investments while outflows consist of policy acquisition costs, benefits paid and operating expenses. These net cash flows are then invested to support the obligations of our insurance products and required capital supporting these products. Our cash flows from operating activities are affected by the timing of premiums, fees, and investment income received and expenses paid.
Net cash provided by operating activities was $901.6 million for Nine Months 2020 compared to $1.17 billion for Nine Months 2019. The decrease in net cash provided by operating activities was primarily due to the timing of certain cash payments and business activities from our Global Lifestyle business. The primary factors contributing to the decrease in cash from operations included the absence of a prior year receipt of prepaid premiums for our Japan business given subsequent changes in payment terms under the program, an increase in advanced commission payments as a result of subscriber growth from mobile protection programs and growth from our Global Automotive business, the timing of cumulative payments to a vendor related to a program initiated in 2019 for acquiring mobile devices used to meet insurance claims or generate profits through sales to third parties, and an increase in follow-on commission payments associated with both higher fourth quarter 2019 premiums and 2019 full year programs. These decreases were partially offset by higher collections of premium receivable balances mostly due to timing and the receipt of a $204.9 million tax refund, which includes interest, related to the ability to carryback net operating losses to prior periods under the CARES Act.
Net cash used in investing activities was $275.2 million for Nine Months 2020 compared to $613.6 million for Nine Months 2019. The decrease in cash used in investing activities was primarily driven by The decrease in cash used in
investing activities was primarily driven by our consolidated investment entities (“CIEs”) related to the timing of purchases of securities in connection with CLO structures launched in 2019. The decrease was partially offset by $135.8 million of cash used for the AFAS acquisition, which was partially offset by AFAS cash acquired of $39.6 million, and $73.3 million of net cash used for the sale of our interests in Iké in Second Quarter 2020. For additional information on CIEs, the AFAS acquisition and our sale of Iké, see Notes 12, 4 and 5, respectively, to the Consolidated Financial Statements included elsewhere in this Report. The remaining changes were due to the ongoing management of our investment portfolio.
Net cash used in financing activities was $296.8 million for Nine Months 2020 compared to $50.1 million for Nine Months 2019. The increase in net cash used in financing activities was primarily due to $276.4 million of lower cash from our CIEs provided, net of repayments of borrowings to short-term warehouse facilities, primarily related to the timing of CLO structures launched in 2019, partially offset by a $31.4 million loss on extinguishment of debt in connection with the tender
66

offer of $100.0 million of our 6.75% senior notes due 2034 recorded in Nine Months 2019. For additional information on CIEs, see Note 12 to the Consolidated Financial Statements included elsewhere in this Report.
We monitor cash flows at the consolidated, holding company and subsidiary levels. Cash flow forecasts at the consolidated and subsidiary levels are provided on a monthly basis, and we use trend and variance analyses to project future cash needs, making adjustments to the forecasts when needed.
The table below shows our cash outflows for interest and dividends for the periods indicated:
 For the Nine Months Ended September 30,
 20202019
Interest paid on debt$103.2 $102.8 
Common stock dividends115.1 113.0 
Preferred stock dividends14.0 14.0 
Total$232.3 $229.8 
Letters of Credit
In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which we are the reinsurer. These letters of credit are supported by commitments under which we are required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. We had $7.6 million and $12.1 million of letters of credit outstanding as of September 30, 2020 and December 31, 2019, respectively.
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements that are reasonably likely to have a material effect on the financial condition, results of operations, liquidity or capital resources of the Company.

67

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our 2019 Annual Report described our Quantitative and Qualitative Disclosures About Market Risk. As of September 30, 2020, there were no material changes to the assumptions or risks.

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of September 30, 2020. Based on such evaluation, management, including our CEO and CFO, has concluded that as of September 30, 2020, our disclosure controls and procedures were effective and provide reasonable assurance that information we are required to disclose in our reports pursuant to Rule 13a-15(e) or 15d-15(e) under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms. Our CEO and CFO also have concluded that as of September 30, 2020, information that we are required to disclose in our reports under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) under the Exchange Act) during the quarterly period ended September 30, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
68

PART II
OTHER INFORMATION
Item 1. Legal Proceedings
For a description of material pending legal and regulatory matters in which we are involved, see “Commitments and Contingencies—Legal and Regulatory Matters” in Note 21 to the Consolidated Financial Statements included elsewhere in this Report, which is hereby incorporated by reference.

Item 1A. Risk Factors
Certain factors may have a material adverse effect on our business, financial condition, results of operations and cash flows, and you should carefully consider them. It is not possible to predict or identify all such factors. For a discussion of potential risks or uncertainties affecting us, please refer to the information under the heading “Item 1A—Risk Factors” in our 2019 Annual Report and the risk factor disclosed in Item 8.01 of our Current Report on Form 8-K filed on May 5, 2020. Additional risks and uncertainties that are not yet identified or that we currently believe to be immaterial may also materially harm our business, financial condition, results of operations and cash flows.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities:
(In millions, except number of shares and per share amounts)
Period in 2020Total
Number of
Shares Purchased		Average Price
Paid Per Share		Total Number of Shares
Purchased as Part of
Publicly Announced
Programs (1)		Approximate
Dollar Value of
Shares that
May Yet be
Purchased
Under the
Programs (1)
January 1 - January 31117,870 $131.23 117,870 $470.8 
February 1 - February 29134,000 136.52 134,000 452.5 
March 1 - March 31229,097 102.30 229,097 429.0 
April 1 - April 30162,000 104.96 162,000 412.1 
May 1 - May 3192,000 96.46 92,000 403.2 
June 1 - June 30— — — 403.2 
July 1 - July 31— — — 403.2 
August 1 - August 31242,000 123.28 242,000 373.4 
September 1 - September 30335,476 120.03 335,476 333.1 
Total1,312,443 $116.71 1,312,443 $333.1 
(1)Shares purchased pursuant to the November 5, 2018 publicly announced share repurchase authorization of up to $600.0 million of outstanding common stock. As of September 30, 2020, approximately $333.1 million remained under the November 2018 authorization.

69

Item 6. Exhibits
The following exhibits either (a) are filed with this Report or (b) have previously been filed with the SEC and are incorporated herein by reference to those prior filings.
  
  
  
  
101  The following materials from the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2020, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
* Management contract or compensatory plans

70

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 
ASSURANT, INC.
By: 
/s/     ALAN B. COLBERG      
Name: Alan B. Colberg
Title: President and Chief Executive Officer
By: /s/    RICHARD S. DZIADZIO
Name: Richard S. Dziadzio
Title: Executive Vice President and Chief Financial Officer

Date: November 5, 2020
71
 Document

EXHIBIT 10.1

SEPARATION AGREEMENT
THIS SEPARATION AGREEMENT (this “Agreement”) is entered into effective as of July 16, 2020, by and between Assurant, Inc. (the “Company”) and Robyn Price Stonehill (the “Employee”).
WHEREAS, the Employee and the Company wish to terminate the employment relationship between them on the terms set forth in this Agreement and to agree to certain post­ employment covenants;
NOW, THEREFORE, in consideration of the mutual covenants, promises and representations in this Agreement and the General Release and Covenant Not to Sue in Exhibit A hereto, the parties hereto agree as follows:
1.Employment by the Company
a.Transition of Position. Effective as of July 15, 2020 (the “Transition Date”), the Employee transitioned out of her position as Chief Human Resources Officer of the Company, and such change in position will not be treated as a termination of employment. For the avoidance of doubt, the Employee shall continue in her position as an Executive Vice President of the Company at her current rate of pay following the Transition Date through the Termination Date (as defined below).
b.Termination of Employment. The Employee’s employment with the Company shall cease effective as of December 31, 2020 (the “Termination Date”) and in connection therewith the Employee shall execute a copy of the resignation notice attached as Exhibit B hereto. From and after the Termination Date, the Employee shall not hold any office or position with, nor maintain any other status as an employee or agent of, the Company or any subsidiary or affiliate of the Company. Effective on the Termination Date, all agreements between the Employee and the Company or any subsidiary or affiliate thereof are hereby terminated and shall be of no further force and effect; provided, however, that this sentence does not in any way limit and shall have no effect on any rights that the Employee may have, or on any obligations that the Company may have to the Employee, under the Company’s compensation and benefit plans (including, but not limited to, any qualified and nonqualified retirement plans and the Assurant, Inc. 2017 Long Term Equity Incentive Plan, as amended (the “ALTEIP”)) as provided in Section 4, below.
2.Severance Payments
The Company shall pay to the Employee, as severance pay in connection with the termination of employment, (x) an amount equal to one (1) times the Employee’s annual base salary, payable in equal monthly installments in accordance with the Company’s usual payroll practices over a period of twelve (12) months following the Termination Date and (y) the Employee’s 2020 annual bonus under the Assurant, Inc. Executive Short Term Incentive Plan (as amended and restated, the “ESTIP”), pro-rated as of the Termination Date, payable as soon as administratively feasible following the Determination Date (as defined in the ESTIP) (the “Severance Payment”). For the avoidance of doubt, any payments to the Employee pursuant to the ESTIP shall be based on eligible earnings through the Employee’s Termination Date and the level of performance achievement for purposes of determining the Employee’s ESTIP award shall be the same as that used for determining other executive officer’s awards under the ESTIP.


Such payments shall be subject to the Employee’s compliance with the Employee covenants set forth in Section 6 hereof and shall also be subject to applicable tax withholding requirements. The Severance Payment shall be in lieu of any other severance payments to which the Employee may be entitled under any severance or other plan, program or agreement of/with the Company or any subsidiary or affiliate thereof. For the avoidance of doubt, any breach or threatened breach of any of the Employee covenants set forth in Section 6 hereof shall, unless waived by an authorized officer of the Company, result in a cessation of the Severance Payment.
3.Equity Plan
The unvested portion of the equity awards granted to the Employee during her employment with the Company shall vest on a pro-rata basis consistent with the terms and conditions of their respective award agreements. For the avoidance of doubt, the level of performance achievement for purposes of determining the Employee’s Performance Share Unit (“PSU”) awards under the ALTEIP shall be the same as that used for determining other executive officer’s analogous PSU awards under the ALTEIP.
4.Employee Benefits
a.Retirement and Nonqualified Plans. The Employee shall be entitled to payment of her accrued benefits pursuant to the terms of the Assurant 401(k) Plan, the Assurant Executive 401(k) Plan, the Assurant Executive Pension Plan and the Assurant Pension Plan (the “Plans”).
b.COBRA Continuation. The Company shall pay the Employee an amount equal to, and at the same after tax cost to the Employee as, twelve (12) months of the Company’s 2021 employer contributions for the Employee’s health insurance coverage pursuant to the Company’s plans in which the Employee is enrolled on the Termination Date and may use toward any group medical, dental, vision and/or prescription drug plan benefits to which the Employee and/or the Employee’s eligible dependents would be entitled to under Section 4980B of the Internal Revenue Code (“COBRA”). Such payments under this Section ‎4.B shall be paid in equal monthly installments in accordance with the Company’s usual payroll practices over a period of twelve (12) months following the Termination Date and shall be subject to the Employee’s compliance with the Employee covenants set forth in Section 6 hereof.
c.Renewal of Membership. The Company shall, at its sole expense, renew the Employee’s membership with World 50 for an additional twelve (12) month period at any time prior to the date on which the Employee’s current World 50 membership is scheduled to expire; provided that the Company’s obligation with respect to such cost shall not, in any event, exceed $65,000.
d.Other Benefits. Except for the Company’s severance plan and as specifically provided herein, this Agreement shall have no effect on the rights of the Employee to payments or other benefits due to the Employee pursuant to the terms of any employee benefit plans of the Company in which the Employee participates. The Employee shall be entitled to receive such benefits and payments to which the Employee is entitled pursuant to the terms of such employee benefit plans. No portion of the Severance Payment shall be taken into account in determining the amount of any such employee benefit. Within fifteen (15) days after the Termination Date, the Company shall pay the Employee, through direct deposit, an amount equal to her accrued but unused paid time off pursuant to the Company’s policy.
2

5.Trading Restrictions
Effective immediately following the Termination Date, the Employee shall no longer be subject to the Company’s securities trading policies. The Employee is reminded, however, that trading on the basis of material non-public information, or providing such information to others so that they may trade, is a violation of the federal securities laws.
6.Employee Covenants
a.Confidential Information. The Employee shall not, (a) except as required by law or by order of a government agency or court of competent jurisdiction, disclose to any person, firm, corporation or other business entity any Confidential Information (as defined herein) proprietary to the Company concerning the business, finances, products, services, operations, clients, employees, affairs or prospects of the Company or any subsidiary or affiliate thereof, for any reason or purpose whatsoever, or (b) make use of any Confidential Information for personal purposes or for the benefit of any person, firm, corporation or other entity except the Company or any subsidiary or affiliate thereof. “Confidential Information” means information not generally known or available outside the Company and information entrusted to the Company in confidence by third parties. Confidential Information includes but is not limited to Company inventions, technical data, trade secrets, know-how, research, product or service ideas or plans, software codes and designs, processes, network agreements, provider or network discounts, contract terms, formulas, techniques, lists of or information relating to suppliers, intermediaries (including brokers and agents) and customers, prices, costs, coverages, employee compensation arrangements, pricing methodologies, cost data, market share data, marketing plans, licenses, strategic plans, internal annual or long-term plans, program information, business plans, financial forecasts, non-public financial data, budgets and all other non-public business information disclosed to the Employee by the Company or of which the Employee learned while in the employ of the Company.
Further, except as is necessary to obtain new employment or as required by law or by order of a government agency or court of competent jurisdiction, the Employee shall not disclose the reasons for or terms of her departure from the Company without the written consent of the Company and, unless and until this Agreement has been made public by filing with the Securities and Exchange Commission (the “SEC”), the Employee will not disclose the contents or substance of this Agreement or the Release (as defined in Section ‎8 hereof) to anyone except her immediate family or any tax, legal or other counsel she has consulted regarding the meaning or effect hereof or thereof, and she will instruct each of the foregoing not to disclose the same. Within ten (10) calendar days following the Termination Date, the Employee shall return to the Company any documents, records, files and other information (whether recorded or stored in paper or electronic form) and any property belonging or relating to the Company, its affiliates, customers, clients or employees. The Employee acknowledges that all such materials are, and will remain, the exclusive property of the Company, and the Employee may not retain originals or copies of such materials.
b.Non-Solicitation. For a period of twelve (12) months following the Termination Date (the “Restricted Period”), the Employee shall not, whether on her own behalf or on behalf of or in conjunction with any other person or entity, acting in any capacity whatsoever, directly or indirectly, disrupt or interfere with the business of the Company (i) by soliciting for employment any employee, independent contractor or other service provider who is employed by or providing services to the Company or any subsidiary or affiliate thereof as
3

of the Termination Date or (ii) by persuading or influencing any such employee, independent contractor or other service provider to leave the employ or service, as applicable, of the Company or any subsidiary or affiliate thereof. Further, during the Restricted Period, the Employee shall not, whether on her own behalf or on behalf of or in conjunction with any other person or entity, acting in any capacity whatsoever, directly or indirectly, use any of the Company’s trade secrets to solicit for employment any employee, independent contractor or other service provider of the Company.
c.Non-Disparagement.
i.The Employee shall not publicly or privately disparage or denigrate the Company, its subsidiaries, affiliates, officers or directors in respect of their integrity, character, business practices, performance, skills, acumen, experience or success. The Employee shall be responsible for, and bear any and all liability with respect to, any breach of this Section 6.C(1) only if such breach is knowingly and willfully committed and involves a material public disparagement of the Company. Notwithstanding the foregoing, the Company shall not be entitled to terminate, rescind, repudiate or seek judicial invalidation of this Agreement or any of its provisions as a remedy for any breach or alleged breach of this Section ‎6.C.
ii.The Company shall not, and shall instruct its executive officers and directors not to, publicly or privately disparage or denigrate the Employee in respect of her integrity, character, performance, skills, acumen, experience or success. The Company shall be responsible for, and bear any and all liability with respect to, any breach of this Section 6.C(2) only if such breach is knowingly and willfully committed and involves a material public disparagement of the Employee.
d.Litigation Against the Company. The Employee shall not act as an expert witness, consultant or otherwise in any litigation against the Company, except as a fact witness if legally compelled to do so by subpoena or other writ or order of a court or government agency of competent jurisdiction.
e.Officer Questionnaire. Upon reasonable request by the Company, the Employee shall complete an officer questionnaire, the responses to which may be used to enable the Company to comply with its disclosure obligations with the SEC.
f.Employee Protections. The Employee has the right under federal law to certain protections for cooperating with or reporting legal violations to the SEC and/or its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations. As such, nothing in this Agreement or otherwise prohibits or limits the Employee from disclosing this Agreement to, or from cooperating with or reporting violations to or initiating communications with, the SEC or any other such governmental entity or self-regulatory organization, and the Employee may do so without notifying the Company. Neither the Company nor any of its subsidiaries or affiliates may retaliate against the Employee for any of these activities, and nothing in this Agreement or otherwise requires the Employee to waive any monetary award or other payment that the Employee might become entitled to from the SEC or any other governmental entity or self­regulatory organization. Moreover, nothing in this Agreement or otherwise prohibits the Employee from notifying the Company that the Employee is going to make a report or disclosure to law enforcement.
4

Notwithstanding anything to the contrary in this Agreement or otherwise, as provided for in the Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), the Employee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Without limiting the foregoing, if the Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Employee may disclose the trade secret to her attorney and use the trade secret information in the court proceeding, if the Employee (x) files any document containing the trade secret under seal, and (y) does not disclose the trade secret, except pursuant to court order.
g.All Prior Covenants Null and Void. As of the Termination Date, any covenants (other than those set forth in this Section 6) in favor of the Company by which the Employee may otherwise be bound and that are analogous to the Employee covenants set forth in this Section 6 shall be null and void and no longer enforceable under any circumstances.
7.Release from Search Consultant “Off Limits” Lists; Enforcement of Restrictions; Rights and Remedies
a.Release from “Off-Limits” Lists. From and after the date hereof, at the request of the Employee or any executive search firm, the Company shall communicate to such firm that (i) the Employee may be considered for existing or potential employment opportunities with respect to which such firm is engaged and (ii) subject to Section 6 hereof, such firm may work directly with the Employee in connection with such existing or potential employment opportunities.
b.Reasonableness. The Employee hereby acknowledges and agrees that: (i) the restrictions provided in this Agreement are reasonable in time and scope in light of the Company’s interest in protecting its business; and (ii) her ability to work and earn a living will not be unreasonably restrained by the application of these restrictions.
c.Injunctive Relief. The Employee recognizes and agrees that should she fail to comply with the restrictions set forth herein, which restrictions are vital to the protection of the Company’s business, the Company will suffer irreparable injury and harm for which there is no adequate remedy at law. Therefore, the Employee agrees that in the event of the breach or threatened breach by her of any of the terms and conditions of Sections ‎6.A or ‎6.B hereof, the Company shall be entitled to preliminary and permanent injunctive relief against her as may be awarded by a court having jurisdiction over the dispute in addition to, and not in lieu of, any other rights or remedies available to the Company at law or in equity.
d.Conditions to Company’s Obligation to Make Payments. The consideration for the Company’s promises under Sections 2 and 4 hereof are the Employee’s Release under Section 8 and Exhibit A hereof and each and every other promise that Employee makes herein.
8.Release of Claims
The parties shall execute the General Release and Covenant Not to Sue in the form attached hereto as Exhibit A (the “Release”). Notwithstanding anything contained herein to the contrary, the Company’s
5

obligations to make the Severance Payment and the payments described in Sections 4.B and 4.C hereof are conditioned on the Employee’s (i) execution and delivery of the Release as of the date hereof, (ii) non­revocation of the Release, (iii) execution, delivery and non-revocation of the affirmation of the Release set forth on Exhibit C hereto at the conclusion of the Transition Period and prior to her receipt of the Severance Payment and the payments described in Sections 4.B and 4.C hereof and (iv) compliance with the terms of the Release and the Employee covenants set forth in Section 6 hereof.
9.Notices
All notices, requests and other communications pursuant to this Agreement shall be in writing and shall be deemed to have been duly given if delivered in person, by courier or by facsimile transmission, or sent by express, registered or certified mail, postage prepaid, addressed as follows:
If to the Employee:
at her last known home address on file at Assurant or, following Assurant’s receipt of any change of address notice given by Employee, at the new address specified therein
If to the Company:
Jay Rosenblum
Chief Legal Officer
Assurant, Inc.
601 13th Street, NW
Suite 1010 North
Washington, DC 20005
Either party may, by written notice to the other, change the address to which notices to such party are to be delivered or mailed.
10.Tax Matters
a.Withholding of Taxes.
All payments of the Severance Payment and other benefits required to be provided by the Company to the Employee under this Agreement shall be subject to the withholding of such amounts relating to taxes and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law, regulation or Company policy.
b.Section 409A of the Internal Revenue Code.
The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and applicable guidance promulgated thereunder (collectively, “Section 409A”). Accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with Section 409A. In no event shall the Company be liable for any additional tax, interest or penalties that may be imposed on the Employee by the Internal Revenue Service under Section 409A or any damages for failing to comply with Section 409A. For purposes of Section 409A, each payment in a series of installment payments under this Agreement shall be treated as a separate payment. If required pursuant to Section 409A, payment of certain amounts owed to the Employee within the six (6) month period following the Termination Date may be delayed until after such six-month period has elapsed.
6

11.Governing Law; Dispute Resolution
This Agreement shall be construed, interpreted and enforced in accordance with the laws the State of New York, without giving effect to the choice of law principles thereof.
The Company and the Employee have agreed to resolve any disputes that may arise through binding arbitration. Disputes subject to resolution through arbitration include, but are not limited to, those concerning employment with the Company, the termination of employment with the Company, compensation or benefits, and the violation of any applicable laws. For the avoidance of doubt, this requirement to arbitrate shall not apply to administrative, legislative, or judicial proceedings, but does apply to any lawsuit that a party may bring, including but not limited to any lawsuit related to any such proceeding. By agreeing to this requirement each of the parties acknowledged that she or it has waived her or its right to a jury trial. Arbitration shall be conducted pursuant to the rules of Judicial Arbitration and Mediation Services (“JAMS”) in effect at that time. The arbitrator shall be selected from a list of neutral arbitrators provided by JAMS in accordance with its rules and the arbitration shall occur no more than 45 miles from the place and in the same state where the Employee last worked for Assurant, unless each party to the arbitration agrees in writing otherwise. Arbitration shall be the exclusive means through which the Employee or the Company may seek relief in connection with a dispute and judgment upon the determination or award entered by the arbitrator may be entered in any state or federal court in the Borough of Manhattan, New York, New York. Subject to Section 6.F, the parties agree that the arbitration, including the existence of any arbitration, shall be kept confidential.
12.Waiver of Breach
No waiver of any provision of this Agreement shall have any force and effect unless it is in writing signed by the party giving the waiver. Any waiver or forbearance, express or implied, of any breach of this Agreement shall not be construed to be a continuing waiver or a consent to any other or subsequent breach on the part either of the Employee or of the Company.
13.Non-Assignment; Successors
Neither party hereto may assign her or its rights or delegate her or its duties under this Agreement without the prior written consent of the other party; provided, however, that (i) this Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company upon any sale of all or substantially all of the Company’s assets, or upon any merger, consolidation or reorganization of the Company with or into any other corporation, all as though such successors and assigns of the Company and their respective successors and assigns were the Company, and (ii) this Agreement shall inure to the benefit of the heirs, assigns or designees of the Employee to the extent of any payments due to them hereunder. In the event of any sale of all or substantially all of the Company’s assets or merger of the Company in which the Company is not the surviving entity, as used in this Agreement the term “Company” shall be deemed to refer to the surviving corporation, successor or assign of the Company.
14.Severability and Intent for a Court to Enforce Covenants to Maximum Extent
If any provision of this Agreement is determined by a court of competent jurisdiction not to be enforceable in the manner set forth in this Agreement, the Employee and the Company agree that it is the intention of the parties that such provision should be enforceable to the maximum extent possible under applicable law. If any provision of this Agreement is held to be invalid or unenforceable, such invalidation or unenforceability shall not affect the validity or enforceability of any other provision of this Agreement (or any portion thereof). If, and only if, a court finds that Section 6.B hereof is not enforceable to the full extent provided by its terms, the parties agree that such court may, and hereby memorialize their intention
7

that such court shall, enforce such provisions to the full geographic and temporal extent that such court may find permissible under applicable law.
15.Entire Agreement
This Agreement, together with the General Release and Covenant Not to Sue the form of which is set forth as Exhibit A hereto, constitutes the entire agreement by and between the Company and the Employee with respect to the subject matter hereof and supersedes any and all prior or contemporaneous agreements or understandings between the Employee and the Company with respect to such subject matter, whether written or oral, including the Change In Control Agreement dated July 1, 2018. This Agreement may be amended or modified only by a written instrument executed by the Employee and the Company.


8

IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first written above.
EMPLOYEE
/s/ Robyn Price Stonehill
Robyn Price Stonehill

ASSURANT, INC.
By:/s/ Alan Colberg
Alan Colberg
Chief Executive Officer and President

9

EXHIBIT A
GENERAL RELEASE AND COVENANT NOT TO SUE
THIS GENERAL RELEASE AND COVENANT NOT TO SUE (this “Release”) is entered into effective as of July 16, 2020, by and between Robyn Price Stonehill (the “Employee”) and Assurant, Inc. (the “Company”), pursuant to the terms of the Separation Agreement, dated as of July 16, 2020, by and between the Employee and the Company, to which this Release is attached (the “Separation Agreement”).
The Employee hereby releases and forever discharges, and covenants not to sue, the Company or its subsidiaries, affiliates, their directors, members, officers, employees, agents, stockholders, successors and assigns, both individually and in their official capacities, (together, the “Company Released Parties”) from, and with respect to, any and all actions, causes of action, covenants, contracts, claims, demands, suits, and liabilities whatsoever, which the Employee ever had, now has or which her heirs, executors, administrators and assigns, or any of them hereafter can, shall or may have by reason of or related to the Employee’s employment with, or termination of employment from, the Company and/or its subsidiaries and affiliates (collectively, the “Released Claims”).
By signing this Release, the Employee is providing a complete waiver of all claims against the Company Released Parties that may have arisen, whether known or unknown, up and until the effective date of this Release. This includes, but is not limited to, claims based on Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Age Discrimination in Employment Act of 1967 (including the Older Workers Benefit Protection Act) (the “ADEA”), the Americans With Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974 (except as to claims pertaining to vested benefits under employee benefit plans maintained by the Company Released Parties), the Uniform Trade Secrets Act, the Sarbanes-Oxley Act of 2002, the California Fair Employment and Housing Act, the Unruh Civil Rights Act, the California Family Rights Act, and the California Labor, Government, and Business and Professions Codes, and all applicable amendments to the foregoing acts and laws, or any common law, public policy, contract (whether oral or written, express or implied) or tort law, and any other local, state or Federal law, regulation or ordinance having any bearing whatsoever on the terms and conditions of the Employee’s employment and the cessation thereof.
The Employee further agrees, promises and covenants that, to the maximum extent permitted by law, neither she, nor any person, organization, or other entity acting on her behalf has or will file, charge, claim, sue, or cause or permit to be filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary or other relief) against the Company Released Parties involving any matter occurring in the past up to the date of this Release, or involving or based upon any claims, demands, causes of action, obligations, damages or liabilities which are the subject of this Release. This Release shall not affect the Employee’s rights under the Separation Agreement or under the Older Workers Benefit Protection Act to have a judicial determination of the validity of this Release and does not purport to limit any right the Employee may have to file a charge under the ADEA or other civil rights statute or to participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission or other investigative agency. This Release does, however, waive and release any right to recover damages under the ADEA or any other civil rights statute. This Release does not waive any right of the Employee to indemnification for claims made against her for authorized actions she engaged in as an Employee of Company under any indemnification obligation, including any applicable Directors and Officers Insurance policy. The Employee agrees that she has carefully read this Release and is signing it voluntarily.
10

It is understood that this Release is not effective until seven (7) calendar days after the execution of this Release and that the Employee may revoke this Release within seven (7) calendar days from the date of execution hereof.
Notwithstanding the foregoing, this Release does not release claims that cannot be released as a matter of law, including any right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission (“EEOC”), the Department of Labor, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company. However, by executing this Release, the Employee hereby waives the right to monetary recovery from the Company, no matter how denominated, including, but not limited to, wages, back pay, front pay, compensatory damages or punitive damages, in any proceeding the Employee may bring before the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission on the Employee’s behalf.
Notwithstanding anything to the contrary contained in this Release, nothing in this Release shall apply to, or release the Company from, any rights and claims of the Employee directly or indirectly arising from or under or related to any obligation or commitment of the Company under the Separation Agreement.
This Release shall be governed by and construed in accordance with the laws of the State of New York. If any provision in this Release is held invalid or unenforceable for any reason, the remaining provisions shall be construed as if the invalid or unenforceable provision(s) had not been included.
•The Employee acknowledges that the Company has advised her that she should consult with an attorney of her choice prior to signing this Release and she has had sufficient time to consider the terms of this Release.
•The Employee acknowledges that the Company has advised her that she may consider this Release for up to twenty-one (21) calendar days after her receipt thereof to review it prior to signing. The Company and the Employee agree that any changes, whether or not material, made to the Agreement and this Release do not restart the twenty-one (21) calendar day review period, which will end on July 21, 2020 (the “Consideration Period”). The Employee acknowledges that she may choose to execute this Release before the end of the Consideration Period.
•The Employee fully understands that the terms of this Release contain a release of potentially valuable claims.
•The Employee acknowledges and agrees that she would not have received the Severance Payment (as defined in the Separation Agreement) but for her decision to sign the Separation Agreement and this Release and to thereafter honor their respective terms.


11

IN WITNESS WHEREOF, the parties have executed this Release effective as of the date first written above.
EMPLOYEE
/s/ Robyn Price Stonehill
Robyn Price Stonehill
ASSURANT, INC.
By:/s/ Alan Colberg
Alan Colberg,
Chief Executive Officer and President


12

Exhibit B
Resignation Notice
Effective December 31, 2020, I hereby resign as Executive Vice President of Assurant, Inc. (the “Company”) and any and all other offices and titles, boards of directors (or similar governing bodies), committees of such boards of directors (or similar governing bodies) and any other positions I may hold with the Company or any subsidiary of the Company. In connection with such resignation, I hereby relinquish all interests and authority that I hold or have ever held by virtue of holding any such position, whether actual, implied or apparent, in connection with any operating agreement, charter, bylaws, resolutions or consents or any other agreement or understanding, whether written or oral. This resignation shall be effective pursuant to the terms hereof, without the need for acceptance or further action by the Company.


/s/ Robyn Price Stonehill
Robyn Price Stonehill
7/16/2020
Date: July 16, 2020


13

Exhibit C
REAFFIRMATION PAGE
This page represents my reaffirmation (this “Reaffirmation”) of the commitments set forth in the General Release and Covenant Not to Sue (the “Release”) entered into effective as of July 16, 2020, by and between myself and Assurant, Inc. (the “Company”), pursuant to the terms of the Separation Agreement, dated as of July 16, 2020, by and between myself and the Company, to which this Reaffirmation is attached (the “Separation Agreement”), from the date I signed the Release through the date that I sign this Reaffirmation, and I hereby agree that the release of claims pursuant to the Release will be extended to cover any act, omission or occurrence occurring up to and including the date I sign this Reaffirmation.
I understand that this Reaffirmation is not effective until seven (7) calendar days after the execution of this Reaffirmation and that I may revoke this Reaffirmation within seven (7) calendar days from the date of execution hereof.
•I acknowledge that the Company has advised me that I should consult with an attorney of my choice prior to signing this Reaffirmation and I have had sufficient time to consider the terms of this Reaffirmation.
•I acknowledge that the Company has advised me that I may consider this Reaffirmation and the terms of the Release for up to twenty-one (21) calendar days after my receipt thereof (the “Consideration Period”) to review prior to signing. I acknowledge that I may choose to execute this Reaffirmation before the end of the Consideration Period.
•I fully understand that the terms of this Reaffirmation contain a release of potentially valuable claims.
•I acknowledge and agree that I would not have received the Severance Payment (as defined in the Separation Agreement) but for my decision to sign the Separation Agreement, the Release and this Reaffirmation and to thereafter honor their respective terms.
I ratify and reaffirm the commitments set forth in the Release:


Robyn Price Stonehill
Date: December 31, 2020

14
Document

EXHIBIT 31.1
CERTIFICATIONS
I, Alan B. Colberg, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Assurant, Inc. for the period ended September 30, 2020;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 5, 2020

 
/s/ Alan B. Colberg
Alan B. Colberg
President, Chief Executive Officer and Director


Document

EXHIBIT 31.2
CERTIFICATIONS
I, Richard S. Dziadzio, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Assurant, Inc. for the period ended September 30, 2020;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 5, 2020

/s/ Richard S. Dziadzio
Richard S. Dziadzio
Executive Vice President and Chief Financial Officer


Document

EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF
ASSURANT, INC.
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
§ 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Assurant, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alan B. Colberg, President, Chief Executive Officer and Director of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2020

 
/s/ Alan B. Colberg
Alan B. Colberg
President, Chief Executive Officer and Director


Document

EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER OF
ASSURANT, INC.
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
§ 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Assurant, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard S. Dziadzio, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2020

/s/ Richard S. Dziadzio
Richard S. Dziadzio
Executive Vice President and Chief Financial Officer


v3.20.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2020
Oct. 30, 2020
Entity Listings [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2020  
Document Transition Report false  
Entity Registrant Name Assurant, Inc.  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-31978  
Entity Tax Identification Number 39-1126612  
Entity Address, Address Line One 28 Liberty Street  
Entity Address, Address Line Two 41st Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10005  
City Area Code 212  
Local Phone Number 859-7000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   58,759,191
Entity Central Index Key 0001267238  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Stock    
Entity Listings [Line Items]    
Title of 12(b) Security Common Stock, $0.01 Par Value  
Trading Symbol AIZ  
Security Exchange Name NYSE  
Convertible Preferred Stock    
Entity Listings [Line Items]    
Title of 12(b) Security 6.50% Series D Mandatory Convertible Preferred Stock, $1.00 Par Value  
Trading Symbol AIZP  
Security Exchange Name NYSE  
v3.20.2
Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Investments:    
Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of $1.5 at September 30, 2020; amortized cost - $11,379.3 and $11,064.8 at September 30, 2020 and December 31, 2019, respectively) $ 13,094.5 $ 12,322.4
Equity securities at fair value 384.4 388.5
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $6.9 at September 30, 2020) 771.1 815.0
Short-term investments 250.0 402.5
Other investments (net of allowances for credit losses of $1.4 at September 30, 2020) 705.9 638.9
Total investments 15,205.9 14,567.3
Cash and cash equivalents 2,203.0 1,867.1
Premiums and accounts receivable (net of allowances for credit losses of $15.9 at September 30, 2020) 1,576.7 1,692.8
Reinsurance recoverables (net of allowances for credit losses of $25.5 at September 30, 2020) 9,796.2 9,593.4
Accrued investment income 133.0 131.1
Deferred acquisition costs 7,405.5 6,668.0
Property and equipment, net 468.4 433.7
Goodwill 2,325.8 2,343.4
Value of business acquired 1,339.8 2,004.3
Other intangible assets, net 581.8 540.2
Other assets (net of allowances for credit losses of $1.8 at September 30, 2020) 540.4 590.1
Assets held in separate accounts 2,006.1 1,839.7
Total assets 43,582.6 44,291.2
Liabilities    
Future policy benefits and expenses 9,907.4 9,807.3
Unearned premiums 17,116.6 16,603.6
Claims and benefits payable 2,758.2 2,687.7
Commissions payable 547.0 540.5
Reinsurance balances payable 435.4 358.5
Funds held under reinsurance 361.2 319.4
Accounts payable and other liabilities 2,502.1 2,758.5
Debt 2,008.6 2,006.9
Liabilities related to separate accounts 2,006.1 1,839.7
Total liabilities 37,642.6 38,609.1
Commitments and contingencies (Note 21)
Stockholders’ equity    
6.50% Series D mandatory convertible preferred stock, par value $1.00 per share, 2,875,000 shares authorized, issued and outstanding at September 30, 2020 and December 31, 2019, respectively 2.9 2.9
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 162,051,167 and 161,607,866 shares issued and 59,076,751 and 59,945,893 shares outstanding at September 30, 2020 and December 31, 2019, respectively 1.6 1.6
Additional paid-in capital 4,568.2 4,537.7
Retained earnings 6,126.0 5,966.4
Accumulated other comprehensive income 658.2 411.5
Treasury stock, at cost; 102,974,416 and 101,661,973 shares at September 30, 2020 and December 31, 2019, respectively (5,420.5) (5,267.3)
Total Assurant, Inc. stockholders’ equity 5,936.4 5,652.8
Non-controlling interests 3.6 29.3
Total equity 5,940.0 5,682.1
Total liabilities and equity 43,582.6 44,291.2
Consolidated investment entities    
Investments:    
Cash and cash equivalents   32.9
Total assets [1] 0.0 2,020.1
Liabilities    
Total liabilities [1] $ 0.0 $ 1,687.0
[1] The following table presents information on assets and liabilities related to consolidated investment entities as of December 31, 2019. During the third quarter of 2020, the Company sold its collateralized loan obligation asset management platform and outsourced its real estate asset management, which resulted in the deconsolidation of the consolidated investment entities. Refer to Notes 5 and 12 for additional information.
December 31, 2019
Assets
Cash and cash equivalents$32.9 
Investments, at fair value1,957.9 
Other receivables29.3 
Total assets$2,020.1 
Liabilities
Collateralized loan obligation notes, at fair value1,603.1 
Other liabilities83.9 
Total liabilities$1,687.0 
v3.20.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Assets    
Cash and cash equivalents $ 2,203.0 $ 1,867.1
Total assets 43,582.6 44,291.2
Liabilities    
Total liabilities 37,642.6 38,609.1
Fixed maturity securities available for sale, allowances for credit losses (1.5)  
Fixed maturity securities available for sale, amortized cost 11,379.3 11,064.8
Commercial mortgage loans on real estate, allowances for expected credit losses 6.9 0.6
Other investments, allowances for credit losses 1.4  
Premiums and accounts receivable, allowances for expected credit losses 15.9 15.3
Reinsurance recoverables, allowances for expected credit losses 25.5 $ 2.8
Other assets, allowances for credit losses $ 1.8  
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 800,000,000 800,000,000
Common stock, shares, issued (in shares) 162,051,167 161,607,866
Common stock, shares outstanding (in shares) 59,076,751 59,945,893
Treasury stock, at cost (in shares) 102,974,416 101,661,973
Series D Preferred Stock    
Liabilities    
Share interest rate 6.50% 6.50%
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 2,875,000 2,875,000
Preferred stock, shares issued (in shares) 2,875,000 2,875,000
Preferred stock, shares outstanding (in shares) 2,875,000 2,875,000
Consolidated investment entities    
Assets    
Cash and cash equivalents   $ 32.9
Investments, at fair value   1,957.9
Other receivables   29.3
Total assets [1] $ 0.0 2,020.1
Liabilities    
Collateralized loan obligation notes, at fair value   1,603.1
Other liabilities   83.9
Total liabilities [1] $ 0.0 $ 1,687.0
[1] The following table presents information on assets and liabilities related to consolidated investment entities as of December 31, 2019. During the third quarter of 2020, the Company sold its collateralized loan obligation asset management platform and outsourced its real estate asset management, which resulted in the deconsolidation of the consolidated investment entities. Refer to Notes 5 and 12 for additional information.
December 31, 2019
Assets
Cash and cash equivalents$32.9 
Investments, at fair value1,957.9 
Other receivables29.3 
Total assets$2,020.1 
Liabilities
Collateralized loan obligation notes, at fair value1,603.1 
Other liabilities83.9 
Total liabilities$1,687.0 
v3.20.2
Consolidated Statements of Operations (unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net earned premiums $ 2,102.8 $ 2,015.4 $ 6,223.0 $ 5,952.5
Fees and other income 245.9 295.1 934.3 959.5
Net investment income 135.1 169.5 428.3 490.0
Net realized gains (losses) on investments (including $(1.5), $(0.2), $(14.6), and $(1.1) of impairment losses for the three and nine months ended September 30, 2020 and 2019, respectively) 16.6 14.9 (54.6) 61.5
Amortization of deferred gains on disposal of businesses 2.1 4.4 8.7 16.9
Total revenues 2,502.5 2,499.3 7,539.7 7,480.4
Benefits, losses and expenses        
Policyholder benefits 709.6 705.2 1,908.9 2,006.9
Amortization of deferred acquisition costs and value of business acquired 946.2 869.5 2,745.7 2,462.6
Underwriting, general and administrative expenses 687.5 764.5 2,331.8 2,388.1
Goodwill impairment (Note 6) 137.8 0.0 137.8 0.0
Iké net losses 0.0 121.1 5.9 130.5
Interest expense 25.5 32.2 77.7 85.2
Loss on extinguishment of debt 0.0 31.4 0.0 31.4
Total benefits, losses and expenses 2,506.6 2,523.9 7,207.8 7,104.7
(Loss) income before provision for income taxes (4.1) (24.6) 331.9 375.7
Provision for income taxes 26.4 28.6 28.2 117.7
Net (loss) income (30.5) (53.2) 303.7 258.0
Less: Net loss (income) attributable to non-controlling interests 0.3 (1.6) (1.1) (3.0)
Net (loss) income attributable to stockholders (30.2) (54.8) 302.6 255.0
Less: Preferred stock dividends (4.7) (4.7) (14.0) (14.0)
Net (loss) income attributable to common stockholders $ (34.9) $ (59.5) $ 288.6 $ 241.0
Earnings Per Common Share        
Basic (in dollars per share) $ (0.58) $ (0.96) $ 4.78 $ 3.88
Diluted (in dollars per share) $ (0.58) $ (0.96) $ 4.76 $ 3.86
Share Data        
Weighted average common shares outstanding used in basic per common share calculations (in shares) 60,190,103 61,804,492 60,384,817 62,204,242
Plus: Dilutive securities (in shares) 0 0 256,128 256,003
Weighted average common shares used in diluted earnings per common share calculations (in shares) 60,190,103 61,804,492 60,640,945 62,460,245
Impairment losses $ (1.5) $ (0.2) $ (14.6) $ (1.1)
v3.20.2
Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Impairment losses $ (1.5) $ (0.2) $ (14.6) $ (1.1)
v3.20.2
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net (loss) income $ (30.5) $ (53.2) $ 303.7 $ 258.0
Other comprehensive income (loss):        
Change in unrealized gains on investments, net of taxes of $(12.3), $(28.5), $(53.7) and $(157.5) for the three and nine months ended September 30, 2020 and 2019, respectively 54.1 97.4 186.7 574.8
Change in unrealized gains on derivative transactions, net of taxes of $0.2, $0.2, $0.5 and $0.5 for the three and nine months ended September 30, 2020 and 2019, respectively (0.6) 2.7 (1.8) (0.5)
Change in credit related impairment losses, net of taxes of $(0.3) for the three and nine months ended September 30, 2020 1.2 0.0 1.2 0.0
Change in non-credit related impairment losses, net of taxes of $(0.4), $(0.1), $(0.1) and $(0.2) for the three and nine months ended September 30, 2020 and 2019, respectively 1.5 0.2 0.3 0.7
Change in foreign currency translation, net of taxes of $(1.5), $0.8, $4.2 and $(0.6) for the three and nine months ended September 30, 2020 and 2019, respectively 35.3 (23.6) 15.2 (14.6)
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.5, $(0.1), ($12.6) and $(0.1) for the three and six months ended June 30, 2020 and 2019, respectively [1] (2.2) (0.2) 45.1 0.2
Total other comprehensive income 89.3 76.5 246.7 560.6
Total comprehensive income 58.8 23.3 550.4 818.6
Less: Comprehensive loss (income) attributable to non-controlling interests 0.3 (1.6) (1.1) (3.0)
Total comprehensive income attributable to stockholders $ 59.1 $ 21.7 $ 549.3 $ 815.6
[1] Change in nine months ended September 30, 2020 includes the prior service credit resulting from the February 2020 amendment of the Retirement Health Benefits plan. Refer to Note 20 for further information.
v3.20.2
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]        
Change in unrealized gains on securities, tax $ (12.3) $ (28.5) $ (53.7) $ (157.5)
Change in unrealized gains on derivative transactions, tax 0.2 0.2 0.5 0.5
Change in credit related impairment losses, tax (0.3)   (0.3)  
Change in non-credit related impairment losses, tax (0.4) (0.1) (0.1) (0.2)
Change in foreign currency transaction, tax (1.5) 0.8 4.2 (0.6)
Change in pension and postretirement unrecognized net periodic benefit cost, tax $ 0.6 $ 0.0 $ (12.0) $ (0.1)
v3.20.2
Consolidated Statements of Changes in Equity (unaudited) - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non-controlling Interests
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
 [1]
Beginning balance at Dec. 31, 2018 $ 5,133.9 $ 2.9 $ 1.6 $ 4,495.6 $ 5,759.7 $ (155.4) $ (4,992.4) $ 21.9    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock plan issuances 7.1     7.1            
Stock plan compensation expense 40.7     40.7            
Common stock dividends (113.0)       (113.0)          
Acquisition of common stock (185.0)     (18.9)     (166.1)      
Net loss 258.0       255.0     3.0    
Preferred stock dividends (14.0)       (14.0)          
Change in equity of non-controlling interests 2.1       (4.8)     6.9    
Other comprehensive income 560.6         560.6        
Ending balance at Sep. 30, 2019 5,690.4 2.9 1.6 4,524.5 5,882.9 405.2 (5,158.5) 31.8    
Beginning balance at Jun. 30, 2019 5,760.3 2.9 1.6 4,509.2 5,980.9 328.7 (5,093.1) 30.1    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock plan issuances 3.6     3.6            
Stock plan compensation expense 15.0     15.0            
Common stock dividends (37.3)       (37.3)          
Acquisition of common stock (68.7)     (3.3)     (65.4)      
Net loss (53.2)       (54.8)     1.6    
Preferred stock dividends (4.7)       (4.7)          
Change in equity of non-controlling interests (1.1)       (1.2)     0.1    
Other comprehensive income 76.5         76.5        
Ending balance at Sep. 30, 2019 5,690.4 2.9 1.6 4,524.5 5,882.9 405.2 (5,158.5) 31.8    
Beginning balance at Dec. 31, 2019 $ 5,682.1 2.9 1.6 4,537.7 5,966.4 411.5 (5,267.3) 29.3 $ (20.4) $ (20.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member                  
Stock plan issuances $ 8.6     8.6            
Stock plan compensation expense 41.9     41.9            
Common stock dividends (115.1)       (115.1)          
Acquisition of common stock (172.5)     (19.3)     (153.2)      
Net loss 303.7       302.6     1.1    
Preferred stock dividends (14.0)       (14.0)          
Change in equity of non-controlling interests (18.7)       6.5     (25.2)    
Acquisition of non-controlling interests (2.3)     (0.7)       (1.6)    
Other comprehensive income 246.7         246.7        
Ending balance at Sep. 30, 2020 5,940.0 2.9 1.6 4,568.2 6,126.0 658.2 (5,420.5) 3.6    
Beginning balance at Jun. 30, 2020 5,984.5 2.9 1.6 4,550.4 6,194.4 568.9 (5,350.4) 16.7    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock plan issuances 4.7     4.7            
Stock plan compensation expense 15.5     15.5            
Common stock dividends (37.5)       (37.5)          
Acquisition of common stock (71.8)     (1.7)     (70.1)      
Net loss (30.5)       (30.2)     (0.3)    
Preferred stock dividends (4.7)       (4.7)          
Change in equity of non-controlling interests (7.2)       4.0     (11.2)    
Acquisition of non-controlling interests (2.3)     (0.7)       (1.6)    
Other comprehensive income 89.3         89.3        
Ending balance at Sep. 30, 2020 $ 5,940.0 $ 2.9 $ 1.6 $ 4,568.2 $ 6,126.0 $ 658.2 $ (5,420.5) $ 3.6    
[1] Amount relates to the adoption of a new accounting standard for accounting for expected credit losses for assets held at amortized cost, which established allowances for such expected credit losses as of January 1, 2020. Refer to Notes 3 and 7 for additional information.
v3.20.2
Consolidated Statements of Changes in Equity (unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]        
Common stock dividends (usd per share) $ 0.63 $ 0.60 $ 1.89 $ 1.80
Preferred stock dividends (usd per share) $ 1.63 $ 1.63 $ 4.88 $ 4.88
v3.20.2
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Statement of Cash Flows [Abstract]    
Net (loss) income attributable to stockholders $ 302.6 $ 255.0
Noncash revenues, expenses, gains and losses included in income:    
Deferred tax expense 172.1 40.6
Amortization of deferred gains on disposal of businesses (8.7) (16.9)
Depreciation and amortization 105.1 87.4
Net realized losses (gains) on investments, including impairment losses 54.6 (61.5)
Loss on extinguishment of debt 0.0 31.4
Loss on sale of business 0.0 9.6
Stock based compensation expense 41.9 40.7
Other intangible asset impairment 0.0 16.2
Goodwill impairment 137.8 0.0
Ike related charges, net of derivative gains [1] 1.7 130.5
Changes in operating assets and liabilities:    
Change in insurance policy reserves and expenses 825.9 1,393.2
Change in premiums and accounts receivable 102.8 (138.8)
Change in commissions payable 14.1 75.2
Change in reinsurance recoverable (154.5) (259.5)
Change in reinsurance balance payable 80.5 12.9
Change in funds withheld under reinsurance 42.6 13.4
Change in deferred acquisition costs and value of business acquired (418.3) (685.1)
Change in taxes (receivable) payable [2] (33.0) 63.8
Change in other assets and other liabilities (371.5) 163.6
Other 5.9 (3.8)
Net cash provided by operating activities 901.6 1,167.9
Sales of:    
Fixed maturity securities available for sale 489.2 1,730.0
Equity securities 21.4 85.3
Other invested assets 87.4 45.8
Ike foreign currency hedge [1] 22.0 0.0
Maturities, calls, prepayments, and scheduled redemption of:    
Fixed maturity securities available for sale 723.6 483.9
Commercial mortgage loans on real estate 38.5 41.7
Purchases of:    
Fixed maturity securities available for sale (1,543.7) (2,434.1)
Equity securities (27.9) (81.8)
Commercial mortgage loans on real estate (3.0) (84.3)
Other invested assets [3] (78.6) (33.4)
Property and equipment and other (81.1) (70.5)
Subsidiaries, net of cash transferred [4] (166.1) 0.0
Net cash outflow related to sale of interests in Iké and termination of put/call obligations [1] (73.3) 0.0
Consolidated investment entities    
Purchases of investments [5] (353.1) (1,163.1)
Sale of investments [5] 550.2 754.4
Change in short-term investments 118.9 108.5
Other 0.4 4.0
Net cash used in investing activities (275.2) (613.6)
Financing activities    
Issuance of debt, net of issuance costs 0.0 346.7
Repayment of debt, including tender offer premium 0.0 (379.6)
Issuance of collateralized loan obligation notes [5] 0.0 404.8
Issuance of debt for consolidated investment entities [5] 0.0 189.1
Repayment of debt for consolidated investment entities [5] (1.2) (318.7)
Payment of contingent liability 0.0 (19.3)
Borrowings under secured revolving credit facility 200.0 0.0
Payments on secured revolving credit facility (200.0) 0.0
Acquisition of common stock (154.5) (164.3)
Common stock dividends paid (115.1) (113.0)
Preferred stock dividends paid (14.0) (14.0)
Employee stock purchases and withholdings (12.0) 18.1
Other 0.0 0.1
Net cash used in financing activities (296.8) (50.1)
Effect of exchange rate changes on cash and cash equivalents 6.3 (8.9)
Change in cash and cash equivalents 335.9 495.3
Cash and cash equivalents at beginning of period 1,867.1 1,254.0
Cash and cash equivalents at end of period $ 2,203.0 $ 1,749.3
[1] Relates to Iké disposition and related financing. Refer to Note 5 for additional information
[2] Includes receipt of the $204.9 million federal tax refund, which includes interest, related to the ability to carryback net operating losses to prior periods under the CARES Act. Refer to Note 8 for additional information.
[3] Includes loan to Iké Grupo. Refer to Note 5 for additional information.
[4] Consists of $175.4 million in cash consideration for the acquisition of American Financial & Automotive Services, Inc., net of $39.6 million of cash acquired, and $30.3 million in total cash consideration for three business acquisitions within the Global Lifestyle business. Refer to Note 4 for additional information.
[5] Relates to cash flows from the Company’s variable interest entities. Refer to Note 12 for additional information.
v3.20.2
Consolidated Statements of Cash Flows (Parenthetical)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
acquisition
Business Acquisition [Line Items]  
Proceeds from federal tax refunds, CAREs Act $ 204.9
AFAS  
Business Acquisition [Line Items]  
Cash consideration for acquisition 175.4
Cash acquired from acquisition 39.6
Strategic Acquisition In Global Lifestyle Business  
Business Acquisition [Line Items]  
Cash consideration for acquisition $ 30.3
Number of strategic acquisitions | acquisition 3
v3.20.2
Nature of Operations
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations Assurant, Inc. (the “Company”) is a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. The Company partners with leading brands to develop innovative products and services and to deliver enhanced customer experience. The Company operates in North America, Latin America, Europe and Asia Pacific through three operating segments: Global Lifestyle, Global Housing and Global Preneed. Through its Global Lifestyle segment, the Company provides mobile device solutions and extended service products and related services for consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit and other insurance products (referred to as “Global Financial Services and Other”). Through its Global Housing segment, the Company provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”). Through its Global Preneed segment, the Company provides pre-funded funeral insurance, final need insurance and related services. The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”.
v3.20.2
Basis of Presentation
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The interim financial data as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. 
Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
v3.20.2
Recent Accounting Pronouncements
 9 Months Ended
Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Adopted
Measurement of credit losses on financial instruments held at amortized cost (“CECL”): In June 2016, the Financial Accounting Standards Board (“FASB”) issued amended guidance on reporting credit losses for assets held at amortized cost and available for sale debt securities (codified in the FASB Accounting Standards Codification Topic 326 (“ASC 326”)). For assets held at amortized cost, the amended guidance eliminates the probable recognition threshold and instead requires an entity to reflect the current estimate of all expected credit losses. For available for sale debt securities, credit losses are measured in a manner similar to accounting requirements in effect prior to adoption; however, the amended guidance requires that credit-related impairment losses be presented as an allowance rather than as a permanent impairment. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, premium receivables, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted this standard as of January 1, 2020. Refer to Note 7 for additional information.
Customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract: In August 2018, the FASB issued guidance aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain
internal-use software. For these arrangements, the guidance also limits the period to expense capitalized implementation costs based on the term of the hosting agreement, including the noncancelable period of the arrangement plus periods covered by options to extend the arrangement that are reasonably certain of exercise. The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments. The Company adopted the guidance on its effective date of January 1, 2020 with no material impact on its financial position and results of operations.
Not Yet Adopted
Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement.
The guidance will be effective for the Company beginning January 1, 2022, including interim periods within that year. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. In July 2020, the FASB issued a proposed accounting standards update that, if adopted, would extend the effective date of this guidance for the Company to January 1, 2023 (with early adoption permitted) and the application transition date would be January 1, 2022.
This guidance will apply to the Company’s preneed life insurance policies, as well as its annuity and universal life products (which are no longer offered and are in run-off). The Company is evaluating the requirements of this guidance and the potential impact on the Company’s financial position and results of operations.
Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard will be effective for the Company beginning on January 1, 2021, including interim periods within that year. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the impact of adopting this new accounting guidance on the consolidated financial statements.
Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.
The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed.
As LIBOR is expected to be discontinued after 2021, the Company is evaluating the provisions of this new accounting guidance and the impact to debt, investments and derivatives that have references to LIBOR and the subsequent transition to alternative reference rates. 
Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current
GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement.
This guidance will be effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company is evaluating the requirements of this guidance and the potential impact on its financial position and results of operations.
v3.20.2
Acquisition
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Acquisition Acquisition
American Financial & Automotive Services
On May 1, 2020, the Company acquired American Financial & Automotive Services, Inc. (“AFAS”), a provider of auto finance and insurance products and services, including vehicle service contracts, guaranteed asset protection insurance and other ancillary products sold directly through a network of nearly 600 franchised dealership clients across 40 states. The total consideration was $176.9 million, comprised of a base purchase price of $157.5 million, contingent consideration of $1.5 million and other purchase price adjustments of $17.9 million, including excess cash in the business. The transaction resulted in provisional estimates of $2.9 million in net liabilities, $104.0 million of goodwill and $75.8 million of other intangible assets, which are primarily dealer relationships amortizable over 15 years.
v3.20.2
Dispositions
 9 Months Ended
Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions Dispositions
Sale of Collateralized Loan Obligation (“CLO”) Asset Management Platform
In July 2020, the Company sold its CLO asset management platform for $20.0 million in cash consideration, resulting in a net gain of $18.3 million, including costs to sell, for the three and nine months ended September 30, 2020, reported through underwriting, general and administrative expenses in the consolidated statements of operations. The Company incurred additional exit related expenses of $6.1 million and $7.5 million for the three and nine months ended September 30, 2020, respectively, that were also included in underwriting, general and administrative expenses in the consolidated statements of operations. Prior to the sale, the CLOs were variable interest entities (“VIEs”) that the Company consolidated, as described in Note 12. The Company retained its direct investments in the CLOs following the sale, but deconsolidated the CLOs in third quarter 2020 since it no longer acts as collateral manager and, as a result, no longer has the power to control the CLO entities.
Sale of Investment in Iké
In 2014, the Company made an approximately 40% investment in Iké Grupo, Iké Asistencia and certain of their affiliates (collectively, “Iké”), a services assistance business, for which the Company paid approximately $110.0 million. At the same time, the Company also entered into a shareholders’ agreement that provided the right to acquire the remainder of Iké from the majority shareholders and the majority shareholders the right to put their interests in Iké to the Company (together, the “put/call”) in mid-2019 at a predetermined price. During 2019, the Company entered into a cooperation agreement with the majority shareholders of Iké to extend the put/call. In January 2020, in lieu of exercising the put/call, the Company entered into a formal agreement to sell its interests in Iké.
In May 2020, the Company completed the sale of its interests in Iké and terminated its put/call obligations recognizing a net loss on sale of $3.9 million pre-tax and $2.9 million after-tax in the second quarter of 2020. Prior to the sale, in 2020, the Company recorded aggregate impairment losses and put/call valuation losses of $22.3 million compared to $130.5 million for the nine months ended September 30, 2019. In connection with the anticipated sale, the Company entered into a financial derivative in January 2020 that provided an economic hedge against declines in the Mexican Peso relative to the U.S. Dollar since the purchase price was to be paid in Mexican Pesos. The Company settled its position upon the sale, resulting in a cash inflow of $22.0 million, and net realized (losses) gains on the derivative of $20.3 million during the second quarter of 2020.
In total, the Company recorded net pre-tax charges of $121.1 million for the three months ended September 30, 2019, and $5.9 million and $130.5 million for the nine months ended September 30, 2020 and 2019, respectively, presented as Iké net losses in the consolidated statements of operations. For the nine months ended September 30, 2020, total impairment and put/call losses resulted in a tax benefit of $6.7 million; however, this was fully offset by a valuation allowance as the realizability of the tax losses in the related tax jurisdiction is unlikely. There was tax expense of $4.3 million on the income arising on the financial derivative in the second quarter of 2020, as such contract was originated in the U.S. tax jurisdiction. As such, after-tax charges of $124.8 million were recorded for the three months ended September 30, 2019, and $9.3 million and $131.4 million were recorded for the nine months ended September 30, 2020 and 2019, respectively. In connection with the sale, the Company provided financing to Iké Grupo in an aggregate principal amount of $34.0 million (the “Iké Loan”). The Iké Loan matures in May 2025, bears floating interest at a rate equal to three-month LIBOR plus 4.25% per annum payable quarterly and provides for quarterly principal amortization payments through the maturity date. The Iké Loan, which has an outstanding balance of $33.2 million as of September 30, 2020, is classified in other investments in the consolidated balance sheets and interest income is reflected as a component of net investment income in the consolidated statements of operations.
v3.20.2
Goodwill
 9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. The Company performs its annual goodwill impairment test as of October 1 each year, or more frequently if indicators of impairment exist. For the year ended December 31, 2019, goodwill of all reporting units was not considered impaired based on qualitative and quantitative tests.
Global Preneed Goodwill Impairment
During the third quarter of 2020, the Company identified impairment indicators impacting the fair value of the Global Preneed reportable segment in connection with exploring strategic alternatives for the Global Preneed business, including the possible sale of the business, to focus on opportunities within the Global Lifestyle and Global Housing segments. Such impairment indicators included the evaluation of the long term economic performance of the segment in light of further expected declines in interest rates from the resurgence of COVID-19 cases. As interest rates are critical to the performance of the business, the anticipated long-term declines in interest rates are expected to have adverse impacts on existing business and cause significant challenges to profitability from new business. The overall expected adverse impact to the business in the segment was an important indicator that triggered the requirement for an interim goodwill impairment analysis in the third quarter of 2020. As a result, an updated fair value assessment was completed based on how a market participant would consider the long-term outlook for business performance, long-term forecasts of the interest rate environment and its impact on the fair value of liabilities.
The fair value of the reportable segment was determined using a discounted cash flow method which calculates the present value of future earnings developed from projected earnings arising from existing and new business and considers all aspects of the business including investment assumptions of asset portfolios. The fair value calculated in the third quarter of 2020 was lower than the carrying value of the reportable segment, resulting in the pre-tax impairment charge of the entire goodwill of $137.8 million and after-tax impairment charge of $135.6 million (substantial portion is not tax deductible) related to the segment. The goodwill impairment charge is reported separately in the consolidated statements of operations for the three and nine months ended September 30, 2020, with a corresponding reduction to goodwill in the consolidated balance sheet as of September 30, 2020.
The Company had previously determined in the first two quarters of 2020 that the impact of COVID-19 and suppression of interest rates was expected to be short term and due to excess fair value over carrying value of the reporting unit from the prior quantitative test, concluded that no indicators were triggered that would have required an interim impairment test.
v3.20.2
Allowance for Credit Losses
 9 Months Ended
Sep. 30, 2020
Credit Loss [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
The Company adopted ASC 326 using a modified retrospective method for all financial assets measured at amortized cost. Results for the reporting periods beginning January 1, 2020 and after are presented under ASC 326 while prior period amounts are reported in accordance with previous applicable GAAP. The Company recorded a decrease of $20.4 million to retained earnings, net of tax, as of January 1, 2020 for the cumulative impact of adoption.
The following table illustrates the impact of adoption:
As of January 1, 2020
Prior to adoptionAs reported on adoptionImpact of adoption
Financial assets, at amortized cost:
Reinsurance recoverables$9,593.4 $9,570.9 $(22.5)
Premiums and accounts receivable, net1,692.8 1,691.0 (1.8)
Commercial mortgage loans on real estate815.0 813.4 (1.6)
Total$12,101.2 $12,075.3 (25.9)
Tax effect5.5 
Cumulative effect of adoption$(20.4)
The total allowance for credit losses for the financial assets was $53.0 million, $46.2 million and $20.3 million as of September 30, 2020, January 1, 2020 (date of adoption) and December 31, 2019, respectively.
For the nine months ended September 30, 2020, the net increase in the allowance for credit losses that reduced pre-tax income was $10.2 million, consisting of increases in the allowance for credit losses of $14.1 million, partially offset by recoveries of $3.9 million, principally related to account write-downs established prior to implementation of the new standard. The net increase is classified in the consolidated statements of operations as follows: $2.6 million is included in underwriting, general and administrative expenses and $7.6 million included in net realized losses on investments, comprised of $4.7 million related to commercial mortgage loans on real estate, $1.5 million related to available for sale fixed maturity securities and $1.4 million related to the Iké Loan (as referenced in Note 5).
Reinsurance Recoverables
As part of the Company’s overall risk and capacity management strategy, reinsurance is used to mitigate certain risks underwritten by various business segments. The Company is exposed to the credit risk of reinsurers, as the Company remains liable to insureds regardless of whether related reinsurance recoverables are collected. As of September 30, 2020 and December 31, 2019, reinsurance recoverables totaled $9.80 billion and $9.59 billion, respectively, the majority of which are protected from credit risk by various types of collateral or other risk mitigation mechanisms, such as trusts, letters of credit or by withholding the assets in a modified coinsurance or funds withheld arrangement.
Methodology:
The Company uses a probability of default and loss given default methodology in estimating the allowance, whereby the credit ratings of reinsurers are used in determining the probability of default. The allowance is established for reinsurance recoverables on paid and unpaid future policy benefits and claims and benefits. Prior to applying default factors, the net exposure to credit risk is reduced for any collateral for which the right of offset exists, such as funds withheld, assets held in trust and letters of credit, which are part of the reinsurance arrangements, with adjustments to include consideration of credit exposure on the collateral. The methodology used by the Company incorporates historical default factors for each reinsurer based on their credit rating using comparably rated bonds as published by a major ratings service. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing and other relevant factors.
The Company utilizes external credit ratings published by S&P Global Ratings, a division of S&P Global Inc., at the balance sheet date when determining the allowance. Where rates are not available, the Company assigns default credit ratings
based on if the reinsurer is authorized or unauthorized. Of the total recoverables subject to the allowance, 77% were rated A- or better, 17% were rated BBB or BB, and 6% were not rated based on the Company’s analysis and assigned ratings.
The following table presents the changes in the CECL allowance for reinsurance recoverables by portfolio segment for the nine months ended September 30, 2020.
Global LifestyleGlobal HousingGlobal PreneedCorporate and OtherTotal
Balance, December 31, 2019$2.5 $0.3 $— $— $2.8 
Cumulative effect of adoption3.9 0.7 0.2 17.7 22.5 
Incremental allowance0.1 (0.4)— 3.1 2.8 
Recoveries(2.5)— — — (2.5)
Other— — (0.1)— (0.1)
Balance, September 30, 2020$4.0 $0.6 $0.1 $20.8 $25.5 
For the nine months ended September 30, 2020, the incremental allowance of $2.8 million was principally due to the reduction of anticipated recoveries upon default following the recent economic impact related to COVID-19. When determining the allowance at September 30, 2020, the Company did not increase default probabilities by reinsurer since there had been no credit rating downgrades or major negative credit indications of the Company’s reinsurers that has impacted rating. The allowance may be increased and income reduced in future periods if there are future ratings downgrades or other measurable information supporting an increase in reinsurer default probabilities, including, but not limited to, collateral reductions.
Premium and Accounts Receivables
The Company is exposed to credit risk from premiums and other accounts receivables. For premiums receivable, the exposure to loss upon a default is often mitigated by the ability to terminate the policy on default and offset the corresponding unearned premium liability. The Company has other mitigating offsets from amounts payable on commissions and profit share arrangements when the counterparty to the receivable is a sponsor/agent of the Company’s insurance product.
Methodology:
For receivables due directly from the insured or consumer, the allowance is generally calculated by aging receivable balances and applying default factors based on the Company’s historical collection data. For receivables due from product sponsors or agents, receivable balances are generally segregated by the sponsor or agent and an appropriate default factor determined based on creditworthiness, billing terms and aging of balances. The financial exposure of a credit loss is determined net of offsets (such as related unearned premium reserves for consumer receivables and receivables net of commissions payable, profit share liabilities and captive reinsurance for balances due from sponsors/agents) prior to applying a default factor.
The following table presents the changes in the allowance for credit losses by portfolio segment for premium and account receivables for the nine months ended September 30, 2020.
Global LifestyleGlobal HousingGlobal PreneedCorporate and OtherTotal
Balance, December 31, 2019$14.2 $0.2 $0.5 $0.4 $15.3 
Cumulative effect of adoption1.3 0.5 — — 1.8 
Acquired allowance as of acquisition date0.4 — — — 0.4 
Incremental allowance2.2 1.1 — 0.2 3.5 
Recoveries(1.4)— — — (1.4)
Write-offs(3.4)— — — (3.4)
Foreign currency translation(0.3)— — — (0.3)
Balance, September 30, 2020$13.0 $1.8 $0.5 $0.6 $15.9 
For the nine months ended September 30, 2020, the incremental allowance of $3.5 million relates to an increase in past due accounts and default factors following the economic impact related to COVID-19 to reflect the expectation that future defaults will exceed historical defaults. There is a risk that income may be reduced in future periods for additional credit losses.
Commercial Mortgage Loans
The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. and Canada. As of September 30, 2020, approximately 40% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Utah and New York. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from $0.1 million to $12.2 million as of September 30, 2020 and from $0.1 million to $12.3 million as of December 31, 2019.
Methodology:
The Company records commercial mortgage loans at amortized cost, net of the allowance for credit losses. The allowance for the Company’s commercial mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, utilizing a probability-of-default and loss methodology, which incorporates various probability weighted economic scenarios. The probability of default is estimated using macroeconomic factors as well as individual loan characteristics, including loan-to-value (“LTV”) and debt service coverage ratios (“DSC”), loan term, collateral type, geography and underlying credit. The loss given default is driven primarily by the type and value of underlying collateral, and to a lesser extent by expected liquidation costs and time to recovery. Each loan is analyzed individually based on loan-specific data elements to estimate the expected loss and then aggregated.
The Company places loans on nonaccrual status after 90 days of delinquent payments (unless the loans are secured and in the process of collection). A loan may be placed on nonaccrual status before this time if information is available that suggests collection is unlikely. The Company charges off loan and accrued interest balances that are deemed uncollectible. Charge offs are recorded to net income in the period deemed uncollectible.
Upon adoption of ASC 326 on January 1, 2020, the Company increased its allowance for credit losses from $0.6 million to $2.2 million with the after-tax impact of $1.3 million reflected in retained earnings. For the nine months ended September 30, 2020, the CECL allowance was increased by an additional $4.7 million due to an increase in anticipated default factors following the recent economic impact related to COVID-19.
The following table presents the amortized cost basis of commercial mortgage loans, excluding allowance for credit losses, by origination year for certain key credit quality indicators at September 30, 2020.
Origination Year
2019201820172016PriorTotal% of Total
Loan to value ratios (1):
70% and less$109.2 $187.9 $146.2 $90.7 $225.6 $759.6 97.6 %
71% to 80%7.0 — — 6.9 — 13.9 1.8 %
81% to 95%— — — — 4.5 4.5 0.6 %
Total$116.2 $187.9 $146.2 $97.6 $230.1 $778.0 100.0 %
Origination Year
2019201820172016PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$37.3 $71.2 $72.3 $67.2 $106.3 $354.3 45.5 %
1.5 to 2.041.6 73.7 47.7 20.8 55.0 238.8 30.7 %
1.0 to 1.537.3 43.0 26.2 9.6 64.5 180.6 23.2 %
Less than 1.0— — — — 4.3 4.3 0.6 %
Total$116.2 $187.9 $146.2 $97.6 $230.1 $778.0 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.

Available for Sale Securities
ASC 326 includes certain changes to the accounting and reporting for impairments involving available for sale securities, including presentation of credit-related impairments as an allowance rather than as a permanent impairment, eliminating duration of unrealized loss as a consideration when assessing recognition of an impairment, recognition of credit impairments upon purchase of securities as applicable, and requiring reversals of previously recognized credit-related impairments when applicable. Effective January 1, 2020, the Company’s updated accounting policy for available for sale securities is as follows:
For available for sale fixed maturity securities in an unrealized loss position for which the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before an anticipated recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost basis, changes to the credit rating of the security by a nationally recognized statistical ratings organization and any adverse conditions specifically related to the security, industry or geographic area, among other factors. If this assessment indicates a potential credit loss may exist, the present value of cash flows expected to be collected are compared to the security’s amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit-related impairment exists, and a charge to income and an associated allowance for credit losses is recorded for the credit-related impairment. Any impairment not related to credit losses is recorded through other comprehensive income. The amount of the allowance for credit losses is limited to the amount by which fair value is less than the amortized cost basis. Upon recognizing a credit-related impairment, the cost basis of the security is not adjusted.
Subsequent changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. For fixed maturities where the Company records a credit loss, a determination is made as to the cause of the impairment and whether the Company expects a recovery in the value. Write-offs are charged against the allowance when management concludes the financial asset is uncollectible. For fixed maturities where the Company expects a recovery in value, the effective yield method is utilized, and the investment is amortized to par. The Company recorded a $1.5 million allowance for credit losses on fixed maturity securities available for sale for the three and nine months ended September 30, 2020.
For available for sale fixed maturity securities that the Company intends to sell, or for which it is more likely than not that the Company will be required to sell before recovery of its amortized cost basis, the entire impairment loss, or difference between the fair value and amortized cost basis of the security, is recognized in net realized gains (losses). The new cost basis of the security is the previous amortized cost basis less the impairment recognized and is not adjusted for any subsequent recoveries in fair value. 
The Company reports receivables for accrued investment income separately from fixed maturities available for sale and elected not to measure allowances for credit losses for accrued investment income as uncollectible balances are written off in a timely manner.
v3.20.2
Income Taxes
 9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesOn March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted, implementing numerous changes to tax law including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits. During the nine months ended September 30, 2020, the Company filed a refund claim for $198.4 million and recorded a $79.3 million tax benefit related to the ability to carryback net operating losses to prior periods under the CARES Act, resulting in a decrease of the deferred tax asset of $107.1 million and increase to the current receivable of $186.4 million. The Company accrued a $5.2 million after-tax interest benefit related to the refund from the carryback for the nine months ended September 30, 2020, included in the provision for income taxes in the consolidated statements of operations. The Company received the full amount of the refund plus interest in July 2020. The Company also recorded refundable employee retention tax credits of $3.1 million and $4.8 million for the three and nine months ended September 30, 2020, respectively, included in underwriting, general and administrative expenses in the consolidated statements of operations. Due to the recent enactment of this legislation, the Company continues to assess the potential tax impacts on its financial position and results of operations.
v3.20.2
Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Information Segment Information
As of September 30, 2020, the Company had four reportable segments, which are defined based on the manner in which the Company’s chief operating decision maker, the Chief Executive Officer (“CEO”), reviews the business to assess performance and allocate resources, and which align to the nature of the products and services offered:
•Global Lifestyle: provides mobile device solutions and extended service products and related services for consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit and other insurance products (referred to as “Global Financial Services and Other”);
•Global Housing: provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”);
•Global Preneed: provides pre-funded funeral insurance, final need insurance and related services; and
•Corporate and Other: includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), interest income earned from short-term investments held, income (expenses) primarily related to the Company’s frozen benefit plans, amounts related to businesses previously disposed of through reinsurance and the run-off of the Assurant Health business. Corporate and Other also includes the foreign currency gains (losses) from remeasurement of monetary assets and liabilities, changes in the fair value of derivative instruments and other expenses related to merger and acquisition activities, as well as other highly variable or unusual items other than reportable catastrophes (reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums).
The following tables summarize selected financial information by segment:
Three Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$1,633.2 $453.6 $16.0 $— $2,102.8 
Fees and other income171.8 37.7 35.9 0.5 245.9 
Net investment income44.6 16.5 70.1 3.9 135.1 
Net realized gains on investments— — — 16.6 16.6 
Amortization of deferred gains on disposal of businesses — — — 2.1 2.1 
Total revenues1,849.6 507.8 122.0 23.1 2,502.5 
Benefits, losses and expenses
Policyholder benefits365.4 272.8 71.1 0.3 709.6 
Amortization of deferred acquisition costs and value of business acquired870.5 56.8 18.9 — 946.2 
Underwriting, general and administrative expenses480.8 162.2 15.3 29.2 687.5 
Goodwill impairment— — — 137.8 137.8 
Interest expense— — — 25.5 25.5 
Total benefits, losses and expenses1,716.7 491.8 105.3 192.8 2,506.6 
Segment income (loss) before provision (benefit) for income tax132.9 16.0 16.7 (169.7)(4.1)
Provision (benefit) for income taxes26.3 2.9 3.5 (6.3)26.4 
Segment income (loss) after taxes106.6 13.1 13.2 (163.4)(30.5)
Less: Net loss attributable to non-controlling interests— — — 0.3 0.3 
Net income (loss) attributable to stockholders106.6 13.1 13.2 (163.1)(30.2)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$106.6 $13.1 $13.2 $(167.8)$(34.9)
As of September 30, 2020
Segment assets:$23,563.3 $4,194.2 $7,507.0 $8,318.1 $43,582.6 
Three Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$1,525.1 $475.2 $15.1 $— $2,015.4 
Fees and other income224.2 35.1 35.7 0.1 295.1 
Net investment income62.1 22.4 73.0 12.0 169.5 
Net realized gains on investments— — — 14.9 14.9 
Amortization of deferred gains on disposal of businesses — — — 4.4 4.4 
Total revenues1,811.4 532.7 123.8 31.4 2,499.3 
Benefits, losses and expenses
Policyholder benefits392.1 245.8 67.3 — 705.2 
Amortization of deferred acquisition costs and value of business acquired791.9 47.3 30.3 — 869.5 
Underwriting, general and administrative expenses 496.6 187.6 18.2 62.1 764.5 
Iké net losses— — — 121.1 121.1 
Interest expense— — — 32.2 32.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses1,680.6 480.7 115.8 246.8 2,523.9 
Segment income (loss) before provision (benefit) for income tax130.8 52.0 8.0 (215.4)(24.6)
Provision (benefit) for income taxes28.7 10.4 0.6 (11.1)28.6 
Segment income (loss) after taxes102.1 41.6 7.4 (204.3)(53.2)
Less: Net income attributable to non-controlling interest— — — (1.6)(1.6)
Net income (loss) attributable to stockholders102.1 41.6 7.4 (205.9)(54.8)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$102.1 $41.6 $7.4 $(210.6)$(59.5)
Nine Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$4,799.0 $1,374.6 $49.4 $— $6,223.0 
Fees and other income721.6 106.0 106.2 0.5 934.3 
Net investment income143.5 54.9 210.3 19.6 428.3 
Net realized losses on investments— — — (54.6)(54.6)
Amortization of deferred gains on disposal of businesses — — — 8.7 8.7 
Total revenues5,664.1 1,535.5 365.9 (25.8)7,539.7 
Benefits, losses and expenses
Policyholder benefits1,044.7 651.9 211.6 0.7 1,908.9 
Amortization of deferred acquisition costs and value of business acquired2,519.7 169.9 56.1 — 2,745.7 
Underwriting, general and administrative expenses1,649.4 496.6 48.4 137.4 2,331.8 
Goodwill impairment— — — 137.8 137.8 
Iké net losses— — — 5.9 5.9 
Interest expense— — — 77.7 77.7 
Total benefits, losses and expenses5,213.8 1,318.4 316.1 359.5 7,207.8 
Segment income (loss) before provision (benefit) for income tax450.3 217.1 49.8 (385.3)331.9 
Provision (benefit) for income taxes101.0 44.4 10.6 (127.8)28.2 
Segment income (loss) after taxes349.3 172.7 39.2 (257.5)303.7 
Less: Net income attributable to non-controlling interests— — — (1.1)(1.1)
Net income (loss) attributable to stockholders349.3 172.7 39.2 (258.6)302.6 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$349.3 $172.7 $39.2 $(272.6)$288.6 
Nine Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$4,499.1 $1,407.1 $46.3 $— $5,952.5 
Fees and other income740.9 113.3 103.2 2.1 959.5 
Net investment income177.5 66.6 212.7 33.2 490.0 
Net realized gains on investments— — — 61.5 61.5 
Amortization of deferred gains on disposal of businesses — — — 16.9 16.9 
Total revenues5,417.5 1,587.0 362.2 113.7 7,480.4 
Benefits, losses and expenses
Policyholder benefits1,152.2 652.5 202.1 0.1 2,006.9 
Amortization of deferred acquisition costs and value of business acquired2,238.4 158.7 65.5 — 2,462.6 
Underwriting, general and administrative expenses 1,622.6 541.6 49.8 174.1 2,388.1 
Iké net losses— — — 130.5 130.5 
Interest expense— — — 85.2 85.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses5,013.2 1,352.8 317.4 421.3 7,104.7 
Segment income (loss) before provision (benefit) for income tax404.3 234.2 44.8 (307.6)375.7 
Provision (benefit) for income taxes92.3 48.4 8.7 (31.7)117.7 
Segment income (loss) after taxes312.0 185.8 36.1 (275.9)258.0 
Less: Net income attributable to non-controlling interest — — — (3.0)(3.0)
Net income (loss) attributable to stockholders312.0 185.8 36.1 (278.9)255.0 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$312.0 $185.8 $36.1 $(292.9)$241.0 
v3.20.2
Contract Revenues
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Contract Revenues Contract Revenues
The Company partners with clients to provide consumers a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred.
The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $124.6 million and $188.8 million for Global Lifestyle and $25.3 million and $23.8 million for Global Housing for the three months ended September 30, 2020 and 2019, respectively. The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $579.3 million and $614.6 million for
Global Lifestyle and $71.1 million and $81.4 million for Global Housing for the nine months ended September 30, 2020 and 2019, respectively.
Global Lifestyle
In the Company’s Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile carriers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its client, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payment for the products is received prior to shipment and the Company deducts its per unit fee prior to remitting the remainder to the client.
Global Housing
In the Company’s Global Housing segment, revenues from service contracts and sales of products are primarily from the Company’s Lender-placed Insurance business. Under the Company’s Lender-placed Insurance business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer.
Contract Balances
The receivables and unearned revenue under these contracts were $210.0 million and $85.7 million, respectively, as of September 30, 2020, and $185.0 million and $87.6 million, respectively, as of December 31, 2019. These balances are included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended September 30, 2020 and 2019 that was included in unearned revenue as of December 31, 2019 and 2018 was $10.3 million and $14.5 million, respectively. Revenue from service contracts and sales of products recognized during the nine months ended September 30, 2020 and 2019 that was included in unearned revenue as of December 31, 2019 and 2018 was $37.5 million and $44.7 million, respectively.
In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of September 30, 2020 and December 31, 2019, the Company has approximately $14.2 million and $25.8 million, respectively, of such intangible assets attributed to service contracts that will be expensed over the term of the client contracts.
v3.20.2
Investments
 9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Investments InvestmentsThe following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, fair value, and impairment included within accumulated other comprehensive income (“AOCI”) of the Company’s fixed maturity securities as of the dates indicated:  
 September 30, 2020
 Cost or
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueImpairment in
AOCI (1)
Fixed maturity securities:
U.S. government and government agencies and authorities$125.1 $— $6.8 $— $131.9 $— 
States, municipalities and political subdivisions224.6 — 34.2 (0.1)258.7 — 
Foreign governments872.2 — 149.7 (1.0)1,020.9 — 
Asset-backed529.9 — 8.5 (6.0)532.4 — 
Commercial mortgage-backed327.2 — 16.8 (3.8)340.2 — 
Residential mortgage-backed1,084.7 — 95.8 (0.2)1,180.3 2.5 
U.S. corporate6,001.0 (1.5)1,100.3 (23.2)7,076.6 17.6 
Foreign corporate2,214.6 — 341.6 (2.7)2,553.5 — 
Total fixed maturity securities$11,379.3 $(1.5)$1,753.7 $(37.0)$13,094.5 $20.1 
 December 31, 2019
 Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueImpairment in
AOCI (1)
Fixed maturity securities:
U.S. government and government agencies and authorities$188.9 $5.3 $(0.1)$194.1 $— 
States, municipalities and political subdivisions216.1 26.4 — 242.5 — 
Foreign governments916.9 94.3 (0.8)1,010.4 — 
Asset-backed502.4 3.1 (2.3)503.2 — 
Commercial mortgage-backed212.7 10.2 (0.8)222.1 — 
Residential mortgage-backed1,235.3 52.4 (1.4)1,286.3 3.1 
U.S. corporate5,679.8 818.9 (2.1)6,496.6 16.5 
Foreign corporate2,112.7 255.4 (0.9)2,367.2 — 
Total fixed maturity securities$11,064.8 $1,266.0 $(8.4)$12,322.4 $19.6 
 
(1)Represents the amount of non-credit related impairment recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date prior to adoption of ASC 326. See Note 3 for further information.
 
The Company’s state, municipality and political subdivision holdings are highly diversified across the U.S., with no individual state, municipality or political subdivision exposure (including both general obligation and revenue securities) exceeding 0.3% of the overall investment portfolio as of September 30, 2020 and December 31, 2019. As of September 30, 2020 and December 31, 2019, the securities included general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers, including $38.7 million and $51.9 million, respectively, of advance refunded or escrowed-to-maturity bonds (collectively referred to as “pre-refunded bonds”), which are bonds for which an irrevocable trust has been established to fund the remaining payments of principal and interest. As of September 30, 2020 and December 31, 2019, revenue bonds accounted for 63% and 60% of the holdings, respectively. Excluding pre-refunded bonds, the activities supporting the income streams of the Company’s revenue bonds are across a broad range of sectors, primarily water, airport and marina, specifically pledged tax revenues, leases, colleges and universities and other miscellaneous sources such as bond banks, finance authorities and appropriations.
The Company’s investments in foreign government fixed maturity securities are held mainly in countries and currencies where the Company has policyholder liabilities, to facilitate matching of assets to the related liabilities. As of September 30, 2020, approximately 59%, 12% and 8% of the foreign government securities were held in Canadian government/provincials and the governments of Brazil and Mexico, respectively. As of December 31, 2019, approximately 58%, 20% and 6% of the foreign government securities were held in Canadian government/provincials and the governments of Brazil and Mexico, respectively. No other country represented more than 4% and 5% of the Company’s foreign government securities as of September 30, 2020 and December 31, 2019, respectively.
The Company had European investment exposure in its corporate fixed maturity securities of $881.5 million with a net unrealized gain of $109.2 million as of September 30, 2020 and $802.3 million with a net unrealized gain of $82.4 million as of December 31, 2019. Approximately 28% of the corporate fixed maturity European exposure was held in the financial industry as of September 30, 2020 and December 31, 2019. The Company’s largest European country exposure (the United Kingdom) represented approximately 4% of the fair value of the Company’s corporate fixed maturity securities as of September 30, 2020 and December 31, 2019. The Company’s international investments are managed as part of the overall portfolio with the same approach to risk management and focus on diversification.
The Company had exposure to the energy sector in its corporate fixed maturity securities of $748.3 million with a net unrealized gain of $62.4 million as of September 30, 2020 and $784.4 million with a net unrealized gain of $93.1 million as of December 31, 2019. Approximately 86% and 94% of the energy exposure is rated as investment grade as of September 30, 2020 and December 31, 2019, respectively.
The cost or amortized cost and fair value of fixed maturity securities as of September 30, 2020 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
Cost or
Amortized Cost		Fair Value
Due in one year or less$463.5 $470.4 
Due after one year through five years2,547.5 2,717.6 
Due after five years through ten years2,439.3 2,744.2 
Due after ten years3,987.2 5,109.4 
Total9,437.5 11,041.6 
Asset-backed529.9 532.4 
Commercial mortgage-backed327.2 340.2 
Residential mortgage-backed1,084.7 1,180.3 
Total$11,379.3 $13,094.5 

The following table sets forth the net realized gains (losses), including impairment, recognized in the consolidated statements of operations for the periods indicated: 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net realized gains (losses) related to sales and other:
Fixed maturity securities $1.8 $7.4 $7.6 $15.1 
Equity securities (1)16.9 9.4 (9.9)46.3 
Commercial mortgage loans on real estate(2.8)— (4.6)— 
Other investments2.2 0.3 (0.8)5.4 
Consolidated investment entities (2)— (2.0)(32.3)(4.2)
Total net realized gains (losses) related to sales and other18.1 15.1 (40.0)62.6 
Net realized losses related to impairments:
Fixed maturity securities (3)(1.5)(0.2)(3.2)(1.1)
Other investments (4)— — (11.4)— 
Total net realized losses related to impairments(1.5)(0.2)(14.6)(1.1)
Total net realized gains (losses)$16.6 $14.9 $(54.6)$61.5 
(1)Nine months ended September 30, 2020 and 2019 includes $2.2 million and $10.4 million, respectively, of gains on equity investment holdings accounted for under the measurement alternative. There were no changes in fair value recorded on equity investments holdings accounted for under the measurement alternative for the three months ended September 30, 2020 and 2019.
(2)Consists of net realized losses from the change in fair value of the Company’s direct investment in collateralized loan obligations (“CLOs”). Refer to Notes 5 and 12 for additional information.
(3)Includes credit impairment charges recognized in net realized gains (losses) of $1.5 million on fixed maturity securities available for sale for the three and nine months ended September 30, 2020. Refer to Note 7 for additional information.
(4)Results for the nine months ended September 30, 2020 consist of impairment losses on equity investment holdings accounted for under the measurement alternative.
The following table sets forth the portion of unrealized gains (losses) related to equity securities for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net gains (losses) recognized on equity securities$16.9 $9.4 $(9.9)$46.3 
Less: Net realized gains related to sales of equity securities0.4 0.9 1.3 — 
Total net unrealized gains (losses) on equity securities held$16.5 $8.5 $(11.2)$46.3 
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of September 30, 2020 and December 31, 2019 were as follows:
 September 30, 2020
 Less than 12 months12 Months or MoreTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
States, municipalities and political subdivisions24.7 (0.1)— — 24.7 (0.1)
Foreign governments14.9 (1.0)— — 14.9 (1.0)
Asset-backed112.5 (3.8)83.9 (2.2)196.4 (6.0)
Commercial mortgage-backed53.2 (2.9)3.9 (0.9)57.1 (3.8)
Residential mortgage-backed26.2 (0.1)1.5 (0.1)27.7 (0.2)
U.S. corporate307.9 (22.0)15.7 (1.2)323.6 (23.2)
Foreign corporate112.9 (2.7)— — 112.9 (2.7)
Total fixed maturity securities$652.3 $(32.6)$105.0 $(4.4)$757.3 $(37.0)
 
 December 31, 2019
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$21.9 $(0.1)$— $— $21.9 $(0.1)
Foreign governments115.7 (0.8)— — 115.7 (0.8)
Asset-backed66.9 (0.2)105.1 (2.1)172.0 (2.3)
Commercial mortgage-backed20.0 (0.3)4.3 (0.5)24.3 (0.8)
Residential mortgage-backed82.5 (0.6)82.6 (0.8)165.1 (1.4)
U.S. corporate87.5 (1.4)14.4 (0.7)101.9 (2.1)
Foreign corporate45.8 (0.7)7.5 (0.2)53.3 (0.9)
Total fixed maturity securities$440.3 $(4.1)$213.9 $(4.3)$654.2 $(8.4)
Total gross unrealized losses represented approximately 5% and 1% of the aggregate fair value of the related securities as of September 30, 2020 and December 31, 2019, respectively. Approximately 88% and 49% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of September 30, 2020 and December 31, 2019, respectively. The total gross unrealized losses are comprised of 396 and 330 individual securities as of September 30, 2020 and December 31, 2019, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of September 30, 2020 and December 31, 2019 were related to non-credit factors and therefore, did not incur credit-related losses during the three and nine months ended September 30, 2020. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.
v3.20.2
Variable Interest Entities
 9 Months Ended
Sep. 30, 2020
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities
In the normal course of business, the Company is involved with various types of investment entities that may be considered VIEs. The Company evaluates its involvement with each entity to determine whether consolidation is required. The Company’s maximum risk of loss is limited to the carrying value and unfunded commitments of its investments in the VIEs.
Consolidated VIEs
One of the Company’s subsidiaries was registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser. The subsidiary (or one of its affiliates) managed and invested in CLOs and real estate funds and conducted other forms of investment activities. Prior to third quarter 2020, the Company had determined that the CLOs and real estate
fund were VIEs and consolidated each because the Company was deemed to be the primary beneficiary of these entities due to (i) its role as collateral manager, which gave it the power to direct the activities that most significantly impact the economic performance of the entities, and (ii) its economic interest in the entities, which exposed it to losses and the right to receive benefits that could potentially be significant to the entities. During the third quarter 2020, the Company sold its CLO asset management platform and outsourced its real estate asset management. As a result of these transactions, the Company deconsolidated the CLO entities and real estate fund since it no longer acts as collateral manager and, as a result, no longer has the power to control these entities. See Note 5 for additional information on the sale of the CLO asset management platform.
Collateralized Loan Obligations: Prior to the deconsolidation in the third quarter of 2020, the CLO entities were collateralized financing entities. Under the elected measurement alternative for collateralized financing entities, the carrying value of the CLO debt equals the fair value of the CLO assets (senior secured leveraged loans) as the assets have more observable fair values. The CLO liabilities are reduced by the fair value of the beneficial interests the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. CLO earnings attributable to the Company’s shareholders are measured by the change in the fair value of the Company’s CLO investments, net investment income earned and investment management and contingent performance fees earned. Investment management fees are reported as a reduction to investment expenses in the consolidated statements of operations. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs.
As of September 30, 2020, due to the deconsolidation, the CLO investments are reported in the consolidated balance sheet in fixed maturity securities and other investments. As of December 31, 2019, the carrying value of the Company’s investment in the CLOs that had closed was $77.4 million in subordinated debt tranches and $21.1 million in senior debt tranches.
The Company’s retained beneficial interests in subordinated tranches are measured at fair value using the market or income valuation techniques using significant unobservable inputs and assumptions, including prepayment, default rate, recovery lag, reinvestment, collateral liquidation price, discount rate and call date assumptions.
Real Estate Fund: Prior to the deconsolidation in the third quarter of 2020, the Company’s real estate fund investment was a closed ended fund that included contributions from third party investors, which were recorded as non-controlling interests. Real estate fund earnings attributable to the Company’s shareholders are measured by the net investment income of the real estate fund, which includes the change in fair value of the Company’s investments in the real estate fund and investment management fees earned. The Company had a majority investment in the real estate fund in the form of an equity interest. As of September 30, 2020, the real estate fund is reported in the consolidated balance sheet in other investments. The carrying value of the Company’s investment in the real estate fund was $88.3 million as of December 31, 2019.
For all consolidated investment entities, intercompany transactions are eliminated upon consolidation.
Fair Value of VIE Assets and Liabilities
The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 13 for the definition of the three levels of the fair value hierarchy. The following table presents the Company’s fair value hierarchy for financial assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis as of December 31, 2019.
December 31, 2019
TotalLevel 1Level 2Level 3
Financial Assets
Investments:
Cash and cash equivalents$32.9 $32.9 (1)$— $— 
Corporate debt securities1,850.7 — 1,850.7 — 
Real estate fund107.2 — — 107.2 
Total financial assets$1,990.8 $32.9 $1,850.7 $107.2 
Financial Liabilities
Collateralized loan obligation notes$1,603.1 $— $1,603.1 $— 
Total financial liabilities$1,603.1 $— $1,603.1 $— 
(1)Amounts consist of money market funds.
Level 2 Securities
Corporate debt securities: These assets are comprised of senior secured leveraged loans. The Company values these securities using estimates of fair value from a pricing service which utilizes the market valuation technique. The primary observable market inputs used by the pricing service are prices of reported trades from dealers. The fair value is calculated using a simple average of the prices received.
Collateralized loan obligation notes: As the Company elected the measurement alternative, the carrying value of the CLO debt is equal to the fair value of the CLO assets. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets.
Level 3 Securities
Real estate fund: These assets are comprised of investments in limited partnerships whose underlying investments are real estate properties. Management estimates the fair value of these real estate assets using the market, income or cost approach valuation techniques, using significant unobservable inputs and assumptions, including capitalization rates, discount rates, market comparable prices, leasing assumptions and replacement costs.
The following table summarizes the change in balance sheet carrying value associated with Level 3 assets held by consolidated investment entities measured at fair value during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Balance, beginning of period$54.5 $138.2 $107.2 $112.0 
Purchases— — — 15.4 
Sales— (5.6)(61.0)(5.6)
Deconsolidation adjustments (1)
(54.5)— (54.5)— 
Total income included in earnings— 6.5 8.3 17.3 
Balance, end of period$— $139.1 $— $139.1 
(1) Deconsolidation adjustments include $8.8 million related to non-controlling interests and $45.7 million related to investments retained, which are now included in other investments.
v3.20.2
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures
The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as 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. In accordance with this guidance, the Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique.
The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability.
The levels of the fair value hierarchy are described below:
•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access.
•Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability.
•Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, a modified coinsurance arrangement and other derivatives. Other liabilities are comprised of investments in the AIP and other derivatives, including the put/call for Iké. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties. 
 September 30, 2020 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$131.9 $—   $131.9   $—   
States, municipalities and political subdivisions258.7 —   258.7   —   
Foreign governments1,020.9 0.6   1,020.0   0.3   
Asset-backed532.4 —   531.6   0.8 
Commercial mortgage-backed340.2 —   320.4   19.8   
Residential mortgage-backed1,180.3 —   1,177.6   2.7   
U.S. corporate7,076.6 — 7,050.1 26.5 
Foreign corporate2,553.5 —   2,520.0   33.5   
Equity securities:
Mutual funds42.6 42.6 — — 
Common stocks20.4 18.6   0.7   1.1   
Non-redeemable preferred stocks321.4 —   319.3   2.1   
Short-term investments217.3 174.8 (2)42.5 —   
Other investments231.7 66.4 (1)165.3 (3)— 
Cash equivalents1,592.4 1,564.8 (2)27.6 (3)—   
Other assets1.0 — 0.8 (4)0.2 (4)
Assets held in separate accounts1,972.6 1,802.1 (1)170.5 (3)—   
Total financial assets$17,493.9 $3,669.9   $13,737.0   $87.0   
Financial Liabilities
Other liabilities$66.4 $66.4 (1)$— $— 
Liabilities related to separate accounts1,972.6 1,802.1 (1)170.5 (3)— 
  
Total financial liabilities$2,039.0 $1,868.5   $170.5 
  
$— 
  

 
 
 December 31, 2019 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$194.1 $—  $194.1  $—  
States, municipalities and political subdivisions242.5 —  242.5  —  
Foreign governments1,010.4 0.3  1,010.1  —  
Asset-backed503.2 —  503.2  —  
Commercial mortgage-backed222.1 —  198.6  23.5  
Residential mortgage-backed1,286.3 —  1,286.3  —  
U.S. corporate6,496.6 — 6,494.8 1.8 
Foreign corporate2,367.2 —  2,331.5  35.7  
Equity securities:
Mutual funds45.5 45.5 — — 
Common stocks23.5 22.8  0.7  —  
Non-redeemable preferred stocks319.5 —  317.3  2.2  
Short-term investments367.5 271.4 (2)96.1 —  
Other investments234.6 70.3 (1)164.3 (3)— 
Cash equivalents1,287.5 1,277.8 (2)9.7 (3)—  
Assets held in separate accounts1,806.3 1,623.7 (1)182.6 (3)—  
Total financial assets$16,406.8 $3,311.8  $13,031.8  $63.2  
Financial Liabilities
Other liabilities$172.0 $70.3 (1)$101.5 (5)$0.2 
Liabilities related to separate accounts1,806.3 1,623.7 (1)182.6 (3)—  
Total financial liabilities$1,978.3 $1,694.0  $284.1  $0.2  
 
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities and related obligations.
(4)Primarily includes derivative assets.
(5)Includes the put/call related to the investment in Iké. See Note 5 for more information.

The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
 September 30, 2020
  Fair Value
 Carrying
Value		TotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$771.1 $827.0 $— $— $827.0 
Other investments165.4 165.4 30.3 — 135.1 
Other assets24.8 24.8 — — 24.8 
Total financial assets$961.3 $1,017.2 $30.3 $— $986.9 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$527.1 $585.3 $— $— $585.3 
Funds withheld under reinsurance361.2 361.2 361.2 — — 
Debt2,008.6 2,204.3 — 2,204.3 — 
Total financial liabilities$2,896.9 $3,150.8 $361.2 $2,204.3 $585.3 
 December 31, 2019
  Fair Value
  
Carrying
Value		TotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$815.0 $843.8 $— $— $843.8 
Other investments140.0 140.0 30.7 — 109.3 
Other assets28.9 28.9 — — 28.9 
Total financial assets$983.9 $1,012.7 $30.7 $— $982.0 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$551.6 $588.4 $— $— $588.4 
Funds withheld under reinsurance319.4 319.4 319.4 — — 
Debt2,006.9 2,190.6 — 2,190.6 — 
Total financial liabilities$2,877.9 $3,098.4 $319.4 $2,190.6 $588.4 
 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above.
v3.20.2
Reserves
 9 Months Ended
Sep. 30, 2020
Insurance Loss Reserves [Abstract]  
Reserves Reserves
Reserve Roll Forward
The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.
Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.
The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
For the Nine Months Ended September 30,
20202019
Claims and benefits payable, at beginning of period$2,687.7 $2,813.7 
Less: Reinsurance ceded and other(1,900.0)(2,053.7)
Net claims and benefits payable, at beginning of period787.7 760.0 
Incurred losses and loss adjustment expenses related to:
Current year1,951.4 2,034.2 
Prior years(43.0)(27.3)
Total incurred losses and loss adjustment expenses1,908.4 2,006.9 
Paid losses and loss adjustment expenses related to:
Current year1,368.4 1,468.4 
Prior years463.0 470.4 
Total paid losses and loss adjustment expenses1,831.4 1,938.8 
Net claims and benefits payable, at end of period864.7 828.1 
Plus: Reinsurance ceded and other (1) 1,893.5 2,043.0 
Claims and benefits payable, at end of period (1)$2,758.2 $2,871.1 
(1)Includes reinsurance recoverables and claims and benefits payable of $118.4 million and $191.7 million as of September 30, 2020 and 2019, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
The Company experienced favorable development in both periods presented in the roll forward table above. Global Lifestyle contributed $34.0 million and $28.5 million to the net favorable development during the nine months ended September 30, 2020 and 2019, respectively. The net favorable development in both years was attributable to nearly all lines of business across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience each period. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable. Global Housing contributed $2.9 million of net favorable development and $7.5 million of net unfavorable development for the nine months ended September 30, 2020 and 2019, respectively. The net favorable development in 2020 was primarily attributable to Lender-placed Insurance products from accident year 2019 due to lower than expected claim frequency for water damage and other claims. The net unfavorable development in 2019 was primarily attributable to $4.5 million in net unfavorable development from prior catastrophes, due to rising severity trends from Hurricane Maria and Michael, partially offset by increased subrogation recoveries associated with the 2017 and 2018 California wildfires. Global Preneed and other contributed $6.1 million and $6.3 million in net favorable development for the nine months ended September 30, 2020 and 2019, respectively.
v3.20.2
Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt Debt
The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized
discount and issuance costs as applicable, as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
Principal AmountCarrying ValuePrincipal AmountCarrying Value
Floating Rate Senior Notes due March 2021 (1)$50.0 $50.0 $50.0 $49.9 
4.00% Senior Notes due March 2023
350.0 348.8 350.0 348.5 
4.20% Senior Notes due September 2023
300.0 298.2 300.0 297.8 
4.90% Senior Notes due March 2028
300.0 297.1 300.0 296.8 
3.70% Senior Notes due February 2030
350.0 347.0 350.0 346.8 
6.75% Senior Notes due February 2034
275.0 272.2 275.0 272.1 
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (2)
400.0 395.3 400.0 395.0 
Total Debt$2,008.6 $2,006.9 
(1)Bears floating interest at a rate equal to three-month LIBOR plus 1.25% per annum.
(2)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter.

Credit Facility
The Company has a senior unsecured $450.0 million revolving credit agreement (the “Credit Facility”) with a syndicate of banks arranged by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association (the “Lenders”). The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $450.0 million, which may be increased up to $575.0 million. The Credit Facility is available until December 2022, provided the Company is in compliance with all covenants. The Credit Facility has a sub-limit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for the Company’s commercial paper program or for general corporate purposes.
On March 27, 2020, the Company drew down $200.0 million from its Credit Facility as a precautionary measure to strengthen its liquidity position and capital flexibility due to the uncertainty caused by the COVID-19 pandemic. The initial interest period for the loan ended on June 26, 2020 and bore a floating interest rate equal to three-month LIBOR plus 1.50% per annum. Upon the expiration of the initial interest period, the Company continued the $200.0 million loan for an additional month bearing a floating interest rate equal to one-month LIBOR plus 1.50% per annum. The Company repaid the full $200.0 million loan on July 29, 2020. As of September 30, 2020, no borrowings were outstanding under the Credit Facility, and $445.5 million was available under the Credit Facility, due to $4.5 million of letters of credit outstanding. Total interest expense on the $200.0 million draw for the nine months ended September 30, 2020 was $1.7 million.
Interest Rate Derivatives
In March 2018, the Company exercised a series of derivative transactions it had entered into in 2017 to hedge the interest rate risk related to expected borrowing to finance the acquisition of TWG Holdings Limited and its subsidiaries. The Company determined that the derivatives qualified for hedge accounting as effective cash flow hedges and recognized a deferred gain of $26.7 million upon settlement that was reported through other comprehensive income. The deferred gain is being recognized as a reduction in interest expense related to the 4.20% senior notes due 2023, the 4.90% senior notes due 2028 and the 7.00% fixed-to-floating rate subordinated notes on an effective yield basis. The amortization of the deferred gain for the three months ended September 30, 2020 and 2019 was $0.7 million and $0.6 million, respectively, and the amortization of deferred gain for nine months ended September 30, 2020 and 2019 was $2.2 million and $2.1 million, respectively. The remaining deferred gain as of September 30, 2020 was $19.3 million.
v3.20.2
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 
 Three Months Ended September 30, 2020
 Foreign
currency
translation
adjustment		Net unrealized
gains on
investments		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net losses on Pension PlansAccumulated
other
comprehensive
income
Balance at June 30, 2020$(379.0)$989.1 $15.9 $— $14.3 $(71.4)$568.9 
Change in accumulated other comprehensive income (loss) before reclassifications35.3 53.8 — 1.2 1.5 (0.5)91.3 
Amounts reclassified from accumulated other comprehensive income (loss)— 0.3 (0.6)— — (1.7)(2.0)
Net current-period other comprehensive income (loss)35.3 54.1 (0.6)1.2 1.5 (2.2)89.3 
Balance at September 30, 2020$(343.7)$1,043.2 $15.3 $1.2 $15.8 $(73.6)$658.2 
 Three Months Ended September 30, 2019
 Foreign
currency
translation
adjustment		Net unrealized
gains on
investments		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) gains on Pension PlansAccumulated
other
comprehensive
income
Balance at June 30, 2019$(366.6)$778.4 $15.2 $— $15.6 $(113.9)$328.7 
Change in accumulated other comprehensive (loss) income before reclassifications(23.6)101.0 0.5 — 0.2 0.1 78.2 
Amounts reclassified from accumulated other comprehensive (loss) income— (3.6)2.2 — — (0.3)(1.7)
Net current-period other comprehensive (loss) income(23.6)97.4 2.7 — 0.2 (0.2)76.5 
Balance at September 30, 2019$(390.2)$875.8 $17.9 $— $15.8 $(114.1)$405.2 
 Nine Months Ended September 30, 2020
 Foreign
currency
translation
adjustment		Net unrealized
gains on
securities		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) on Pension Plans (1)Accumulated
other
comprehensive
income
Balance at December 31, 2019$(358.9)$856.5 $17.1 $— $15.5 $(118.7)$411.5 
Change in accumulated other comprehensive (loss) income before reclassifications(4.5)189.1 — 1.2 0.3 48.4 234.5 
Amounts reclassified from accumulated other comprehensive income (loss)19.7 (2.4)(1.8)— — (3.3)12.2 
Net current-period other comprehensive income (loss)15.2 186.7 (1.8)1.2 0.3 45.1 246.7 
Balance at September 30, 2020$(343.7)$1,043.2 $15.3 $1.2 $15.8 $(73.6)$658.2 
 Nine Months Ended September 30, 2019
 Foreign
currency
translation
adjustment		Net unrealized
gains on
securities		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) on Pension PlansAccumulated
other
comprehensive
income
Balance at December 31, 2018$(375.6)$301.0 $18.4 $— $15.1 $(114.3)$(155.4)
Change in accumulated other comprehensive (loss) income before reclassifications(14.6)581.4 (1.5)— 0.7 0.1 566.1 
Amounts reclassified from accumulated other comprehensive (loss) income— (6.6)1.0 — — 0.1 (5.5)
Net current-period other
comprehensive (loss) income		(14.6)574.8 (0.5)— 0.7 0.2 560.6 
Balance at September 30, 2019$(390.2)$875.8 $17.9 $— $15.8 $(114.1)$405.2 
 

(1)The Retirement Health Benefits plan was amended in February 2020, which resulted in a prior service credit recognized in other comprehensive income that will be recognized in income over the remaining period of the plan. Refer to Note 20 for additional information.
The following tables summarize the reclassifications out of AOCI for the periods indicated:
Details about accumulated other comprehensive income componentsAmount reclassified from
accumulated other
comprehensive income		Affected line item in the
statement where net
income is presented
 Three Months Ended September 30, 
 20202019 
Net unrealized losses (gains) on investments$0.3 $(4.5)Net realized gains (losses) on investments
— 0.9 Provision for income taxes
$0.3 $(3.6)Net of tax
Net unrealized (gains) losses on derivative transactions$(0.7)$2.0 Interest expense
0.1 0.2 Provision for income taxes
$(0.6)$2.2 Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss (gain)$1.3 $(0.4)(1)
Amortization of prior service credit(3.4)— (1)
(2.1)(0.4)
0.4 0.1 Provision for income taxes
$(1.7)$(0.3)Net of tax
Total reclassifications for the period$(2.0)$(1.7)Net of tax
Details about accumulated other comprehensive income componentsAmount reclassified from
accumulated other
comprehensive income		Affected line item in the
statement where net
income is presented
Nine Months Ended September 30,
20202019
Foreign currency translation adjustment$19.7 $— Iké net losses (see Note 5)
— — Provision for income taxes
$19.7 $— Net of tax
Net unrealized gains on investments$(3.1)$(8.3)Net realized gains (losses) on investments
0.7 1.7 Provision for income taxes
$(2.4)$(6.6)Net of tax
Net unrealized (gains) losses on derivative transactions$(2.2)$0.5 Interest expense
0.4 0.5 Provision for income taxes
$(1.8)$1.0 Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss$3.8 $0.2 (1)
Amortization of prior service credit(7.9)— (1)
(4.1)0.2 
0.8 (0.1)Provision for income taxes
$(3.3)$0.1 Net of tax
Total reclassifications for the period$12.2 $(5.5)Net of tax
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 20 for additional information.
v3.20.2
Stock Based Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
Under the Assurant, Inc. 2017 Long-Term Equity Incentive Plan (“ALTEIP”), as amended in May 2019, the Company is authorized to issue up to 1,588,797 new shares of the Company’s common stock to employees, officers and non-employee directors. Under the ALTEIP, the Company may grant awards based on shares of its common stock, including stock options, stock appreciation rights, restricted stock (including performance shares), unrestricted stock, restricted stock units (“RSUs”), performance share units (“PSUs”) and dividend equivalents. All share-based grants are awarded under the ALTEIP.
Restricted Stock Units
The following table shows a summary of RSU activity during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
RSU compensation expense$7.2 $7.9 $20.8 $22.3 
Income tax benefit(1.4)(1.4)(3.8)(4.1)
RSU compensation expense, net of tax$5.8 $6.5 $17.0 $18.2 
RSUs granted32,844 29,195 294,794 254,591 
Weighted average grant date fair value per unit$101.81 $108.99 $92.2 $98.86 
Total fair value of vested RSUs$4.8 $6.4 $29.2 $33.2 
As of September 30, 2020, there was $24.4 million of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.1 years.
Performance Share Units
The following table shows a summary of PSU activity during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
PSU compensation expense$7.6 $6.7 $19.7 $17.5 
Income tax benefit(0.8)(1.0)(2.1)(2.5)
PSU compensation expense, net of tax$6.8 $5.7 $17.6 $15.0 
PSUs granted— — 302,274 246,219 
Weighted average grant date fair value per unit$— $— $87.36 $105.23 
Total fair value of vested PSUs$0.3 $1.9 $24.7 $19.6 
As of September 30, 2020, there was $27.8 million of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 1.1 years. 
The fair value of PSUs with market conditions was estimated as of the date of grant using a Monte Carlo simulation model, which utilizes multiple variables that determine the probability of satisfying the market condition stipulated in the award. Expected volatilities for awards issued during the nine months ended September 30, 2020 and 2019 were based on the historical stock prices of the Company’s stock and peer group. The expected term for grants issued during the nine months ended September 30, 2020 and 2019 was assumed to equal the average of the vesting period of the PSUs. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant.
v3.20.2
Equity Transactions
 9 Months Ended
Sep. 30, 2020
Class of Stock Disclosures [Abstract]  
Equity Transactions Equity Transactions
Stock Repurchase
During the nine months ended September 30, 2020 and 2019, the Company repurchased 1,312,443 and 1,582,448 shares of the Company’s outstanding common stock at a cost of $153.2 million and $166.1 million, exclusive of commissions, respectively, leaving $333.1 million remaining under the total repurchase authorization as of September 30, 2020.
The timing and the amount of future repurchases will depend on market conditions, the Company’s financial condition, results of operations and liquidity and other factors.
Issuance of Mandatory Convertible Preferred Stock (“MCPS”)
In March 2018, the Company issued 2,875,000 shares of the MCPS at a public offering price of $100.00 per share. The net proceeds from the sale of the MCPS was $276.4 million after deducting the underwriting discounts and offering expenses.
Each outstanding share of MCPS will convert automatically on March 15, 2021 into between 0.9391 (the “minimum conversion rate”) and 1.1269 shares of common stock, subject to customary anti-dilution adjustments. At any time prior to March 2021, holders may elect to convert each share of MCPS into shares of common stock at the minimum conversion rate or in the event of a fundamental change at the specified rates as defined in the Certificate of Designations of the MCPS.
Dividends on the MCPS will be payable on a cumulative basis when, as and if declared, at an annual rate of 6.50% of the liquidation preference of $100.00 per share. The Company may pay declared dividends in cash or, subject to certain limitations, in shares of the Company’s common stock, or in any combination of cash and shares of the Company’s common stock quarterly, commencing in June 2018 and ending in March 2021. No dividend or distribution may be declared or paid on common stock or any other class or series of junior stock, and no common stock or any other class or series of junior stock or parity stock may be purchased, redeemed or otherwise acquired for consideration unless all accumulated and unpaid dividends on the MCPS for all preceding dividend periods have been declared and paid in full, subject to certain limited exceptions. The Company paid preferred stock dividends of $4.7 million for the three months ended September 30, 2020 and 2019. The Company paid preferred stock dividends of $14.0 million for the nine months ended September 30, 2020 and 2019.
v3.20.2
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common ShareThe following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon conversion of the MCPS using the if-converted method. Refer to Notes 17 and 18 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Numerator
Net (loss) income attributable to stockholders$(30.2)$(54.8)$302.6 $255.0 
Less: Preferred stock dividends(4.7)(4.7)(14.0)(14.0)
Net (loss) income attributable to common stockholders(34.9)(59.5)288.6 241.0 
Less: Common stock dividends paid(37.5)(37.3)(115.1)(113.0)
Undistributed earnings$(72.4)$(96.8)$173.5 $128.0 
Denominator
Weighted average common shares outstanding used in basic earnings per common share calculations60,190,103 61,804,492 60,384,817 62,204,242 
Incremental common shares from:
PSUs— — 253,982 256,003 
ESPP— — 2,146 — 
MCPS— — — — 
Weighted average common shares used in diluted earnings per common share calculations60,190,103 61,804,492 60,640,945 62,460,245 
Earnings per common share - Basic
Distributed earnings$0.62 $0.60 $1.91 $1.82 
Undistributed (losses) earnings(1.20)(1.56)2.87 2.06 
Net (loss) income attributable to common stockholders$(0.58)$(0.96)$4.78 $3.88 
Earnings per common share - Diluted (1)
Distributed earnings$0.62 $0.60 $1.90 $1.81 
Undistributed (losses) earnings(1.20)(1.56)2.86 2.05 
Net (loss) income attributable to common stockholders$(0.58)$(0.96)$4.76 $3.86 

(1)In accordance with earnings per share guidance, diluted per share amounts are computed in the same manner as basic per share amounts when a loss from operations exists.
Average PSUs totaling 233,039 for the three months ended September 30, 2020 were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. There were no anti-dilutive average PSUs for the nine months ended September 30, 2020. Average PSUs totaling 261,332 and 118 for the three and nine months ended September 30, 2019, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Incremental common shares from ESPP totaling 2,580 and 2,631 for the three months ended September 30, 2020 and 2019, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average MCPS totaling 2,699,913 for the three and nine months ended September 30, 2020 and 2,693,588 and 2,739,875 for the three and nine months ended September 30, 2019, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the if-converted method.
v3.20.2
Retirement and Other Employee Benefits
 9 Months Ended
Sep. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Retirement and Other Employee Benefits Retirement and Other Employee BenefitsThe Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. In addition, the Company provides certain life and health care benefits (“Retirement Health Benefits”) for retired employees and their dependents. The Pension Benefits and Retirement Health Benefits (together, the “Plans”) were frozen on March 1, 2016.
In February 2020, the Company amended the Retirement Health Benefits to terminate effective December 31, 2024 (the “Termination Date”). Benefits will be paid up to the Termination Date. The Retirement Health Benefits obligations were re-measured using a discount rate of 1.55%, selected based on a cash flow analysis using a bond yield curve as of February 29, 2020, and the fair market value of the Retirement Health Benefits assets as of February 29, 2020. The remeasurement resulted in a reduction to the Retirement Health Benefits obligations of $65.6 million and a corresponding prior service credit in AOCI, which will be reclassified from AOCI as it is amortized in the net periodic benefit cost over the remaining period until the Termination Date.
The following tables present the components of net periodic benefit cost for the Plans for the three and nine months ended September 30, 2020 and 2019: 
 Qualified Pension BenefitsUnfunded Non-qualified 
Pension Benefits		Retirement Health
Benefits
 For the Three Months Ended September 30,For the Three Months Ended September 30,For the Three Months Ended September 30,
 202020192020201920202019
Interest cost$5.1 $6.2 $0.5 $0.8 $0.1 $0.6 
Expected return on plan assets(7.7)(8.7)— — (0.8)(0.5)
Amortization of prior service credit— — — — (3.4)— 
Amortization of net loss0.7 — 0.6 0.2 — (0.6)
Net periodic benefit cost$(1.9)$(2.5)$1.1 $1.0 $(4.1)$(0.5)
 Qualified Pension BenefitsUnfunded Nonqualified 
Pension Benefits		Retirement Health
Benefits
 For the Nine Months Ended September 30,For the Nine Months Ended September 30,For the Nine Months Ended September 30,
 202020192020201920202019
Interest cost$15.3 $19.3 $1.5 $2.2 $0.6 $2.4 
Expected return on plan assets(23.1)(26.7)— — (1.3)(1.4)
Amortization of prior service credit— — — — (7.9)— 
Amortization of net loss (gain)2.1 — 1.7 0.8 — (0.6)
Net periodic benefit cost$(5.7)$(7.4)$3.2 $3.0 $(8.6)$0.4 
 
The Assurant Pension Plan funded status was $54.1 million at September 30, 2020 and $66.4 million at December 31, 2019 (based on the fair value of the assets compared to the accumulated benefit obligation). This equates to a 107% and 109% funded status at September 30, 2020 and December 31, 2019, respectively. During the nine months ended September 30, 2020, no cash was contributed to the Assurant Pension Plan. Due to the Assurant Pension Plan’s current funded status, no additional cash is expected to be contributed to the Assurant Pension Plan over the remainder of 2020.
v3.20.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $7.6 million and $12.1 million of letters of credit outstanding as of September 30, 2020 and December 31, 2019, respectively.
Legal and Regulatory Matters
The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. In particular, the Company is a
defendant in class actions in a number of jurisdictions regarding its Lender-placed Insurance programs. These cases assert a variety of claims under a number of legal theories. The plaintiffs typically seek premium refunds and other relief. The Company continues to defend itself vigorously in these class actions. The Company has participated and may participate in settlements on terms that the Company considers reasonable.
The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.
Risks and Uncertainties
The Company is actively monitoring developments related to the COVID-19 pandemic to assess the ongoing impact on its business, results of operations and financial condition. While continuing to evolve, the COVID-19 pandemic has caused significant global economic and financial market disruption, resulting in increased financial market volatility, business and operational challenges such as the temporary closures of businesses, and overall diminished expectations for the economy and the financial markets.
At this time, it is not possible to estimate how long it will take to halt the spread of the virus or the long-term effects that the COVID-19 pandemic could have on the economy or the Company’s business.  The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations or financial condition, including demand for the Company’s products and services and the value of the Company’s investment portfolio and other tangible or intangible assets, among other impacts, will depend on future developments which are highly uncertain and difficult to predict. These include the severity and duration of the pandemic and the actions taken by government authorities and other third parties to contain or address its impact. Even after the COVID-19 outbreak has subsided, the Company may experience materially adverse impacts to its business, results of operations and financial condition as a result of the pandemic’s global economic impact.
v3.20.2
Subsequent Event
 9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
Acquisition of HYLA Mobile
In October 2020, the Company announced the signing of a definitive agreement to acquire HYLA Mobile, a provider of smartphone software and trade-in and upgrade services, for $325.0 million. The acquisition is expected to close by the end of 2020, subject to regulatory and other customary approvals, and to be funded through a combination of existing cash at the holding company and new debt to be issued before closing.
v3.20.2
Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements.
The interim financial data as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. 
Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Recent Accounting Pronouncements Recent Accounting Pronouncements
Adopted
Measurement of credit losses on financial instruments held at amortized cost (“CECL”): In June 2016, the Financial Accounting Standards Board (“FASB”) issued amended guidance on reporting credit losses for assets held at amortized cost and available for sale debt securities (codified in the FASB Accounting Standards Codification Topic 326 (“ASC 326”)). For assets held at amortized cost, the amended guidance eliminates the probable recognition threshold and instead requires an entity to reflect the current estimate of all expected credit losses. For available for sale debt securities, credit losses are measured in a manner similar to accounting requirements in effect prior to adoption; however, the amended guidance requires that credit-related impairment losses be presented as an allowance rather than as a permanent impairment. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, premium receivables, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted this standard as of January 1, 2020. Refer to Note 7 for additional information.
Customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract: In August 2018, the FASB issued guidance aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain
internal-use software. For these arrangements, the guidance also limits the period to expense capitalized implementation costs based on the term of the hosting agreement, including the noncancelable period of the arrangement plus periods covered by options to extend the arrangement that are reasonably certain of exercise. The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments. The Company adopted the guidance on its effective date of January 1, 2020 with no material impact on its financial position and results of operations.
Not Yet Adopted
Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement.
The guidance will be effective for the Company beginning January 1, 2022, including interim periods within that year. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. In July 2020, the FASB issued a proposed accounting standards update that, if adopted, would extend the effective date of this guidance for the Company to January 1, 2023 (with early adoption permitted) and the application transition date would be January 1, 2022.
This guidance will apply to the Company’s preneed life insurance policies, as well as its annuity and universal life products (which are no longer offered and are in run-off). The Company is evaluating the requirements of this guidance and the potential impact on the Company’s financial position and results of operations.
Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard will be effective for the Company beginning on January 1, 2021, including interim periods within that year. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the impact of adopting this new accounting guidance on the consolidated financial statements.
Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.
The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed.
As LIBOR is expected to be discontinued after 2021, the Company is evaluating the provisions of this new accounting guidance and the impact to debt, investments and derivatives that have references to LIBOR and the subsequent transition to alternative reference rates. 
Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current
GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement.
This guidance will be effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company is evaluating the requirements of this guidance and the potential impact on its financial position and results of operations.
v3.20.2
Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2020
Credit Loss [Abstract]  
Impact of Adoption
The following table illustrates the impact of adoption:
As of January 1, 2020
Prior to adoptionAs reported on adoptionImpact of adoption
Financial assets, at amortized cost:
Reinsurance recoverables$9,593.4 $9,570.9 $(22.5)
Premiums and accounts receivable, net1,692.8 1,691.0 (1.8)
Commercial mortgage loans on real estate815.0 813.4 (1.6)
Total$12,101.2 $12,075.3 (25.9)
Tax effect5.5 
Cumulative effect of adoption$(20.4)
Reinsurance Recoverable, Allowance for Credit Loss
The following table presents the changes in the CECL allowance for reinsurance recoverables by portfolio segment for the nine months ended September 30, 2020.
Global LifestyleGlobal HousingGlobal PreneedCorporate and OtherTotal
Balance, December 31, 2019$2.5 $0.3 $— $— $2.8 
Cumulative effect of adoption3.9 0.7 0.2 17.7 22.5 
Incremental allowance0.1 (0.4)— 3.1 2.8 
Recoveries(2.5)— — — (2.5)
Other— — (0.1)— (0.1)
Balance, September 30, 2020$4.0 $0.6 $0.1 $20.8 $25.5 
Premium and Account Receivables, Allowance for Credit Loss
The following table presents the changes in the allowance for credit losses by portfolio segment for premium and account receivables for the nine months ended September 30, 2020.
Global LifestyleGlobal HousingGlobal PreneedCorporate and OtherTotal
Balance, December 31, 2019$14.2 $0.2 $0.5 $0.4 $15.3 
Cumulative effect of adoption1.3 0.5 — — 1.8 
Acquired allowance as of acquisition date0.4 — — — 0.4 
Incremental allowance2.2 1.1 — 0.2 3.5 
Recoveries(1.4)— — — (1.4)
Write-offs(3.4)— — — (3.4)
Foreign currency translation(0.3)— — — (0.3)
Balance, September 30, 2020$13.0 $1.8 $0.5 $0.6 $15.9 
Credit Quality Indicators The following table presents the amortized cost basis of commercial mortgage loans, excluding allowance for credit losses, by origination year for certain key credit quality indicators at September 30, 2020.
Origination Year
2019201820172016PriorTotal% of Total
Loan to value ratios (1):
70% and less$109.2 $187.9 $146.2 $90.7 $225.6 $759.6 97.6 %
71% to 80%7.0 — — 6.9 — 13.9 1.8 %
81% to 95%— — — — 4.5 4.5 0.6 %
Total$116.2 $187.9 $146.2 $97.6 $230.1 $778.0 100.0 %
Origination Year
2019201820172016PriorTotal% of Total
Debt service coverage ratios (2):
Greater than 2.0$37.3 $71.2 $72.3 $67.2 $106.3 $354.3 45.5 %
1.5 to 2.041.6 73.7 47.7 20.8 55.0 238.8 30.7 %
1.0 to 1.537.3 43.0 26.2 9.6 64.5 180.6 23.2 %
Less than 1.0— — — — 4.3 4.3 0.6 %
Total$116.2 $187.9 $146.2 $97.6 $230.1 $778.0 100.0 %
(1)LTV ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually.
(2)DSC ratio calculated using most recent reported operating income results from property operators divided by annual debt service coverage.
v3.20.2
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Financial Information by Segment
The following tables summarize selected financial information by segment:
Three Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$1,633.2 $453.6 $16.0 $— $2,102.8 
Fees and other income171.8 37.7 35.9 0.5 245.9 
Net investment income44.6 16.5 70.1 3.9 135.1 
Net realized gains on investments— — — 16.6 16.6 
Amortization of deferred gains on disposal of businesses — — — 2.1 2.1 
Total revenues1,849.6 507.8 122.0 23.1 2,502.5 
Benefits, losses and expenses
Policyholder benefits365.4 272.8 71.1 0.3 709.6 
Amortization of deferred acquisition costs and value of business acquired870.5 56.8 18.9 — 946.2 
Underwriting, general and administrative expenses480.8 162.2 15.3 29.2 687.5 
Goodwill impairment— — — 137.8 137.8 
Interest expense— — — 25.5 25.5 
Total benefits, losses and expenses1,716.7 491.8 105.3 192.8 2,506.6 
Segment income (loss) before provision (benefit) for income tax132.9 16.0 16.7 (169.7)(4.1)
Provision (benefit) for income taxes26.3 2.9 3.5 (6.3)26.4 
Segment income (loss) after taxes106.6 13.1 13.2 (163.4)(30.5)
Less: Net loss attributable to non-controlling interests— — — 0.3 0.3 
Net income (loss) attributable to stockholders106.6 13.1 13.2 (163.1)(30.2)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$106.6 $13.1 $13.2 $(167.8)$(34.9)
As of September 30, 2020
Segment assets:$23,563.3 $4,194.2 $7,507.0 $8,318.1 $43,582.6 
Three Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$1,525.1 $475.2 $15.1 $— $2,015.4 
Fees and other income224.2 35.1 35.7 0.1 295.1 
Net investment income62.1 22.4 73.0 12.0 169.5 
Net realized gains on investments— — — 14.9 14.9 
Amortization of deferred gains on disposal of businesses — — — 4.4 4.4 
Total revenues1,811.4 532.7 123.8 31.4 2,499.3 
Benefits, losses and expenses
Policyholder benefits392.1 245.8 67.3 — 705.2 
Amortization of deferred acquisition costs and value of business acquired791.9 47.3 30.3 — 869.5 
Underwriting, general and administrative expenses 496.6 187.6 18.2 62.1 764.5 
Iké net losses— — — 121.1 121.1 
Interest expense— — — 32.2 32.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses1,680.6 480.7 115.8 246.8 2,523.9 
Segment income (loss) before provision (benefit) for income tax130.8 52.0 8.0 (215.4)(24.6)
Provision (benefit) for income taxes28.7 10.4 0.6 (11.1)28.6 
Segment income (loss) after taxes102.1 41.6 7.4 (204.3)(53.2)
Less: Net income attributable to non-controlling interest— — — (1.6)(1.6)
Net income (loss) attributable to stockholders102.1 41.6 7.4 (205.9)(54.8)
Less: Preferred stock dividends— — — (4.7)(4.7)
Net income (loss) attributable to common stockholders$102.1 $41.6 $7.4 $(210.6)$(59.5)
Nine Months Ended September 30, 2020
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$4,799.0 $1,374.6 $49.4 $— $6,223.0 
Fees and other income721.6 106.0 106.2 0.5 934.3 
Net investment income143.5 54.9 210.3 19.6 428.3 
Net realized losses on investments— — — (54.6)(54.6)
Amortization of deferred gains on disposal of businesses — — — 8.7 8.7 
Total revenues5,664.1 1,535.5 365.9 (25.8)7,539.7 
Benefits, losses and expenses
Policyholder benefits1,044.7 651.9 211.6 0.7 1,908.9 
Amortization of deferred acquisition costs and value of business acquired2,519.7 169.9 56.1 — 2,745.7 
Underwriting, general and administrative expenses1,649.4 496.6 48.4 137.4 2,331.8 
Goodwill impairment— — — 137.8 137.8 
Iké net losses— — — 5.9 5.9 
Interest expense— — — 77.7 77.7 
Total benefits, losses and expenses5,213.8 1,318.4 316.1 359.5 7,207.8 
Segment income (loss) before provision (benefit) for income tax450.3 217.1 49.8 (385.3)331.9 
Provision (benefit) for income taxes101.0 44.4 10.6 (127.8)28.2 
Segment income (loss) after taxes349.3 172.7 39.2 (257.5)303.7 
Less: Net income attributable to non-controlling interests— — — (1.1)(1.1)
Net income (loss) attributable to stockholders349.3 172.7 39.2 (258.6)302.6 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$349.3 $172.7 $39.2 $(272.6)$288.6 
Nine Months Ended September 30, 2019
Global LifestyleGlobal HousingGlobal PreneedCorporate
and Other		Consolidated
Revenues
Net earned premiums$4,499.1 $1,407.1 $46.3 $— $5,952.5 
Fees and other income740.9 113.3 103.2 2.1 959.5 
Net investment income177.5 66.6 212.7 33.2 490.0 
Net realized gains on investments— — — 61.5 61.5 
Amortization of deferred gains on disposal of businesses — — — 16.9 16.9 
Total revenues5,417.5 1,587.0 362.2 113.7 7,480.4 
Benefits, losses and expenses
Policyholder benefits1,152.2 652.5 202.1 0.1 2,006.9 
Amortization of deferred acquisition costs and value of business acquired2,238.4 158.7 65.5 — 2,462.6 
Underwriting, general and administrative expenses 1,622.6 541.6 49.8 174.1 2,388.1 
Iké net losses— — — 130.5 130.5 
Interest expense— — — 85.2 85.2 
Loss on extinguishment of debt— — — 31.4 31.4 
Total benefits, losses and expenses5,013.2 1,352.8 317.4 421.3 7,104.7 
Segment income (loss) before provision (benefit) for income tax404.3 234.2 44.8 (307.6)375.7 
Provision (benefit) for income taxes92.3 48.4 8.7 (31.7)117.7 
Segment income (loss) after taxes312.0 185.8 36.1 (275.9)258.0 
Less: Net income attributable to non-controlling interest — — — (3.0)(3.0)
Net income (loss) attributable to stockholders312.0 185.8 36.1 (278.9)255.0 
Less: Preferred stock dividends— — — (14.0)(14.0)
Net income (loss) attributable to common stockholders$312.0 $185.8 $36.1 $(292.9)$241.0 
v3.20.2
Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and OTTI The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, fair value, and impairment included within accumulated other comprehensive income (“AOCI”) of the Company’s fixed maturity securities as of the dates indicated:  
 September 30, 2020
 Cost or
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueImpairment in
AOCI (1)
Fixed maturity securities:
U.S. government and government agencies and authorities$125.1 $— $6.8 $— $131.9 $— 
States, municipalities and political subdivisions224.6 — 34.2 (0.1)258.7 — 
Foreign governments872.2 — 149.7 (1.0)1,020.9 — 
Asset-backed529.9 — 8.5 (6.0)532.4 — 
Commercial mortgage-backed327.2 — 16.8 (3.8)340.2 — 
Residential mortgage-backed1,084.7 — 95.8 (0.2)1,180.3 2.5 
U.S. corporate6,001.0 (1.5)1,100.3 (23.2)7,076.6 17.6 
Foreign corporate2,214.6 — 341.6 (2.7)2,553.5 — 
Total fixed maturity securities$11,379.3 $(1.5)$1,753.7 $(37.0)$13,094.5 $20.1 
 December 31, 2019
 Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueImpairment in
AOCI (1)
Fixed maturity securities:
U.S. government and government agencies and authorities$188.9 $5.3 $(0.1)$194.1 $— 
States, municipalities and political subdivisions216.1 26.4 — 242.5 — 
Foreign governments916.9 94.3 (0.8)1,010.4 — 
Asset-backed502.4 3.1 (2.3)503.2 — 
Commercial mortgage-backed212.7 10.2 (0.8)222.1 — 
Residential mortgage-backed1,235.3 52.4 (1.4)1,286.3 3.1 
U.S. corporate5,679.8 818.9 (2.1)6,496.6 16.5 
Foreign corporate2,112.7 255.4 (0.9)2,367.2 — 
Total fixed maturity securities$11,064.8 $1,266.0 $(8.4)$12,322.4 $19.6 
 
(1)Represents the amount of non-credit related impairment recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date prior to adoption of ASC 326. See Note 3 for further information.
Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity
The cost or amortized cost and fair value of fixed maturity securities as of September 30, 2020 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
Cost or
Amortized Cost		Fair Value
Due in one year or less$463.5 $470.4 
Due after one year through five years2,547.5 2,717.6 
Due after five years through ten years2,439.3 2,744.2 
Due after ten years3,987.2 5,109.4 
Total9,437.5 11,041.6 
Asset-backed529.9 532.4 
Commercial mortgage-backed327.2 340.2 
Residential mortgage-backed1,084.7 1,180.3 
Total$11,379.3 $13,094.5 
Net Realized Gains (Losses), Including Other-Than-Temporary Impairments The following table sets forth the net realized gains (losses), including impairment, recognized in the consolidated statements of operations for the periods indicated: 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net realized gains (losses) related to sales and other:
Fixed maturity securities $1.8 $7.4 $7.6 $15.1 
Equity securities (1)16.9 9.4 (9.9)46.3 
Commercial mortgage loans on real estate(2.8)— (4.6)— 
Other investments2.2 0.3 (0.8)5.4 
Consolidated investment entities (2)— (2.0)(32.3)(4.2)
Total net realized gains (losses) related to sales and other18.1 15.1 (40.0)62.6 
Net realized losses related to impairments:
Fixed maturity securities (3)(1.5)(0.2)(3.2)(1.1)
Other investments (4)— — (11.4)— 
Total net realized losses related to impairments(1.5)(0.2)(14.6)(1.1)
Total net realized gains (losses)$16.6 $14.9 $(54.6)$61.5 
(1)Nine months ended September 30, 2020 and 2019 includes $2.2 million and $10.4 million, respectively, of gains on equity investment holdings accounted for under the measurement alternative. There were no changes in fair value recorded on equity investments holdings accounted for under the measurement alternative for the three months ended September 30, 2020 and 2019.
(2)Consists of net realized losses from the change in fair value of the Company’s direct investment in collateralized loan obligations (“CLOs”). Refer to Notes 5 and 12 for additional information.
(3)Includes credit impairment charges recognized in net realized gains (losses) of $1.5 million on fixed maturity securities available for sale for the three and nine months ended September 30, 2020. Refer to Note 7 for additional information.
(4)Results for the nine months ended September 30, 2020 consist of impairment losses on equity investment holdings accounted for under the measurement alternative.
Unrealized Gains on Equity Securities
The following table sets forth the portion of unrealized gains (losses) related to equity securities for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net gains (losses) recognized on equity securities$16.9 $9.4 $(9.9)$46.3 
Less: Net realized gains related to sales of equity securities0.4 0.9 1.3 — 
Total net unrealized gains (losses) on equity securities held$16.5 $8.5 $(11.2)$46.3 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of September 30, 2020 and December 31, 2019 were as follows:
 September 30, 2020
 Less than 12 months12 Months or MoreTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
States, municipalities and political subdivisions24.7 (0.1)— — 24.7 (0.1)
Foreign governments14.9 (1.0)— — 14.9 (1.0)
Asset-backed112.5 (3.8)83.9 (2.2)196.4 (6.0)
Commercial mortgage-backed53.2 (2.9)3.9 (0.9)57.1 (3.8)
Residential mortgage-backed26.2 (0.1)1.5 (0.1)27.7 (0.2)
U.S. corporate307.9 (22.0)15.7 (1.2)323.6 (23.2)
Foreign corporate112.9 (2.7)— — 112.9 (2.7)
Total fixed maturity securities$652.3 $(32.6)$105.0 $(4.4)$757.3 $(37.0)
 
 December 31, 2019
 Less than 12 months12 Months or MoreTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Fixed maturity securities:
U.S. government and government agencies and authorities$21.9 $(0.1)$— $— $21.9 $(0.1)
Foreign governments115.7 (0.8)— — 115.7 (0.8)
Asset-backed66.9 (0.2)105.1 (2.1)172.0 (2.3)
Commercial mortgage-backed20.0 (0.3)4.3 (0.5)24.3 (0.8)
Residential mortgage-backed82.5 (0.6)82.6 (0.8)165.1 (1.4)
U.S. corporate87.5 (1.4)14.4 (0.7)101.9 (2.1)
Foreign corporate45.8 (0.7)7.5 (0.2)53.3 (0.9)
Total fixed maturity securities$440.3 $(4.1)$213.9 $(4.3)$654.2 $(8.4)
v3.20.2
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2020
Variable Interest Entities [Abstract]  
Balances of assets and liabilities held by consolidated investment entities at fair value The following table presents the Company’s fair value hierarchy for financial assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis as of December 31, 2019.
December 31, 2019
TotalLevel 1Level 2Level 3
Financial Assets
Investments:
Cash and cash equivalents$32.9 $32.9 (1)$— $— 
Corporate debt securities1,850.7 — 1,850.7 — 
Real estate fund107.2 — — 107.2 
Total financial assets$1,990.8 $32.9 $1,850.7 $107.2 
Financial Liabilities
Collateralized loan obligation notes$1,603.1 $— $1,603.1 $— 
Total financial liabilities$1,603.1 $— $1,603.1 $— 
(1)Amounts consist of money market funds.
Schedule of carrying values of level 3 assets
The following table summarizes the change in balance sheet carrying value associated with Level 3 assets held by consolidated investment entities measured at fair value during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Balance, beginning of period$54.5 $138.2 $107.2 $112.0 
Purchases— — — 15.4 
Sales— (5.6)(61.0)(5.6)
Deconsolidation adjustments (1)
(54.5)— (54.5)— 
Total income included in earnings— 6.5 8.3 17.3 
Balance, end of period$— $139.1 $— $139.1 
(1) Deconsolidation adjustments include $8.8 million related to non-controlling interests and $45.7 million related to investments retained, which are now included in other investments.
v3.20.2
Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy for Assets and Liabilities The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, a modified coinsurance arrangement and other derivatives. Other liabilities are comprised of investments in the AIP and other derivatives, including the put/call for Iké. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties. 
 September 30, 2020 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$131.9 $—   $131.9   $—   
States, municipalities and political subdivisions258.7 —   258.7   —   
Foreign governments1,020.9 0.6   1,020.0   0.3   
Asset-backed532.4 —   531.6   0.8 
Commercial mortgage-backed340.2 —   320.4   19.8   
Residential mortgage-backed1,180.3 —   1,177.6   2.7   
U.S. corporate7,076.6 — 7,050.1 26.5 
Foreign corporate2,553.5 —   2,520.0   33.5   
Equity securities:
Mutual funds42.6 42.6 — — 
Common stocks20.4 18.6   0.7   1.1   
Non-redeemable preferred stocks321.4 —   319.3   2.1   
Short-term investments217.3 174.8 (2)42.5 —   
Other investments231.7 66.4 (1)165.3 (3)— 
Cash equivalents1,592.4 1,564.8 (2)27.6 (3)—   
Other assets1.0 — 0.8 (4)0.2 (4)
Assets held in separate accounts1,972.6 1,802.1 (1)170.5 (3)—   
Total financial assets$17,493.9 $3,669.9   $13,737.0   $87.0   
Financial Liabilities
Other liabilities$66.4 $66.4 (1)$— $— 
Liabilities related to separate accounts1,972.6 1,802.1 (1)170.5 (3)— 
  
Total financial liabilities$2,039.0 $1,868.5   $170.5 
  
$— 
  

 
 
 December 31, 2019 
 TotalLevel 1 Level 2 Level 3 
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities$194.1 $—  $194.1  $—  
States, municipalities and political subdivisions242.5 —  242.5  —  
Foreign governments1,010.4 0.3  1,010.1  —  
Asset-backed503.2 —  503.2  —  
Commercial mortgage-backed222.1 —  198.6  23.5  
Residential mortgage-backed1,286.3 —  1,286.3  —  
U.S. corporate6,496.6 — 6,494.8 1.8 
Foreign corporate2,367.2 —  2,331.5  35.7  
Equity securities:
Mutual funds45.5 45.5 — — 
Common stocks23.5 22.8  0.7  —  
Non-redeemable preferred stocks319.5 —  317.3  2.2  
Short-term investments367.5 271.4 (2)96.1 —  
Other investments234.6 70.3 (1)164.3 (3)— 
Cash equivalents1,287.5 1,277.8 (2)9.7 (3)—  
Assets held in separate accounts1,806.3 1,623.7 (1)182.6 (3)—  
Total financial assets$16,406.8 $3,311.8  $13,031.8  $63.2  
Financial Liabilities
Other liabilities$172.0 $70.3 (1)$101.5 (5)$0.2 
Liabilities related to separate accounts1,806.3 1,623.7 (1)182.6 (3)—  
Total financial liabilities$1,978.3 $1,694.0  $284.1  $0.2  
 
(1)Primarily includes mutual funds and related obligations.
(2)Primarily includes money market funds.
(3)Primarily includes fixed maturity securities and related obligations.
(4)Primarily includes derivative assets.
(5)Includes the put/call related to the investment in Iké. See Note 5 for more information.
Carrying Value and Fair Value of the Financial Instruments that are Not recognized or are Not Carried at Fair Value The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
 September 30, 2020
  Fair Value
 Carrying
Value		TotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$771.1 $827.0 $— $— $827.0 
Other investments165.4 165.4 30.3 — 135.1 
Other assets24.8 24.8 — — 24.8 
Total financial assets$961.3 $1,017.2 $30.3 $— $986.9 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$527.1 $585.3 $— $— $585.3 
Funds withheld under reinsurance361.2 361.2 361.2 — — 
Debt2,008.6 2,204.3 — 2,204.3 — 
Total financial liabilities$2,896.9 $3,150.8 $361.2 $2,204.3 $585.3 
 December 31, 2019
  Fair Value
  
Carrying
Value		TotalLevel 1Level 2Level 3
Financial Assets
Commercial mortgage loans on real estate$815.0 $843.8 $— $— $843.8 
Other investments140.0 140.0 30.7 — 109.3 
Other assets28.9 28.9 — — 28.9 
Total financial assets$983.9 $1,012.7 $30.7 $— $982.0 
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)$551.6 $588.4 $— $— $588.4 
Funds withheld under reinsurance319.4 319.4 319.4 — — 
Debt2,006.9 2,190.6 — 2,190.6 — 
Total financial liabilities$2,877.9 $3,098.4 $319.4 $2,190.6 $588.4 
 
(1)Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above.
v3.20.2
Reserves (Tables)
 9 Months Ended
Sep. 30, 2020
Insurance Loss Reserves [Abstract]  
Roll Forward of Claims and Benefits Payable
The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves.
Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.
The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
For the Nine Months Ended September 30,
20202019
Claims and benefits payable, at beginning of period$2,687.7 $2,813.7 
Less: Reinsurance ceded and other(1,900.0)(2,053.7)
Net claims and benefits payable, at beginning of period787.7 760.0 
Incurred losses and loss adjustment expenses related to:
Current year1,951.4 2,034.2 
Prior years(43.0)(27.3)
Total incurred losses and loss adjustment expenses1,908.4 2,006.9 
Paid losses and loss adjustment expenses related to:
Current year1,368.4 1,468.4 
Prior years463.0 470.4 
Total paid losses and loss adjustment expenses1,831.4 1,938.8 
Net claims and benefits payable, at end of period864.7 828.1 
Plus: Reinsurance ceded and other (1) 1,893.5 2,043.0 
Claims and benefits payable, at end of period (1)$2,758.2 $2,871.1 
(1)Includes reinsurance recoverables and claims and benefits payable of $118.4 million and $191.7 million as of September 30, 2020 and 2019, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.
v3.20.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized
discount and issuance costs as applicable, as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
Principal AmountCarrying ValuePrincipal AmountCarrying Value
Floating Rate Senior Notes due March 2021 (1)$50.0 $50.0 $50.0 $49.9 
4.00% Senior Notes due March 2023
350.0 348.8 350.0 348.5 
4.20% Senior Notes due September 2023
300.0 298.2 300.0 297.8 
4.90% Senior Notes due March 2028
300.0 297.1 300.0 296.8 
3.70% Senior Notes due February 2030
350.0 347.0 350.0 346.8 
6.75% Senior Notes due February 2034
275.0 272.2 275.0 272.1 
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (2)
400.0 395.3 400.0 395.0 
Total Debt$2,008.6 $2,006.9 
(1)Bears floating interest at a rate equal to three-month LIBOR plus 1.25% per annum.
(2)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter.
v3.20.2
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components of Accumulated Other Comprehensive Income, Net of Tax The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated: 
 Three Months Ended September 30, 2020
 Foreign
currency
translation
adjustment		Net unrealized
gains on
investments		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net losses on Pension PlansAccumulated
other
comprehensive
income
Balance at June 30, 2020$(379.0)$989.1 $15.9 $— $14.3 $(71.4)$568.9 
Change in accumulated other comprehensive income (loss) before reclassifications35.3 53.8 — 1.2 1.5 (0.5)91.3 
Amounts reclassified from accumulated other comprehensive income (loss)— 0.3 (0.6)— — (1.7)(2.0)
Net current-period other comprehensive income (loss)35.3 54.1 (0.6)1.2 1.5 (2.2)89.3 
Balance at September 30, 2020$(343.7)$1,043.2 $15.3 $1.2 $15.8 $(73.6)$658.2 
 Three Months Ended September 30, 2019
 Foreign
currency
translation
adjustment		Net unrealized
gains on
investments		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) gains on Pension PlansAccumulated
other
comprehensive
income
Balance at June 30, 2019$(366.6)$778.4 $15.2 $— $15.6 $(113.9)$328.7 
Change in accumulated other comprehensive (loss) income before reclassifications(23.6)101.0 0.5 — 0.2 0.1 78.2 
Amounts reclassified from accumulated other comprehensive (loss) income— (3.6)2.2 — — (0.3)(1.7)
Net current-period other comprehensive (loss) income(23.6)97.4 2.7 — 0.2 (0.2)76.5 
Balance at September 30, 2019$(390.2)$875.8 $17.9 $— $15.8 $(114.1)$405.2 
 Nine Months Ended September 30, 2020
 Foreign
currency
translation
adjustment		Net unrealized
gains on
securities		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) on Pension Plans (1)Accumulated
other
comprehensive
income
Balance at December 31, 2019$(358.9)$856.5 $17.1 $— $15.5 $(118.7)$411.5 
Change in accumulated other comprehensive (loss) income before reclassifications(4.5)189.1 — 1.2 0.3 48.4 234.5 
Amounts reclassified from accumulated other comprehensive income (loss)19.7 (2.4)(1.8)— — (3.3)12.2 
Net current-period other comprehensive income (loss)15.2 186.7 (1.8)1.2 0.3 45.1 246.7 
Balance at September 30, 2020$(343.7)$1,043.2 $15.3 $1.2 $15.8 $(73.6)$658.2 
 Nine Months Ended September 30, 2019
 Foreign
currency
translation
adjustment		Net unrealized
gains on
securities		Net unrealized gains on derivative transactionsCredit related impairmentNon-credit related impairmentUnamortized net (losses) on Pension PlansAccumulated
other
comprehensive
income
Balance at December 31, 2018$(375.6)$301.0 $18.4 $— $15.1 $(114.3)$(155.4)
Change in accumulated other comprehensive (loss) income before reclassifications(14.6)581.4 (1.5)— 0.7 0.1 566.1 
Amounts reclassified from accumulated other comprehensive (loss) income— (6.6)1.0 — — 0.1 (5.5)
Net current-period other
comprehensive (loss) income		(14.6)574.8 (0.5)— 0.7 0.2 560.6 
Balance at September 30, 2019$(390.2)$875.8 $17.9 $— $15.8 $(114.1)$405.2 
 

(1)The Retirement Health Benefits plan was amended in February 2020, which resulted in a prior service credit recognized in other comprehensive income that will be recognized in income over the remaining period of the plan. Refer to Note 20 for additional information.
Reclassification out of Accumulated Other Comprehensive Income The following tables summarize the reclassifications out of AOCI for the periods indicated:
Details about accumulated other comprehensive income componentsAmount reclassified from
accumulated other
comprehensive income		Affected line item in the
statement where net
income is presented
 Three Months Ended September 30, 
 20202019 
Net unrealized losses (gains) on investments$0.3 $(4.5)Net realized gains (losses) on investments
— 0.9 Provision for income taxes
$0.3 $(3.6)Net of tax
Net unrealized (gains) losses on derivative transactions$(0.7)$2.0 Interest expense
0.1 0.2 Provision for income taxes
$(0.6)$2.2 Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss (gain)$1.3 $(0.4)(1)
Amortization of prior service credit(3.4)— (1)
(2.1)(0.4)
0.4 0.1 Provision for income taxes
$(1.7)$(0.3)Net of tax
Total reclassifications for the period$(2.0)$(1.7)Net of tax
Details about accumulated other comprehensive income componentsAmount reclassified from
accumulated other
comprehensive income		Affected line item in the
statement where net
income is presented
Nine Months Ended September 30,
20202019
Foreign currency translation adjustment$19.7 $— Iké net losses (see Note 5)
— — Provision for income taxes
$19.7 $— Net of tax
Net unrealized gains on investments$(3.1)$(8.3)Net realized gains (losses) on investments
0.7 1.7 Provision for income taxes
$(2.4)$(6.6)Net of tax
Net unrealized (gains) losses on derivative transactions$(2.2)$0.5 Interest expense
0.4 0.5 Provision for income taxes
$(1.8)$1.0 Net of tax
Amortization of pension and postretirement unrecognized net periodic benefit cost:
Amortization of net loss$3.8 $0.2 (1)
Amortization of prior service credit(7.9)— (1)
(4.1)0.2 
0.8 (0.1)Provision for income taxes
$(3.3)$0.1 Net of tax
Total reclassifications for the period$12.2 $(5.5)Net of tax
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 20 for additional information.
v3.20.2
Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock Based Compensation Activity
The following table shows a summary of RSU activity during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
RSU compensation expense$7.2 $7.9 $20.8 $22.3 
Income tax benefit(1.4)(1.4)(3.8)(4.1)
RSU compensation expense, net of tax$5.8 $6.5 $17.0 $18.2 
RSUs granted32,844 29,195 294,794 254,591 
Weighted average grant date fair value per unit$101.81 $108.99 $92.2 $98.86 
Total fair value of vested RSUs$4.8 $6.4 $29.2 $33.2 
The following table shows a summary of PSU activity during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
PSU compensation expense$7.6 $6.7 $19.7 $17.5 
Income tax benefit(0.8)(1.0)(2.1)(2.5)
PSU compensation expense, net of tax$6.8 $5.7 $17.6 $15.0 
PSUs granted— — 302,274 246,219 
Weighted average grant date fair value per unit$— $— $87.36 $105.23 
Total fair value of vested PSUs$0.3 $1.9 $24.7 $19.6 
v3.20.2
Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon conversion of the MCPS using the if-converted method. Refer to Notes 17 and 18 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Numerator
Net (loss) income attributable to stockholders$(30.2)$(54.8)$302.6 $255.0 
Less: Preferred stock dividends(4.7)(4.7)(14.0)(14.0)
Net (loss) income attributable to common stockholders(34.9)(59.5)288.6 241.0 
Less: Common stock dividends paid(37.5)(37.3)(115.1)(113.0)
Undistributed earnings$(72.4)$(96.8)$173.5 $128.0 
Denominator
Weighted average common shares outstanding used in basic earnings per common share calculations60,190,103 61,804,492 60,384,817 62,204,242 
Incremental common shares from:
PSUs— — 253,982 256,003 
ESPP— — 2,146 — 
MCPS— — — — 
Weighted average common shares used in diluted earnings per common share calculations60,190,103 61,804,492 60,640,945 62,460,245 
Earnings per common share - Basic
Distributed earnings$0.62 $0.60 $1.91 $1.82 
Undistributed (losses) earnings(1.20)(1.56)2.87 2.06 
Net (loss) income attributable to common stockholders$(0.58)$(0.96)$4.78 $3.88 
Earnings per common share - Diluted (1)
Distributed earnings$0.62 $0.60 $1.90 $1.81 
Undistributed (losses) earnings(1.20)(1.56)2.86 2.05 
Net (loss) income attributable to common stockholders$(0.58)$(0.96)$4.76 $3.86 

(1)In accordance with earnings per share guidance, diluted per share amounts are computed in the same manner as basic per share amounts when a loss from operations exists.
v3.20.2
Retirement and Other Employee Benefits (Tables)
 9 Months Ended
Sep. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Components of Net Periodic Benefit Cost
The following tables present the components of net periodic benefit cost for the Plans for the three and nine months ended September 30, 2020 and 2019: 
 Qualified Pension BenefitsUnfunded Non-qualified 
Pension Benefits		Retirement Health
Benefits
 For the Three Months Ended September 30,For the Three Months Ended September 30,For the Three Months Ended September 30,
 202020192020201920202019
Interest cost$5.1 $6.2 $0.5 $0.8 $0.1 $0.6 
Expected return on plan assets(7.7)(8.7)— — (0.8)(0.5)
Amortization of prior service credit— — — — (3.4)— 
Amortization of net loss0.7 — 0.6 0.2 — (0.6)
Net periodic benefit cost$(1.9)$(2.5)$1.1 $1.0 $(4.1)$(0.5)
 Qualified Pension BenefitsUnfunded Nonqualified 
Pension Benefits		Retirement Health
Benefits
 For the Nine Months Ended September 30,For the Nine Months Ended September 30,For the Nine Months Ended September 30,
 202020192020201920202019
Interest cost$15.3 $19.3 $1.5 $2.2 $0.6 $2.4 
Expected return on plan assets(23.1)(26.7)— — (1.3)(1.4)
Amortization of prior service credit— — — — (7.9)— 
Amortization of net loss (gain)2.1 — 1.7 0.8 — (0.6)
Net periodic benefit cost$(5.7)$(7.4)$3.2 $3.0 $(8.6)$0.4 
v3.20.2
Nature of Operations (Details)
 9 Months Ended
Sep. 30, 2020
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 3
v3.20.2
Acquisition - Additional Information (Details)
$ in Millions
May 01, 2020
USD ($)
state
client
Sep. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Business Acquisition [Line Items]      
Goodwill   $ 2,325.8 $ 2,343.4
AFAS      
Business Acquisition [Line Items]      
Franchised dealership clients (nearly) | client 600    
Number of states | state 40    
Acquisition consideration $ 176.9    
Purchase price base 157.5    
Contingent consideration 1.5    
Purchase price adjustment 17.9    
Identifiable net liabilities assumed 2.9    
Goodwill 104.0    
Other intangible assets $ 75.8    
Estimated useful life (in years) 15 years    
v3.20.2
Dispositions (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2014
Jul. 31, 2020
May 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Ike foreign currency hedge [1]       $ 22.0 $ 0.0      
Pre-tax charges $ 0.0   $ 121.1 5.9 130.5      
CLO Asset Management Platform                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Costs associated with exit or disposal activities 18.3     18.3        
Ike                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Equity method investment ownership percentage           40.00%    
Amount paid to acquire investment           $ 110.0    
Impairment and put/call losses       22.3 130.5      
Ike foreign currency hedge   $ 22.0            
Pre-tax gains on derivative   20.3            
Pre-tax charges     121.1 5.9 130.5      
Tax benefit       6.7        
Tax expense on income from financial derivative       4.3        
After-tax charges     $ 124.8 9.3 $ 131.4      
Disposal group, not discontinued operations | CLO Asset Management Platform                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Proceeds from sale of VIE             $ 20.0  
Additional expense related to sale of VIE 6.1     7.5        
Disposal group, not discontinued operations | Ike                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Loss on sale of subsidiary   3.9            
Loss on sale of subsidiary, after tax   $ 2.9            
Ike Loan | Disposal group, not discontinued operations | Ike                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Loans to Iké Grupo               $ 34.0
Ike Loan | Disposal group, not discontinued operations | Ike | Other investments                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Loans to Iké Grupo $ 33.2     $ 33.2        
Ike Loan | London Interbank Offered Rate (LIBOR)                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Interest rate, basis spread               4.25%
[1] Relates to Iké disposition and related financing. Refer to Note 5 for additional information
v3.20.2
Goodwill - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]        
Goodwill impairment $ 137.8 $ 0.0 $ 137.8 $ 0.0
Goodwill, impairment loss, net of tax $ 135.6      
v3.20.2
Allowance for Credit Losses - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Jan. 01, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member            
Cumulative effect of adoption $ 5,940.0 $ 5,984.5   $ 5,682.1 $ 5,690.4 $ 5,760.3 $ 5,133.9
Total allowance for credit losses 53.0     20.3      
Allowance for credit losses, period increase, net 10.2            
Total increase in the allowance for credit losses 14.1            
Allowance for credit loss, recovery 3.9            
Fixed maturity securities available for sale, allowances for credit losses 1.5            
Reinsurance recoverables 9,796.2   $ 9,593.4 9,593.4      
Increase in the CECL allowance for reinsurance recoverable 2.8            
Increase in the CECL allowance for premium and accounts receivables $ 3.5            
Percentage of residential mortgage-backed holdings exposure to sub-prime mortgage collateral 40.00%            
Allowance for credit losses $ 6.9   2.2 0.6      
Retained earnings (accumulated deficit) $ 6,126.0     5,966.4      
Cumulative Effect, Period of Adoption, Adjustment              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Cumulative effect of adoption     (20.4) (20.4) [1]      
Total allowance for credit losses     46.2        
Reinsurance recoverables     (22.5)        
Retained earnings (accumulated deficit)     $ (1.3)        
A- or Better Rating              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Total percentage of recoverables subject to allowance 77.00%            
BBB or BB Rating              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Total percentage of recoverables subject to allowance 17.00%            
Not rated              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Total percentage of recoverables subject to allowance 6.00%            
Commercial mortgage loans              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Allowance for credit loss, period increase $ 4.7            
Commercial Real Estate Portfolio Segment | Commercial mortgage loans | Minimum              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Commercial mortgage loans on real estate 0.1     0.1      
Commercial Real Estate Portfolio Segment | Commercial mortgage loans | Maximum              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Commercial mortgage loans on real estate 12.2     $ 12.3      
Underwriting, general and administrative expense              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Allowance for credit losses, period increase, net 2.6            
Net realized losses on investments              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Allowance for credit losses, period increase, net 7.6            
Ike              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Allowance for credit losses, period increase, net $ 1.4            
[1] Amount relates to the adoption of a new accounting standard for accounting for expected credit losses for assets held at amortized cost, which established allowances for such expected credit losses as of January 1, 2020. Refer to Notes 3 and 7 for additional information.
v3.20.2
Allowance for Credit Losses - Impact of Adoption (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Jan. 01, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member            
Reinsurance recoverables $ 9,796.2   $ 9,593.4 $ 9,593.4      
Premiums and accounts receivable, net 1,576.7   1,692.8 1,692.8      
Commercial mortgage loans on real estate     815.0        
Total     12,101.2        
Cumulative effect of adoption 5,940.0 $ 5,984.5   5,682.1 $ 5,690.4 $ 5,760.3 $ 5,133.9
Cumulative Effect, Period of Adoption, Adjusted Balance              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Reinsurance recoverables     9,570.9        
Premiums and accounts receivable, net     1,691.0        
Commercial mortgage loans on real estate     813.4        
Total     12,075.3        
Cumulative Effect, Period of Adoption, Adjustment              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Reinsurance recoverables     (22.5)        
Premiums and accounts receivable, net     (1.8)        
Commercial mortgage loans on real estate     (1.6)        
Total     (25.9)        
Tax effect $ 5.5            
Cumulative effect of adoption     $ (20.4) $ (20.4) [1]      
[1] Amount relates to the adoption of a new accounting standard for accounting for expected credit losses for assets held at amortized cost, which established allowances for such expected credit losses as of January 1, 2020. Refer to Notes 3 and 7 for additional information.
v3.20.2
Allowance for Credit Losses - Changes in Reinsurance Receivables Allowance for Credit Losses (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 $ 2.8
Incremental allowance 2.8
Recoveries (2.5)
Other (0.1)
Balance, September 30, 2020 25.5
Global Lifestyle  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 2.5
Incremental allowance 0.1
Recoveries (2.5)
Other 0.0
Balance, September 30, 2020 4.0
Global Housing  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 0.3
Incremental allowance (0.4)
Recoveries 0.0
Other 0.0
Balance, September 30, 2020 0.6
Global Preneed  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 0.0
Incremental allowance 0.0
Recoveries 0.0
Other (0.1)
Balance, September 30, 2020 0.1
Corporate and Other  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 0.0
Incremental allowance 3.1
Recoveries 0.0
Other 0.0
Balance, September 30, 2020 20.8
Cumulative Effect, Period of Adoption, Adjustment  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 22.5
Cumulative Effect, Period of Adoption, Adjustment | Global Lifestyle  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 3.9
Cumulative Effect, Period of Adoption, Adjustment | Global Housing  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 0.7
Cumulative Effect, Period of Adoption, Adjustment | Global Preneed  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 0.2
Cumulative Effect, Period of Adoption, Adjustment | Corporate and Other  
Reinsurance Recoverables, Allowance for Credit Losses [Roll Forward]  
Balance, December 31, 2019 $ 17.7
v3.20.2
Allowance for Credit Losses - Changes in Premium and Account Receivables Allowance for Credit Losses (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 $ 15.3
Acquired allowance as of acquisition date 0.4
Incremental allowance 3.5
Recoveries (1.4)
Write-offs (3.4)
Foreign currency translation (0.3)
Balance, September 30, 2020 15.9
Global Lifestyle  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 14.2
Acquired allowance as of acquisition date 0.4
Incremental allowance 2.2
Recoveries (1.4)
Write-offs (3.4)
Foreign currency translation (0.3)
Balance, September 30, 2020 13.0
Global Housing  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 0.2
Acquired allowance as of acquisition date 0.0
Incremental allowance 1.1
Recoveries 0.0
Write-offs 0.0
Foreign currency translation 0.0
Balance, September 30, 2020 1.8
Global Preneed  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 0.5
Acquired allowance as of acquisition date 0.0
Incremental allowance 0.0
Recoveries 0.0
Write-offs 0.0
Foreign currency translation 0.0
Balance, September 30, 2020 0.5
Corporate and Other  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 0.4
Acquired allowance as of acquisition date 0.0
Incremental allowance 0.2
Recoveries 0.0
Write-offs 0.0
Foreign currency translation 0.0
Balance, September 30, 2020 0.6
Cumulative Effect, Period of Adoption, Adjustment  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 1.8
Cumulative Effect, Period of Adoption, Adjustment | Global Lifestyle  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 1.3
Cumulative Effect, Period of Adoption, Adjustment | Global Housing  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 0.5
Cumulative Effect, Period of Adoption, Adjustment | Global Preneed  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 0.0
Cumulative Effect, Period of Adoption, Adjustment | Corporate and Other  
Premiums and Other Receivables, Net, Allowance For Credit Loss [Roll Forward]  
Balance, December 31, 2019 $ 0.0
v3.20.2
Allowance for Credit Losses - Credit Quality Indicators (Details) - Commercial Portfolio Segment
$ in Millions
Sep. 30, 2020
USD ($)
70% and less  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 109.2
2018 187.9
2017 146.2
2016 90.7
Prior 225.6
Total $ 759.6
% of Total 0.976
71% to 80%  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 7.0
2018 0.0
2017 0.0
2016 6.9
Prior 0.0
Total $ 13.9
% of Total 0.018
81% to 95%  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 0.0
2018 0.0
2017 0.0
2016 0.0
Prior 4.5
Total $ 4.5
% of Total 0.006
Total  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 116.2
2018 187.9
2017 146.2
2016 97.6
Prior 230.1
Total $ 778.0
% of Total 1.000
Greater than 2.0  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 37.3
2018 71.2
2017 72.3
2016 67.2
Prior 106.3
Total $ 354.3
% of Total 0.455
1.5 to 2.0  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 41.6
2018 73.7
2017 47.7
2016 20.8
Prior 55.0
Total $ 238.8
% of Total 0.307
1.0 to 1.5  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 37.3
2018 43.0
2017 26.2
2016 9.6
Prior 64.5
Total $ 180.6
% of Total 0.232
Less than 1.0  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 0.0
2018 0.0
2017 0.0
2016 0.0
Prior 4.3
Total $ 4.3
% of Total 0.006
Total  
Financing Receivable, Credit Quality Indicator [Line Items]  
2019 $ 116.2
2018 187.9
2017 146.2
2016 97.6
Prior 230.1
Total $ 778.0
% of Total 1.000
v3.20.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Income Tax Disclosure [Abstract]    
Income tax refund claim, CARES Act   $ 198.4
Tax benefit   79.3
Decrease in deferred tax asset   107.1
Increase in current receivable   186.4
Accrued interest benefit   5.2
Refundable employee retention tax credit $ 3.1 $ 4.8
v3.20.2
Segment Information - Financial Information by Segment (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
reportable_segment
Sep. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Segment Reporting Information [Line Items]          
Number of reportable segments | reportable_segment     4    
Revenues          
Net earned premiums $ 2,102.8 $ 2,015.4 $ 6,223.0 $ 5,952.5  
Fees and other income 245.9 295.1 934.3 959.5  
Net investment income 135.1 169.5 428.3 490.0  
Net realized gains on investments 16.6 14.9 (54.6) 61.5  
Amortization of deferred gains on disposal of businesses 2.1 4.4 8.7 16.9  
Total revenues 2,502.5 2,499.3 7,539.7 7,480.4  
Benefits, losses and expenses          
Policyholder benefits 709.6 705.2 1,908.9 2,006.9  
Amortization of deferred acquisition costs and value of business acquired 946.2 869.5 2,745.7 2,462.6  
Underwriting, general and administrative expenses 687.5 764.5 2,331.8 2,388.1  
Goodwill impairment 137.8 0.0 137.8 0.0  
Iké net losses 0.0 121.1 5.9 130.5  
Interest expense 25.5 32.2 77.7 85.2  
Loss on extinguishment of debt 0.0 31.4 0.0 31.4  
Total benefits, losses and expenses 2,506.6 2,523.9 7,207.8 7,104.7  
(Loss) income before provision for income taxes (4.1) (24.6) 331.9 375.7  
Provision (benefit) for income taxes 26.4 28.6 28.2 117.7  
Net (loss) income (30.5) (53.2) 303.7 258.0  
Less: Net loss (income) attributable to non-controlling interests 0.3 (1.6) (1.1) (3.0)  
Net (loss) income attributable to stockholders (30.2) (54.8) 302.6 255.0  
Less: Preferred stock dividends (4.7) (4.7) (14.0) (14.0)  
Net (loss) income attributable to common stockholders (34.9) (59.5) 288.6 241.0  
Segment assets 43,582.6   43,582.6   $ 44,291.2
Global Lifestyle          
Revenues          
Net earned premiums 1,633.2 1,525.1 4,799.0 4,499.1  
Fees and other income 171.8 224.2 721.6 740.9  
Net investment income 44.6 62.1 143.5 177.5  
Net realized gains on investments 0.0 0.0 0.0 0.0  
Amortization of deferred gains on disposal of businesses 0.0 0.0 0.0 0.0  
Total revenues 1,849.6 1,811.4 5,664.1 5,417.5  
Benefits, losses and expenses          
Policyholder benefits 365.4 392.1 1,044.7 1,152.2  
Amortization of deferred acquisition costs and value of business acquired 870.5 791.9 2,519.7 2,238.4  
Underwriting, general and administrative expenses 480.8 496.6 1,649.4 1,622.6  
Goodwill impairment 0.0   0.0    
Iké net losses   0.0 0.0 0.0  
Interest expense 0.0 0.0 0.0 0.0  
Loss on extinguishment of debt   0.0   0.0  
Total benefits, losses and expenses 1,716.7 1,680.6 5,213.8 5,013.2  
(Loss) income before provision for income taxes 132.9 130.8 450.3 404.3  
Provision (benefit) for income taxes 26.3 28.7 101.0 92.3  
Net (loss) income 106.6 102.1 349.3 312.0  
Less: Net loss (income) attributable to non-controlling interests 0.0 0.0 0.0 0.0  
Net (loss) income attributable to stockholders 106.6 102.1 349.3 312.0  
Less: Preferred stock dividends 0.0 0.0 0.0 0.0  
Net (loss) income attributable to common stockholders 106.6 102.1 349.3 312.0  
Segment assets 23,563.3   23,563.3    
Global Housing          
Revenues          
Net earned premiums 453.6 475.2 1,374.6 1,407.1  
Fees and other income 37.7 35.1 106.0 113.3  
Net investment income 16.5 22.4 54.9 66.6  
Net realized gains on investments 0.0 0.0 0.0 0.0  
Amortization of deferred gains on disposal of businesses 0.0 0.0 0.0 0.0  
Total revenues 507.8 532.7 1,535.5 1,587.0  
Benefits, losses and expenses          
Policyholder benefits 272.8 245.8 651.9 652.5  
Amortization of deferred acquisition costs and value of business acquired 56.8 47.3 169.9 158.7  
Underwriting, general and administrative expenses 162.2 187.6 496.6 541.6  
Goodwill impairment 0.0   0.0    
Iké net losses   0.0 0.0 0.0  
Interest expense 0.0 0.0 0.0 0.0  
Loss on extinguishment of debt   0.0   0.0  
Total benefits, losses and expenses 491.8 480.7 1,318.4 1,352.8  
(Loss) income before provision for income taxes 16.0 52.0 217.1 234.2  
Provision (benefit) for income taxes 2.9 10.4 44.4 48.4  
Net (loss) income 13.1 41.6 172.7 185.8  
Less: Net loss (income) attributable to non-controlling interests 0.0 0.0 0.0 0.0  
Net (loss) income attributable to stockholders 13.1 41.6 172.7 185.8  
Less: Preferred stock dividends 0.0 0.0 0.0 0.0  
Net (loss) income attributable to common stockholders 13.1 41.6 172.7 185.8  
Segment assets 4,194.2   4,194.2    
Global Preneed          
Revenues          
Net earned premiums 16.0 15.1 49.4 46.3  
Fees and other income 35.9 35.7 106.2 103.2  
Net investment income 70.1 73.0 210.3 212.7  
Net realized gains on investments 0.0 0.0 0.0 0.0  
Amortization of deferred gains on disposal of businesses 0.0 0.0 0.0 0.0  
Total revenues 122.0 123.8 365.9 362.2  
Benefits, losses and expenses          
Policyholder benefits 71.1 67.3 211.6 202.1  
Amortization of deferred acquisition costs and value of business acquired 18.9 30.3 56.1 65.5  
Underwriting, general and administrative expenses 15.3 18.2 48.4 49.8  
Goodwill impairment 0.0   0.0    
Iké net losses   0.0 0.0 0.0  
Interest expense 0.0 0.0 0.0 0.0  
Loss on extinguishment of debt   0.0   0.0  
Total benefits, losses and expenses 105.3 115.8 316.1 317.4  
(Loss) income before provision for income taxes 16.7 8.0 49.8 44.8  
Provision (benefit) for income taxes 3.5 0.6 10.6 8.7  
Net (loss) income 13.2 7.4 39.2 36.1  
Less: Net loss (income) attributable to non-controlling interests 0.0 0.0 0.0 0.0  
Net (loss) income attributable to stockholders 13.2 7.4 39.2 36.1  
Less: Preferred stock dividends 0.0 0.0 0.0 0.0  
Net (loss) income attributable to common stockholders 13.2 7.4 39.2 36.1  
Segment assets 7,507.0   7,507.0    
Corporate and Other          
Revenues          
Net earned premiums 0.0 0.0 0.0 0.0  
Fees and other income 0.5 0.1 0.5 2.1  
Net investment income 3.9 12.0 19.6 33.2  
Net realized gains on investments 16.6 14.9 (54.6) 61.5  
Amortization of deferred gains on disposal of businesses 2.1 4.4 8.7 16.9  
Total revenues 23.1 31.4 (25.8) 113.7  
Benefits, losses and expenses          
Policyholder benefits 0.3 0.0 0.7 0.1  
Amortization of deferred acquisition costs and value of business acquired 0.0 0.0 0.0 0.0  
Underwriting, general and administrative expenses 29.2 62.1 137.4 174.1  
Goodwill impairment 137.8   137.8    
Iké net losses   121.1 5.9 130.5  
Interest expense 25.5 32.2 77.7 85.2  
Loss on extinguishment of debt   31.4   31.4  
Total benefits, losses and expenses 192.8 246.8 359.5 421.3  
(Loss) income before provision for income taxes (169.7) (215.4) (385.3) (307.6)  
Provision (benefit) for income taxes (6.3) (11.1) (127.8) (31.7)  
Net (loss) income (163.4) (204.3) (257.5) (275.9)  
Less: Net loss (income) attributable to non-controlling interests 0.3 (1.6) (1.1) (3.0)  
Net (loss) income attributable to stockholders (163.1) (205.9) (258.6) (278.9)  
Less: Preferred stock dividends (4.7) (4.7) (14.0) (14.0)  
Net (loss) income attributable to common stockholders (167.8) $ (210.6) (272.6) $ (292.9)  
Segment assets $ 8,318.1   $ 8,318.1    
v3.20.2
Contract Revenues - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Global Lifestyle          
Disaggregation of Revenue [Line Items]          
Disaggregated fee revenues $ 124.6 $ 188.8 $ 579.3 $ 614.6  
Global Housing          
Disaggregation of Revenue [Line Items]          
Disaggregated fee revenues 25.3 23.8 71.1 81.4  
Service contracts and sales          
Disaggregation of Revenue [Line Items]          
Receivables from contracts with customers 210.0   210.0   $ 185.0
Unearned revenue from contracts with customers 85.7   85.7   87.6
Contract with customer, liability, unearned revenue 10.3 $ 14.5 37.5 $ 44.7  
Deferred upfront commissions and other costs $ 14.2   $ 14.2   $ 25.8
v3.20.2
Investments - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and OTTI (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost $ 11,379.3 $ 11,064.8
Fixed maturity securities available for sale, allowances for credit losses (1.5)  
Fixed maturity securities, fair value 13,094.5 12,322.4
Fixed maturity securities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, gross unrealized gains 1,753.7 1,266.0
Fixed maturity securities, gross unrealized losses (37.0) (8.4)
Fixed maturity securities, fair value 13,094.5 12,322.4
Impairment in AOCI 20.1 19.6
Fixed maturity securities | U.S. government and government agencies and authorities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 125.1 188.9
Fixed maturity securities available for sale, allowances for credit losses 0.0  
Fixed maturity securities, gross unrealized gains 6.8 5.3
Fixed maturity securities, gross unrealized losses 0.0 (0.1)
Fixed maturity securities, fair value 131.9 194.1
Impairment in AOCI 0.0 0.0
Fixed maturity securities | States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 224.6 216.1
Fixed maturity securities available for sale, allowances for credit losses 0.0  
Fixed maturity securities, gross unrealized gains 34.2 26.4
Fixed maturity securities, gross unrealized losses (0.1) 0.0
Fixed maturity securities, fair value 258.7 242.5
Impairment in AOCI 0.0 0.0
Fixed maturity securities | Foreign governments    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 872.2 916.9
Fixed maturity securities available for sale, allowances for credit losses 0.0  
Fixed maturity securities, gross unrealized gains 149.7 94.3
Fixed maturity securities, gross unrealized losses (1.0) (0.8)
Fixed maturity securities, fair value 1,020.9 1,010.4
Impairment in AOCI 0.0 0.0
Fixed maturity securities | Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 529.9 502.4
Fixed maturity securities available for sale, allowances for credit losses 0.0  
Fixed maturity securities, gross unrealized gains 8.5 3.1
Fixed maturity securities, gross unrealized losses (6.0) (2.3)
Fixed maturity securities, fair value 532.4 503.2
Impairment in AOCI 0.0 0.0
Fixed maturity securities | Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 327.2 212.7
Fixed maturity securities available for sale, allowances for credit losses 0.0  
Fixed maturity securities, gross unrealized gains 16.8 10.2
Fixed maturity securities, gross unrealized losses (3.8) (0.8)
Fixed maturity securities, fair value 340.2 222.1
Impairment in AOCI 0.0 0.0
Fixed maturity securities | Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 1,084.7 1,235.3
Fixed maturity securities available for sale, allowances for credit losses 0.0  
Fixed maturity securities, gross unrealized gains 95.8 52.4
Fixed maturity securities, gross unrealized losses (0.2) (1.4)
Fixed maturity securities, fair value 1,180.3 1,286.3
Impairment in AOCI 2.5 3.1
Fixed maturity securities | U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 6,001.0 5,679.8
Fixed maturity securities available for sale, allowances for credit losses (1.5)  
Fixed maturity securities, gross unrealized gains 1,100.3 818.9
Fixed maturity securities, gross unrealized losses (23.2) (2.1)
Fixed maturity securities, fair value 7,076.6 6,496.6
Impairment in AOCI 17.6 16.5
Fixed maturity securities | Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities available for sale, amortized cost 2,214.6 2,112.7
Fixed maturity securities available for sale, allowances for credit losses 0.0  
Fixed maturity securities, gross unrealized gains 341.6 255.4
Fixed maturity securities, gross unrealized losses (2.7) (0.9)
Fixed maturity securities, fair value 2,553.5 2,367.2
Impairment in AOCI $ 0.0 $ 0.0
v3.20.2
Investments - Narrative (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
USD ($)
state
investment
Dec. 31, 2019
USD ($)
state
investment
Investment [Line Items]    
Investment in securities $ 13,094.5 $ 12,322.4
Percentage of securities representing gross unrealized losses 5.00% 1.00%
Percentage of gross unrealized losses in a continuous loss position less than twelve months 88.00% 49.00%
Individual securities comprising total gross unrealized losses | investment 396 330
States, municipalities and political subdivisions    
Investment [Line Items]    
Number of individual states exceeding overall investment portfolio exposure | state 0 0
Maximum individual state exposure 0.30% 0.30%
Advance refunded or escrowed-to-maturity securities $ 38.7 $ 51.9
Percentage of revenue securities 63.00% 60.00%
Europe | Corporate Fixed Maturity and Equity Securities    
Investment [Line Items]    
Investment in securities $ 881.5 $ 802.3
Unrealized gain (loss) on investments $ 109.2 $ 82.4
Geographic Concentration Risk | Investments | Canada | Foreign Government Fixed Maturity Securities    
Investment [Line Items]    
Percentage of investments held 59.00% 58.00%
Geographic Concentration Risk | Investments | Brazil | Foreign Government Fixed Maturity Securities    
Investment [Line Items]    
Percentage of investments held 12.00% 20.00%
Geographic Concentration Risk | Investments | Mexico | Foreign Government Fixed Maturity Securities    
Investment [Line Items]    
Percentage of investments held 8.00% 6.00%
Geographic Concentration Risk | Investments | United Kingdom | Corporate Fixed Maturity and Equity Securities    
Investment [Line Items]    
Percentage of investments held 4.00% 4.00%
Geographic Concentration Risk | Investments | Other Countries (more than 3%) | Foreign Government Fixed Maturity Securities    
Investment [Line Items]    
Percentage of investments held 4.00% 5.00%
Financial Services Sector | Investment Sector Concentration Risk | Investments | Europe | Corporate Fixed Maturity and Equity Securities    
Investment [Line Items]    
Percentage of investments held   28.00%
Fixed maturity securities    
Investment [Line Items]    
Investment in securities $ 13,094.5 $ 12,322.4
Fixed maturity securities, gross unrealized losses 37.0 8.4
Fixed maturity securities, gross unrealized gains 1,753.7 1,266.0
Fixed maturity securities | States, municipalities and political subdivisions    
Investment [Line Items]    
Investment in securities 258.7 242.5
Fixed maturity securities, gross unrealized losses 0.1 0.0
Fixed maturity securities, gross unrealized gains 34.2 26.4
Fixed maturity securities | Energy Sector | Corporate debt securities    
Investment [Line Items]    
Investment in securities 748.3 784.4
Fixed maturity securities, gross unrealized losses $ 62.4  
Fixed maturity securities, gross unrealized gains   $ 93.1
Internal Investment Grade | Fixed maturity securities | Energy Sector | Corporate debt securities    
Investment [Line Items]    
Percentage of investments held 86.00% 94.00%
v3.20.2
Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Cost or Amortized Cost    
Due in one year or less, cost or amortized cost $ 463.5  
Due after one year through five years, cost or amortized cost 2,547.5  
Due after five years through ten years, cost or amortized cost 2,439.3  
Due after ten years, cost or amortized cost 3,987.2  
Total, cost or amortized cost 9,437.5  
Fixed maturity securities, cost or amortized cost 11,379.3 $ 11,064.8
Fair Value    
Due in one year or less, fair value 470.4  
Due after one year through five years, fair value 2,717.6  
Due after five years through ten years, fair value 2,744.2  
Due after ten years, fair value 5,109.4  
Total, fair value 11,041.6  
Fixed maturity securities, fair value 13,094.5 $ 12,322.4
Commercial mortgage-backed    
Cost or Amortized Cost    
Cost or amortized cost 327.2  
Fair Value    
Fair value 340.2  
Residential mortgage-backed    
Cost or Amortized Cost    
Cost or amortized cost 1,084.7  
Fair Value    
Fair value 1,180.3  
Asset-backed    
Cost or Amortized Cost    
Cost or amortized cost 529.9  
Fair Value    
Fair value $ 532.4  
v3.20.2
Investments - Net Realized Gains (Losses), Including Other-Than-Temporary Impairments (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net realized gains (losses) related to sales and other:        
Net realized gains (losses) on investments $ 18,100,000 $ 15,100,000 $ (40,000,000.0) $ 62,600,000
Net realized losses related to impairments:        
Net realized losses related to impairments (1,500,000) (200,000) (14,600,000) (1,100,000)
Total net realized gains (losses) 16,600,000 14,900,000 (54,600,000) 61,500,000
Gains on equity investment holdings accounted for under alternative measurement 0 0 2,200,000 10,400,000
Credit impairment charges recognized in net realized gains (losses) 1,500,000   1,500,000  
Fixed maturity securities        
Net realized gains (losses) related to sales and other:        
Net realized gains (losses) on investments 1,800,000 7,400,000 7,600,000 15,100,000
Net realized losses related to impairments:        
Net realized losses related to impairments (1,500,000) (200,000) (3,200,000) (1,100,000)
Equity securities        
Net realized gains (losses) related to sales and other:        
Net realized gains (losses) on investments 16,900,000 9,400,000 (9,900,000) 46,300,000
Commercial mortgage loans on real estate        
Net realized gains (losses) related to sales and other:        
Net realized gains (losses) on investments (2,800,000) 0 (4,600,000) 0
Other investments        
Net realized gains (losses) related to sales and other:        
Net realized gains (losses) on investments 2,200,000 300,000 (800,000) 5,400,000
Net realized losses related to impairments:        
Other investments 0 0 (11,400,000) 0
Consolidated investment entities        
Net realized gains (losses) related to sales and other:        
Net realized gains (losses) on investments $ 0 $ (2,000,000.0) $ (32,300,000) $ (4,200,000)
v3.20.2
Investments - Unrealized Gains on Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]        
Net gains (losses) recognized on equity securities $ 16.9 $ 9.4 $ (9.9) $ 46.3
Less: Net realized gains related to sales of equity securities 0.4 0.9 1.3 0.0
Total net unrealized gains (losses) on equity securities held $ 16.5 $ 8.5 $ (11.2) $ 46.3
v3.20.2
Investments - Investment Category and Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities (Details) - Fixed maturity securities - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value $ 652.3 $ 440.3
Fixed maturity securities, Less than 12 Months, Unrealized Losses (32.6) (4.1)
Fixed maturity securities, 12 Months or More, Fair Value 105.0 213.9
Fixed maturity securities, 12 Months or More, Unrealized Losses (4.4) (4.3)
Fixed maturity securities, Total, Fair Value 757.3 654.2
Fixed maturity securities, Unrealized Losses (37.0) (8.4)
U.S. government and government agencies and authorities    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value 24.7 21.9
Fixed maturity securities, Less than 12 Months, Unrealized Losses (0.1) (0.1)
Fixed maturity securities, 12 Months or More, Fair Value 0.0 0.0
Fixed maturity securities, 12 Months or More, Unrealized Losses 0.0 0.0
Fixed maturity securities, Total, Fair Value 24.7 21.9
Fixed maturity securities, Unrealized Losses (0.1) (0.1)
Foreign governments    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value 14.9 115.7
Fixed maturity securities, Less than 12 Months, Unrealized Losses (1.0) (0.8)
Fixed maturity securities, 12 Months or More, Fair Value 0.0 0.0
Fixed maturity securities, 12 Months or More, Unrealized Losses 0.0 0.0
Fixed maturity securities, Total, Fair Value 14.9 115.7
Fixed maturity securities, Unrealized Losses (1.0) (0.8)
Asset-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value 112.5 66.9
Fixed maturity securities, Less than 12 Months, Unrealized Losses (3.8) (0.2)
Fixed maturity securities, 12 Months or More, Fair Value 83.9 105.1
Fixed maturity securities, 12 Months or More, Unrealized Losses (2.2) (2.1)
Fixed maturity securities, Total, Fair Value 196.4 172.0
Fixed maturity securities, Unrealized Losses (6.0) (2.3)
Commercial mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value 53.2 20.0
Fixed maturity securities, Less than 12 Months, Unrealized Losses (2.9) (0.3)
Fixed maturity securities, 12 Months or More, Fair Value 3.9 4.3
Fixed maturity securities, 12 Months or More, Unrealized Losses (0.9) (0.5)
Fixed maturity securities, Total, Fair Value 57.1 24.3
Fixed maturity securities, Unrealized Losses (3.8) (0.8)
Residential mortgage-backed    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value 26.2 82.5
Fixed maturity securities, Less than 12 Months, Unrealized Losses (0.1) (0.6)
Fixed maturity securities, 12 Months or More, Fair Value 1.5 82.6
Fixed maturity securities, 12 Months or More, Unrealized Losses (0.1) (0.8)
Fixed maturity securities, Total, Fair Value 27.7 165.1
Fixed maturity securities, Unrealized Losses (0.2) (1.4)
U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value 307.9 87.5
Fixed maturity securities, Less than 12 Months, Unrealized Losses (22.0) (1.4)
Fixed maturity securities, 12 Months or More, Fair Value 15.7 14.4
Fixed maturity securities, 12 Months or More, Unrealized Losses (1.2) (0.7)
Fixed maturity securities, Total, Fair Value 323.6 101.9
Fixed maturity securities, Unrealized Losses (23.2) (2.1)
Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Fixed maturity securities, Less than 12 Months, Fair Value 112.9 45.8
Fixed maturity securities, Less than 12 Months, Unrealized Losses (2.7) (0.7)
Fixed maturity securities, 12 Months or More, Fair Value 0.0 7.5
Fixed maturity securities, 12 Months or More, Unrealized Losses 0.0 (0.2)
Fixed maturity securities, Total, Fair Value 112.9 53.3
Fixed maturity securities, Unrealized Losses $ (2.7) $ (0.9)
v3.20.2
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Variable Interest Entity [Line Items]    
Total assets $ 43,582.6 $ 44,291.2
Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total assets [1] $ 0.0 2,020.1
Real estate fund | Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total assets   88.3
Subordinated Debt | Subordinated Debt Tranches | Collateralized Loan Obligations | Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total assets   77.4
Senior Debt | Senior Debt Tranches | Collateralized Loan Obligations | Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total assets   $ 21.1
[1] The following table presents information on assets and liabilities related to consolidated investment entities as of December 31, 2019. During the third quarter of 2020, the Company sold its collateralized loan obligation asset management platform and outsourced its real estate asset management, which resulted in the deconsolidation of the consolidated investment entities. Refer to Notes 5 and 12 for additional information.
December 31, 2019
Assets
Cash and cash equivalents$32.9 
Investments, at fair value1,957.9 
Other receivables29.3 
Total assets$2,020.1 
Liabilities
Collateralized loan obligation notes, at fair value1,603.1 
Other liabilities83.9 
Total liabilities$1,687.0 
v3.20.2
Variable Interest Entities - Fair Value of Financial Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Consolidated investment entities    
Variable Interest Entity [Line Items]    
Investments   $ 1,957.9
Recurring    
Variable Interest Entity [Line Items]    
Total financial assets $ 17,493.9 16,406.8
Financial liabilities 2,039.0 1,978.3
Recurring | Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total financial assets   1,990.8
Financial liabilities   1,603.1
Recurring | Consolidated investment entities | Collateralized loan obligation notes    
Variable Interest Entity [Line Items]    
Financial liabilities   1,603.1
Recurring | Consolidated investment entities | Cash and cash equivalents    
Variable Interest Entity [Line Items]    
Investments   32.9
Recurring | Consolidated investment entities | Corporate debt securities    
Variable Interest Entity [Line Items]    
Investments   1,850.7
Recurring | Consolidated investment entities | Real estate fund    
Variable Interest Entity [Line Items]    
Investments   107.2
Level 1 | Recurring    
Variable Interest Entity [Line Items]    
Total financial assets 3,669.9 3,311.8
Financial liabilities 1,868.5 1,694.0
Level 1 | Recurring | Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total financial assets   32.9
Financial liabilities   0.0
Level 1 | Recurring | Consolidated investment entities | Collateralized loan obligation notes    
Variable Interest Entity [Line Items]    
Financial liabilities   0.0
Level 1 | Recurring | Consolidated investment entities | Cash and cash equivalents    
Variable Interest Entity [Line Items]    
Investments   32.9
Level 1 | Recurring | Consolidated investment entities | Corporate debt securities    
Variable Interest Entity [Line Items]    
Investments   0.0
Level 1 | Recurring | Consolidated investment entities | Real estate fund    
Variable Interest Entity [Line Items]    
Investments   0.0
Level 2 | Recurring    
Variable Interest Entity [Line Items]    
Total financial assets 13,737.0 13,031.8
Financial liabilities 170.5 284.1
Level 2 | Recurring | Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total financial assets   1,850.7
Financial liabilities   1,603.1
Level 2 | Recurring | Consolidated investment entities | Collateralized loan obligation notes    
Variable Interest Entity [Line Items]    
Financial liabilities   1,603.1
Level 2 | Recurring | Consolidated investment entities | Cash and cash equivalents    
Variable Interest Entity [Line Items]    
Investments   0.0
Level 2 | Recurring | Consolidated investment entities | Corporate debt securities    
Variable Interest Entity [Line Items]    
Investments   1,850.7
Level 2 | Recurring | Consolidated investment entities | Real estate fund    
Variable Interest Entity [Line Items]    
Investments   0.0
Level 3 | Recurring    
Variable Interest Entity [Line Items]    
Total financial assets 87.0 63.2
Financial liabilities $ 0.0 0.2
Level 3 | Recurring | Consolidated investment entities    
Variable Interest Entity [Line Items]    
Total financial assets   107.2
Financial liabilities   0.0
Level 3 | Recurring | Consolidated investment entities | Collateralized loan obligation notes    
Variable Interest Entity [Line Items]    
Financial liabilities   0.0
Level 3 | Recurring | Consolidated investment entities | Cash and cash equivalents    
Variable Interest Entity [Line Items]    
Investments   0.0
Level 3 | Recurring | Consolidated investment entities | Corporate debt securities    
Variable Interest Entity [Line Items]    
Investments   0.0
Level 3 | Recurring | Consolidated investment entities | Real estate fund    
Variable Interest Entity [Line Items]    
Investments   $ 107.2
v3.20.2
Variable Interest Entities - Carrying Value of Level 3 Assets (Details) - Real estate fund - Level 3 - Consolidated investment entities - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Real Estate Carrying Amount [Roll Forward]        
Balance, beginning of period $ 54.5 $ 138.2 $ 107.2 $ 112.0
Purchases 0.0 0.0 0.0 15.4
Sales 0.0 (5.6) (61.0) (5.6)
Deconsolidation adjustments (54.5) 0.0 (54.5) 0.0
Total income included in earnings 0.0 6.5 8.3 17.3
Balance, end of period $ 0.0 $ 139.1 0.0 $ 139.1
Other investments        
Real Estate Carrying Amount [Roll Forward]        
Deconsolidation adjustments     (45.7)  
Non-controlling Interests        
Real Estate Carrying Amount [Roll Forward]        
Deconsolidation adjustments     $ (8.8)  
v3.20.2
Fair Value Disclosures - Fair Value for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 17,493.9 $ 16,406.8
Other liabilities 66.4 172.0
Liabilities related to separate accounts 1,972.6 1,806.3
Total financial liabilities 2,039.0 1,978.3
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 3,669.9 3,311.8
Other liabilities 66.4 70.3
Liabilities related to separate accounts 1,802.1 1,623.7
Total financial liabilities 1,868.5 1,694.0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 13,737.0 13,031.8
Other liabilities 0.0 101.5
Liabilities related to separate accounts 170.5 182.6
Total financial liabilities 170.5 284.1
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 87.0 63.2
Other liabilities 0.0 0.2
Liabilities related to separate accounts 0.0 0.0
Total financial liabilities 0.0 0.2
U.S. government and government agencies and authorities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 131.9 194.1
U.S. government and government agencies and authorities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
U.S. government and government agencies and authorities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 131.9 194.1
U.S. government and government agencies and authorities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
States, municipalities and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 258.7 242.5
States, municipalities and political subdivisions | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
States, municipalities and political subdivisions | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 258.7 242.5
States, municipalities and political subdivisions | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Foreign governments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,020.9 1,010.4
Foreign governments | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.6 0.3
Foreign governments | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,020.0 1,010.1
Foreign governments | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.3 0.0
Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 532.4 503.2
Asset-backed | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Asset-backed | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 531.6 503.2
Asset-backed | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.8 0.0
Commercial mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 340.2 222.1
Commercial mortgage-backed | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Commercial mortgage-backed | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 320.4 198.6
Commercial mortgage-backed | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 19.8 23.5
Residential mortgage-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,180.3 1,286.3
Residential mortgage-backed | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Residential mortgage-backed | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,177.6 1,286.3
Residential mortgage-backed | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2.7 0.0
U.S. corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 7,076.6 6,496.6
U.S. corporate | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
U.S. corporate | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 7,050.1 6,494.8
U.S. corporate | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 26.5 1.8
Foreign corporate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2,553.5 2,367.2
Foreign corporate | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Foreign corporate | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2,520.0 2,331.5
Foreign corporate | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 33.5 35.7
Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 42.6 45.5
Mutual funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 42.6 45.5
Mutual funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Mutual funds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Common Stock    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 20.4 23.5
Common Stock | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 18.6 22.8
Common Stock | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.7 0.7
Common Stock | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1.1 0.0
Non-redeemable preferred stocks    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 321.4 319.5
Non-redeemable preferred stocks | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Non-redeemable preferred stocks | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 319.3 317.3
Non-redeemable preferred stocks | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 2.1 2.2
Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 217.3 367.5
Short-term investments | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 174.8 271.4
Short-term investments | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 42.5 96.1
Short-term investments | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Other investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 231.7 234.6
Other investments | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 66.4 70.3
Other investments | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 165.3 164.3
Other investments | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Cash equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,592.4 1,287.5
Cash equivalents | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,564.8 1,277.8
Cash equivalents | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 27.6 9.7
Cash equivalents | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0 0.0
Other assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1.0  
Other assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.0  
Other assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.8  
Other assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0.2  
Assets held in separate accounts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,972.6 1,806.3
Assets held in separate accounts | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 1,802.1 1,623.7
Assets held in separate accounts | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 170.5 182.6
Assets held in separate accounts | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 0.0 $ 0.0
v3.20.2
Fair Value Disclosures - Carrying Value and Fair Value of the Financial Instruments that are Not recognized or are Not Carried at Fair Value (Details) - Recurring - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets $ 17,493.9 $ 16,406.8
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets 3,669.9 3,311.8
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets 13,737.0 13,031.8
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total financial assets 87.0 63.2
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans on real estate 771.1 815.0
Other investments 165.4 140.0
Other assets 24.8 28.9
Total financial assets 961.3 983.9
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 527.1 551.6
Funds withheld under reinsurance 361.2 319.4
Debt 2,008.6 2,006.9
Total financial liabilities 2,896.9 2,877.9
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans on real estate 827.0 843.8
Other investments 165.4 140.0
Other assets 24.8 28.9
Total financial assets 1,017.2 1,012.7
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 585.3 588.4
Funds withheld under reinsurance 361.2 319.4
Debt 2,204.3 2,190.6
Total financial liabilities 3,150.8 3,098.4
Fair Value | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans on real estate 0.0 0.0
Other investments 30.3 30.7
Other assets 0.0 0.0
Total financial assets 30.3 30.7
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 0.0 0.0
Funds withheld under reinsurance 361.2 319.4
Debt 0.0 0.0
Total financial liabilities 361.2 319.4
Fair Value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans on real estate 0.0 0.0
Other investments 0.0 0.0
Other assets 0.0 0.0
Total financial assets 0.0 0.0
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 0.0 0.0
Funds withheld under reinsurance 0.0 0.0
Debt 2,204.3 2,190.6
Total financial liabilities 2,204.3 2,190.6
Fair Value | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans on real estate 827.0 843.8
Other investments 135.1 109.3
Other assets 24.8 28.9
Total financial assets 986.9 982.0
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) 585.3 588.4
Funds withheld under reinsurance 0.0 0.0
Debt 0.0 0.0
Total financial liabilities $ 585.3 $ 588.4
v3.20.2
Reserves - Roll Forward of Claims and Benefits Payable (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]        
Claims and benefits payable $ 2,758.2 $ 2,871.1 $ 2,758.2 $ 2,871.1
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Claims and benefits payable, at beginning of period 2,687.7 2,813.7    
Less: Reinsurance ceded and other (1,900.0) (2,053.7)    
Net claims and benefits payable, at beginning of period 787.7 760.0    
Incurred losses and loss adjustment expenses related to:        
Current year 1,951.4 2,034.2    
Prior years (43.0) (27.3)    
Total incurred losses and loss adjustment expenses 1,908.4 2,006.9    
Paid losses and loss adjustment expenses related to:        
Current year 1,368.4 1,468.4    
Prior years 463.0 470.4    
Total paid losses and loss adjustment expenses 1,831.4 1,938.8    
Net claims and benefits payable, at end of period 864.7 828.1    
Plus: Reinsurance ceded and other 1,893.5 2,043.0    
Claims and benefits payable, at end of period $ 2,758.2 $ 2,871.1    
Ceded to U.S. Government | Not Rated        
Paid losses and loss adjustment expenses related to:        
Reinsurance recoverables     $ 118.4 $ 191.7
v3.20.2
Reserves - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]    
Favorable (unfavorable) prior year development $ 43.0 $ 27.3
Global Lifestyle    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Favorable (unfavorable) prior year development 34.0 28.5
Global Housing    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Favorable (unfavorable) prior year development 2.9 (7.5)
Global Housing | Hurricane    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Favorable (unfavorable) prior year development   (4.5)
Health | Global Preneed and Other    
Liability for Claims and Claims Adjustment Expense [Line Items]    
Favorable (unfavorable) prior year development $ 6.1 $ 6.3
v3.20.2
Debt - Schedule of Debt (Details) - USD ($)
 9 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Carrying Value $ 2,008,600,000 $ 2,006,900,000
Senior Notes | Floating Rate Senior Notes due March 2021    
Debt Instrument [Line Items]    
Principal Amount 50,000,000.0 50,000,000.0
Carrying Value $ 50,000,000.0 49,900,000
Senior Notes | Floating Rate Senior Notes due March 2021 | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Interest rate, basis spread 1.25%  
Senior Notes | 4.00% Senior Notes due March 2023    
Debt Instrument [Line Items]    
Principal Amount $ 350,000,000.0 350,000,000.0
Carrying Value $ 348,800,000 348,500,000
Interest rate 4.00%  
Senior Notes | 4.20% Senior Notes due September 2023    
Debt Instrument [Line Items]    
Principal Amount $ 300,000,000.0 300,000,000.0
Carrying Value $ 298,200,000 297,800,000
Interest rate 4.20%  
Senior Notes | 4.90% Senior Notes due March 2028    
Debt Instrument [Line Items]    
Principal Amount $ 300,000,000.0 300,000,000.0
Carrying Value $ 297,100,000 296,800,000
Interest rate 4.90%  
Senior Notes | 3.70% Senior Notes due February 2030    
Debt Instrument [Line Items]    
Principal Amount $ 350,000,000.0 350,000,000.0
Carrying Value $ 347,000,000.0 346,800,000
Interest rate 3.70%  
Senior Notes | 6.75% Senior Notes due February 2034    
Debt Instrument [Line Items]    
Principal Amount $ 275,000,000.0 275,000,000.0
Carrying Value $ 272,200,000 272,100,000
Interest rate 6.75%  
Subordinated notes | 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048    
Debt Instrument [Line Items]    
Principal Amount $ 400,000,000.0 400,000,000.0
Carrying Value $ 395,300,000 $ 395,000,000.0
Interest rate 7.00%  
Subordinated notes | 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Interest rate, basis spread 4.135%  
v3.20.2
Debt - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 29, 2020
Jul. 29, 2020
Mar. 31, 2018
Sep. 30, 2020
Jun. 26, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Mar. 27, 2020
Dec. 31, 2019
Debt Instrument [Line Items]                    
Borrowed from credit facility       $ 2,008,600,000     $ 2,008,600,000     $ 2,006,900,000
Payments on secured revolving credit facility             200,000,000.0 $ 0    
Interest expense       25,500,000   $ 32,200,000 77,700,000 85,200,000    
Amortization of gain on swaptions       700,000   $ 600,000 2,200,000 $ 2,100,000    
Senior Notes | 4.20% Senior Notes due September 2023                    
Debt Instrument [Line Items]                    
Borrowed from credit facility       $ 298,200,000     $ 298,200,000     297,800,000
Interest rate       4.20%     4.20%      
Senior Notes | 4.90% Senior Notes due March 2028                    
Debt Instrument [Line Items]                    
Borrowed from credit facility       $ 297,100,000     $ 297,100,000     $ 296,800,000
Interest rate       4.90%     4.90%      
Letter of Credit                    
Debt Instrument [Line Items]                    
Line of credit       $ 4,500,000     $ 4,500,000      
Revolving Credit Facility | Revolving Credit Facility 2017                    
Debt Instrument [Line Items]                    
Borrowed from credit facility       0     0   $ 200,000,000.0  
Payments on secured revolving credit facility $ 200,000,000.0                  
Interest expense       1,700,000            
Revolving Credit Facility | JPMorgan Chase Bank NA And Bank of America NA | Revolving Credit Facility 2017                    
Debt Instrument [Line Items]                    
Credit facility borrowing capacity       450,000,000.0     450,000,000.0      
Senior revolving credit facility       575,000,000.0     575,000,000.0      
Sublimit for letters of credit issued       50,000,000.0     50,000,000.0      
Line of credit facility, remaining borrowing capacity       $ 445,500,000     445,500,000      
Revolving Credit Facility | JPMorgan Chase Bank NA And Bank of America NA | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility 2017                    
Debt Instrument [Line Items]                    
Interest rate   1.50%     1.50%          
Derivative                    
Debt Instrument [Line Items]                    
Deferred gain from effective cash flow hedges     $ 26,700,000              
Interest Rate Derivatives                    
Debt Instrument [Line Items]                    
Deferred gain from effective cash flow hedges             $ 19,300,000      
v3.20.2
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     $ 5,652.8  
Change in accumulated other comprehensive income (loss) before reclassifications $ 91.3 $ 78.2 234.5 $ 566.1
Amounts reclassified from accumulated other comprehensive income (loss) (2.0) (1.7) 12.2 (5.5)
Total other comprehensive income 89.3 76.5 246.7 560.6
Ending balance 5,936.4   5,936.4  
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance 568.9 328.7 411.5 (155.4)
Total other comprehensive income 89.3 76.5 246.7 560.6
Ending balance 658.2 405.2 658.2 405.2
Foreign currency translation adjustment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (379.0) (366.6) (358.9) (375.6)
Change in accumulated other comprehensive income (loss) before reclassifications 35.3 (23.6) (4.5) (14.6)
Amounts reclassified from accumulated other comprehensive income (loss) 0.0 0.0 19.7 0.0
Total other comprehensive income 35.3 (23.6) 15.2 (14.6)
Ending balance (343.7) (390.2) (343.7) (390.2)
Net unrealized gains on securities        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance 989.1 778.4 856.5 301.0
Change in accumulated other comprehensive income (loss) before reclassifications 53.8 101.0 189.1 581.4
Amounts reclassified from accumulated other comprehensive income (loss) 0.3 (3.6) (2.4) (6.6)
Total other comprehensive income 54.1 97.4 186.7 574.8
Ending balance 1,043.2 875.8 1,043.2 875.8
Net unrealized gains on derivative transactions        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance 15.9 15.2 17.1 18.4
Change in accumulated other comprehensive income (loss) before reclassifications 0.0 0.5 0.0 (1.5)
Amounts reclassified from accumulated other comprehensive income (loss) (0.6) 2.2 (1.8) 1.0
Total other comprehensive income (0.6) 2.7 (1.8) (0.5)
Ending balance 15.3 17.9 15.3 17.9
Credit related impairment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance 0.0 0.0 0.0 0.0
Change in accumulated other comprehensive income (loss) before reclassifications 1.2 0.0 1.2 0.0
Amounts reclassified from accumulated other comprehensive income (loss) 0.0 0.0 0.0 0.0
Total other comprehensive income 1.2 0.0 1.2 0.0
Ending balance 1.2 0.0 1.2 0.0
Non-credit related impairment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance 14.3 15.6 15.5 15.1
Change in accumulated other comprehensive income (loss) before reclassifications 1.5 0.2 0.3 0.7
Amounts reclassified from accumulated other comprehensive income (loss) 0.0 0.0 0.0 0.0
Total other comprehensive income 1.5 0.2 0.3 0.7
Ending balance 15.8 15.8 15.8 15.8
Unamortized net (losses) on Pension Plans        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (71.4) (113.9) (118.7) (114.3)
Change in accumulated other comprehensive income (loss) before reclassifications (0.5) 0.1 48.4 0.1
Amounts reclassified from accumulated other comprehensive income (loss) (1.7) (0.3) (3.3) 0.1
Total other comprehensive income (2.2) (0.2) 45.1 0.2
Ending balance $ (73.6) $ (114.1) $ (73.6) $ (114.1)
v3.20.2
Accumulated Other Comprehensive Income - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Provision for income taxes $ 26.4 $ 28.6 $ 28.2 $ 117.7
Net of tax 30.5 53.2 (303.7) (258.0)
Interest expense 25.5 32.2 77.7 85.2
Iké net losses 0.0 121.1 5.9 130.5
Total reclassifications for the period, net of tax (2.0) (1.7) 12.2 (5.5)
Foreign currency translation adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total reclassifications for the period, net of tax 0.0 0.0 19.7 0.0
Net unrealized losses (gains) on investments        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total reclassifications for the period, net of tax 0.3 (3.6) (2.4) (6.6)
Net unrealized (gains) losses on derivative transactions        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total reclassifications for the period, net of tax (0.6) 2.2 (1.8) 1.0
Unamortized net (losses) on Pension Plans        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total reclassifications for the period, net of tax (1.7) (0.3) (3.3) 0.1
Reclassification out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total reclassifications for the period, net of tax (2.0) (1.7) 12.2 (5.5)
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Provision for income taxes     0.0 0.0
Net of tax     19.7 0.0
Iké net losses     19.7 0.0
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized losses (gains) on investments        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized losses (gains) on investments 0.3 (4.5) (3.1) (8.3)
Provision for income taxes 0.0 0.9 0.7 1.7
Net of tax 0.3 (3.6) (2.4) (6.6)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized (gains) losses on derivative transactions        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Provision for income taxes 0.1 0.2 0.4 0.5
Net of tax (0.6) 2.2 (1.8) 1.0
Interest expense (0.7) 2.0 (2.2) 0.5
Reclassification out of Accumulated Other Comprehensive Income | Unamortized net (losses) on Pension Plans        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax (2.1) (0.4) (4.1) 0.2
Provision for income taxes 0.4 0.1 0.8 (0.1)
Total reclassifications for the period, net of tax (1.7) (0.3) (3.3) 0.1
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net loss (gain)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax 1.3 (0.4) 3.8 0.2
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax $ (3.4) $ 0.0 $ (7.9) $ 0.0
v3.20.2
Stock Based Compensation - Long-Term Equity Incentive Plans (Details)
May 31, 2019
shares
Long-Term Equity Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company's common stock authorized to employees (in shares) (up to) 1,588,797
v3.20.2
Stock Based Compensation - Restricted Stock Units (Details) - Long-Term Equity Incentive Plan - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation expense $ 7.2 $ 7.9 $ 20.8 $ 22.3
Income tax benefit (1.4) (1.4) (3.8) (4.1)
Compensation expense, net of tax $ 5.8 $ 6.5 $ 17.0 $ 18.2
RSUs granted (in shares) 32,844 29,195 294,794 254,591
Weighted average grant date fair value per unit (in dollars per share) $ 101.81 $ 108.99 $ 92.2 $ 98.86
Total fair value of vested RSUs $ 4.8 $ 6.4 $ 29.2 $ 33.2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract]        
Unrecognized compensation cost $ 24.4   $ 24.4  
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years)     1 year 1 month 6 days  
v3.20.2
Stock Based Compensation - Performance Stock Units (Details) - Long-Term Equity Incentive Plan - Performance Share Units - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation expense $ 7.6 $ 6.7 $ 19.7 $ 17.5
Income tax benefit (0.8) (1.0) (2.1) (2.5)
Compensation expense, net of tax $ 6.8 $ 5.7 $ 17.6 $ 15.0
PSUs granted (in shares) 0 0 302,274 246,219
Weighted average grant date fair value per unit (in dollars per share) $ 0 $ 0 $ 87.36 $ 105.23
Total fair value of vested PSUs $ 0.3 $ 1.9 $ 24.7 $ 19.6
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract]        
Unrecognized compensation cost $ 27.8   $ 27.8  
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years)     1 year 1 month 6 days  
v3.20.2
Equity Transactions - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2018
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Class of Stock [Line Items]            
Share repurchases (in shares)       1,312,443 1,582,448  
Acquisition of common stock       $ 153.2 $ 166.1  
Amount remaining under total repurchase authorization   $ 333.1   333.1    
Preferred stock dividends   $ 4.7 $ 4.7 $ 14.0 $ 14.0  
MCPS            
Class of Stock [Line Items]            
Preferred stock, shares issued (in shares) 2,875,000 2,875,000   2,875,000   2,875,000
Public Offering price (in dollars per share) $ 100.00          
Net proceeds from sale of stock $ 276.4          
Share interest rate       6.50%   6.50%
Liquidation price (in dollars per share)   $ 100.00   $ 100.00    
Minimum | MCPS            
Class of Stock [Line Items]            
Stock conversion ratio (in shares)   0.9391        
Maximum | MCPS            
Class of Stock [Line Items]            
Stock conversion ratio (in shares)   1.1269        
v3.20.2
Earnings Per Common Share - Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Numerator        
Net (loss) income attributable to stockholders $ (30.2) $ (54.8) $ 302.6 $ 255.0
Less: Preferred stock dividends (4.7) (4.7) (14.0) (14.0)
Net (loss) income attributable to common stockholders (34.9) (59.5) 288.6 241.0
Less: Common stock dividends paid (37.5) (37.3) (115.1) (113.0)
Undistributed earnings $ (72.4) $ (96.8) $ 173.5 $ 128.0
Denominator        
Weighted average common shares outstanding used in basic earnings per common share (in shares) 60,190,103 61,804,492 60,384,817 62,204,242
Incremental common shares from:        
Weighted average common shares used in diluted earnings per common share calculations (in shares) 60,190,103 61,804,492 60,640,945 62,460,245
Earnings per common share - Basic        
Distributed earnings (in dollars per share) $ 0.62 $ 0.60 $ 1.91 $ 1.82
Undistributed (losses) earnings (in dollars per share) (1.20) (1.56) 2.87 2.06
Net (loss) income attributable to common stockholders (in dollars per share) (0.58) (0.96) 4.78 3.88
Earnings per common share - Diluted        
Distributed earnings (in dollars per share) 0.62 0.60 1.90 1.81
Undistributed (losses) earning (in dollars per share) (1.20) (1.56) 2.86 2.05
Net (loss) income attributable to common stockholders (in dollars per share) $ (0.58) $ (0.96) $ 4.76 $ 3.86
PSUs        
Incremental common shares from:        
Incremental common shares (in shares) 0 0 253,982 256,003
ESPP        
Incremental common shares from:        
Incremental common shares (in shares) 0 0 2,146 0
MCPS        
Incremental common shares from:        
Mandatory convertible preferred stock (in shares) 0 0 0 0
v3.20.2
Earnings Per Common Share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
PSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Outstanding anti-dilutive shares excluded from computation of diluted EPS (in shares) 233,039 261,332 0 118
ESPP        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Outstanding anti-dilutive shares excluded from computation of diluted EPS (in shares) 2,580 2,631    
MCPS        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Outstanding anti-dilutive shares excluded from computation of diluted EPS (in shares) 2,699,913 2,693,588 2,699,913 2,739,875
v3.20.2
Retirement and Other Employee Benefits - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 30, 2020
Feb. 29, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Qualified pension benefits plan funded status $ 54,100,000   $ 66,400,000
Funded status percentage 107.00%   109.00%
Cash contribution to qualified pension benefits plan $ 0    
Cash expected contribution to plan over remainder of fiscal year 0    
Retirement Health Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (as a percentage)   1.55%  
Reduction in obligations $ 65,600,000    
v3.20.2
Retirement and Other Employee Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Pension Plan | Qualified Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost $ 5.1 $ 6.2 $ 15.3 $ 19.3
Expected return on plan assets (7.7) (8.7) (23.1) (26.7)
Amortization of prior service credit 0.0 0.0 0.0 0.0
Amortization of net loss (gain) 0.7 0.0 2.1 0.0
Net periodic benefit cost (1.9) (2.5) (5.7) (7.4)
Pension Plan | Unfunded Nonqualified  Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 0.5 0.8 1.5 2.2
Expected return on plan assets 0.0 0.0 0.0 0.0
Amortization of prior service credit 0.0 0.0 0.0 0.0
Amortization of net loss (gain) 0.6 0.2 1.7 0.8
Net periodic benefit cost 1.1 1.0 3.2 3.0
Retirement Health Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 0.1 0.6 0.6 2.4
Expected return on plan assets (0.8) (0.5) (1.3) (1.4)
Amortization of prior service credit (3.4) 0.0 (7.9) 0.0
Amortization of net loss (gain) 0.0 (0.6) 0.0 (0.6)
Net periodic benefit cost $ (4.1) $ (0.5) $ (8.6) $ 0.4
v3.20.2
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]    
Letters of credit outstanding $ 7.6 $ 12.1
v3.20.2
Subsequent Event (Details)
$ in Millions
 1 Months Ended
Oct. 31, 2020
USD ($)
Subsequent Event | HYLA Mobile  
Subsequent Event [Line Items]  
Acquisition consideration $ 325.0