Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 and December 31, 2021. 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 and other derivatives. Other liabilities are comprised of investments in the AIP, contingent considerations related to business combinations and other derivatives. 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, 2022
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	95.2	$	—		$	95.2		$	—
States, municipalities and political subdivisions	145.1		—			145.1			—
Foreign governments	382.7		—			382.7			—
Asset-backed	626.2		—			569.3			56.9		(7)
Commercial mortgage-backed	411.2		—			411.2			—
Residential mortgage-backed	458.3		—			458.3			—
U.S. corporate	2,888.8		—			2,885.0			3.8
Foreign corporate	1,130.4		—			1,127.3			3.1
Equity securities:
Mutual funds	32.9		32.9			—			—
Common stocks	37.4		36.5			0.7			0.2
Non-redeemable preferred stocks	232.3		—			232.3			—
Short-term investments	228.1		150.0		(2)	78.1		(3)	—
Other investments	56.3		56.1		(1)	—			0.2
Cash equivalents	667.0		608.5		(2)	58.5		(3)	—

Other assets	4.2		—			4.2		(4)	—
Assets held in separate accounts	9.8		4.5		(1)	5.3		(3)	—
Total financial assets	$	7,405.9	$	888.5		$	6,453.2		$	64.2

Financial Liabilities
Other liabilities	$	64.4	$	56.1	(1)	$	—		$	8.3	(5)
Liabilities related to separate accounts	9.8		4.5		(1)	5.3		(3)	—
Total financial liabilities	$	74.2	$	60.6		$	5.3		$	8.3


	December 31, 2021
	Total		Level 1			Level 2			Level 3
Financial Assets
Fixed maturity securities:
U.S. government and government agencies and authorities	$	85.0	$	—		$	85.0		$	—
States, municipalities and political subdivisions	148.5		—			148.5			—
Foreign governments	437.7		—			437.7			—
Asset-backed	423.0		—			423.0			—
Commercial mortgage-backed	473.7		—			473.7			—
Residential mortgage-backed	601.9		—			601.9			—
U.S. corporate	3,803.1		—			3,799.7			3.4
Foreign corporate	1,242.4		—			1,238.8			3.6
Equity securities:
Mutual funds	33.3		33.3			—			—
Common stocks	151.1		15.5			0.7			134.9		(6)
Non-redeemable preferred stocks	261.3		—			261.3			—
Short-term investments	207.2		200.1		(2)	7.1			—
Other investments	72.6		72.4		(1)	—			0.2
Cash equivalents	1,243.9		1,190.9		(2)	53.0		(3)	—

Other assets	1.7		—			1.7		(4)	—
Assets held in separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial assets	$	9,198.2	$	1,519.9		$	7,536.2		$	142.1

Financial Liabilities
Other liabilities	$	76.4	$	72.4	(1)	$	—		$	4.0	(5)
Liabilities related to separate accounts	11.8		7.7		(1)	4.1		(3)	—
Total financial liabilities	$	88.2	$	80.1		$	4.1		$	4.0

(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 derivatives.

(5)Includes contingent consideration liabilities and other derivatives.

(6)These equity securities are subject to lock up agreements and therefore an illiquidity discount was applied to the exchange traded price, which includes significant unobservable inputs.

(7)Primarily includes the fair value of private fixed maturity securities, which are originated by internal private asset managers, and may incorporate significant unobservable inputs.

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, 2022
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	304.4	$	284.5	$	—	$	—	$	284.5
Other investments	6.8		6.8		1.7		—		5.1
Other assets	13.8		13.8		—		—		13.8
Total financial assets	$	325.0	$	305.1	$	1.7	$	—	$	303.4
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.1	$	8.2	$	—	$	—	$	8.2
Funds withheld under reinsurance	374.5		374.5		374.5		—		—
Debt	2,129.3		1,938.7		—		1,938.7		—
Total financial liabilities	$	2,511.9	$	2,321.4	$	374.5	$	1,938.7	$	8.2

	December 31, 2021
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Assets
Commercial mortgage loans on real estate	$	256.5	$	266.0	$	—	$	—	$	266.0
Other investments	4.2		4.2		2.0		—		2.2
Other assets	24.9		24.9		—		—		24.9
Total financial assets	$	285.6	$	295.1	$	2.0	$	—	$	293.1
Financial Liabilities
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)	$	8.5	$	9.6	$	—	$	—	$	9.6
Funds withheld under reinsurance	364.2		364.2		364.2		—		—
Debt	2,202.5		2,456.3		—		2,456.3		—
Total financial liabilities	$	2,575.2	$	2,830.1	$	364.2	$	2,456.3	$	9.6

(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 tables above.