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Section 1: 10-Q (ARGO GROUP INTERNATIONAL HOLDINGS, LTD. FORM 10-Q - JUNE 30, 2019)

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from              to              
Commission file number: 1-15259
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
 
Bermuda
 
98-0214719
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
110 Pitts Bay Road
 
P.O. Box HM 1282
Pembroke
HM08
 
Hamilton
HM FX
Bermuda
 
Bermuda
(Address of principal executive offices)
 
(Mailing address)
(441) 296-5858
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value of $1.00 per share
ARGO
New York Stock Exchange
Guarantee of Argo Group U.S., Inc.  6.500% Senior Notes due 2042
ARGD
New 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. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark whether 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 Act).    Yes      No  
Indicate the number of shares outstanding (net of treasury shares) of each of the issuer’s classes of common shares as of August 1, 2019.
Title
Outstanding
Common Shares, par value $1.00 per share
34,288,704


Table of Contents

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
INDEX
 
 
 
Page
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 


2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except number of shares and per share amounts)
 
 
 
June 30,
2019
 
December 31,
2018 *
 
 
(Unaudited)
 
 
Assets
 
 
 
 
Investments:
 
 
 
 
Fixed maturities available-for-sale, at fair value (cost: 2019 - $3,499.5; 2018 - $3,529.1)
 
$
3,533.2

 
$
3,460.4

Equity securities, at fair value (cost: 2019 - $310.4; 2018 - $310.6)
 
421.0

 
354.5

Other investments (cost: 2019 - $495.5; 2018 - $482.0)
 
509.4

 
489.8

Short-term investments, at fair value (cost: 2019 - $414.0; 2018 - $482.3)
 
414.0

 
482.3

Total investments
 
4,877.6

 
4,787.0

Cash
 
182.3

 
139.2

Accrued investment income
 
26.7

 
27.2

Premiums receivable
 
728.0

 
649.9

Reinsurance recoverables
 
2,769.5

 
2,688.3

Goodwill
 
177.0

 
177.0

Intangible assets, net of accumulated amortization
 
92.6

 
93.5

Current income taxes receivable, net
 
3.8

 
8.2

Deferred acquisition costs, net
 
163.9

 
167.3

Ceded unearned premiums
 
593.9

 
457.7

Operating lease right-of-use assets
 
112.6

 

Other assets
 
438.8

 
362.9

Total assets
 
$
10,166.7

 
$
9,558.2

Liabilities and Shareholders' Equity
 
 
 
 
Reserves for losses and loss adjustment expenses
 
$
4,735.7

 
$
4,654.6

Unearned premiums
 
1,404.0

 
1,300.9

Accrued underwriting expenses and other liabilities
 
279.4

 
261.9

Ceded reinsurance payable, net
 
1,052.8

 
970.5

Funds held
 
35.2

 
37.2

Senior unsecured fixed rate notes
 
139.9

 
139.8

Other indebtedness
 
182.3

 
183.4

Junior subordinated debentures
 
257.2

 
257.0

Deferred tax liabilities, net
 
25.4

 
6.2

Operating lease liabilities
 
125.8

 

Total liabilities
 
8,237.7

 
7,811.5

Commitments and contingencies (Note 14)
 

 

Shareholders' equity:
 
 
 
 
Common shares - $1.00 par, 500,000,000 shares authorized; 45,594,095 and 45,276,999 shares issued at June 30, 2019 and December 31, 2018, respectively
 
45.6

 
45.3

Additional paid-in capital
 
1,369.7

 
1,372.0

Treasury shares (11,315,889 shares at June 30, 2019 and December 31, 2018, respectively)
 
(455.1
)
 
(455.1
)
Retained earnings
 
959.9

 
862.6

Accumulated other comprehensive income (loss), net of taxes
 
8.9

 
(78.1
)
Total shareholders' equity
 
1,929.0

 
1,746.7

Total liabilities and shareholders' equity
 
$
10,166.7

 
$
9,558.2

*    Derived from audited consolidated financial statements. 
See accompanying notes.

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ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except number of shares and per share amounts)
(Unaudited)
 
 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Premiums and other revenue:
 
 
 
 
 
 
 
 
Earned premiums
 
$
431.7

 
$
417.7

 
$
852.2

 
$
832.4

Net investment income
 
42.8

 
33.2

 
76.7

 
69.2

Fee and other income
 
2.1

 
1.9

 
4.4

 
3.9

Net realized investment (losses) gains:
 
 
 
 
 
 
 
 
Net realized investment (losses) gains
 
(0.6
)
 
6.2

 
(2.3
)
 
21.4

Change in fair value of equity securities
 
12.6

 
4.3

 
66.8

 
(26.6
)
Net realized investment gains (losses)
 
12.0

 
10.5

 
64.5

 
(5.2
)
Total revenue
 
488.6

 
463.3

 
997.8

 
900.3

Expenses:
 
 
 
 
 
 
 
 
Losses and loss adjustment expenses
 
284.8

 
245.5

 
522.7

 
482.7

Underwriting, acquisition and insurance expenses
 
168.9

 
156.8

 
329.6

 
317.0

Interest expense
 
9.3

 
7.8

 
17.8

 
15.5

Fee and other expense
 
1.3

 
1.6

 
2.6

 
3.6

Foreign currency exchange gains
 
(5.3
)
 
(5.5
)
 
(4.6
)
 
(0.6
)
Total expenses
 
459.0

 
406.2

 
868.1

 
818.2

Income before income taxes
 
29.6

 
57.1

 
129.7

 
82.1

Income tax provision
 
0.8

 
15.3

 
9.7

 
15.5

Net income
 
$
28.8

 
$
41.8

 
$
120.0

 
$
66.6

Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.84

 
$
1.23

 
$
3.52

 
$
1.96

Diluted
 
$
0.83

 
$
1.20

 
$
3.45

 
$
1.92

Dividend declared per common share
 
$
0.31

 
$
0.27

 
$
0.62

 
$
0.54

Weighted average common shares:
 
 
 
 
 
 
 
 
Basic
 
34,195,250

 
33,938,509

 
34,090,372

 
33,903,809

Diluted
 
34,779,991

 
34,668,918

 
34,759,548

 
34,704,811

 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net realized investment gains (losses) before other-than-temporary impairment losses
 
$
14.5

 
$
11.4

 
$
71.3

 
$
(3.3
)
Other-than-temporary impairment losses recognized in earnings:
 
 
 
 
 
 
 
 
Other-than-temporary impairment losses on fixed maturities
 
(2.5
)
 
(0.9
)
 
(6.8
)
 
(1.9
)
Impairment losses recognized in earnings
 
(2.5
)
 
(0.9
)
 
(6.8
)
 
(1.9
)
Net realized investment gains (losses)
 
$
12.0

 
$
10.5

 
$
64.5

 
$
(5.2
)
 
See accompanying notes.

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ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
28.8

 
$
41.8

 
$
120.0

 
$
66.6

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(0.3
)
 
(2.9
)
 
(0.1
)
 
(4.0
)
Unrealized gains (losses) on securities:
 
 
 
 
 
 
 
 
Gains (losses) arising during the year
 
41.9

 
(36.7
)
 
98.7

 
(61.4
)
Reclassification adjustment for losses included in net income
 
1.8

 
15.1

 
4.9

 
2.6

Other comprehensive income (loss) before tax
 
43.4

 
(24.5
)
 
103.5

 
(62.8
)
Income tax provision related to other comprehensive income (loss):
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities:
 
 
 
 
 
 
 
 
Gains (losses) arising during the year
 
6.7

 
(5.3
)
 
15.8

 
(9.3
)
Reclassification adjustment for losses included in net income
 
0.2

 
2.5

 
0.7

 
0.2

Income tax provision (benefit) related to other comprehensive income (loss)
 
6.9

 
(2.8
)
 
16.5

 
(9.1
)
Other comprehensive income (loss), net of tax
 
36.5

 
(21.7
)
 
87.0

 
(53.7
)
Comprehensive income
 
$
65.3

 
$
20.1

 
$
207.0

 
$
12.9

 
See accompanying notes.


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ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except number of shares and per share amounts)
(Unaudited)
 
 
 
Common
Shares
 
Additional
Paid-In
Capital
 
Treasury
Shares
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Shareholders'
Equity
Balance, December 31, 2017
 
$
40.4

 
$
1,129.1

 
$
(423.4
)
 
$
977.0

 
$
96.6

 
$
1,819.7

Net income
 

 

 

 
66.6

 

 
66.6

Other comprehensive loss - change in fair value of fixed maturities, net of taxes
 

 

 

 

 
(49.7
)
 
(49.7
)
Other comprehensive loss, net - other
 

 

 

 

 
(4.0
)
 
(4.0
)
Repurchase of common share (344,533 at a weighted average price of $59.20)
 

 

 
(20.4
)
 

 

 
(20.4
)
Activity under stock incentive plans
 
0.4

 
9.3

 

 

 

 
9.7

Retirement of common shares (tax payments on equity compensation)
 
(0.1
)
 
(6.5
)
 

 

 

 
(6.6
)
Employee stock purchase plan
 

 
0.5

 

 

 

 
0.5

15% stock dividend
 
4.4

 
232.9

 

 
(237.3
)
 

 

Cash dividend declared - common shares ($0.54/share)
 

 

 

 
(18.7
)
 

 
(18.7
)
Cumulative effect of adoption of ASU 2016-01, net of taxes
 

 

 

 
117.5

 
(117.5
)
 

Cumulative effect of adoption of ASU 2018-02, net of taxes
 

 

 

 
(20.7
)
 
20.7

 

Balance, June 30, 2018
 
$
45.1

 
$
1,365.3

 
$
(443.8
)
 
$
884.4

 
$
(53.9
)
 
$
1,797.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
 
$
45.3

 
$
1,372.0

 
$
(455.1
)
 
$
862.6

 
$
(78.1
)
 
$
1,746.7

Net income
 

 

 

 
120.0

 

 
120.0

Other comprehensive income - change in fair value of fixed maturities, net of taxes
 

 

 

 

 
87.1

 
87.1

Other comprehensive loss, net - other
 

 

 

 

 
(0.1
)
 
(0.1
)
Activity under stock incentive plans
 
0.4

 
7.4

 

 

 

 
7.8

Retirement of common shares (tax payments on equity compensation)
 
(0.1
)
 
(10.8
)
 

 

 

 
(10.9
)
Employee stock purchase plan
 

 
1.1

 

 

 

 
1.1

Cash dividend declared - common shares ($0.62/share)
 

 

 

 
(22.7
)
 

 
(22.7
)
Balance, June 30, 2019
 
$
45.6

 
$
1,369.7

 
$
(455.1
)
 
$
959.9

 
$
8.9

 
$
1,929.0


See accompanying notes.


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ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
  
 
 
For the Six Months Ended
June 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
120.0

 
$
66.6

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
Amortization and depreciation
 
13.8

 
13.8

Share-based payments expense
 
8.8

 
11.0

Deferred income tax benefit, net
 
3.2

 
(6.9
)
Net realized investment (gains) loss
 
(64.5
)
 
5.2

Undistributed earnings from alternative investment portfolio
 
(11.4
)
 
(13.9
)
Loss on disposals of fixed assets, net
 
0.1

 

Change in:
 
 
 
 
Accrued investment income
 
0.5

 
(1.2
)
Receivables
 
(161.9
)
 
(53.3
)
Deferred acquisition costs
 
3.5

 
(1.5
)
Ceded unearned premiums
 
(136.2
)
 
(87.4
)
Reserves for losses and loss adjustment expenses
 
83.2

 
(71.1
)
Unearned premiums
 
103.0

 
67.0

Ceded reinsurance payable and funds held
 
80.3

 
80.2

Income taxes
 
4.4

 
14.9

Accrued underwriting expenses and other liabilities
 
12.8

 
156.6

Other, net
 
(64.5
)
 
(54.1
)
Cash (used in) provided by operating activities
 
(4.9
)
 
125.9

Cash flows from investing activities:
 
 
 
 
Sales of fixed maturity investments
 
751.6

 
882.0

Maturities and mandatory calls of fixed maturity investments
 
168.8

 
288.7

Sales of equity securities
 
32.2

 
104.9

Sales of other investments
 
31.1

 
38.1

Purchases of fixed maturity investments
 
(888.5
)
 
(1,237.5
)
Purchases of equity securities
 
(32.4
)
 
(113.3
)
Purchases of other investments
 
(38.2
)
 
(23.3
)
Change in foreign regulatory deposits and voluntary pools
 
6.3

 
13.1

Change in short-term investments
 
67.7

 
(80.7
)
Settlements of foreign currency exchange forward contracts
 
9.9

 
2.3

Cash acquired with acquisition of Ariscom
 

 
15.6

Purchases of fixed assets
 
(15.7
)
 
(11.0
)
Other, net
 
(22.5
)
 
(16.7
)
Cash provided by (used in) investing activities
 
70.3

 
(137.8
)
Cash flows from financing activities:
 
 
 
 
Activity under stock incentive plans
 
0.9

 
0.2

Repurchase of Company's common shares
 

 
(19.4
)
Payment of cash dividends to common shareholders
 
(22.7
)
 
(18.7
)
Cash used in financing activities
 
(21.8
)
 
(37.9
)
Effect of exchange rate changes on cash
 
(0.5
)
 
(0.1
)
Change in cash
 
43.1

 
(49.9
)
Cash, beginning of year
 
139.2

 
176.6

Cash, end of period
 
$
182.3

 
$
126.7

 
See accompanying notes.

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Table of Contents

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
 
1.    Basis of Presentation
The accompanying consolidated financial statements of Argo Group International Holdings, Ltd. (“Argo Group,” “we” or the “Company”) and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for doubtful accounts; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on February 25, 2019.
The interim financial information as of, and for the three and six months ended June 30, 2019 and 2018 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation. Certain reclassifications have been made to financial information presented for prior years to conform to the current year’s presentation.
2.    Recently Issued Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2018-13, "Fair Value Measurement" (Topic 820). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements on fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within the year of adoption. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are applied prospectively for only the most recent interim or annual period presented in the initial fiscal year adoption. All other amendments are applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. We are currently in the process of evaluating the impact that the adoption of the ASU will have on our financial disclosures.
In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (Topic 326). ASU 2016-13 requires organizations to estimate credit losses on certain types of financial instruments, including receivables and available-for-sale debt securities, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within the year of adoption. The guidance requires a modified retrospective transition method and early adoption is permitted. We are currently in the process of evaluating the impact that the adoption of the ASU will have on our financial results and disclosures.
In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842). ASU 2016-02 requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Additionally, the ASU modifies current guidance for lessors' accounting. In July 2018, the FASB issued ASU 2018-11, "Leases: Targeted Improvements" (Topic 842), which provides for an alternative transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption (comparative periods presented in the financial statements will continue to be in accordance with current GAAP (Topic 840, Leases). The standard was effective for annual and interim periods beginning after December 15, 2018, with earlier application permitted.

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Table of Contents

We have entered into operating leases for office space and certain other assets. We adopted the new standard on the effective date of January 1, 2019. We applied the following practical expedients:
We have elected to adopt this standard using the option transition method, which allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the consolidated financial statements. The adoption of the standard had no effect on our consolidated shareholders’ equity. Prior periods were not restated.
We have elected the "package of practical expedients", which permits us not to reassess under the new standard our prior conclusion about lease identification, lease classification and initial direct costs.
Where we are the lessor, we have elected the practical expedient which permits us to not separate non-lease components from the associated lease components if the non-lease components otherwise would be accounted for in accordance with the new revenue standard.
For the majority of our asset classes, we elected not to separate lease and non-lease components. As a result, our right-of-use assets and lease liabilities represent base rent components of our leases. We have elected to not apply the practical expedient which allows the use of hindsight in determining the lease term and in assessing impairment of the entity’s right-of-use assets. The remaining practical expedients did not specifically apply to our lease population as of the adoption date.
Please see Note 4 - “Leases” for further discussion on the impact of the adoption of this standard.
3.    Investments
Included in “Total investments” in our Consolidated Balance Sheets at June 30, 2019 and December 31, 2018 is $142.8 million and $133.4 million, respectively, of assets managed on behalf of the trade capital providers, who are third-party participants that provide underwriting capital to the operations of Syndicates 1200 and 1910.
Fixed Maturities
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of fixed maturity investments were as follows:
June 30, 2019
 
 
 
 
 
 
 
 
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
241.7

 
$
2.1

 
$
0.7

 
$
243.1

Foreign Governments
 
239.9

 
4.4

 
1.8

 
242.5

Obligations of states and political subdivisions
 
149.2

 
7.4

 
0.1

 
156.5

Corporate bonds
 
1,786.4

 
33.3

 
23.5

 
1,796.2

Commercial mortgage-backed securities
 
161.8

 
4.6

 
0.2

 
166.2

Residential mortgage-backed securities
 
506.2

 
9.3

 
1.3

 
514.2

Asset-backed securities
 
187.9

 
1.5

 
0.3

 
189.1

Collateralized loan obligations
 
226.4

 
0.5

 
1.5

 
225.4

Total fixed maturities
 
$
3,499.5

 
$
63.1

 
$
29.4

 
$
3,533.2


9

Table of Contents

December 31, 2018
 
 
 
 
 
 
 
 
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed maturities
 
 
 
 
 
 
 
 
U.S. Governments
 
$
240.9

 
$
0.2

 
$
4.9

 
$
236.2

Foreign Governments
 
224.1

 
0.5

 
7.8

 
216.8

Obligations of states and political subdivisions
 
236.7

 
4.3

 
1.2

 
239.8

Corporate bonds
 
1,808.7

 
7.5

 
58.7

 
1,757.5

Commercial mortgage-backed securities
 
205.3

 
0.7

 
3.2

 
202.8

Residential mortgage-backed securities
 
413.1

 
3.4

 
5.7

 
410.8

Asset-backed securities
 
173.6

 
0.4

 
1.2

 
172.8

Collateralized loan obligations
 
226.7

 
0.5

 
3.5

 
223.7

Total fixed maturities
 
$
3,529.1

 
$
17.5

 
$
86.2

 
$
3,460.4


Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of June 30, 2019, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
268.1

 
$
268.2

Due after one year through five years
 
1,439.4

 
1,444.4

Due after five years through ten years
 
622.8

 
634.5

Thereafter
 
86.9

 
91.2

Structured securities
 
1,082.3

 
1,094.9

Total
 
$
3,499.5

 
$
3,533.2


The expected maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.
Other Investments
Details regarding the carrying value and unfunded investment commitments of other investments as of June 30, 2019 and December 31, 2018 were as follows:
June 30, 2019
 
 
 
 
(in millions)
 
Carrying
Value
 
Unfunded
Commitments
Investment Type
 
 
 
 
Hedge funds
 
$
117.9

 
$

Private equity
 
254.1

 
102.6

Long only funds
 
133.0

 

Other
 
4.4

 

Total other investments
 
$
509.4

 
$
102.6

December 31, 2018
 
 
 
 
(in millions)
 
Carrying
Value
 
Unfunded
Commitments
Investment Type
 
 
 
 
Hedge funds
 
$
120.6

 
$

Private equity
 
211.8

 
120.5

Long only funds
 
153.0

 

Other
 
4.4

 

Total other investments
 
$
489.8

 
$
120.5



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Table of Contents

The following describes each investment type:
Hedge funds: Hedge funds include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.
Private equity: Private equity includes buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies that are principally accounted for using the equity method of accounting.
Long only funds: Our long only funds include a fund that primarily owns international stocks and funds that primarily own investment-grade corporate and sovereign fixed income securities.  
Other: Other includes participation in investment pools.
Unrealized Losses and Other-Than-Temporary Impairments