
March 31, 2020	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Government and government agencies	$	7.5	$	1.3	$	—	$	8.8
States, municipalities and political subdivisions	391.8		36.0		(0.4)		427.4

Residential mortgage-backed securities	60.0		3.2		(2.2)		61.0
Commercial mortgage-backed securities	112.5		0.7		(13.5)		99.7
Asset-backed securities	651.8		0.7		(111.3)		541.2
Corporate and other	2,600.4		199.3		(184.8)		2,614.9
Total fixed maturity securities	$	3,824.0	$	241.2	$	(312.2)	$	3,753.0


December 31, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Government and government agencies	$	7.0	$	0.7	$	—	$	7.7
States, municipalities and political subdivisions	405.4		34.7		—		440.1

Residential mortgage-backed securities	63.0		4.5		(0.6)		66.9
Commercial mortgage-backed securities	108.2		1.8		(0.6)		109.4
Asset-backed securities	592.6		2.2		(17.0)		577.8
Corporate and other	2,569.1		273.1		(15.2)		2,827.0
Total fixed maturity securities	$	3,745.3	$	317.0	$	(33.4)	$	4,028.9

The amortized cost and fair value of fixed maturity securities available-for-sale as of March 31, 2020 are shown by contractual maturity in the table below (in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date:


	Amortized Cost		Fair Value
Corporate, Municipal, U.S. Government and Other securities
Due in one year or less	$	42.2	$	42.2
Due after one year through five years	277.5		269.1
Due after five years through ten years	427.5		392.4
Due after ten years	2,252.5		2,347.4
Subtotal	2,999.7		3,051.1
Mortgage-backed securities	172.5		160.7
Asset-backed securities	651.8		541.2
Total	$	3,824.0	$	3,753.0


	March 31, 2020										December 31, 2019
	Amortized Cost		Fair Value		% of Total		Amortized Cost		Fair Value		% of Total
Finance, insurance, and real estate	$	626.3	$	585.6	22.4	%	$	632.2	$	674.9	23.8	%
Transportation, communication and other services	794.8		752.8		28.8	%	785.7		855.2		30.3	%
Manufacturing	707.2		782.1		29.9	%	728.7		825.9		29.2	%
Other	472.1		494.4		18.9	%	422.5		471.0		16.7	%
Total	$	2,600.4	$	2,614.9	100.0	%	$	2,569.1	$	2,827.0	100.0	%

A portion of certain OTTI losses on fixed maturity securities is recognized in Accumulated Other Comprehensive Income ("AOCI"). For these securities the net amount represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The Company recognized the following (in millions):

The following table presents the total unrealized losses for the 360 and 139 fixed maturity securities held by the Company as of March 31, 2020 and December 31, 2019, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (in millions):


	March 31, 2020						December 31, 2019
Fixed maturity securities	Unrealized Losses		% of Total		Unrealized Losses		% of Total
Less than 20%	$	(58.0)	18.6	%	$	(32.6)	97.6	%
20% or more for less than six months	(252.2)		80.8	%	—		—	%
20% or more for six months or greater	(2.0)		0.6	%	(0.8)		2.4	%
Total	$	(312.2)	100.0	%	$	(33.4)	100.0	%

The determination of whether unrealized losses are "other-than-temporary" requires judgment based on subjective as well as objective factors. Factors considered and resources used by management include (i) whether the unrealized loss is credit-driven or a result of changes in market interest rates, (ii) the extent to which fair value is less than cost basis, (iii) cash flow projections received from independent sources, (iv) historical operating, balance sheet and cash flow data contained in issuer SEC filings and news releases, (v) near-term prospects for improvement in the issuer and/or its industry, (vi) third party research and communications with industry specialists, (vii) financial models and forecasts, (viii) the continuity of dividend payments, maintenance of investment grade ratings and hybrid nature of certain investments, (ix) discussions with issuer management, and (x) ability and intent to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value.

The Company analyzes its MBS for OTTI each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan-to-collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data.

The Company believes it will recover its cost basis in the non-impaired securities with unrealized losses and that the Company has the ability to hold the securities until they recover in value. The Company neither intends to sell nor does it expect to be required to sell the securities with unrealized losses as of March 31, 2020. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines.

The following tables present the estimated fair values and gross unrealized losses for the 360 and 139 fixed maturity securities held by the Company that have estimated fair values below amortized cost as of each of March 31, 2020 and December 31, 2019, respectively. The Company does not have any OTTI losses reported in AOCI. These investments are presented by investment category and the length of time the related fair value has remained below amortized cost (in millions):


March 31, 2020	Less than 12 months									12 months or greater									Total
			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
U.S. Government and government agencies	$	0.2		$	—		$	—		$	—		$	0.2		$	—
States, municipalities and political subdivisions	28.9			(0.4)			—			—			28.9			(0.4)

Residential mortgage-backed securities	14.6			(1.6)			4.0			(0.6)			18.6			(2.2)
Commercial mortgage-backed securities	71.9			(13.5)			0.2			—			72.1			(13.5)
Asset-backed securities	482.5			(109.1)			11.0			(2.2)			493.5			(111.3)
Corporate and other	765.4			(181.9)			12.1			(2.9)			777.5			(184.8)
Total fixed maturity securities	$	1,363.5		$	(306.5)		$	27.3		$	(5.7)		$	1,390.8		$	(312.2)


December 31, 2019	Less than 12 months									12 months of greater									Total
			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
U.S. Government and government agencies	$	0.3		$	—		$	—		$	—		$	0.3		$	—
States, municipalities and political subdivisions	2.0			—			—			—			2.0			—

Residential mortgage-backed securities	2.3			—			8.2			(0.6)			10.5			(0.6)
Commercial mortgage-backed securities	58.1			(0.6)			0.2			—			58.3			(0.6)
Asset-backed securities	126.5			(1.5)			255.8			(15.5)			382.3			(17.0)
Corporate and other	169.6			(3.7)			177.4			(11.5)			347.0			(15.2)
Total fixed maturity securities	$	358.8		$	(5.8)		$	441.6		$	(27.6)		$	800.4		$	(33.4)

As of March 31, 2020, investment grade fixed maturity securities (as determined by nationally recognized rating agencies) represented approximately 77.5% of the gross unrealized loss and 88.0% of the fair value. As of December 31, 2019, investment grade fixed maturity securities represented approximately 68.3% of the gross unrealized loss and 81.8% of the fair value. Certain risks are inherent in connection with fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates.


	Three Months Ended March 31,
	2020		2019
Fixed maturity securities, available-for-sale at fair value	$	45.6	$	43.6
Equity securities	1.0		2.5
Mortgage loans	5.4		3.7
Policy loans	0.3		0.3
Other invested assets	—		1.2
Gross investment income	52.3		51.3
External investment expense	(0.4)		(0.2)
Net investment income	$	51.9	$	51.1


	Three Months Ended March 31,
	2020		2019
Realized gains on fixed maturity securities	$	3.7	$	0.8
Realized losses on fixed maturity securities	(0.6)		(1.7)
Realized gains on equity securities	—		0.1
Realized losses on equity securities	—		(0.9)
Realized gains on mortgage loans	0.1		—

Net unrealized gains (losses) on equity securities	(21.7)		7.4
Net unrealized gains (losses) on derivative instruments	0.2		(0.2)
Impairment loss	(0.8)		—
Net realized and unrealized gains (losses)	$	(19.1)	$	5.5