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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Maturities of Fixed Maturity Securities Available-for-Sale
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 years277.5  269.1  
Due after five years through ten years427.5  392.4  
Due after ten years2,252.5  2,347.4  
Subtotal2,999.7  3,051.1  
Mortgage-backed securities172.5  160.7  
Asset-backed securities651.8  541.2  
Total$3,824.0  $3,753.0  
Schedule of Major Industry Types of Fixed Maturity Holdings
The tables below show the major industry types of the Company’s corporate and other fixed maturity securities (in millions):

March 31, 2020December 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 services794.8  752.8  28.8 %785.7  855.2  30.3 %
Manufacturing707.2  782.1  29.9 %728.7  825.9  29.2 %
Other472.1  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 %
Other than Temporary Impairment, Credit Losses Recognized in Earnings Any remaining difference between the fair value and amortized cost is recognized in AOCI. The Company recognized the following (in millions):
Three Months Ended March 31,
20202019
Net realized and unrealized gains on investments$0.8  $—  
Other income (expenses), net0.1  —  
Total other-than-temporary impairments$0.9  $—  
Schedule of Debt Securities, Available-for-sale
The following tables provide information relating to investments in fixed maturity securities (in millions):

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 subdivisions391.8  36.0  (0.4) 427.4  
Residential mortgage-backed securities60.0  3.2  (2.2) 61.0  
Commercial mortgage-backed securities112.5  0.7  (13.5) 99.7  
Asset-backed securities651.8  0.7  (111.3) 541.2  
Corporate and other2,600.4  199.3  (184.8) 2,614.9  
Total fixed maturity securities$3,824.0  $241.2  $(312.2) $3,753.0  

December 31, 2019Amortized
Cost		Unrealized
Gains		Unrealized
Losses
Fair
Value
U.S. Government and government agencies$7.0  $0.7  $—  $7.7  
States, municipalities and political subdivisions405.4  34.7  —  440.1  
Residential mortgage-backed securities63.0  4.5  (0.6) 66.9  
Commercial mortgage-backed securities108.2  1.8  (0.6) 109.4  
Asset-backed securities592.6  2.2  (17.0) 577.8  
Corporate and other2,569.1  273.1  (15.2) 2,827.0  
Total fixed maturity securities$3,745.3  $317.0  $(33.4) $4,028.9  
The following table presents the total unrealized losses for the 360 and 139 fixed maturity securities held by the Company as of March 31, 2020 and December 31, 2019, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (in millions):
March 31, 2020December 31, 2019
Fixed maturity securitiesUnrealized Losses% of
Total		Unrealized Losses% of
Total
Less than 20%$(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 %
Schedule of Estimated Fair Value and Gross Unrealized Loss
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, 2020Less than 12 months 12 months or greaterTotal
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 subdivisions28.9  (0.4) —  —  28.9  (0.4) 
Residential mortgage-backed securities14.6  (1.6) 4.0  (0.6) 18.6  (2.2) 
Commercial mortgage-backed securities71.9  (13.5) 0.2  —  72.1  (13.5) 
Asset-backed securities482.5  (109.1) 11.0  (2.2) 493.5  (111.3) 
Corporate and other765.4  (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, 2019Less than 12 months 12 months of greaterTotal
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 subdivisions2.0  —  —  —  2.0  —  
Residential mortgage-backed securities2.3  —  8.2  (0.6) 10.5  (0.6) 
Commercial mortgage-backed securities58.1  (0.6) 0.2  —  58.3  (0.6) 
Asset-backed securities126.5  (1.5) 255.8  (15.5) 382.3  (17.0) 
Corporate and other169.6  (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) 
Debt Securities, Trading, and Equity Securities, FV-NI
The following tables provide information relating to investments in equity securities measured at fair value (in millions):

March 31,December 31,
Equity securities20202019
Common stock$9.7  $10.5  
Perpetual preferred stock62.7  82.0  
Total equity securities$72.4  $92.5  
Net Investment Income
The major sources of net investment income were as follows (in millions):
Three Months Ended March 31,
20202019
Fixed maturity securities, available-for-sale at fair value$45.6  $43.6  
Equity securities1.0  2.5  
Mortgage loans5.4  3.7  
Policy loans0.3  0.3  
Other invested assets—  1.2  
Gross investment income52.3  51.3  
External investment expense(0.4) (0.2) 
Net investment income$51.9  $51.1  
Net Realized Gain (Loss) on Investments
The major sources of net realized and unrealized gains and losses on investments were as follows (in millions):

Three Months Ended March 31,
20202019
Realized gains on fixed maturity securities$3.7  $0.8  
Realized losses on fixed maturity securities(0.6) (1.7) 
Realized gains on equity securities—  0.1  
Realized losses on equity securities—  (0.9) 
Realized gains on mortgage loans0.1  —  
Net unrealized gains (losses) on equity securities(21.7) 7.4  
Net unrealized gains (losses) on derivative instruments0.2  (0.2) 
Impairment loss(0.8) —  
Net realized and unrealized gains (losses)$(19.1) $5.5