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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Debt Securities, Available-for-sale
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company's AFS investments were as follows:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
At December 31, 2021(in millions)
Fixed maturity securities    
U.S. Treasuries$64.3 $1.6 $(0.2)$65.7 
U.S. Agencies2.2 0.2 — 2.4 
States and municipalities413.8 22.4 (0.1)436.1 
Corporate securities1,035.1 47.0 (1.8)1,080.3 
Residential mortgage-backed securities319.0 7.0 (4.2)321.8 
Commercial mortgage-backed securities87.9 4.5 (0.1)92.3 
Asset-backed securities68.6 0.4 (0.5)68.5 
Collateralized loan obligations85.5 — (0.1)85.4 
Foreign government securities12.7 — (0.2)12.5 
Other securities(1)
177.0 1.2 (0.5)177.7 
Total fixed maturity securities2,266.1 84.3 (7.7)2,342.7 
Short-term investments10.5 — — 10.5 
Total AFS investments$2,276.6 $84.3 $(7.7)$2,353.2 
At December 31, 2020
Fixed maturity securities
U.S. Treasuries$74.3 $4.0 $— $78.3 
U.S. Agencies2.8 0.3 — 3.1 
States and municipalities449.4 33.3 — 482.7 
Corporate securities963.5 83.2 (0.3)1,046.4 
Residential mortgage-backed securities444.6 16.7 (0.3)461.0 
Commercial mortgage-backed securities94.7 7.8 (0.1)102.4 
Asset-backed securities42.0 0.9 (0.3)42.6 
Collateralized loan obligations84.4 — (0.8)83.6 
Foreign government securities8.0 0.2 — 8.2 
Other securities(1)
169.9 1.5 (0.5)170.9 
Total fixed maturity securities2,333.6 147.9 (2.3)2,479.2 
Short-term investments26.5 0.1 — 26.6 
Total AFS investments$2,360.1 $148.0 $(2.3)$2,505.8 
(1)Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value.
Equity securities table
The cost and estimated fair value of the Company's equity securities recorded at fair value at December 31, 2021 and 2020 were as follows:
CostEstimated Fair Value
(in millions)
At December 31, 2021
Equity securities at fair value
Industrial and miscellaneous$170.5 $283.1 
Other42.1 55.7 
Total equity securities at fair value$212.6 $338.8 
At December 31, 2020
Equity securities at fair value
Industrial and miscellaneous$94.1 $179.1 
Other18.3 29.4 
Total equity securities at fair value$112.4 $208.5 
Investments classified by contractual maturity date table
The amortized cost and estimated fair value of the Company's fixed maturity securities at December 31, 2021, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized CostEstimated Fair Value
(in millions)
Due in one year or less$97.4 $98.8 
Due after one year through five years766.4 799.8 
Due after five years through ten years733.2 763.4 
Due after ten years108.1 112.7 
Mortgage and asset-backed securities561.0 568.0 
Total$2,266.1 $2,342.7 
Unrealized loss on investments table
The following is a summary of AFS investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater as of December 31, 2021 and 2020.
December 31, 2021December 31, 2020
Estimated Fair ValueGross Unrealized LossesNumber of IssuesEstimated Fair ValueGross Unrealized LossesNumber of Issues
Less than 12 months:(dollars in millions)
Fixed maturity securities
U.S. Treasuries$12.8 $(0.2)4 $— $— — 
States and municipalities7.7 (0.1)4 — — — 
Corporate securities113.0 (1.8)87 9.7 (0.3)10 
Residential mortgage-backed securities146.3 (3.9)65 47.4 (0.3)13 
Commercial mortgage-backed securities— — — 5.5 (0.1)6 
Asset-backed securities50.1 (0.5)14 7.8 (0.3)6 
Collateralized loan obligations24.4 (0.1)10 74.6 (0.8)18 
Foreign government securities12.5 (0.2)2 — — — 
Other securities66.3 (0.4)176 60.4 (0.5)146 
Total fixed maturity securities433.1 (7.2)362 205.4 (2.3)199 
Total less than 12 months$433.1 $(7.2)362 $205.4 $(2.3)199 
12 months or greater:
Fixed maturity securities
Residential mortgage-backed securities$4.9 $(0.3)3 $— $— — 
Commercial mortgage-backed securities2.4 (0.1)2 — — — 
Other securities8.0 (0.1)29 — — — 
Total fixed maturity securities15.3 (0.5)34 — — — 
Total 12 months or greater$15.3 $(0.5)34 $— $— — 
Unrealized gain (loss) on investments table
Net realized gains on investments and the change in unrealized gains (losses) on the Company's investments recorded at fair value are determined on a specific-identification basis and were as follows:
Gross Realized GainsGross Realized LossesNet Change in CECL AllowanceChange in Net Unrealized Gains (Losses) Changes in Fair Value Reflected in EarningsChanges in Fair Value Reflected in AOCI, before tax
(in millions)
Year Ended December 31, 2021
Fixed maturity securities$4.7 $(1.1)$0.5 $(68.9)$4.1 $(68.9)
Equity securities20.6 (5.0)— 30.0 45.6 — 
Other invested assets— — — 4.9 4.9 — 
Short-term investments— — — (0.1)— (0.1)
Total investments$25.3 $(6.1)$0.5 $(34.1)$54.6 $(69.0)
Year Ended December 31, 2020
Fixed maturity securities$9.2 $(4.1)$(0.7)$63.0 $4.4 $63.0 
Equity securities42.6 (21.8)— (5.0)15.8 — 
Other invested assets— — — (1.3)(1.3)— 
Short-term investments0.1 — — 0.1 0.1 0.1 
Total investments$51.9 $(25.9)$(0.7)$56.8 $19.0 $63.1 
Year Ended December 31, 2019
Fixed maturity securities$5.2 $(1.3)$— $99.9 $3.9 $99.9 
Equity securities17.8 (4.4)— 33.1 46.5 — 
Other invested assets— — — $0.7 0.7 — 
Total investments$23.0 $(5.7)$— $133.7 $51.1 $99.9 
Investment income table
Net investment income was as follows:
Years Ended December 31,
202120202019
(in millions)
Fixed maturity securities$71.5 $72.6 $81.9 
Equity securities3.7 4.4 7.9 
Other invested assets2.7 2.8 1.2 
Short-term investments0.2 1.5 — 
Cash equivalents and restricted cash— 0.5 1.7 
Gross investment income78.1 81.8 92.7 
Investment expenses(5.4)(5.5)(4.6)
Net investment income$72.7 $76.3 $88.1