The following tables present cost or amortized cost and fair values of investments at December 31, 2020 and 2019, respectively ($ in millions):


	Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
December 31, 2020
U.S. Government obligations	$	6.4	$	0.2	$	—	$	6.6
Total	$	6.4	$	0.2	$	—	$	6.6
December 31, 2019
U.S. Government obligations	$	5.8	$	0.1	$	—	$	5.9
Total	$	5.8	$	0.1	$	—	$	5.9

Gross unrealized losses were less than $0.1 million for U.S. Government obligations as of December 31, 2020 and 2019. Gross unrealized gains and losses are recorded as a component of accumulated other comprehensive income.

The following table presents the cost or amortized cost and estimated fair value of bonds as of December 31, 2020 by contractual maturity ($ in millions). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2020
	Cost or Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due after one year through five years	6.4		6.6
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	6.4	$	6.6

The following tables present the gross unrealized losses and related fair values for the Company's available-for-sale bond securities, grouped by duration of time in a continuous unrealized loss position, as of December 31, 2020 and 2019 ($ in millions):


	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2020
U.S. Government obligations	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2019
U.S. Government obligations	$	0.2	$	—	$	2.2	$	—	$	2.4	$	—
Total	$	0.2	$	—	$	2.2	$	—	$	2.4	$	—

Gross unrealized losses for U.S. Government obligations was less than $0.1 million for twelve months or more as of December 31, 2020 and 2019, respectively.

The gross unrealized investment losses as of December 31, 2020 and 2019, respectively, were deemed to be temporary, based on, among other things:

•the duration of time and the relative magnitude to which fair values of these investments have been below their amortized cost was not indicative of an OTTI loss;

•the absence of compelling evidence that would cause the Company to call into question the financial condition or near-term prospects of the issuer of the investment; and

•the Company's ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery.

The Company may ultimately record a realized loss after having originally concluded that the decline in value was temporary. Risks and uncertainties are inherent in the methodology the Company uses to assess other-than-temporary declines in value. Risks and uncertainties could include, but are not limited to, incorrect assumptions about financial condition, liquidity or future prospects, inadequacy of any underlying collateral, and unfavorable changes in economic conditions or social trends, interest rates or credit ratings.

As of December 31, 2020, none of the debt securities held were in an unrealized loss position. As of December 31, 2019, the Company held a total of nine debt securities, four of which were in an unrealized loss position continuously for 12 months or more.

Bonds with a total carrying value of $6.5 million and $5.6 million at December 31, 2020 and 2019, respectively, which are included in fixed maturities available-for-sale on the balance sheets were deposited with various state insurance departments, as required, to comply with state insurance laws. The carrying value of bonds deposited with each respective state is as follows ($ in millions):


	December 31,
U.S. State	2020		2019
New York	$	2.8	$	2.1
Washington	1.2		1.1
Colorado	1.1		1.1
North Carolina	0.3		0.3
New Mexico	0.3		0.3
Virginia	0.3		0.3
Florida	0.2		—
Nevada	0.2		0.2
Arkansas	—		0.1
Massachusetts	0.1		0.1
Total	$	6.5	$	5.6


	December 31,
	2020		2019		2018
Interest on cash and cash equivalents	$	1.0	$	2.8	$	1.0
Bonds	0.1		0.1		0.1
Short-term investments	0.4		0.5		0.2
Net investment income	$	1.5	$	3.4	$	1.3

The Company had no pre-tax net realized capital gains or losses for the years ended December 31, 2020, 2019 and 2018.