The following tables present cost or amortized cost and fair values of investment in fixed maturities as of September 30, 2021 and December 31, 2020 ($ in millions):


	Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
September 30, 2021
Corporate debt securities	$	588.0	$	—	$	(0.9)	$	587.1
U.S. Government obligations	110.0		0.1		(0.2)		109.9
Municipal securities	0.6		—		—		0.6
Total	$	698.6	$	0.1	$	(1.1)	$	697.6

December 31, 2020
Corporate debt securities	$	—	$	—	$	—	$	—
U.S. Government obligations	6.4		0.2		—		6.6
Municipal securities	—		—		—		—
Total	$	6.4	$	0.2	$	—	$	6.6

Gross unrealized losses amounted to $1.1 million as of September 30, 2021 and less than $0.1 million as of December 31, 2020. Gross unrealized gains and losses were recorded as a component of accumulated other comprehensive income.

The following table presents the cost or amortized cost and estimated fair value of investments in fixed maturities as of September 30, 2021 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.


	September 30, 2021
	Cost or Amortized Cost		Fair Value
Due in one year or less	$	31.0	$	31.0
Due after one year through five years	667.6		666.6
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	698.6	$	697.6


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest on cash and cash equivalents	$	0.1	$	0.1	$	0.4	$	0.9
Fixed maturities	0.6		0.1		0.7		0.1
Short-term investments	—		—		—		0.3
	0.7		$	0.2	1.1		1.3
Investment expense	0.1		—		0.1		—
Net investment income	$	0.6	$	0.2	$	1.0	$	1.3

The Company had pre-tax net realized capital losses of $0.2 million for the three and nine months ended September 30, 2021. There were no pre-tax net realized capital gains or losses for the three and nine months ended September 30, 2020.

The following table presents the gross unrealized losses and related fair values for the Company’s investment in fixed maturities, grouped by duration of time in a continuous unrealized loss position as of September 30, 2021 and December 31, 2020 ($ 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




September 30, 2021
Corporate debt securities	$	504.8	$	(0.9)	$	—	$	—	$	504.8	$	(0.9)
U.S. Government obligations	103.9		(0.2)		—		—		103.9		(0.2)
Municipal securities	—		—		—		—		—		—
Total	$	608.7	$	(1.1)	$	—	$	—	$	608.7	$	(1.1)

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

Corporate debt securities

—

U.S. Government obligations

—

Municipal securities

—

Total

—

Gross unrealized losses for investment in fixed maturities for twelve months or more was less than $0.1 million for both September 30, 2021 and December 31, 2020.

The gross unrealized investment losses as of September 30, 2021 and December 31, 2020, 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 other than temporary impairment 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.