Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following tables present cost or amortized cost and fair values of investments in fixed maturities at December 31, 2022 and 2021, respectively ($ in millions):


	Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
December 31, 2022
Corporate debt securities	$	549.7	$	0.1	$	(19.6)	$	530.2
U.S. Government obligations	121.0		—		(3.7)		117.3
Asset-backed securities	2.8		—		—		2.8
Municipal securities	—		—		—		—
Total	$	673.5	$	0.1	$	(23.3)	$	650.3

December 31, 2021
Corporate debt securities	$	593.4	$	—	$	(4.7)	$	588.7
U.S. Government obligations	102.2		0.1		(0.8)		101.5
Asset-backed securities	—		—		—		—
Municipal securities	1.2		—		—		1.2
	$	696.8	$	0.1	$	(5.5)	$	691.4

Contractual maturities of bonds

The following table presents the cost or amortized cost and estimated fair value of investments in fixed maturities as of December 31, 2022 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, 2022
	Cost or Amortized Cost		Fair Value
Due in one year or less	$	242.3	$	238.0
Due after one year through five years	431.2		412.3
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	673.5	$	650.3

Aging of gross unrealized losses

The following tables present 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 December 31, 2022 and 2021 ($ 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, 2022
Corporate debt securities	$	83.6	$	(2.1)	$	428.1	$	(17.5)	$	511.7	$	(19.6)
U.S. Government obligations	29.6		(0.2)		85.1		(3.5)		114.7		(3.7)
Asset-backed securities	2.8		—		—		—		2.8		—
Municipal securities	—		—		—		—		—		—
Total	$	116.0	$	(2.3)	$	513.2	$	(21.0)	$	629.2	$	(23.3)

December 31, 2021
Corporate debt securities	$	581.9	$	(4.7)	$	—	$	—	$	581.9	$	(4.7)
U.S. Government obligations	95.0		(0.8)		0.5		—		95.5		(0.8)
Asset-backed securities	—		—		—		—		—		—
Municipal securities	1.2		—		—		—		1.2		—
Total	$	678.1	$	(5.5)	$	0.5	$	—	$	678.6	$	(5.5)

Special deposits

The carrying value of bonds deposited with each respective state is as follows ($ in millions):


	December 31,
U.S. State	2022		2021
New York	$	2.8	$	2.8
Delaware	2.8		—
Washington	1.2		1.2
Colorado	1.1		1.1
Virginia	0.8		0.3
New Mexico	0.6		0.3
North Carolina	0.6		0.3
New Jersey	0.6		—
Nevada	0.4		0.4
Arkansas	0.3		0.1
Florida	0.2		0.2
Massachusetts	0.2		0.1
Kansas	0.1		—
Kentucky	0.1		—
Total	$	11.8	$	6.8

Net investment income

An analysis of net investment income follows ($ in millions):


	December 31,
	2022		2021		2020
Interest on cash and cash equivalents	$	1.2	$	0.4	$	1.0
Fixed maturities	5.7		1.5		0.1
Short-term investments	1.9		0.1		0.4
Total	8.8		2.0		1.5
Investment expense	0.4		0.1		—
Net investment income	$	8.4	$	1.9	$	1.5