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INVESTMENTS
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at September 30, 2024 and December 31, 2023 are as follows:

September 30, 2024
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies$33.7 $— $0.6 $— $34.3 
Municipal securities23.4 — 0.3 (0.4)23.3 
Corporate debt securities104.2 — 1.4 (0.6)105.0 
Residential mortgage-backed securities20.7 — 0.3 (0.1)20.9 
Commercial mortgage-backed securities52.0 — 0.7 (0.4)52.3 
Other debt obligations30.1 — 0.3 — 30.4 
Total fixed maturities264.1 — 3.6 (1.5)266.2 
Short-term investments8.6 — — — 8.6 
Total$272.7 $— $3.6 $(1.5)$274.8 
December 31, 2023
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies$14.6 $— $0.1 $(0.1)$14.6 
Municipal securities24.8 — 0.1 (0.8)24.1 
Corporate debt securities66.3 — 0.2 (1.3)65.2 
Residential mortgage-backed securities12.0 — 0.1 (0.2)11.9 
Commercial mortgage-backed securities30.4 — 0.1 (0.7)29.8 
Other debt obligations20.3 — 0.1 (0.1)20.3 
Total fixed maturities168.4— 0.7(3.2)165.9
Short-term investments0.9— — — 0.9
Total$169.3 $— $0.7 $(3.2)$166.8 
Management reviewed the available-for-sale securities at each balance sheet date to consider whether it was necessary to recognize a credit loss as of September 30, 2024 and December 31, 2023. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery. Management concluded that the available-for-sale securities’ unrealized losses were due to non-credit related factors and, therefore, there was no allowance for credit loss as of September 30, 2024 and December 31, 2023.
The following tables reflect the gross unrealized losses and fair value of short-term investments and available-for-sale fixed maturity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023:
September 30, 2024
Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies$2.2 $— $2.5 $— $4.7 $— 
Municipal securities0.1 — 11.2 (0.4)11.3 (0.4)
Corporate debt securities14.2 — 23.2 (0.6)37.4 (0.6)
Residential mortgage-backed securities1.6 — 1.7 (0.1)3.3 (0.1)
Commercial mortgage-backed securities6.2 — 8.8 (0.4)15.0 (0.4)
Other debt obligations0.9 — 2.3 — 3.2 — 
Total fixed maturities25.2 — 49.7 (1.5)74.9 (1.5)
Short-term investments1.0 — — — 1.0 — 
Total$26.2 $— $49.7 $(1.5)$75.9 $(1.5)
December 31, 2023
Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies$1.7 $— $2.4 $(0.1)$4.1 $(0.1)
Municipal securities3.1 — 15.1 (0.8)18.2 (0.8)
Corporate debt securities13.4 — 35.1 (1.3)48.5 (1.3)
Residential mortgage-backed securities4.1 — 1.9 (0.2)6.0 (0.2)
Commercial mortgage-backed securities9.1 (0.1)13.4 (0.6)22.5 (0.7)
Other debt obligations4.4 — 4.4 (0.1)8.8 (0.1)
Total fixed maturities35.8 (0.1)72.3 (3.1)108.1 (3.2)
Short-term investments0.3 — — — 0.3 — 
Total$36.1 $(0.1)$72.3 $(3.1)$108.4 $(3.2)

Other Investments
As of September 30, 2024 and December 31, 2023, other investments related to our private equity investments were $4.4 million. There were no realized or unrealized gains and losses or impairment losses recognized on private equity investments for the three and nine months ended September 30, 2024 and 2023.
There were no realized gains or losses on short-term investments, available-for-sale fixed maturities and other investments for the three and nine months ended September 30, 2024 and 2023.
The following table sets forth the amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities by contractual maturity at September 30, 2024:
September 30, 2024
Amortized CostFair Value
(dollars in millions)
Due in one year or less$37.0 $36.9 
Due after one year through five years174.2 175.8 
Due five years through 10 years30.2 30.8 
Due after 10 years31.3 31.3 
Total$272.7 $274.8 
The following table sets forth the components of net investment income for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(dollars in millions)
Interest on bonds$2.6 $1.4 $6.6 $3.3 
Interest on deposits and cash equivalents8.7 7.9 25.0 19.8 
Total11.3 9.3 31.6 23.1 
Investment expense(3.3)(0.3)(4.4)(0.6)
Net investment income$8.0 $9.0 $27.2 $22.5 
The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at September 30, 2024 and December 31, 2023:

September 30, 2024
Amortized CostFair Value% of Total
Fair Value
(dollars in millions)
S&P Global rating or equivalent
AAA$69.3 $69.7 25.4 %
AA+, AA, AA-, A-1114.5 115.7 42.1 
A+, A, A-69.5 69.9 25.4 
BBB+, BBB, BBB-19.4 19.5 7.1 
Total$272.7 $274.8 100.0 %


December 31, 2023
Amortized CostFair Value % of Total
Fair Value
(dollars in millions)
S&P Global rating or equivalent
AAA$53.0 $52.1 31.2 %
AA+, AA, AA-, A-159.4 58.835.3 
A+, A, A-42.1 41.224.7 
BBB+, BBB, BBB-14.8 14.78.8 
Total$169.3 $166.8 100.0 %