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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of company's fair value hierarchy measured at recurring basis
The following table presents the Company's fair value hierarchy for financial assets and financial liabilities measured and carried at fair value on a recurring basis. During the three months ended March 31, 2022 and 2021, there were no transfers between Level 1 and Level 2. At March 31, 2022, Level 3 invested assets comprised 5.9% of the Company’s total investment portfolio at fair value.
($ in millions)Carrying
Amount		Fair
Value		Fair Value Measurements at
Reporting Date Using
 Level 1Level 2Level 3
March 31, 2022
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally
   sponsored agency obligations:
Mortgage-backed securities$615.5 $615.5 $— $615.5 $— 
Other, including U.S. Treasury securities363.1 363.1 25.2 337.9 — 
Municipal bonds1,579.5 1,579.5 — 1,525.4 54.1 
Foreign government bonds42.6 42.6 — 42.6 — 
Corporate bonds2,296.0 2,296.0 14.0 2,056.0 226.0 
Other asset-backed securities1,090.7 1,090.7 — 1,000.9 89.8 
Total fixed maturity securities5,987.4 5,987.4 39.2 5,578.3 369.9 
Equity securities126.8 126.8 25.6 99.9 1.3 
Short-term investments126.9 126.9 122.0 4.9 — 
Other investments38.1 38.1 — 38.1 — 
Totals$6,279.2 $6,279.2 $186.8 $5,721.2 $371.2 
Separate Account (variable annuity) assets(1)
$3,221.9 $3,221.9 $3,221.9 $— $— 
Financial Liabilities
Investment contract and policy reserves,
 embedded derivatives
$1.5 $1.5 $— $1.5 $— 
Other policyholder funds, embedded derivatives$99.1 $99.1 $— $— $99.1 
December 31, 2021
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally
   sponsored agency obligations:
Mortgage-backed securities$662.5 $662.5 $— $662.5 $— 
Other, including U.S. Treasury securities365.9 365.9 17.7 348.2 — 
Municipal bonds
1,703.4 1,703.4 — 1,642.6 60.8 
Foreign government bonds
43.6 43.6 — 43.6 — 
Corporate bonds
2,388.7 2,388.7 14.9 2,163.5 210.3 
Other asset-backed securities
1,075.2 1,075.2 — 976.3 98.9 
Total fixed maturity securities6,239.3 6,239.3 32.6 5,836.7 370.0 
Equity securities147.2 147.2 35.2 110.6 1.4 
Short-term investments157.8 157.8 157.8 — — 
Other investments43.6 43.6 — 43.6 — 
Totals$6,587.9 $6,587.9 $225.6 $5,990.9 $371.4 
Separate Account (variable annuity) assets(1)
$3,441.0 $3,441.0 $3,441.0 $— $— 
Financial Liabilities     
Investment contract and policy reserves,
 embedded derivatives
$2.1 $2.1 $— $2.1 $— 
Other policyholder funds, embedded derivatives$106.6 $106.6 $— $— $106.6 
(1)    Separate Account (variable annuity) liabilities are equal to the estimated fair value of the Separate Account (variable annuity) assets.
Table for reconciliations for all Level 3 assets measured at fair value on a recurring basis
The reconciliation for all financial assets and financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows:
($ in millions)Financial Assets
Financial
Liabilities(1)
Municipal
Bonds		Corporate
Bonds

Mortgage-Backed
and Other
Asset-
Backed
Securities(2)
Total
Fixed
Maturity
Securities		Equity
Securities		Total
Beginning balance, January 1, 2022$60.8 $210.3 $98.9 $370.0 $1.4 $371.4 $106.6 
Transfers into Level 3(3)
— 67.5 4.7 72.2 — 72.2 — 
Transfers out of Level 3(3)
(3.2)— (4.8)(8.0)— (8.0)— 
Total gains or losses
Net investment gains (losses)
 included in net income related
 to financial assets
— — (0.9)(0.9)(0.1)(1.0)— 
Net investment (gains) losses
 included in net income related
 to financial liabilities
— — — — — — (5.2)
Net unrealized investment gains
 (losses) included in OCI
(3.4)(6.4)(4.1)(13.9)— (13.9)— 
Purchases— — — — — — — 
Issuances— — — — — — 0.9 
Sales— — — — — — — 
Settlements— — — — — — — 
Paydowns, maturities and distributions(0.1)(45.4)(4.0)(49.5)— (49.5)(3.2)
Ending balance, March 31, 2022$54.1 $226.0 $89.8 $369.9 $1.3 $371.2 $99.1 
Beginning balance, January 1, 2021$59.6 $155.8 $139.4 $354.8 $0.3 $355.1 $104.5 
Transfers into Level 3(3)
— 24.1 3.1 27.2 — 27.2 — 
Transfers out of Level 3(3)
— (27.3)(5.9)(33.2)— (33.2)— 
Total gains or losses
Net investment gains (losses)
 included in net income related
 to financial assets
— — — — — — — 
Net investment (gains) losses
 included in net income related
 to financial liabilities
— — — — — — 4.3 
Net unrealized investment gains
 (losses) included in OCI
(0.9)(2.0)(0.3)(3.2)— (3.2)— 
Purchases— — — — — — — 
Issuances— — — — — — 0.7 
Sales— — — — — — — 
Settlements— — — — — — — 
Paydowns, maturities and distributions(0.1)(1.5)(4.1)(5.7)— (5.7)(1.9)
Ending balance, March 31, 2021$58.6 $149.1 $132.2 $339.9 $0.3 $340.2 $107.6 
(1)Represents embedded derivatives, all related to the Company's fixed indexed annuity products, reported in Other policyholder funds in the Company's Consolidated Balance Sheets.
(2)Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other asset-backed securities.
(3)Transfers into and out of Level 3 during the three months ended March 31, 2022 and 2021 were attributable to changes in the availability of observable market information for individual fixed maturity securities. The Company's policy is to recognize transfers into and out of the levels as having occurred at the end of the reporting period in which the transfers were determined.
Fair value measurement inputs and valuation techniques
The following table provides quantitative information about the significant unobservable inputs for recurring fair value measurements categorized within Level 3.
($ in millions)
Financial
Assets
Fair Value at
March 31, 2022
Valuation Technique(s)Unobservable Inputs
Range
(Weighted Average)
and Single Point Best Estimate(1)
Municipal bonds$54.1 discounted cash flowoption adjusted spread
360 - 409 bps
Corporate bonds226.0 discounted cash flow
N spread(2)
213 - 379 bps
discounted cash flow
T spread(3)
100 - 560 bps
discounted cash flowyield
2.7% - 10.7%
discounted cash flowdiscount rate
11.3% - 12.0%
market comparableoption adjusted spread12.5%
Mortgage-backed and other asset-backed securities89.8 vendor pricehaircut
3.0% - 5.0%
discounted cash flowdiscount margin14.6%
discounted cash flowdiscount rate
8.5% - 20.0%
discounted cash flowmedian comparable yield
10.0% - 22.0%
market comparablemedian price
$28.54 - $92.06
discounted cash flow
N spread(2)
213 - 379 bps
discounted cash flow
T spread(3)
100 - 560 bps
Equity securities1.3 Black-Scholesvolatility
low 30.0% - high 42.1%
discounted cash flowvariable
$100.00 - $121.95
($ in millions)
Financial
Liabilities
Fair Value at
March 31, 2022
Valuation Technique(s)Unobservable Inputs
Range
(Weighted Average)
and Single Point Best Estimate(1)
Derivatives
embedded in
fixed indexed annuity products		$99.1 discounted cash flowlapse rate5.3%
mortality multiplier(4)
66.8%
      option budget 
0.9% - 2.5%
non-performance adjustment(5)
5.0%
(1)    When a range of unobservable inputs is not readily available, the Company uses a single point best estimate.
(2)    "N spread" is the interpolated weighted average life point on the swap curve.
(3)    "T spread" is a specific point on the OTR curve.
(4)    Mortality multiplier is applied to the Annuity 2000 table.
(5)    Determined as a percentage of the risk-free rate.
Summary of fair value assets and liabilities measured on nonrecurring basis The following table presents the carrying amount, fair value and fair value hierarchy of these financial assets and financial liabilities.
($ in millions)Carrying
Amount		Fair
Value		Fair Value Measurements at
Reporting Date Using
Level 1Level 2Level 3
March 31, 2022
Financial Assets
Other investments$172.0 $175.5 $— $— $175.5 
Deposit asset on reinsurance2,491.8 2,628.4 — — 2,628.4 
Financial Liabilities
Investment contract and policy reserves,
fixed annuity contracts
4,958.0 5,021.8 — — 5,021.8 
Investment contract and policy reserves,
account values on life contracts
106.9 116.9 — — 116.9 
Other policyholder funds910.7 910.7 — 842.9 67.8 
Short-term debt249.0 249.0 — — 249.0 
Long-term debt253.7 265.8 — 265.8 — 
December 31, 2021
Financial Assets
Other investments$148.8 $152.4 $— $— $152.4 
Deposit asset on reinsurance2,481.5 2,935.1 — — 2,935.1 
Financial Liabilities     
Investment contract and policy reserves,
fixed annuity contracts
4,941.3 5,004.9 — — 5,004.9 
Investment contract and policy reserves,
account values on life contracts
105.4 115.4 — — 115.4 
Other policyholder funds 839.3 839.3 — 782.8 56.5 
Short-term debt249.0 249.0 — — 249.0 
Long-term debt253.6 277.4 — 277.4 —