Investments (Tables)

12 Months Ended

Dec. 31, 2020

Debt Securities, Available-for-sale [Line Items]

Schedule of Unrealized Loss on Investments

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2020 is presented below.

DOLLARS IN MILLIONS	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	10.5	$	(0.1)	$	—	$	—	$	10.5	$	(0.1)
States and Political Subdivisions	23.3		(0.2)		—		—		23.3		(0.2)
Foreign Governments	0.5		(0.1)		2.6		(1.0)		3.1		(1.1)
Corporate Securities:
Bonds and Notes	132.9		(7.5)		46.1		(3.1)		179.0		(10.6)
Collateralized Loan Obligations	145.2		(3.8)		371.4		(15.9)		516.6		(19.7)
Other Mortgage- and Asset-backed	6.3		—		—		—		6.3		—
Total Fixed Maturities	$	318.7	$	(11.7)	$	420.1	$	(20.0)	$	738.8	$	(31.7)

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2019 is presented below.

DOLLARS IN MILLIONS	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	118.5	$	(1.3)	$	5.1	$	—	$	123.6	$	(1.3)
States and Political Subdivisions	63.0		(0.7)		5.4		(0.4)		68.4		(1.1)
Foreign Governments	1.0		(0.3)		3.1		(1.3)		4.1		(1.6)
Corporate Securities:
Bonds and Notes	160.0		(2.1)		70.7		(5.0)		230.7		(7.1)
Redeemable Preferred Stocks	5.5		(0.1)		—		—		5.5		(0.1)
Collateralized Loan Obligations	95.5		(1.9)		355.6		(6.6)		451.1		(8.5)
Other Mortgage- and Asset-backed	72.8		(1.1)		—		—		72.8		(1.1)
Total Fixed Maturities	$	516.3	$	(7.5)	$	439.9	$	(13.3)	$	956.2	$	(20.8)

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The components of Impairment Losses reported in the Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018 were:

DOLLARS IN MILLIONS	2020		2019		2018
Fixed Maturities	$	(16.7)	$	(13.3)	$	(2.0)
Equity Securities	(2.8)		(0.5)		(2.5)
Impairment Losses	$	(19.5)	$	(13.8)	$	(4.5)

Schedule of Other Investments

The carrying values of the Company’s Other Investments at December 31, 2020 and 2019 were:

DOLLARS IN MILLIONS	2020		2019
Company-owned Life Insurance	$	327.4	$	217.0
Loans to Policyholders at Unpaid Principal	297.9		305.6
Real Estate at Depreciated Cost	98.7		111.4
Mortgage Loans and Other	55.0		27.5
Total	$	779.0	$	661.5

Investments in Fixed Maturities

Debt Securities, Available-for-sale [Line Items]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2020 were:

DOLLARS IN MILLIONS	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	536.5	$	48.9	$	(0.1)	$	—	$	585.3
States and Political Subdivisions	1,404.3		185.4		(0.2)		—		1,589.5
Foreign Governments	6.6		—		(1.1)		(0.3)		5.2
Corporate Securities:
Bonds and Notes	3,749.5		689.5		(10.6)		(3.0)		4,425.4
Redeemable Preferred Stocks	7.0		0.5		—		—		7.5
Collateralized Loan Obligations	785.1		2.3		(19.7)		—		767.7
Other Mortgage- and Asset-backed	203.7		21.6		—		—		225.3
Investments in Fixed Maturities	$	6,692.7	$	948.2	$	(31.7)	$	(3.3)	$	7,605.9

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2019 were:

	Amortized Cost		Gross Unrealized				Fair Value
DOLLARS IN MILLIONS			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	784.7	$	32.5	$	(1.3)	$	815.9
States and Political Subdivisions	1,386.4		130.5		(1.1)		1,515.8
Foreign Governments	17.2		1.2		(1.6)		16.8
Corporate Securities:
Bonds and Notes	3,465.0		401.8		(7.1)		3,859.7
Redeemable Preferred Stocks	6.8		—		(0.1)		6.7
Collateralized Loan Obligations	624.6		2.1		(8.5)		618.2
Other Mortgage- and Asset-backed	88.0		2.1		(1.1)		89.0
Investments in Fixed Maturities	$	6,372.7	$	570.2	$	(20.8)	$	6,922.1

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2020 by contractual maturity were:

DOLLARS IN MILLIONS	Amortized Cost		Fair Value
Due in One Year or Less	$	98.6	$	101.3
Due after One Year to Five Years	1,107.3		1,182.9
Due after Five Years to Ten Years	1,525.1		1,720.0
Due after Ten Years	2,567.8		3,177.7
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,393.9		1,424.0
Investments in Fixed Maturities	$	6,692.7	$	7,605.9