Investments (Tables)

3 Months Ended

Mar. 31, 2023

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

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of the Company’s Investments in Fixed Maturities at March 31, 2023 by contractual maturity were:

(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	152.7	$	144.4
Due after One Year to Five Years	1,000.6		969.2
Due after Five Years to Ten Years	1,193.0		1,058.3
Due after Ten Years	3,705.0		3,305.5
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,872.3		1,712.0
Investments in Fixed Maturities	$	7,923.6	$	7,189.4

Schedule of Unrealized Loss on Investments

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at March 31, 2023 is presented below.

	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	123.6	$	(7.3)	$	330.9	$	(65.7)	$	454.5	$	(73.0)
States and Political Subdivisions	332.1		(17.5)		724.1		(176.7)		1,056.2		(194.2)
Foreign Governments	0.6		—		2.4		(0.8)		3.0		(0.8)
Corporate Securities:
Bonds and Notes	1,811.8		(132.9)		1,312.7		(285.6)		3,124.5		(418.5)
Redeemable Preferred Stocks	3.0		(0.2)		4.7		(0.8)		7.7		(1.0)
Collateralized Loan Obligations	278.5		(11.9)		694.2		(39.3)		972.7		(51.2)
Other Mortgage- and Asset-backed	105.6		(8.5)		189.6		(37.9)		295.2		(46.4)
Total Fixed Maturities	$	2,655.2	$	(178.3)	$	3,258.6	$	(606.8)	$	5,913.8	$	(785.1)

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2022 is presented below.

	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	337.3	$	(49.3)	$	126.5	$	(36.5)	$	463.8	$	(85.8)
States and Political Subdivisions	854.7		(140.6)		276.8		(97.7)		1,131.5		(238.3)
Foreign Governments	0.1		—		2.6		(0.9)		2.7		(0.9)
Corporate Securities:
Bonds and Notes	2,730.6		(373.9)		424.4		(125.8)		3,155.0		(499.7)
Redeemable Preferred Stocks	7.7		(1.0)		—		—		7.7		(1.0)
Collateralized Loan Obligations	568.2		(34.2)		373.9		(26.6)		942.1		(60.8)
Other Mortgage- and Asset-backed	205.4		(28.9)		79.5		(21.4)		284.9		(50.3)
Total Fixed Maturities	$	4,704.0	$	(627.9)	$	1,283.7	$	(308.9)	$	5,987.7	$	(936.8)

Schedule of Other Investments

The carrying values of the Company’s Other Investments at March 31, 2023 and December 31, 2022 were:

(Dollars in Millions)	Mar 31, 2023		Dec 31, 2022
Equity Securities at Modified Cost	$	37.1	$	38.4
Convertible Securities at Fair Value	45.3		43.3
Real Estate at Depreciated Cost	93.0		93.6
Mortgage Loans	85.7		91.1
Other	10.7		3.5
Total	$	271.8	$	269.9

Investment Income

Net Investment Income for the three months ended March 31, 2023 and 2022 was:

	Three Months Ended
(Dollars in Millions)	Mar 31, 2023		Mar 31, 2022
Investment Income:
Interest on Fixed Income Securities	$	86.2	$	68.7
Dividends on Equity Securities Excluding Alternative Investments	1.0		1.5
Alternative Investments:
Equity Method Limited Liability Investments	1.1		13.3
Limited Liability Investments Included in Equity Securities	2.6		7.6
Total Alternative Investments	3.7		20.9
Short-term Investments	2.3		0.1
Loans to Policyholders	5.4		5.5
Real Estate	2.4		2.2
Company-Owned Life Insurance	8.8		8.3
Other	3.0		1.7
Total Investment Income	112.8		108.9
Investment Expenses:
Real Estate	2.1		2.5
Other Investment Expenses	8.9		6.4
Total Investment Expenses	11.0		8.9
Net Investment Income	$	101.8	$	100.0

Schedule of Realized Gain (Loss)

Gross gains and losses on sales of investments in fixed maturities for the three months ended March 31, 2023 and 2022 were:

	Three Months Ended
(Dollars in Millions)	Mar 31, 2023		Mar 31, 2022
Fixed Maturities:
Gains on Sales	$	1.1	$	0.4
Losses on Sales	(3.3)		(0.8)

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 March 31, 2023 were:

	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	633.6	$	3.4	$	(73.0)	$	—	$	564.0
States and Political Subdivisions	1,794.8		23.1		(194.2)		(0.8)		1,622.9
Foreign Governments	4.8		—		(0.8)		—		4.0
Corporate Securities:
Bonds and Notes	4,097.0		31.4		(418.5)		(6.6)		3,703.3
Redeemable Preferred Stocks	9.0		—		(1.0)		—		8.0
Collateralized Loan Obligations	1,033.0		0.1		(51.2)		—		981.9
Other Mortgage- and Asset-backed	351.4		0.3		(46.4)		—		305.3
Investments in Fixed Maturities	$	7,923.6	$	58.3	$	(785.1)	$	(7.4)	$	7,189.4

Note 8 - Investments (Continued)

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2022 were:

	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	612.5	$	1.3	$	(85.8)	$	—	$	528.0
States and Political Subdivisions	1,797.6		10.3		(238.3)		(0.7)		1,568.9
Foreign Governments	5.0		—		(0.9)		—		4.1
Corporate Securities:
Bonds and Notes	4,030.3		17.7		(499.7)		(8.9)		3,539.4
Redeemable Preferred Stocks	9.0		—		(1.0)		—		8.0
Collateralized Loan Obligations	1,014.7		—		(60.8)		—		953.9
Other Mortgage- and Asset-backed	342.7		0.1		(50.3)		—		292.5
Investments in Fixed Maturities	$	7,811.8	$	29.4	$	(936.8)	$	(9.6)	$	6,894.8