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Fair Value Measurements (Tables)
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2023
Fair Value Disclosures [Abstract]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
The valuation of assets and liabilities measured at fair value in Company’s Condensed Consolidated Balance Sheets at March 31, 2024 is summarized below. The Company had no material liabilities that are measured and reported at fair value.
 Fair Value Measurements 
(Dollars in Millions)Quoted Prices
in Active Markets
for Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset ValueTotal Fair Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities$85.4 $403.0 $— $— $488.4 
States and Political Subdivisions— 1,354.5 1.4 — 1,355.9 
Foreign Governments— 4.6 — — 4.6 
Corporate Securities:
Bonds and Notes— 3,455.1 180.5 — 3,635.6 
Redeemable Preferred Stock— 5.8 2.2 — 8.0 
Collateralized Loan Obligations— 938.2 — — 938.2 
Other Mortgage and Asset-backed— 335.8 5.1 — 340.9 
Total Investments in Fixed Maturities 85.4 6,497.0 189.2 — 6,771.6 
Equity Securities at Fair Value:
Preferred Stocks:
Finance, Insurance and Real Estate— 15.9 — — 15.9 
Other Industries— 7.8 2.2 — 10.0 
Common Stocks:
Finance, Insurance and Real Estate0.6 — — — 0.6 
Other Industries0.3 — 0.5 — 0.8 
Other Equity Interests:
Exchange Traded Funds8.7 — — — 8.7 
Limited Liability Companies and Limited Partnerships— — — 194.1 194.1 
Total Investments in Equity Securities at Fair Value9.6 23.7 2.7 194.1 230.1 
Other Investments:
Derivative Instrument Classified as Cash Flow Hedge— 1.2 — — 1.2 
Total Assets$95.0 $6,521.9 $191.9 $194.1 $7,002.9 
The valuation of assets and liabilities measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2023 is summarized below. The Company had no material liabilities that are measured and reported at fair value.
 Fair Value Measurements 
(Dollars in Millions)Quoted Prices
in Active Markets
for Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset Value Total Fair Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities$98.8 $412.7 $— $— $511.5 
States and Political Subdivisions— 1,401.8 0.1 — 1,401.9 
Foreign Governments— 3.8 — — 3.8 
Corporate Securities:
Bonds and Notes— 3,513.7 177.1 — 3,690.8 
Redeemable Preferred Stocks— 1.2 7.1 — 8.3 
Collateralized Loan Obligations— 949.8 — — 949.8 
Other Mortgage and Asset-backed— 310.6 5.2 — 315.8 
Total Investments in Fixed Maturities98.8 6,593.6 189.5 — 6,881.9 
Equity Securities at Fair Value:
Preferred Stocks:
Finance, Insurance and Real Estate— 15.6 — — 15.6 
Other Industries— 7.5 2.4 — 9.9 
Common Stocks:
Finance, Insurance and Real Estate0.6 — — — 0.6 
Other Industries0.2 — 0.4 — 0.6 
Other Equity Interests:
Exchange Traded Funds7.7 — — — 7.7 
Limited Liability Companies and Limited Partnerships— — — 191.4 191.4 
Total Investments in Equity Securities at Fair Value8.5 23.1 2.8 191.4 225.8 
Other Investments:
Derivative Instruments Not Designated as Hedges— 14.7 — — 14.7 
Total Assets$107.3 $6,631.4 $192.3 $191.4 $7,122.4 
  
Fair Value Measurement Inputs and Valuation Techniques
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at March 31, 2024. Valuations for assets presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average yield is calculated based on fair value.
(Dollars in Millions)Unobservable InputTotal Fair ValueRange of Unobservable InputsWeighted-average Yield
Investment-gradeMarket Yield$55.3 1.8 %-13.5 %7.9 %
Non-investment-grade:
Senior DebtMarket Yield31.7 7.0 -48.0 13.0 
Junior DebtMarket Yield35.8 11.0 -25.5 13.2 
OtherVarious66.4 
Total Level 3 Fixed Maturity Investments$189.2 
  
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2023. Valuations for assets presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average yield is calculated based on fair value.
(Dollars in Millions)Unobservable InputTotal Fair ValueRange of Unobservable InputsWeighted-average Yield
Investment-gradeMarket Yield$60.0 4.2 %-15.8 %8.7 %
Non-investment-grade:
Senior DebtMarket Yield32.6 9.2 -36.7 13.5 
Junior DebtMarket Yield32.5 11.8 -22.5 13.8 
OtherVarious64.4 
Total Level 3 Fixed Maturity Investments$189.5 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended March 31, 2024 is presented below.
 Fixed MaturitiesEquity Securities
(Dollars in Millions)Corporate
Bonds
and Notes		States and Political
Sub-divisions		Redeemable
Preferred
Stocks		Other Mortgage-
and Asset-
backed		Preferred
and 
Common
Stocks		Total
Balance, Beginning of Year$177.1 $0.1 $7.1 $5.2 $2.8 $192.3 
Total (Losses) Gains:
Included in Condensed Consolidated Statements of Income (Loss)(0.2)— — — (0.1)(0.3)
Included in Other Comprehensive Income
2.3 (0.4)— (0.1)— 1.8 
Purchases13.2 — — — — 13.2 
Sales(3.7)— — — — (3.7)
Transfers into Level 3— 1.7 — — — 1.7 
Transfers out of Level 3(8.2)— (4.9)— — (13.1)
Balance, End of Period$180.5 $1.4 $2.2 $5.1 $2.7 $191.9 
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the three months ended March 31, 2023 is presented below.
 Fixed MaturitiesEquity Securities
(Dollars in Millions)Corporate
Bonds
and Notes		Redeemable
Preferred
Stocks		Other Mortgage-
and Asset-
backed		Preferred
and 
Common
Stocks		Total
Balance, Beginning of Year$216.0 $6.8 $5.1 $2.1 $230.0 
Total Gains (Losses):
Included in Condensed Consolidated Statements of Income (Loss)0.4 — — (0.5)(0.1)
Included in Other Comprehensive Income
1.5 — 0.2 — 1.7 
Purchases19.4 — — — 19.4 
Sales(41.2)— — — (41.2)
Transfers into Level 3— — — 0.4 0.4 
Balance, End of Period$196.1 $6.8 $5.3 $2.0 $210.2 
    
Fair Value, by Balance Sheet Grouping
Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value.
 March 31, 2024December 31, 2023
(Dollars in Millions)Carrying ValueFair ValueCarrying ValueFair Value
Financial Assets:
Loans to Policyholders $280.5 $280.5 $281.2 $281.2 
Short-term Investments520.7 520.7 520.9 520.9 
Mortgage Loans93.1 93.1 99.8 99.8 
Company-Owned Life Insurance515.7 515.7 513.5 513.5 
Equity Securities at Modified Cost24.7 24.7 32.6 32.6 
Financial Liabilities:
Long-term Debt$1,389.8 $1,246.8 $1,389.2 $1,213.4 
Policyholder Obligations563.2 563.2 557.4 557.4 
    
Investment Holdings, Other than Securities
The following table includes information related to the Company’s investments in certain private equity funds or hedge funds that calculate a net asset value per share:
Asset ClassInvestment Category Includes
Mezzanine DebtFunds with investments in junior or subordinated debt and potentially minority equity securities issued by private companies.
Senior DebtFunds with investments in senior or first lien debt and potentially minority equity securities typically issued by private companies.
Distressed DebtFunds with debt or minority equity investments that are made opportunistically in companies that are in or near default or under financial strain with potential to have an active role in restructuring company.
Secondary TransactionsFunds that focus on purchasing third party fund interests from investors seeking liquidity within their own portfolio.
Hedge FundFunds that focus primarily on investing in public securities with strategy of generating uncorrelated returns to the public markets.
Leveraged BuyoutFunds with control equity investments in more mature, positive cash flowing, private companies that are typically purchased with the use of financial leverage.
Growth EquityFunds that invest in early or venture stage companies with high growth potential with view towards generating realizations through sale or initial public offering (“IPO”) of company.
Real EstateFunds with investments in multi-family housing properties.
OtherConsists of direct investments of preferred equity or minority common equity investments into private companies structured as limited partnerships or limited liability companies.
    
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The table below shows investments reported at fair value using NAV and their unfunded commitments by asset class as of March 31, 2024 and December 31, 2023.
(Dollars in Millions)March 31, 2024December 31, 2023
Asset ClassFair Value Using NAVUnfunded CommitmentsFair Value Using NAVUnfunded Commitments
Reported as Equity Method Limited Liability Investments:
Mezzanine Debt$123.2 $42.6 $125.4 $43.1 
Real Estate42.0 — 41.9 — 
Senior Debt19.2 39.5 19.0 39.9 
Leveraged Buyout8.5 0.6 8.6 0.6 
Secondary Transactions6.8 1.6 7.9 1.7 
Distressed Debt6.1 — 7.9 — 
Growth Equity0.8 — 1.2 — 
Hedge Fund0.1 — 0.1 — 
Other8.5 0.2 9.7 — 
Total Equity Method Limited Liability Investments215.2 84.5 221.7 85.3 
Reported as Other Equity Interests at Fair Value:
Mezzanine Debt127.7 66.3 124.0 67.0 
Senior Debt24.7 10.8 24.8 10.6 
Leveraged Buyout19.7 9.5 19.0 10.0 
Distressed Debt12.9 13.0 12.4 13.0 
Growth Equity6.3 6.5 6.4 6.5 
Secondary Transactions2.7 3.1 2.8 3.1 
Hedge Funds— — 1.9 — 
Real Estate0.1 0.2 0.1 0.2 
Total Reported as Other Equity Interests at Fair Value194.1 109.4 191.4 110.4 
Reported as Equity Securities at Modified Cost:
Other4.6 — 4.8 — 
Total Reported as Equity Securities at Modified Cost4.6 — 4.8 — 
Total Investments in Limited Liability Companies and Limited Partnerships$413.9 $193.9 $417.9 $195.7