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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024 is summarized below. The Company had no material liabilities that are measured and reported at fair values.
 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$87.2 $434.7 $— $— $521.9 
States and Political Subdivisions— 1,372.0 1.7 — 1,373.7 
Foreign Governments— 5.1 — — 5.1 
Corporate Securities:
Bonds and Notes— 3,522.9 230.4 — 3,753.3 
Redeemable Preferred Stock— 6.0 4.3 — 10.3 
Collateralized Loan Obligations— 796.5 — — 796.5 
Other Mortgage and Asset-backed— 405.9 5.3 — 411.2 
Total Investments in Fixed Maturities 87.2 6,543.1 241.7 — 6,872.0 
Equity Securities at Fair Value:
Preferred Stocks:
Finance, Insurance and Real Estate— 16.3 — — 16.3 
Other Industries— 6.9 2.5 — 9.4 
Common Stocks:
Finance, Insurance and Real Estate0.6 — — — 0.6 
Other Industries1.1 — 0.7 — 1.8 
Other Equity Interests:
Exchange Traded Funds11.0 — — — 11.0 
Limited Liability Companies and Limited Partnerships— — — 189.2 189.2 
Total Investments in Equity Securities at Fair Value12.7 23.2 3.2 189.2 228.3 
Other Investments:
Derivative Instrument Classified as Cash Flow Hedge— 0.3 — — 0.3 
Total Assets$99.9 $6,566.6 $244.9 $189.2 $7,100.6 
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 September 30, 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$54.8 3.4 %-11.3 %8.0 %
Non-investment-grade:
Senior DebtMarket Yield82.0 4.6 -59.4 12.8 
Junior DebtMarket Yield35.0 9.6 -31.0 13.4 
OtherVarious69.9 
Total Level 3 Fixed Maturity Investments$241.7 
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 September 30, 2024 is presented below.
 Fixed MaturitiesEquity Securities
(Dollars in Millions)Corporate
Bonds
and Notes		States and Political Sub- divisionsRedeemable
Preferred
Stocks		Collateralized Loan ObligationsOther Mortgage-
and Asset-
backed		Preferred
and 
Common
Stocks		Total
Balance, Beginning of Period$227.3 $0.1 $4.1 $6.8 $5.0 $3.4 $246.7 
Total Gains (Losses):
Included in Condensed Consolidated Statements of Income (Loss)
0.3 — — — — (0.2)0.1 
Included in Other Comprehensive Income
1.7 (0.2)0.2 — 0.3 — 2.0 
Purchases30.9 — — — — — 30.9 
Sales(31.8)— — — — — (31.8)
Transfers into Level 33.9 1.8 — — — — 5.7 
Transfers out of Level 3(1.9)— — (6.8)— — (8.7)
Balance, End of Period$230.4 $1.7 $4.3 $— $5.3 $3.2 $244.9 
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 September 30, 2023 is presented below.
 Fixed MaturitiesEquity Securities
(Dollars in Millions)Corporate
Bonds
and Notes		States and Political Sub- divisionsRedeemable
Preferred
Stocks		Other Mortgage-
and Asset-
backed		Preferred
and 
Common
Stocks		Total
Balance, Beginning of Period$187.4 $— $6.7 $5.2 $2.2 $201.5 
Total Gains (Losses):
Included in Condensed Consolidated Statements of Income (Loss)
0.2 — — — 1.5 1.7 
Included in Other Comprehensive Income
(2.2)— (0.1)(0.4)— (2.7)
Purchases6.1 0.1 — — — 6.2 
Sales(14.1)— — — — (14.1)
Transfers into Level 35.0 — — — — 5.0 
Transfers out of Level 3— — — — — — 
Balance, End of Period$182.4 $0.1 $6.6 $4.8 $3.7 $197.6 
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the nine months ended September 30, 2024 is presented below.
 Fixed MaturitiesEquity Securities
(Dollars in Millions)Corporate
Bonds
and Notes		States and Political Sub- divisionsRedeemable
Preferred
Stocks		Collateralized Loan ObligationsOther 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 Gains (Losses):
Included in Condensed Consolidated Statements of Income (Loss)
0.2 — — — — 1.6 1.8 
Included in Other Comprehensive Income
2.3 (0.6)0.2 — 0.1 — 2.0 
Purchases103.5 — 1.9 6.8 — 0.5 112.7 
Sales(48.1)— — — — (1.7)(49.8)
Transfers into Level 37.0 3.5 — — — — 10.5 
Transfers out of Level 3(11.6)(1.3)(4.9)(6.8)— — (24.6)
Balance, End of Period$230.4 $1.7 $4.3 $— $5.3 $3.2 $244.9 
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the nine months ended September 30, 2023 is presented below.
 Fixed MaturitiesEquity Securities
(Dollars in Millions)Corporate
Bonds
and Notes		States and Political Sub- divisionsRedeemable
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)
0.7 — — — 0.1 0.8 
Included in Other Comprehensive Income
0.2 — (0.2)(0.3)— (0.3)
Purchases44.0 0.1 — — 1.1 45.2 
Sales(83.4)— — — — (83.4)
Transfers into Level 35.0 — — — 0.4 5.4 
Transfers out of Level 3(0.1)— — — — (0.1)
Balance, End of Period$182.4 $0.1 $6.6 $4.8 $3.7 $197.6 
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 September 30, 2024 and December 31, 2023.
(Dollars in Millions)September 30, 2024December 31, 2023
Asset ClassFair Value Using NAVUnfunded CommitmentsFair Value Using NAVUnfunded Commitments
Reported as Equity Method Limited Liability Investments:
Mezzanine Debt$127.9 $38.6 $125.4 $43.1 
Real Estate27.1 — 41.9 — 
Senior Debt20.2 36.1 19.0 39.9 
Leveraged Buyout7.9 0.6 8.6 0.6 
Secondary Transactions6.0 1.6 7.9 1.7 
Distressed Debt5.0 — 7.9 — 
Growth Equity0.5 — 1.2 — 
Hedge Fund0.1 — 0.1 — 
Other7.9 0.1 9.7 — 
Total Equity Method Limited Liability Investments202.6 77.0 221.7 85.3 
Reported as Other Equity Interests at Fair Value:
Mezzanine Debt122.6 63.4 124.0 67.0 
Senior Debt26.0 6.5 24.8 10.6 
Leveraged Buyout20.2 12.9 19.0 10.0 
Distressed Debt10.9 15.0 12.4 13.0 
Growth Equity6.9 8.2 6.4 6.5 
Secondary Transactions2.5 1.6 2.8 3.1 
Hedge Funds— — 1.9 — 
Other0.1 0.2 0.1 0.2 
Total Reported as Other Equity Interests at Fair Value189.2 107.8 191.4 110.4 
Reported as Equity Securities at Modified Cost:
Other1.8 — 4.8 — 
Total Reported as Equity Securities at Modified Cost1.8 — 4.8 — 
Total Investments in Limited Liability Companies and Limited Partnerships$393.6 $184.8 $417.9 $195.7 
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, by Balance Sheet Grouping
Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value.
 September 30, 2024December 31, 2023
(Dollars in Millions)LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial Assets:
Loans to Policyholders Level 3 $280.3 $280.3 $281.2 $281.2 
Short-term InvestmentsLevel 1 or 2 696.9 696.9 520.9 520.9 
Mortgage LoansLevel 3 80.9 80.9 99.8 99.8 
Company-Owned Life InsuranceLevel 2 533.0 533.0 513.5 513.5 
Equity Securities at Modified CostLevel 3 22.1 22.1 32.6 32.6 
Financial Liabilities:
Long-term DebtLevel 2 $1,390.9 $1,298.3 $1,389.2 $1,213.4 
Policyholder ObligationsLevel 2 521.3 521.3 557.4 557.4