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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Cost or Amortized Cost and Fair Value of Available-for-Sale Securities
The following tables set forth the amortized cost and fair value of investments by investment category at September 30, 2020 and December 31, 2019:
($ millions)Amortized cost Gross unrealized holding gainsGross unrealized holding lossesFair value
September 30, 2020
Available-for-sale fixed maturities:
U.S. treasury securities and obligations of U.S. government agencies$510.9 $48.1 $— $559.0 
Obligations of states and political subdivisions527.5 26.7 (1.5)552.7 
Corporate securities451.7 21.9 — 473.6 
U.S. government agencies mortgage-backed securities557.0 25.3 (1.3)581.0 
Total available-for-sale fixed maturities$2,047.1 $122.0 $(2.8)$2,166.3 
($ millions)Amortized costGross unrealized holding gainsGross unrealized holding lossesFair value
December 31, 2019
Available-for-sale fixed maturities:
U.S. treasury securities and obligations of U.S. government agencies$569.2 $12.3 $(3.3)$578.2 
Obligations of states and political subdivisions404.3 21.1 — 425.4 
Corporate securities460.5 11.7 (0.4)471.8 
U.S. government agencies mortgage-backed securities646.0 11.1 (4.6)652.5 
Total available-for-sale fixed maturities$2,080.0 $56.2 $(8.3)$2,127.9 
Gross Unrealized Losses and Fair Value on its Investments
The following tables set forth the Company’s gross unrealized losses and fair value on its investments by lot, aggregated by investment category and length of time for individual securities that have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2020:
($ millions, except # of positions)Less than 12 months12 months or moreTotal
Fair valueUnrealized lossesNumber of positionsFair valueUnrealized lossesNumber of positionsFair valueUnrealized lossesNumber of positions
September 30, 2020
Fixed maturities:
U.S. treasury securities and obligations of U.S. government agencies$0.7 $— 1 $— $— — $0.7 $— 1 
Obligations of states and political subdivisions94.3 (1.5)18 — — — 94.3 (1.5)18 
Corporate securities15.1 — 4 — — — 15.1 — 4 
U.S. government agencies mortgage-backed securities76.1 (1.1)22 9.4 (0.2)4 85.5 (1.3)26 
Total temporarily impaired securities$186.2 $(2.6)45 $9.4 $(0.2)4 $195.6 $(2.8)49 
The following tables set forth the Company’s gross unrealized losses and fair value on its investments by lot, aggregated by investment category and length of time for individual securities that have been in a continuous unrealized loss position at December 31, 2019:
($ millions, except # of positions)Less than 12 months12 months or moreTotal
Fair valueUnrealized lossesNumber of positionsFair valueUnrealized lossesNumber of positionsFair valueUnrealized lossesNumber of positions
December 31, 2019
Fixed maturities:
U.S. treasury securities and obligations of U.S. government agencies$136.0 $(2.5)17$157.6 $(0.8)11 $293.6 $(3.3)28
Corporate securities— — — 40.8 (0.4)7 40.8 (0.4)7
U.S. government agencies mortgage-backed securities126.6 (1.5)15137.9 (3.1)32264.5 (4.6)47
Total temporarily impaired securities$262.6 $(4.0)32$336.3 $(4.3)50$598.9 $(8.3)82
Amortized Cost and Fair Value of Available-for-Sale Fixed Maturities by Contractual Maturity
The following table sets forth the amortized cost and fair value of available-for-sale fixed maturities by contractual maturity at September 30, 2020:
($ millions)Amortized costFair
value
Due in 1 year or less$119.8 $120.9 
Due after 1 year through 5 years519.9 548.0 
Due after 5 years through 10 years168.0 178.9 
Due after 10 years682.4 737.5 
U.S. government agencies mortgage-backed securities557.0 581.0 
Total$2,047.1 $2,166.3 
Components of Net Investment Income
The following table sets forth the components of net investment income for the three and nine months ended September 30, 2020 and 2019:
 ($ millions)Three months ended September 30Nine Months Ended September 30
2020201920202019
Fixed maturities$15.0 $15.3 $44.6 $47.7 
Equity securities2.1 3.0 7.8 8.9 
Cash and cash equivalents, and other0.9 1.1 2.7 4.2 
Investment income18.0 19.4 55.1 60.8 
Investment expenses0.1 0.1 0.6 0.4 
Net investment income$17.9 $19.3 $54.5 $60.4 
Realized and Unrealized Holding Gains (Losses)
The following table sets forth the realized and unrealized holding gains (losses) on the Company’s investment portfolio for the three and nine months ended September 30, 2020 and 2019:
($ millions)Three months ended September 30Nine Months Ended September 30
2020201920202019
Investment gain (loss), net:
Fixed maturities:
Realized gains on sales of securities$1.3 $1.2 $6.8 $2.8 
Realized losses on sales of securities(1.5)— (3.6)— 
Net (loss) gain on fixed securities(0.2)1.2 3.2 2.8 
Equity securities:
Realized losses on sales of securities, net(42.3)(1.8)(50.9)(2.5)
Unrealized gain (loss) on securities still held, net60.5 (4.1)15.8 46.4 
Net gain (loss) on equity securities18.2 (5.9)(35.1)43.9 
Other invested assets:
Unrealized gain (loss) on securities still held, net2.0 (0.3)(7.6)4.8 
Net gain (loss) on other invested assets2.0 (0.3)(7.6)4.8 
Other net realized gain (loss)— — 0.2 (1.3)
Net gain (loss) on investments$20.0 $(5.0)$(39.3)$50.2 
Change in net unrealized holding gains, net of tax
Fixed maturities$4.8 $21.4 $71.3 $89.0 
Deferred federal income tax liability(1.1)(4.5)(15.0)(18.7)
Change in net unrealized holding gains, net of tax$3.7 $16.9 $56.3 $70.3