XML 40 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Company's Investments within Fair Value Hierarchy The following tables set forth the Company’s investments within the fair value hierarchy at September 30, 2020 and December 31, 2019:
($ millions)TotalLevel 1Level 2
September 30, 2020
Available-for-sale fixed maturities:
U.S. treasury securities and obligations of U.S. government agencies$559.0 $— $559.0 
Obligations of states and political subdivisions552.7 — 552.7 
Corporate securities473.6 — 473.6 
U.S. government agencies mortgage-backed securities581.0 — 581.0 
Total available-for-sale fixed maturities2,166.3 — 2,166.3 
Equity securities:
Large-cap securities120.0 120.0 — 
Mutual and exchange traded funds219.5 219.5 — 
Total equity securities339.5 339.5 — 
Other invested assets14.0 14.0 — 
Total investments$2,519.8 $353.5 $2,166.3 
($ millions)TotalLevel 1Level 2
December 31, 2019
Available-for-sale fixed maturities:
U.S. treasury securities and obligations of U.S. government agencies$578.2 $— $578.2 
Obligations of states and political subdivisions425.4 — 425.4 
Corporate securities471.8 — 471.8 
U.S. government agencies mortgage-backed securities652.5 — 652.5 
Total available-for-sale fixed maturities2,127.9 — 2,127.9 
Equity securities:
Large-cap securities104.4 104.4 — 
Mutual and exchange traded funds290.8 290.8 — 
Total equity securities395.2 395.2 — 
Other invested assets13.3 13.3 — 
Total investments$2,536.4 $408.5 $2,127.9 
Company Estimates Receivable from Affiliate using Market Quotations for U.S. Treasury Securities Consequently this has been placed in Level 2 of the fair value hierarchy.
($ millions, except interest rates)September 30, 2020December 31, 2019
 Carrying valueFair valueInterest rateCarrying valueFair
value		Interest rate
Notes receivable from affiliate, issued May 2019$70.0 $82.4 4.05 %$70.0 $74.6 4.05 %
Included in Notes Payable are Senior Notes and Subordinated Debentures The carrying amount of the Subordinated Debentures approximates its fair value as the interest rate adjusts quarterly and has been disclosed in Level 3.
($ millions, except interest rates)September 30, 2020December 31, 2019
 Carrying valueFair ValueInterest rateCarrying valueFair valueInterest rate
FHLB Loan due 2021: issued $21.5, September 2016 with fixed interest$— $— — %$21.5 $21.5 1.73 %
FHLB Loan due 2030: issued $21.5, September 2020 with fixed interest21.5 21.8 1.37 %— — — %
FHLB Loan due 2033: issued $85.0, May 2018 with fixed interest85.3 108.6 3.96 %85.3 97.8 3.96 %
Affiliate Subordinated Debentures due 2033: issued $15.5, May 2003 with variable interest15.2 15.2 4.44 %15.2 15.2 6.11 %
Total notes payable$122.0 $145.6 $122.0 $134.5