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Investments (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Securities, Available-for-sale [Line Items] |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2019 by contractual maturity were:
(Dollars in Millions) |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 81.4 |  |  | $ | 81.8 |
Due after One Year to Five Years |  | 867.8 |  |  | 890.1 |
Due after Five Years to Ten Years |  | 1,641.3 |  |  | 1,767.9 |
Due after Ten Years |  | 2,538.4 |  |  | 2,954.2 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,170.8 |  |  | 1,189.6 |
Investments in Fixed Maturities |  | $ | 6,299.7 |  |  | $ | 6,883.6 |
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2019 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 |  | $ | 22.0 |  |  | $ | (0.2 | ) |  | $ | 5.6 |  |  | $ | (0.1 | ) |  | $ | 27.6 |  |  | $ | (0.3 | )
States and Political Subdivisions |  | 22.7 |  |  | (0.3 | ) |  | 6.6 |  |  | (0.3 | ) |  | 29.3 |  |  | (0.6 | )
Foreign Governments |  | 1.1 |  |  | (0.5 | ) |  | 2.4 |  |  | (2.0 | ) |  | 3.5 |  |  | (2.5 | )
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 200.5 |  |  | (3.3 | ) |  | 71.7 |  |  | (6.5 | ) |  | 272.2 |  |  | (9.8 | )
Collateralized Loan Obligations |  | 353.4 |  |  | (5.4 | ) |  | 87.4 |  |  | (3.0 | ) |  | 440.8 |  |  | (8.4 | )
Total Fixed Maturities |  | $ | 599.7 |  |  | $ | (9.7 | ) |  | $ | 173.7 |  |  | $ | (11.9 | ) |  | $ | 773.4 |  |  | $ | (21.6 | )
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2018 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 |  | $ | 401.1 |  |  | $ | (7.6 | ) |  | $ | 79.0 |  |  | $ | (7.4 | ) |  | $ | 480.1 |  |  | $ | (15.0 | )
States and Political Subdivisions |  | 299.4 |  |  | (5.0 | ) |  | 102.6 |  |  | (3.6 | ) |  | 402.0 |  |  | (8.6 | )
Foreign Governments |  | 4.9 |  |  | (0.6 | ) |  | — |  |  | — |  |  | 4.9 |  |  | (0.6 | )
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 1,326.0 |  |  | (38.2 | ) |  | 116.8 |  |  | (10.9 | ) |  | 1,442.8 |  |  | (49.1 | )
Collateralized Loan Obligations |  | 439.2 |  |  | (13.2 | ) |  | — |  |  | — |  |  | 439.2 |  |  | (13.2 | )
Other Mortgage- and Asset-backed |  | 0.2 |  |  | — |  |  | 4.5 |  |  | (0.1 | ) |  | 4.7 |  |  | (0.1 | )
Total Fixed Maturities |  | $ | 2,470.8 |  |  | $ | (64.6 | ) |  | $ | 302.9 |  |  | $ | (22.0 | ) |  | $ | 2,773.7 |  |  | $ | (86.6 | )
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table sets forth the pre-tax amount of other than temporary impairment (“OTTI”) credit losses recognized in Retained Earnings for Investments in Fixed Maturities held by the Company as of the beginning and end of the periods presented for which a portion of the OTTI loss related to factors other than credit has been recognized in AOCI, and the corresponding changes in such amounts.
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2019 |  | Sep 30, 2018 |  | Sep 30, 2019 |  | Sep 30, 2018
Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at Beginning of Period |  | $ | 1.1 |  |  | $ | 1.6 |  |  | $ | 1.2 |  |  | $ | 1.6 |
Pre-tax Credit Losses on Fixed Maturities without Pre-tax Credit Losses Included in Cumulative Balance at Beginning of Period |  | 0.2 |  |  | — |  |  | 0.1 |  |  | — |
Additional Pre-tax Credit Losses on Fixed Maturities with Pre-tax Credit Losses Included in Cumulative Balance at Beginning of Period |  | — |  |  | — |  |  | — |  |  | — |
Reductions to Previously Recognized OTTI Credit Losses |  | — |  |  | — |  |  | — |  |  | — |
Reductions for Change in Impairment Status: |  |  |  |  |  |  |  |
From Status of Credit Loss to Status of Intent-to-sell or Required-to-sell |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Reductions for Investments Sold During Period |  | — |  |  | — |  |  | — |  |  | — |
Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at End of Period |  | $ | 1.3 |  |  | $ | 1.1 |  |  | $ | 1.3 |  |  | $ | 1.1 |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at September 30, 2019 and December 31, 2018 were:
(Dollars in Millions) |  | Sep 30, 2019 |  | Dec 31, 2018
Loans to Policyholders at Unpaid Principal |  | $ | 302.7 |  |  | $ | 300.6 |
Real Estate at Depreciated Cost |  | 112.3 |  |  | 114.2 |
Mortgage Loans |  | 32.4 |  |  | — |
Total |  | $ | 447.4 |  |  | $ | 414.8 |
Investment Income | Net Investment Income for the nine and three months ended September 30, 2019 and 2018 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2019 |  | Sep 30, 2018 |  | Sep 30, 2019 |  | Sep 30, 2018
Investment Income: |  |  |  |  |  |  |  |
Interest on Fixed Income Securities |  | $ | 225.5 |  |  | $ | 197.4 |  |  | $ | 73.5 |  |  | $ | 70.6 |
Dividends on Equity Securities Excluding Alternative Investments |  | 14.6 |  |  | 7.0 |  |  | 5.2 |  |  | 2.5 |
Alternative Investments: |  |  |  |  |  |  |  |
Equity Method Limited Liability Investments |  | 0.6 |  |  | 8.1 |  |  | 1.6 |  |  | (0.4 | )
Limited Liability Investments Included in Equity Securities |  | 12.9 |  |  | 22.8 |  |  | 5.2 |  |  | 13.7 |
Total Alternative Investments |  | 13.5 |  |  | 30.9 |  |  | 6.8 |  |  | 13.3 |
Short-term Investments |  | 6.9 |  |  | 4.3 |  |  | 2.5 |  |  | 2.3 |
Loans to Policyholders |  | 16.9 |  |  | 16.5 |  |  | 5.9 |  |  | 5.5 |
Real Estate |  | 7.1 |  |  | 7.2 |  |  | 2.4 |  |  | 2.4 |
Other |  | 0.9 |  |  | 0.6 |  |  | 0.6 |  |  | 0.2 |
Total Investment Income |  | 285.4 |  |  | 263.9 |  |  | 96.9 |  |  | 96.8 |
Investment Expenses: |  |  |  |  |  |  |  |
Real Estate |  | 7.2 |  |  | 7.5 |  |  | 2.5 |  |  | 2.6 |
Other Investment Expenses |  | 7.8 |  |  | 6.8 |  |  | 2.7 |  |  | 2.2 |
Total Investment Expenses |  | 15.0 |  |  | 14.3 |  |  | 5.2 |  |  | 4.8 |
Net Investment Income |  | $ | 270.4 |  |  | $ | 249.6 |  |  | $ | 91.7 |  |  | $ | 92.0 |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the nine and three months ended September 30, 2019 and 2018 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2019 |  | Sep 30, 2018 |  | Sep 30, 2019 |  | Sep 30, 2018
Fixed Maturities: |  |  |  |  |  |  |  |
Gains on Sales |  | $ | 39.7 |  |  | $ | 11.2 |  |  | $ | 1.9 |  |  | $ | 5.9 |
Losses on Sales |  | (4.8 | ) |  | (6.5 | ) |  | (0.3 | ) |  | (2.5 | )
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 September 30, 2019 were:
|  | Amortized Cost |  | Gross Unrealized |  | Fair Value
(Dollars in Millions) |  | Gains |  | Losses |
U.S. Government and Government Agencies and Authorities |  | $ | 797.1 |  |  | $ | 42.1 |  |  | $ | (0.3 | ) |  | $ | 838.9 |
States and Political Subdivisions |  | 1,397.2 |  |  | 148.5 |  |  | (0.6 | ) |  | 1,545.1 |
Foreign Governments |  | 15.8 |  |  | 1.1 |  |  | (2.5 | ) |  | 14.4 |
Corporate Securities: |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,506.5 |  |  | 410.4 |  |  | (9.8 | ) |  | 3,907.1 |
Collateralized Loan Obligations |  | 543.7 |  |  | 1.2 |  |  | (8.4 | ) |  | 536.5 |
Other Mortgage- and Asset-backed |  | 39.4 |  |  | 2.2 |  |  | — |  |  | 41.6 |
Investments in Fixed Maturities |  | $ | 6,299.7 |  |  | $ | 605.5 |  |  | $ | (21.6 | ) |  | $ | 6,883.6 |
Note 3 - Investments (continued) The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2018 were:
|  | Amortized Cost |  | Gross Unrealized |  | Fair Value
(Dollars in Millions) |  | Gains |  | Losses |
U.S. Government and Government Agencies and Authorities |  | $ | 865.9 |  |  | $ | 14.8 |  |  | $ | (15.0 | ) |  | $ | 865.7 |
States and Political Subdivisions |  | 1,553.7 |  |  | 74.0 |  |  | (8.6 | ) |  | 1,619.1 |
Foreign Governments |  | 6.5 |  |  | — |  |  | (0.6 | ) |  | 5.9 |
Corporate Securities: |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,307.8 |  |  | 135.1 |  |  | (49.1 | ) |  | 3,393.8 |
Collateralized Loan Obligations |  | 535.7 |  |  | 1.5 |  |  | (13.2 | ) |  | 524.0 |
Other Mortgage- and Asset-backed |  | 14.9 |  |  | 0.9 |  |  | (0.1 | ) |  | 15.7 |
Investments in Fixed Maturities |  | $ | 6,284.5 |  |  | $ | 226.3 |  |  | $ | (86.6 | ) |  | $ | 6,424.2 |

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