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Investments (Tables)
 9 Months Ended
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