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Investments (Tables)
 6 Months Ended
Jun. 30, 2020
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 June 30, 2020 by contractual maturity were:
(Dollars in Millions)
 
Amortized Cost
 
Fair Value
Due in One Year or Less
 
$
118.4

 
$
119.3

Due after One Year to Five Years
 
1,026.6

 
1,068.8

Due after Five Years to Ten Years
 
1,575.5

 
1,751.1

Due after Ten Years
 
2,549.2

 
3,072.4

Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date
 
1,465.6

 
1,468.8

Investments in Fixed Maturities
 
$
6,735.3

 
$
7,480.4
Schedule of Unrealized Loss on Investments
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 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
 
$
118.5

 
$
(1.3
)
 
$
5.1

 
$
—

 
$
123.6

 
$
(1.3
)
States and Political Subdivisions
 
63.0

 
(0.7
)
 
5.4

 
(0.4
)
 
68.4

 
(1.1
)
Foreign Governments
 
1.0

 
(0.3
)
 
3.1

 
(1.3
)
 
4.1

 
(1.6
)
Corporate Securities:
 
 
 
 
 
 
 
 
 
 
 
 
Bonds and Notes
 
160.0

 
(2.1
)
 
70.7

 
(5.0
)
 
230.7

 
(7.1
)
Redeemable Preferred Stocks
 
5.5

 
(0.1
)
 
—

 
—

 
5.5

 
(0.1
)
Collateralized Loan Obligations
 
95.5

 
(1.9
)
 
355.6

 
(6.6
)
 
451.1

 
(8.5
)
Other Mortgage- and Asset-backed
 
72.8

 
(1.1
)
 
—

 
—

 
72.8

 
(1.1
)
Total Fixed Maturities
 
$
516.3

 
$
(7.5
)
 
$
439.9

 
$
(13.3
)
 
$
956.2

 
$
(20.8
)

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at June 30, 2020 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
 
$
0.5

 
$
—

 
$
—

 
$
—

 
$
0.5

 
$
—

States and Political Subdivisions
 
28.4

 
(1.7
)
 
—

 
—

 
28.4

 
(1.7
)
Foreign Governments
 
2.3

 
(0.1
)
 
2.4

 
(1.1
)
 
4.7

 
(1.2
)
Corporate Securities:
 
 
 
 
 
 
 
 
 
 
 
 
Bonds and Notes
 
330.6

 
(19.2
)
 
39.3

 
(3.8
)
 
369.9

 
(23.0
)
Redeemable Preferred Stocks
 
5.4

 
(0.1
)
 
—

 
—

 
5.4

 
(0.1
)
Collateralized Loan Obligations
 
261.8

 
(19.6
)
 
366.8

 
(29.9
)
 
628.6

 
(49.5
)
Other Mortgage- and Asset-backed
 
74.1

 
(1.3
)
 
—

 
—

 
74.1

 
(1.3
)
Total Fixed Maturities
 
$
703.1

 
$
(42.0
)
 
$
408.5

 
$
(34.8
)
 
$
1,111.6

 
$
(76.8
)
Allowance for Credit Losses
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for six months ended June 30, 2020.
 
 
Foreign Governments
 
Corporate Bonds and Notes
 
Total
(Dollars in Millions)
Allowance for Credit Losses at Beginning of the Year
 
$
—

 
$
—

 
$
—

Impact of Adopting ASU 2016-13
 
—

 
—

 
—

Additions for Securities for which No Previous Expected Credit Losses were
   Recognized
 
0.6

 
4.8

 
5.4

Allowance for Credit Losses at End of Period
 
$
0.6

 
$
4.8

 
$
5.4


Note 2 - Investments (continued)
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the three months ended June 30, 2020.
 
 
Foreign Governments
 
Corporate Bonds and Notes
 
Total
(Dollars in Millions)
Allowance for Credit Losses at Beginning of the Period
 
$
1.1

 
$
3.5

 
$
4.6

Additions for Securities for which No Previous Expected Credit Losses were
   Recognized
 
0.1

 
2.2

 
2.3

Net Decreases in Allowance on Previously Impaired Securities
 
(0.6
)
 
(0.9
)
 
(1.5
)
Allowance for Credit Losses at End of Period
 
$
0.6

 
$
4.8

 
$
5.4
Schedule of Other Investments
The carrying values of the Company’s Other Investments at June 30, 2020 and December 31, 2019 were:
(Dollars in Millions)
 
Jun 30,
2020
 
Dec 31,
2019
Company-Owned Life Insurance
 
$
322.6

 
$
217.0

Loans to Policyholders at Unpaid Principal
 
301.0

 
305.6

Real Estate at Depreciated Cost
 
101.8

 
111.4

Mortgage Loans and Other
 
32.1

 
27.5

Total
 
$
757.5

 
$
661.5
Investment Income
Net Investment Income for the six and three months ended June 30, 2020 and 2019 was:
 
 
Six Months Ended
 
Three Months Ended
(Dollars in Millions)
 
Jun 30,
2020
 
Jun 30,
2019
 
Jun 30,
2020
 
Jun 30,
2019
Investment Income:
 
 
 
 
 
 
 
 
Interest on Fixed Income Securities
 
$
145.3

 
$
152.0

 
$
74.3

 
$
75.6

Dividends on Equity Securities Excluding Alternative Investments
 
7.9

 
9.4

 
3.6

 
6.9

Alternative Investments:
 
 
 
 
 
 
 
 
Equity Method Limited Liability Investments
 
(10.9
)
 
(1.0
)
 
(12.7
)
 
2.6

Limited Liability Investments Included in Equity Securities
 
4.9

 
7.7

 
1.1

 
5.1

Total Alternative Investments
 
(6.0
)
 
6.7

 
(11.6
)
 
7.7

Short-term Investments
 
1.9

 
4.4

 
0.3

 
2.6

Loans to Policyholders
 
11.1

 
11.0

 
5.5

 
5.7

Real Estate
 
4.8

 
4.7

 
2.3

 
2.2

Other
 
6.6

 
0.3

 
2.4

 
0.3

Total Investment Income
 
171.6

 
188.5

 
76.8

 
101.0

Investment Expenses:
 
 
 
 
 
 
 
 
Real Estate
 
5.3

 
4.7

 
2.7

 
2.3

Other Investment Expenses
 
12.9

 
5.1

 
6.3

 
2.7

Total Investment Expenses
 
18.2

 
9.8

 
9.0

 
5.0

Net Investment Income
 
$
153.4

 
$
178.7

 
$
67.8

 
$
96.0
Schedule of Realized Gain (Loss)
Gross gains and losses on sales of investments in fixed maturities for the six and three months ended June 30, 2020 and 2019 were:
 
 
Six Months Ended
 
Three Months Ended
(Dollars in Millions)
 
Jun 30,
2020
 
Jun 30,
2019
 
Jun 30,
2020
 
Jun 30,
2019
Fixed Maturities:
 
 
 
 
 
 
 
 
Gains on Sales
 
$
26.8

 
$
37.8

 
$
10.9

 
$
22.7

Losses on Sales
 
(1.6
)
 
(4.5
)
 
(0.5
)
 
(1.9
)
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 June 30, 2020 were:
 
 
Amortized
Cost
 
Gross Unrealized
 
Allowance for Expected Credit Losses
 
Fair Value
(Dollars in Millions)
 
Gains
 
Losses
U.S. Government and Government Agencies and Authorities
 
$
648.2

 
$
63.4

 
$
—

 
$
—

 
$
711.6

States and Political Subdivisions
 
1,336.4

 
173.4

 
(1.7
)
 
—

 
1,508.1

Foreign Governments
 
6.8

 
—

 
(1.2
)
 
(0.6
)
 
5.0

Corporate Securities:
 
 
 
 
 
 
 
 
 

Bonds and Notes
 
3,778.5

 
573.6

 
(23.0
)
 
(4.8
)
 
4,324.3

Redeemable Preferred Stocks
 
6.7

 
0.1

 
(0.1
)
 
—

 
6.7

Collateralized Loan Obligations
 
759.4

 
1.2

 
(49.5
)
 
—

 
711.1

Other Mortgage- and Asset-backed
 
199.3

 
15.6

 
(1.3
)
 
—

 
213.6

Investments in Fixed Maturities
 
$
6,735.3

 
$
827.3

 
$
(76.8
)
 
$
(5.4
)
 
$
7,480.4

The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2019 were:
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair Value
(Dollars in Millions)
 
Gains
 
Losses
 
U.S. Government and Government Agencies and Authorities
 
$
784.7

 
$
32.5

 
$
(1.3
)
 
$
815.9

States and Political Subdivisions
 
1,386.4

 
130.5

 
(1.1
)
 
1,515.8

Foreign Governments
 
17.2

 
1.2

 
(1.6
)
 
16.8

Corporate Securities:
 
 
 
 
 
 
 
 
Bonds and Notes
 
3,465.0

 
401.8

 
(7.1
)
 
3,859.7

Redeemable Preferred Stocks
 
6.8

 
—

 
(0.1
)
 
6.7

Collateralized Loan Obligations
 
624.6

 
2.1

 
(8.5
)
 
618.2

Other Mortgage- and Asset-backed
 
88.0

 
2.1

 
(1.1
)
 
89.0

Investments in Fixed Maturities
 
$
6,372.7

 
$
570.2

 
$
(20.8
)
 
$
6,922.1