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v3.21.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021 by contractual maturity were:
(Dollars in Millions) |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 81.4 |  |  | $ | 84.6 |
Due after One Year to Five Years |  | 1,049.7 |  |  | 1,111.0 |
Due after Five Years to Ten Years |  | 1,570.2 |  |  | 1,691.0 |
Due after Ten Years |  | 2,878.0 |  |  | 3,219.5 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,350.3 |  |  | 1,373.3 |
Investments in Fixed Maturities |  | $ | 6,929.6 |  |  | $ | 7,479.4 |
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at March 31, 2021 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 |  | $ | 21.0 |  |  | $ | (1.3) |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 21.1 |  |  | $ | (1.3) |
States and Political Subdivisions |  | 335.7 |  |  | (11.6) |  |  | 0.7 |  |  | — |  |  | 336.4 |  |  | (11.6) |
Foreign Governments |  | 0.2 |  |  | (0.1) |  |  | 2.2 |  |  | (1.1) |  |  | 2.4 |  |  | (1.2) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 559.1 |  |  | (25.8) |  |  | 59.6 |  |  | (4.6) |  |  | 618.7 |  |  | (30.4) |
Redeemable Preferred Stocks |  | 5.4 |  |  | (0.1) |  |  | — |  |  | — |  |  | 5.4 |  |  | (0.1) |
Collateralized Loan Obligations |  | 42.1 |  |  | (0.2) |  |  | 320.8 |  |  | (10.3) |  |  | 362.9 |  |  | (10.5) |
Other Mortgage- and Asset-backed |  | 17.3 |  |  | (0.1) |  |  | 0.1 |  |  | — |  |  | 17.4 |  |  | (0.1) |
Total Fixed Maturities |  | $ | 980.8 |  |  | $ | (39.2) |  |  | $ | 383.5 |  |  | $ | (16.0) |  |  | $ | 1,364.3 |  |  | $ | (55.2) |
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 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 |  | $ | 10.5 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | — |  |  | $ | 10.5 |  |  | $ | (0.1) |
States and Political Subdivisions |  | 23.3 |  |  | (0.2) |  |  | — |  |  | — |  |  | 23.3 |  |  | (0.2) |
Foreign Governments |  | 0.5 |  |  | (0.1) |  |  | 2.6 |  |  | (1.0) |  |  | 3.1 |  |  | (1.1) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 132.9 |  |  | (7.5) |  |  | 46.1 |  |  | (3.1) |  |  | 179.0 |  |  | (10.6) |
Collateralized Loan Obligations |  | 145.2 |  |  | (3.8) |  |  | 371.4 |  |  | (15.9) |  |  | 516.6 |  |  | (19.7) |
Other Mortgage- and Asset-backed |  | 6.3 |  |  | — |  |  | — |  |  | — |  |  | 6.3 |  |  | — |
Total Fixed Maturities |  | $ | 318.7 |  |  | $ | (11.7) |  |  | $ | 420.1 |  |  | $ | (20.0) |  |  | $ | 738.8 |  |  | $ | (31.7) |
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 three months ended March 31, 2021.
|  |  |  | Foreign Governments |  | Corporate Bonds and Notes |  |  |  | Total
(Dollars in Millions)
Beginning of the Period |  |  |  | $ | 0.3 |  |  | $ | 3.0 |  |  |  |  | $ | 3.3 |
Additions for Securities for which No Previous Expected Credit Losses were Recognized |  |  |  | — |  |  | 1.3 |  |  |  |  | 1.3 |
Reduction Due to Sales |  |  |  | — |  |  | (0.3) |  |  |  |  | (0.3) |
Net Increase (Decrease) in Allowance on Previously Impaired Securities |  |  |  | 0.2 |  |  | 0.3 |  |  |  |  | 0.5 |
Write-offs Charged Against Allowance |  |  |  | (0.2) |  |  | — |  |  |  |  | (0.2) |
End of the Period |  |  |  | $ | 0.3 |  |  | $ | 4.3 |  |  |  |  | $ | 4.6 |
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 March 31, 2020.
|  |  |  | Foreign Governments |  | Corporate Bonds and Notes |  |  |  | Total
(Dollars in Millions)
Beginning of the Year |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
Additions for Securities for which No Previous Expected Credit Losses were Recognized |  |  |  | 1.1 |  |  | 3.5 |  |  |  |  | 4.6 |
Reduction Due to Sales |  |  |  | — |  |  | — |  |  |  |  | — |
Net Increase (Decrease) in Allowance on Previously Impaired Securities |  |  |  | — |  |  | — |  |  |  |  | — |
Write-offs Charged Against Allowance |  |  |  | — |  |  | — |  |  |  |  | — |
End of the Period |  |  |  | $ | 1.1 |  |  | $ | 3.5 |  |  |  |  | $ | 4.6 |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at March 31, 2021 and December 31, 2020 were:
(Dollars in Millions) |  | Mar 31, 2021 |  | Dec 31, 2020
Company-owned Life Insurance |  | $ | 429.5 |  |  | $ | 327.4 |
Loans to Policyholders at Unpaid Principal |  | 295.1 |  |  | 297.9 |
Real Estate at Depreciated Cost |  | 98.0 |  |  | 98.7 |
Mortgage Loans and Other |  | 74.2 |  |  | 55.0 |
Total |  | $ | 896.8 |  |  | $ | 779.0 |
Investment Income | Net Investment Income for the three months ended March 31, 2021 and 2020 was:
|  | Three Months Ended |  |
(Dollars in Millions) |  | Mar 31, 2021 |  | Mar 31, 2020 |  |  |  |
Investment Income (Loss): |  |  |  |  |  |  |  |
Interest on Fixed Income Securities |  | $ | 69.0 |  |  | $ | 71.0 |  |  |  |  |
Dividends on Equity Securities Excluding Alternative Investments |  | 2.1 |  |  | 4.3 |  |  |  |  |
Alternative Investments: |  |  |  |  |  |  |  |
Equity Method Limited Liability Investments |  | 22.5 |  |  | 1.8 |  |  |  |  |
Limited Liability Investments Included in Equity Securities |  | 4.5 |  |  | 3.8 |  |  |  |  |
Total Alternative Investments |  | 27.0 |  |  | 5.6 |  |  |  |  |
Short-term Investments |  | 1.2 |  |  | 1.6 |  |  |  |  |
Loans to Policyholders |  | 5.5 |  |  | 5.6 |  |  |  |  |
Real Estate |  | 2.4 |  |  | 2.5 |  |  |  |  |
Other |  | 4.7 |  |  | 4.2 |  |  |  |  |
Total Investment Income |  | 111.9 |  |  | 94.8 |  |  |  |  |
Investment Expenses: |  |  |  |  |  |  |  |
Real Estate |  | 2.1 |  |  | 2.6 |  |  |  |  |
Other Investment Expenses |  | 6.7 |  |  | 6.6 |  |  |  |  |
Total Investment Expenses |  | 8.8 |  |  | 9.2 |  |  |  |  |
Net Investment Income |  | $ | 103.1 |  |  | $ | 85.6 |  |  |  |  |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the three months ended March 31, 2021 and 2020 were:
|  | Three Months Ended |  |
(Dollars in Millions) |  | Mar 31, 2021 |  | Mar 31, 2020 |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |  |
Gains on Sales |  | $ | 13.2 |  |  | $ | 15.9 |  |  |  |  |
Losses on Sales |  | (1.1) |  |  | (1.1) |  |  |  |  |
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 March 31, 2021 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 |  | $ | 498.0 |  |  | $ | 35.7 |  |  | $ | (1.3) |  |  | $ | — |  |  | $ | 532.4 |
States and Political Subdivisions |  | 1,538.6 |  |  | 140.9 |  |  | (11.6) |  |  | — |  |  | 1,667.9 |
Foreign Governments |  | 6.3 |  |  | — |  |  | (1.2) |  |  | (0.3) |  |  | 4.8 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,886.3 |  |  | 419.2 |  |  | (30.4) |  |  | (4.3) |  |  | 4,270.8 |
Redeemable Preferred Stocks |  | 7.0 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | 7.0 |
Collateralized Loan Obligations |  | 791.0 |  |  | 2.4 |  |  | (10.5) |  |  | — |  |  | 782.9 |
Other Mortgage- and Asset-backed |  | 202.4 |  |  | 11.3 |  |  | (0.1) |  |  | — |  |  | 213.6 |
Investments in Fixed Maturities |  | $ | 6,929.6 |  |  | $ | 609.6 |  |  | $ | (55.2) |  |  | $ | (4.6) |  |  | $ | 7,479.4 |
Note 5 - Investments (continued) The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 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 |  | $ | 536.5 |  |  | $ | 48.9 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 585.3 |
States and Political Subdivisions |  | 1,404.3 |  |  | 185.4 |  |  | (0.2) |  |  | — |  |  | 1,589.5 |
Foreign Governments |  | 6.6 |  |  | — |  |  | (1.1) |  |  | (0.3) |  |  | 5.2 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,749.5 |  |  | 689.5 |  |  | (10.6) |  |  | (3.0) |  |  | 4,425.4 |
Redeemable Preferred Stocks |  | 7.0 |  |  | 0.5 |  |  | — |  |  | — |  |  | 7.5 |
Collateralized Loan Obligations |  | 785.1 |  |  | 2.3 |  |  | (19.7) |  |  | — |  |  | 767.7 |
Other Mortgage- and Asset-backed |  | 203.7 |  |  | 21.6 |  |  | — |  |  | — |  |  | 225.3 |
Investments in Fixed Maturities |  | $ | 6,692.7 |  |  | $ | 948.2 |  |  | $ | (31.7) |  |  | $ | (3.3) |  |  | $ | 7,605.9 |

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