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Investments (Tables) | 6 Months Ended
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Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fixed Maturity and Equity Securities Available-for-Sale | The following tables provide information relating to investments in fixed maturity securities (in millions):
June 30, 2019 |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. Government and government agencies |  | $ | 17.5 |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 18.5 |
States, municipalities and political subdivisions |  | 411.4 |  |  | 31.1 |  |  | — |  |  | 442.5 |
Residential mortgage-backed securities |  | 75.9 |  |  | 4.8 |  |  | (0.6 | ) |  | 80.1 |
Commercial mortgage-backed securities |  | 104.0 |  |  | 2.4 |  |  | — |  |  | 106.4 |
Asset-backed securities |  | 537.2 |  |  | 1.6 |  |  | (12.6 | ) |  | 526.2 |
Corporate and other |  | 2,491.5 |  |  | 177.0 |  |  | (29.6 | ) |  | 2,638.9 |
Total fixed maturity securities |  | $ | 3,637.5 |  |  | $ | 217.9 |  |  | $ | (42.8 | ) |  | $ | 3,812.6 |
December 31, 2018 |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. Government and government agencies |  | $ | 24.7 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 25.4 |
States, municipalities and political subdivisions |  | 413.7 |  |  | 9.6 |  |  | (1.4 | ) |  | 421.9 |
Residential mortgage-backed securities |  | 92.6 |  |  | 3.1 |  |  | (1.3 | ) |  | 94.4 |
Commercial mortgage-backed securities |  | 94.7 |  |  | 0.3 |  |  | (1.1 | ) |  | 93.9 |
Asset-backed securities |  | 540.8 |  |  | 0.8 |  |  | (30.1 | ) |  | 511.5 |
Corporate and other |  | 2,311.0 |  |  | 17.0 |  |  | (83.5 | ) |  | 2,244.5 |
Total fixed maturity securities |  | $ | 3,477.5 |  |  | $ | 31.5 |  |  | $ | (117.4 | ) |  | $ | 3,391.6 |
Schedule of Maturities of Fixed Maturity Securities Available-for-Sale | The amortized cost and fair value of fixed maturity securities available-for-sale as of June 30, 2019 are shown by contractual maturity in the table below (in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date:
|  | Amortized Cost |  | Fair Value
Corporate, Municipal, U.S. Government and Other securities |  |  |  |
Due in one year or less |  | $ | 28.9 |  |  | $ | 29.6 |
Due after one year through five years |  | 233.6 |  |  | 238.8 |
Due after five years through ten years |  | 337.8 |  |  | 354.5 |
Due after ten years |  | 2,320.1 |  |  | 2,477.0 |
Subtotal |  | 2,920.4 |  |  | 3,099.9 |
Mortgage-backed securities |  | 179.9 |  |  | 186.5 |
Asset-backed securities |  | 537.2 |  |  | 526.2 |
Total |  | $ | 3,637.5 |  |  | $ | 3,812.6 |
Schedule of Major Industry Types of Fixed Maturity Holdings | The tables below show the major industry types of the Company’s corporate and other fixed maturity securities (in millions):
|  | June 30, 2019 |  | December 31, 2018
|  | Amortized Cost |  | Fair Value |  | % of Total |  | Amortized Cost |  | Fair Value |  | % of Total
Finance, insurance, and real estate |  | $ | 550.1 |  |  | $ | 569.3 |  |  | 21.6 | % |  | $ | 469.0 |  |  | $ | 452.9 |  |  | 20.2 | %
Transportation, communication and other services |  | 768.7 |  |  | 808.4 |  |  | 30.6 | % |  | 758.6 |  |  | 734.0 |  |  | 32.7 | %
Manufacturing |  | 731.0 |  |  | 788.2 |  |  | 29.9 | % |  | 712.7 |  |  | 693.5 |  |  | 30.9 | %
Other |  | 441.7 |  |  | 473.0 |  |  | 17.9 | % |  | 370.7 |  |  | 364.1 |  |  | 16.2 | %
Total |  | $ | 2,491.5 |  |  | $ | 2,638.9 |  |  | 100.0 | % |  | $ | 2,311.0 |  |  | $ | 2,244.5 |  |  | 100.0 | %
Schedule of Unrealized Losses for Fixed Maturities and Equity Securities | The following table presents the total unrealized losses for the 159 and 749 fixed maturity securities held by the Company as of June 30, 2019 and December 31, 2018, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (in millions):
|  | June 30, 2019 |  | December 31, 2018
|  | Unrealized Losses |  | % of Total |  | Unrealized Losses |  | % of Total
Less than 20% |  | $ | (42.5 | ) |  | 99.3 | % |  | $ | (116.0 | ) |  | 98.8 | %
20% or more for less than six months |  | (0.3 | ) |  | 0.7 | % |  | (0.8 | ) |  | 0.7 | %
20% or more for six months or greater |  | — |  |  | — | % |  | (0.6 | ) |  | 0.5 | %
Total |  | $ | (42.8 | ) |  | 100.0 | % |  | $ | (117.4 | ) |  | 100.0 | %
Schedule of Estimated Fair Value and Gross Unrealized Loss | The following tables present the estimated fair values and gross unrealized losses for the 159 and 749 fixed maturity securities held by the Company that have estimated fair values below amortized cost as of each of June 30, 2019 and December 31, 2018, respectively. The Company does not have any OTTI losses reported in AOCI. These investments are presented by investment category and the length of time the related fair value has remained below amortized cost (in millions):
June 30, 2019 |  | Less than 12 months |  | 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Government and government agencies |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |
States, municipalities and political subdivisions |  | 5.7 |  |  | — |  |  | — |  |  | — |  |  | 5.7 |  |  | — |
Residential mortgage-backed securities |  | 11.6 |  |  | (0.5 | ) |  | 2.6 |  |  | (0.1 | ) |  | 14.2 |  |  | (0.6 | )
Commercial mortgage-backed securities |  | 0.9 |  |  | — |  |  | — |  |  | — |  |  | 0.9 |  |  | — |
Asset-backed securities |  | 362.3 |  |  | (7.6 | ) |  | 61.0 |  |  | (5.0 | ) |  | 423.3 |  |  | (12.6 | )
Corporate and other |  | 275.7 |  |  | (25.8 | ) |  | 39.6 |  |  | (3.8 | ) |  | 315.3 |  |  | (29.6 | )
Total fixed maturity securities |  | $ | 656.3 |  |  | $ | (33.9 | ) |  | $ | 103.2 |  |  | $ | (8.9 | ) |  | $ | 759.5 |  |  | $ | (42.8 | )
December 31, 2018 |  | Less than 12 months |  | 12 months of greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Government and government agencies |  | $ | 5.0 |  |  | $ | — |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | 8.3 |  |  | $ | — |
States, municipalities and political subdivisions |  | 117.2 |  |  | (1.3 | ) |  | 1.9 |  |  | (0.1 | ) |  | 119.1 |  |  | (1.4 | )
Residential mortgage-backed securities |  | 22.4 |  |  | (1.2 | ) |  | 5.7 |  |  | (0.1 | ) |  | 28.1 |  |  | (1.3 | )
Commercial mortgage-backed securities |  | 57.8 |  |  | (1.1 | ) |  | — |  |  | — |  |  | 57.8 |  |  | (1.1 | )
Asset-backed securities |  | 466.0 |  |  | (29.6 | ) |  | 5.9 |  |  | (0.5 | ) |  | 471.9 |  |  | (30.1 | )
Corporate and other |  | 1,418.2 |  |  | (71.9 | ) |  | 254.6 |  |  | (11.6 | ) |  | 1,672.8 |  |  | (83.5 | )
Total fixed maturity securities |  | $ | 2,086.6 |  |  | $ | (105.1 | ) |  | $ | 271.4 |  |  | $ | (12.3 | ) |  | $ | 2,358.0 |  |  | $ | (117.4 | )
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following tables provide information relating to investments in equity securities measured at fair value (in millions):
|  | June 30, 2019 |  | December 31, 2018
Common stocks |  | $ | 22.8 |  |  | $ | 15.0 |
Perpetual preferred stocks |  | 120.4 |  |  | 185.5 |
Total equity securities |  | $ | 143.2 |  |  | $ | 200.5 |
Schedule of Other Invested Assets | Carrying values of other invested assets were as follows (in millions):
|  | June 30, 2019 |  | December 31, 2018
|  | Measurement Alternative |  | Equity Method |  | Measurement Alternative |  | Equity Method
Common Equity |  | $ | — |  |  | $ | 2.3 |  |  | $ | — |  |  | $ | 2.1 |
Preferred Equity |  | — |  |  | 8.0 |  |  | 1.6 |  |  | 9.6 |
Other |  | — |  |  | 60.8 |  |  | — |  |  | 59.2 |
Total |  | $ | — |  |  | $ | 71.1 |  |  | $ | 1.6 |  |  | $ | 70.9 |
Net Investment Income | The major sources of net investment income were as follows (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Fixed maturity securities, available-for-sale at fair value |  | $ | 43.7 |  |  | $ | 16.2 |  |  | $ | 87.3 |  |  | $ | 31.9 |
Equity securities |  | 2.1 |  |  | 0.7 |  |  | 4.6 |  |  | 1.3 |
Mortgage loans |  | 3.1 |  |  | 1.6 |  |  | 6.8 |  |  | 2.8 |
Policy loans |  | 0.2 |  |  | 0.3 |  |  | 0.6 |  |  | 0.6 |
Other invested assets |  | 1.4 |  |  | 0.6 |  |  | 2.6 |  |  | 0.6 |
Gross investment income |  | 50.5 |  |  | 19.4 |  |  | 101.9 |  |  | 37.2 |
External investment expense |  | (0.2 | ) |  | — |  |  | (0.5 | ) |  | (0.1 | )
Net investment income |  | $ | 50.3 |  |  | $ | 19.4 |  |  | $ | 101.4 |  |  | $ | 37.1 |
Net Realized Gain (Loss) on Investments | The major sources of net realized and unrealized gains and losses on investments were as follows (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Realized gains on fixed maturity securities |  | $ | 4.2 |  |  | $ | 2.4 |  |  | $ | 5.1 |  |  | $ | 3.7 |
Realized losses on fixed maturity securities |  | (3.3 | ) |  | (0.6 | ) |  | (5.1 | ) |  | (1.3 | )
Realized gains on equity securities |  | 0.3 |  |  | — |  |  | 0.4 |  |  | — |
Realized losses on equity securities |  | (0.2 | ) |  | — |  |  | (1.1 | ) |  | — |
Net unrealized gains (losses) on equity securities |  | (1.6 | ) |  | 0.5 |  |  | 5.8 |  |  | (0.2 | )
Net unrealized gains (losses) on derivative instruments |  | (0.9 | ) |  | 0.2 |  |  | (1.1 | ) |  | 0.8 |
Net realized and unrealized gains (losses) |  | $ | (1.5 | ) |  | $ | 2.5 |  |  | $ | 4.0 |  |  | $ | 3.0 |

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