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Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

The following tables present cost or amortized cost and fair values of investments at December 31, 2021 and 2020, respectively ($ in millions):


	Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
December 31, 2021
Corporate debt securities	$	593.4	$	—	$	(4.7)	$	588.7
U.S. Government obligations	102.2		0.1		(0.8)		101.5
Municipal securities	1.2		—		—		1.2
Total	$	696.8	$	0.1	$	(5.5)	$	691.4

December 31, 2020
Corporate debt securities	$	—	$	—	$	—	$	—
U.S. Government obligations	6.4		0.2		—		6.6
Municipal securities	—		—		—		—
Total	$	6.4	$	0.2	$	—	$	6.6

Contractual maturities of bonds

The following table presents the cost or amortized cost and estimated fair value of bonds as of December 31, 2021 by contractual maturity ($ in millions). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2021
	Cost or Amortized Cost		Fair Value
Due in one year or less	$	69.2	$	69.2
Due after one year through five years	627.6		622.2
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	696.8	$	691.4

Aging of gross unrealized losses

The following tables present the gross unrealized losses and related fair values for the Company's available-for-sale bond securities, grouped by duration of time in a continuous unrealized loss position, as of December 31, 2021 and 2020 ($ in millions):


	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2021
Corporate debt securities	$	581.9	$	(4.7)	$	—	$	—	$	581.9	$	(4.7)
U.S. Government obligations	95.0		(0.8)		0.5		—		95.5		(0.8)
Municipal securities	1.2		—		—		—		1.2		—
Total	$	678.1	$	(5.5)	$	0.5	$	—	$	678.6	$	(5.5)

December 31, 2020
Corporate debt securities	$	—	$	—	$	—	$	—	$	—	$	—
U.S. Government obligations	—		—		—		—		—		—
Municipal securities	—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—

Special deposits

The carrying value of bonds deposited with each respective state is as follows ($ in millions):


	December 31,
U.S. State	2021		2020
New York	$	2.8	$	2.8
Washington	1.2		1.2
Colorado	1.1		1.1
Nevada	0.4		0.2
North Carolina	0.3		0.3
New Mexico	0.3		0.3
Virginia	0.3		0.3
Florida	0.2		0.2
Arkansas	0.1		—
Massachusetts	0.1		0.1
Total	$	6.8	$	6.5

Net investment income

An analysis of net investment income follows ($ in millions):


	December 31,
	2021		2020		2019
Interest on cash and cash equivalents	$	0.4	$	1.0	$	2.8
Fixed maturities	1.5		0.1		0.1
Short-term investments	0.1		0.4		0.5
Total	2.0		1.5		3.4
Investment expense	0.1		0.0		0.0
Net investment income	$	1.9	$	1.5	$	3.4