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Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturities Securities and Short-Term Investments
The amortized cost and fair value of fixed maturities securities and short-term investments are as follows (in millions):
June 30, 2022
Amortized CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$21.2 $— $(0.4)$20.8 
States and other territories5.8 — (0.4)5.4 
Municipal securities3.1 — — 3.1 
Corporate securities43.6 — (1.8)41.8 
Foreign securities0.9 — — 0.9 
Residential mortgage-backed securities15.6 — (1.1)14.5 
Commercial mortgage-backed securities6.5 — (0.6)5.9 
Asset backed securities10.6 — (0.4)10.2 
Total fixed maturities available-for-sale107.3 — (4.7)102.6 
Short-term investments:
U.S. government and agencies352.0 — (0.3)351.7 
Total$459.3 $— $(5.0)$454.3 
December 31, 2021
Amortized CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$9.3 $— $— $9.3 
States and other territories5.8 — (0.1)5.7 
Corporate securities17.3 — (0.2)17.1 
Foreign securities0.9 — — 0.9 
Residential mortgage-backed securities10.8 — (0.2)10.6 
Commercial mortgage-backed securities4.8 — (0.1)4.7 
Asset backed securities6.7 — (0.1)6.6 
Total fixed maturities available-for-sale$55.6 $— $(0.7)$54.9 
Short-term investments:
U.S. government and agencies9.1 — — 9.1 
Total$64.7 $— $(0.7)$64.0 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the gross unrealized losses and related fair values for the Company’s investments in available-for-sale debt securities, grouped by duration of time in a continuous unrealized loss position as of June 30, 2022, and December 31, 2021 (in millions):


June 30, 2022
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Fixed maturities available-for-sale:
U.S. government and agencies$19.1 $(0.3)$1.8 $(0.1)$20.9 $(0.4)
States and other territories1.5 (0.1)3.8 (0.3)5.3 (0.4)
Corporate securities32.9 (1.1)8.9 (0.7)41.8 (1.8)
Residential mortgage-backed securities8.1 (0.3)6.4 (0.8)14.5 (1.1)
Commercial mortgage-backed securities2.3 (0.1)3.7 (0.5)6.0 (0.6)
Asset backed securities7.4 (0.2)2.8 (0.2)10.2 (0.4)
Short-term investments:
U.S. government and agencies349.5 (0.3)— — 349.5 (0.3)
Total $420.8 $(2.4)$27.4 $(2.6)$448.2 $(5.0)

December 31, 2021
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
States and other territories5.2 (0.1)— — 5.2 (0.1)
Corporate securities15.9 (0.2)— — 15.9 (0.2)
Residential mortgage-backed securities10.5 (0.2)— — 10.5 (0.2)
Commercial mortgage-backed securities4.7 (0.1)— — 4.7 (0.1)
Asset backed securities5.4 (0.1)— — 5.4 (0.1)
Total $41.7 $(0.7)$— $— $41.7 $(0.7)
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions):
June 30, 2022
Amortized CostFair Value
Due to mature:
One year or less$9.7 $9.6 
After one year through five years61.7 59.6 
After five years3.2 2.8 
Residential mortgage-backed securities15.6 14.5 
Commercial mortgage-backed securities6.5 5.9 
Asset backed securities10.6 10.2 
Total fixed maturities available-for-sale$107.3 $102.6 
Investment Income The Company’s net investment income is comprised of the following (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Interest on cash and cash equivalents$0.2 $— $0.2 $— 
Fixed maturities income0.2 0.1 0.5 0.2 
Short-term investment income0.7 — 0.9 — 
Total gross investment income1.1 0.1 1.6 0.2 
Investment expenses— — (0.1)— 
Net investment income$1.1 $0.1 $1.5 $0.2