Fixed Maturity Securities In An Unrealized Loss Position

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities In An Unrealized Loss Position

Fixed Maturity Securities in an Unrealized Loss Position

The following tables summarize all fixed maturity securities in an unrealized loss position at March 31, 2019 and December 31, 2018 by the length of time those securities have been continuously in an unrealized loss position:

	Less Than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2019
U.S. government and government agency	$	97,181	$	94	$	113,805	$	2,840	$	210,986	$	2,934
State and municipal	70,022		994		658,166		7,110		728,188		8,104
Mortgage-backed securities	36,125		221		734,163		14,310		770,288		14,531
Asset-backed securities	1,250,397		21,848		598,253		11,832		1,848,650		33,680
Corporate	223,109		3,366		1,293,393		24,608		1,516,502		27,974
Foreign government	192,715		22,558		70,745		1,374		263,460		23,932
Fixed maturity securities	$	1,869,549	$	49,081	$	3,468,525	$	62,074	$	5,338,074	$	111,155
December 31, 2018
U.S. government and government agency	$	195,359	$	933	$	130,815	$	3,977	$	326,174	$	4,910
State and municipal	701,700		6,874		744,905		17,738		1,446,605		24,612
Mortgage-backed securities	334,063		2,911		712,595		21,022		1,046,658		23,933
Asset-backed securities	1,687,665		28,965		342,855		4,722		2,030,520		33,687
Corporate	1,730,513		54,181		954,763		49,129		2,685,276		103,310
Foreign government	246,273		24,197		80,004		914		326,277		25,111
Fixed maturity securities	$	4,895,573	$	118,061	$	2,965,937	$	97,502	$	7,861,510	$	215,563

A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2019 is presented in the table below:

($ in thousands)	Number of Securities	Aggregate Fair Value		Gross Unrealized Loss
Foreign government	16	$	140,425	$	22,639
Corporate	15	83,256		5,137
Asset-backed securities	8	14,098		1,494
Mortgage-backed securities	4	7,656		137
Total	43	$	245,435	$	29,407

For OTTI of fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income.

     The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be OTTI.