XML 31 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Fixed Maturity Securities In An Unrealized Loss Position
 3 Months Ended
Mar. 31, 2021
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, 2021 and December 31, 2020 by the length of time those securities have been continuously in an unrealized loss position:
  Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair
Value		Gross
Unrealized Losses		Fair
Value		Gross
Unrealized Losses		Fair
Value		Gross
Unrealized Losses
March 31, 2021
U.S. government and government agency$57,625 $913 $462 $2 $58,087 $915 
State and municipal288,083 4,949 20,219 1,232 308,302 6,181 
Mortgage-backed securities322,410 11,927 30,537 374 352,947 12,301 
Asset-backed securities1,803,588 4,917 652,450 13,243 2,456,038 18,160 
Corporate1,414,453 15,904 113,498 3,214 1,527,951 19,118 
Foreign government309,304 9,253 20,374 33,166 329,678 42,419 
Fixed maturity securities$4,195,463 $47,863 $837,540 $51,231 $5,033,003 $99,094 
December 31, 2020
U.S. government and government agency$47,649 $347 $17 $— $47,666 $347 
State and municipal147,754 1,165 20,528 904 168,282 2,069 
Mortgage-backed securities212,388 5,121 23,943 230 236,331 5,351 
Asset-backed securities1,389,133 6,563 656,877 26,934 2,046,010 33,497 
Corporate612,177 6,721 39,985 1,759 652,162 8,480 
Foreign government143,729 22,871 6,218 21,577 149,947 44,448 
Fixed maturity securities$2,552,830 $42,788 $747,568 $51,404 $3,300,398 $94,192 
    Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates. 
    A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2021 is presented in the table below:
($ in thousands)Number of
Securities		Aggregate
Fair Value		Gross
Unrealized Loss
Foreign government19 $79,761 $39,694 
Corporate8 25,066 2,071 
Mortgage-backed securities5 540 24 
Total32 $105,367 $41,789 
    For 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.