XML 30 R21.htm IDEA: XBRL DOCUMENT v3.23.3
Fixed Maturity Securities In An Unrealized Loss Position
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 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
September 30, 2023
U.S. government and government agency$605,944 $17,390 $592,215 $64,377 $1,198,159 $81,767 
State and municipal645,642 15,255 1,728,892 167,938 2,374,534 183,193 
Mortgage-backed688,848 17,058 1,296,384 217,712 1,985,232 234,770 
Asset-backed1,025,656 8,774 2,584,224 100,251 3,609,880 109,025 
Corporate2,091,830 46,758 4,695,101 362,901 6,786,931 409,659 
Foreign government563,657 15,038 779,455 134,550 1,343,112 149,588 
Fixed maturity securities$5,621,577 $120,273 $11,676,271 $1,047,729 $17,297,848 $1,168,002 
December 31, 2022
U.S. government and government agency$285,391 $10,219 $453,520 $58,939 $738,911 $69,158 
State and municipal1,720,443 89,272 598,797 79,320 2,319,240 168,592 
Mortgage-backed1,099,549 75,430 473,318 115,528 1,572,867 190,958 
Asset-backed1,569,647 48,390 2,176,638 103,932 3,746,285 152,322 
Corporate3,690,856 150,115 2,349,281 256,631 6,040,137 406,746 
Foreign government477,672 29,815 711,786 105,243 1,189,458 135,058 
Fixed maturity securities$8,843,558 $403,241 $6,763,340 $719,593 $15,606,898 $1,122,834 
    Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates. 
    A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at September 30, 2023 is presented in the table below:
($ in thousands)Number of
Securities		Aggregate
Fair Value		Gross
Unrealized Loss
Foreign government44 $88,668 $91,468 
Corporate26 35,644 3,523 
State and municipal5 22,866 6,374 
Mortgage-backed15 4,328 214 
Asset-backed5 244 107 
Total95 $151,750 $101,686 
    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 (loss).
     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.