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Investments (Tables)
9 Months Ended
Sep. 30, 2016
Investments [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and OTTI
The following tables show the cost or amortized cost, gross unrealized gains and losses, fair value and other-than-temporary impairment (“OTTI”) included within accumulated other comprehensive income of the Company's fixed maturity and equity securities as of the dates indicated: 
 
September 30, 2016
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
OTTI in
AOCI
(a)
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
175,388

 
$
6,130

 
$
(20
)
 
$
181,498

 
$

States, municipalities and political
  subdivisions
477,381

 
43,385

 
(53
)
 
520,713

 

Foreign governments
524,483

 
98,714

 
(46
)
 
623,151

 

Asset-backed
2,782

 
1,203

 
(167
)
 
3,818

 
1,158

Commercial mortgage-backed
40,872

 
576

 
(41
)
 
41,407

 

Residential mortgage-backed
893,167

 
63,020

 
(57
)
 
956,130

 
13,840

U.S. corporate
5,110,983

 
659,093

 
(5,118
)
 
5,764,958

 
16,232

Foreign corporate
1,610,866

 
219,242

 
(2,192
)
 
1,827,916

 
2,125

Total fixed maturity securities
$
8,835,922

 
$
1,091,363

 
$
(7,694
)
 
$
9,919,591

 
$
33,355

Equity securities:
 
 
 
 
 
 
 
 
 
Common stocks
$
12,255

 
$
8,561

 
$
(1
)
 
$
20,815

 
$

Non-redeemable preferred stocks
380,525

 
50,022

 
(745
)
 
429,802

 

Total equity securities
$
392,780

 
$
58,583

 
$
(746
)
 
$
450,617

 
$

 
 
December 31, 2015
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
OTTI in
AOCI
(a)
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
150,681

 
$
3,891

 
$
(537
)
 
$
154,035

 
$

States, municipalities and political
  subdivisions
647,335

 
48,389

 
(94
)
 
695,630

 

Foreign governments
497,785

 
65,188

 
(723
)
 
562,250

 

Asset-backed
3,499

 
1,367

 
(204
)
 
4,662

 
1,285

Commercial mortgage-backed
22,169

 
352

 

 
22,521

 

Residential mortgage-backed
953,247

 
48,676

 
(3,409
)
 
998,514

 
15,343

U.S. corporate
5,429,783

 
513,254

 
(73,344
)
 
5,869,693

 
15,705

Foreign corporate
1,766,296

 
164,295

 
(22,568
)
 
1,908,023

 
2,180

Total fixed maturity securities
$
9,470,795

 
$
845,412

 
$
(100,879
)
 
$
10,215,328

 
$
34,513

Equity securities:
 
 
 
 
 
 
 
 
 
Common stocks
$
13,048

 
$
6,623

 
$
(7
)
 
$
19,664

 
$

Non-redeemable preferred stocks
437,515

 
45,495

 
(2,617
)
 
480,393

 

Total equity securities
$
450,563

 
$
52,118

 
$
(2,624
)
 
$
500,057

 
$

 

(a)
Represents the amount of OTTI recognized in accumulated other comprehensive income (“AOCI”). Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date
Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity
The cost or amortized cost and fair value of fixed maturity securities at September 30, 2016 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Cost or
Amortized
Cost
 
Fair Value
Due in one year or less
$
426,548

 
$
431,700

Due after one year through five years
1,730,460

 
1,820,154

Due after five years through ten years
2,150,767

 
2,279,393

Due after ten years
3,591,326

 
4,386,989

Total
7,899,101

 
8,918,236

Asset-backed
2,782

 
3,818

Commercial mortgage-backed
40,872

 
41,407

Residential mortgage-backed
893,167

 
956,130

Total
$
8,835,922

 
$
9,919,591



Proceeds from Sales of Available-For-Sale Securities and the Gross Realized Gains and Gross Realized Losses
The following table summarizes the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been recognized in the statement of operations as a result of those sales:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2016
 
2015
 
2016
 
2015
Proceeds from sales
$
480,593

 
$
621,194

 
$
3,354,841

 
$
1,978,183

Gross realized gains (a)
10,298

 
15,097

 
201,282

 
41,352

Gross realized losses (b)
1,432

 
6,707

 
33,003

 
18,150


(a)
Nine months ended September 30, 2016 gross realized gains includes $150,701 related to the sale of Assurant Employee Benefits as described in Note 5.
(b)
Nine months ended September 30, 2016 gross realized losses includes $16,427 related to the sale of Assurant Employee Benefits as described in Note 5.
Net Realized Gains (Losses), Including Other-Than-Temporary Impairments
The following table sets forth the net realized gains (losses), including OTTI, recognized in the statement of operations as follows: 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2016
 
2015
 
2016
 
2015
Net realized gains (losses) related to sales and other:
 
 
 
 
 
 
 
Fixed maturity securities
$
8,737

 
$
5,638

 
$
154,511

 
$
17,897

Equity securities
(203
)
 
1,449

 
12,940

 
3,403

Commercial mortgage loans on real estate
62

 

 
21,607

 

Other investments
2,108

 
(177
)
 
5,691

 
4,134

Total net realized gains related to sales and other (a)
10,704

 
6,910

 
194,749

 
25,434

Net realized losses related to other-than-temporary
   impairments:
 
 
 
 
 
 
 
Fixed maturity securities

 
(707
)
 
(701
)
 
(3,277
)
Total net realized losses related to other-than-temporary impairments

 
(707
)
 
(701
)
 
(3,277
)
Total net realized gains
$
10,704

 
$
6,203

 
$
194,048

 
$
22,157


(a)
Nine months ended September 30, 2016 net gains includes $146,727 related to the sale of Assurant Employee Benefits as described in Note 5.
Credit Loss Impairments Recognized
The following table sets forth the amount of credit loss impairments recognized within the results of operations on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts. 
 
Three Months Ended September 30,
 
2016
 
2015
Balance, June 30,
$
29,104

 
$
34,308

Additions for credit loss impairments recognized in the current period on securities not
  previously impaired

 
51

Reductions for increases in cash flows expected to be collected that are recognized over
  the remaining life of the security
(851
)
 
(656
)
Reductions for credit loss impairments previously recognized on securities which
  matured, paid down, prepaid or were sold during the period
(597
)
 
(90
)
Balance, September 30,
$
27,656

 
$
33,613

 
 
Nine Months Ended September 30,
 
2016
 
2015
Balance, January 1,
$
32,377

 
$
35,424

Additions for credit loss impairments recognized in the current period on securities
  previously impaired
554

 

Additions for credit loss impairments recognized in the current period on securities not
  previously impaired

 
2,621

Reductions for increases in cash flows expected to be collected that are recognized over
  the remaining life of the security
(2,169
)
 
(1,731
)
Reductions for credit loss impairments previously recognized on securities which
  matured, paid down, prepaid or were sold during the period
(3,106
)
 
(2,701
)
Balance, September 30,
$
27,656

 
$
33,613

Investment Category and Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities and equity securities at September 30, 2016 and December 31, 2015 were as follows:
 
September 30, 2016
 
Less than 12 months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
12,003

 
$
(20
)
 
$

 
$

 
$
12,003

 
$
(20
)
States, municipalities and political
  subdivisions
3,947

 
(53
)
 

 

 
3,947

 
(53
)
Foreign governments
58,031

 
(2
)
 
6,919

 
(44
)
 
64,950

 
(46
)
Asset-backed

 

 
1,014

 
(167
)
 
1,014

 
(167
)
Commercial mortgage-backed
16,784

 
(41
)
 

 

 
16,784

 
(41
)
Residential mortgage-backed
34,177

 
(50
)
 
780

 
(7
)
 
34,957

 
(57
)
U.S. corporate
299,506

 
(2,279
)
 
70,774

 
(2,839
)
 
370,280

 
(5,118
)
Foreign corporate
70,303

 
(449
)
 
20,221

 
(1,743
)
 
90,524

 
(2,192
)
Total fixed maturity securities
$
494,751

 
$
(2,894
)
 
$
99,708

 
$
(4,800
)
 
$
594,459

 
$
(7,694
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
$
339

 
$
(1
)
 
$

 
$

 
$
339

 
$
(1
)
Non-redeemable preferred stocks
11,499

 
(105
)
 
13,762

 
(640
)
 
25,261

 
(745
)
Total equity securities
$
11,838

 
$
(106
)
 
$
13,762

 
$
(640
)
 
$
25,600

 
$
(746
)
 
 
December 31, 2015
 
Less than 12 months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
90,008

 
$
(465
)
 
$
5,564

 
$
(72
)
 
$
95,572

 
$
(537
)
States, municipalities and political
  subdivisions
6,881

 
(94
)
 

 

 
6,881

 
(94
)
Foreign governments
24,071

 
(347
)
 
22,239

 
(376
)
 
46,310

 
(723
)
Asset-backed

 

 
1,136

 
(204
)
 
1,136

 
(204
)
Residential mortgage-backed
260,620

 
(3,179
)
 
11,147

 
(230
)
 
271,767

 
(3,409
)
U.S. corporate
1,287,545

 
(65,631
)
 
38,224

 
(7,713
)
 
1,325,769

 
(73,344
)
Foreign corporate
348,912

 
(19,616
)
 
15,805

 
(2,952
)
 
364,717

 
(22,568
)
Total fixed maturity securities
$
2,018,037

 
$
(89,332
)
 
$
94,115

 
$
(11,547
)
 
$
2,112,152

 
$
(100,879
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
$
623

 
$
(7
)
 
$

 
$

 
$
623

 
$
(7
)
Non-redeemable preferred stocks
63,665

 
(1,632
)
 
13,806

 
(985
)
 
77,471

 
(2,617
)
Total equity securities
$
64,288

 
$
(1,639
)
 
$
13,806

 
$
(985
)
 
$
78,094

 
$
(2,624
)
Loan-To-Value and Average Debt-Service Coverage Ratios
The following summarizes the Company's loan-to-value and average debt-service coverage ratios as of the dates indicated:
 
September 30, 2016
Loan-to-Value
Carrying
Value
 
% of Gross
Mortgage
Loans
 
Debt-Service
Coverage Ratio
70% and less
$
557,398

 
93.3
%
 
1.94

71 – 80%
15,876

 
2.6
%
 
1.17

81 – 95%
19,497

 
3.3
%
 
1.23

Greater than 95%
4,816

 
0.8
%
 
3.86

Gross commercial mortgage loans
597,587

 
100
%
 
1.91

Less valuation allowance
(2,520
)
 
 
 
 
Net commercial mortgage loans
$
595,067

 
 
 
 
 
 
December 31, 2015
Loan-to-Value
Carrying
Value
 
% of Gross
Mortgage
Loans
 
Debt-Service
Coverage Ratio
70% and less
$
1,101,572

 
95.5
%
 
2.01

71 – 80%
39,080

 
3.4
%
 
1.19

81 – 95%
8,370

 
0.7
%
 
1.05

Greater than 95%
4,816

 
0.4
%
 
3.52

Gross commercial mortgage loans
1,153,838

 
100
%
 
1.98

Less valuation allowance
(2,582
)
 
 
 
 
Net commercial mortgage loans
$
1,151,256