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Investments (Tables)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Schedule of Investments [Line Items]    
Schedule of Available-for-sale Securities  
September 30, 2020
($ in thousands)Cost/
Amortized
Cost
Allowance for Credit LossesUnrealized
Gains
Unrealized
Losses
Fair
Value
AFS fixed income securities:
U.S. government and government agencies$110,201  7,374 (46)117,529 
Foreign government15,679 (7)1,336  17,008 
Obligations of states and political subdivisions1,152,794 (15)78,841 (164)1,231,456 
Corporate securities2,154,302 (5,358)157,689 (7,802)2,298,831 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")942,627 (1,121)18,274 (14,198)945,582 
Residential mortgage-backed securities ("RMBS")
1,122,678 (647)61,259 (333)1,182,957 
Commercial mortgage-backed securities ("CMBS")599,692 (32)46,386 (1,872)644,174 
Total AFS fixed income securities$6,097,973 (7,180)371,159 (24,415)6,437,537 
 
December 31, 2019
($ in thousands)Cost/
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
AFS fixed income securities:
U.S. government and government agencies$112,680 3,506 — 116,186 
Foreign government18,011 533 (2)18,542 
Obligations of states and political subdivisions1,168,185 62,175 (270)1,230,090 
Corporate securities1,866,881 81,906 (1,310)1,947,477 
CLO and other ABS790,517 7,929 (5,434)793,012 
RMBS1,409,003 43,421 (455)1,451,969 
CMBS514,709 23,902 (267)538,344 
Total AFS fixed income securities
$5,879,986 223,372 (7,738)6,095,620 
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]  
Quarter ended September 30, 2020
($ in thousands)Beginning BalanceCurrent Provision for Securities without Prior AllowanceIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
Foreign government$28  (2)(19) 7 
Obligations of states and political subdivisions17 9 (11)  15 
Corporate securities8,077 1,016 (3,455)(265)(15)5,358 
CLO and other ABS1,389  (210)(51)(7)1,121 
RMBS831  (157)(27) 647 
CMBS53  (21)  32 
Total AFS fixed income securities$10,395 1,025 (3,856)(362)(22)7,180 
Nine Months ended September 30, 2020
($ in thousands)Beginning BalanceCurrent Provision for Securities without Prior AllowanceIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
Foreign government$ 26  (19) 7 
Obligations of states and political subdivisions 15    15 
Corporate securities 6,100  (659)(83)5,358 
CLO and other ABS 1,237  (109)(7)1,121 
RMBS 690  (43) 647 
CMBS 32    32 
Total AFS fixed income securities$ 8,100  (830)(90)7,180 
Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities by Length of Time, AFS  
September 30, 2020Less than 12 months12 months or longerTotal
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$4,855 (46)  4,855 (46)
Obligations of states and political subdivisions15,929 (164)  15,929 (164)
Corporate securities100,989 (7,444)2,695 (358)103,684 (7,802)
CLO and other ABS302,492 (7,804)149,893 (6,394)452,385 (14,198)
RMBS55,128 (300)2,316 (33)57,444 (333)
CMBS80,308 (1,320)14,342 (552)94,650 (1,872)
Total AFS fixed income securities$559,701 (17,078)169,246 (7,337)728,947 (24,415)
December 31, 2019Less than 12 months12 months or longerTotal
($ in thousands)Fair
Value
Unrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
AFS fixed income securities:    
Foreign government$1,416 (2)— — 1,416 (2)
Obligations of states and political subdivisions35,838 (270)— — 35,838 (270)
Corporate securities84,832 (480)20,182 (830)105,014 (1,310)
CLO and other ABS205,191 (1,938)204,385 (3,496)409,576 (5,434)
RMBS126,089 (425)5,375 (30)131,464 (455)
CMBS62,893 (264)828 (3)63,721 (267)
Total AFS fixed income securities$516,259 (3,379)230,770 (4,359)747,029 (7,738)
Schedule of Fixed Maturity Securities By Contractual Maturities  
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$336,142 1,456 1,490 
Due after one year through five years3,714,414 15,131 16,293 
Due after five years through 10 years1,960,132 2,500 2,430 
Due after 10 years426,849   
Total fixed income securities$6,437,537 19,087 20,213 
Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy  
Other InvestmentsSeptember 30, 2020December 31, 2019
($ in thousands)Carrying ValueRemaining Commitment
Maximum Exposure to Loss1
Carrying ValueRemaining Commitment
Maximum Exposure to Loss1
Alternative Investments  
   Private equity$146,810 110,173 256,983 118,352 93,138 211,490 
   Private credit49,254 96,131 145,385 42,532 105,340 147,872 
   Real assets21,859 19,070 40,929 23,256 20,741 43,997 
Total alternative investments217,923 225,374 443,297 184,140 219,219 403,359 
Other securities40,725  40,725 32,667 — 32,667 
Total other investments$258,648 225,374 484,022 216,807 219,219 436,026 
1The maximum exposure to loss includes both the carry value of these investments and the related remaining commitments. In addition, tax credits that have been previously recognized in Other securities are subject to the risk of recapture, which we do not consider significant.
Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio  
Income Statement InformationQuarter ended September 30,Nine Months ended September 30,
($ in millions)2020201920202019
Net investment (loss) income$83.4 (14.0)92.9 10.1 
Realized (losses) gains731.3 121.1 1,075.0 370.4 
Net change in unrealized appreciation (depreciation)2,230.4 1,739.4 571.6 4,517.4 
Net income$3,045.1 1,846.5 1,739.5 4,897.9 
Insurance Subsidiaries’ alternative investments income $18.7 5.2 8.9 13.0 
Schedule of Securities Pledged As Collateral  
($ in millions)FHLBI CollateralFHLBNY CollateralState and
Regulatory Deposits
Total
U.S. government and government agencies$  22.7 22.7 
Obligations of states and political subdivisions  5.1 5.1 
RMBS133.0 205.2  338.2 
CMBS7.2 36.7  43.9 
Total pledged as collateral$140.2 241.9 27.8 409.9 
Schedule of Pre-Tax Net Investment Income Earned  
 Quarter ended September 30,Nine Months ended September 30,
($ in thousands)2020201920202019
Fixed income securities$51,285 50,749 152,617 150,689 
CMLs245 — 463 — 
Equity securities1,948 1,885 5,523 5,265 
Short-term investments244 1,410 1,830 5,213 
Other investments18,671 5,267 9,167 13,421 
Investment expenses(4,208)(3,485)(11,004)(9,639)
Net investment income earned$68,185 55,826 158,596 164,949 
Schedule Of O T T I By Asset Type [Table Text Block]
Quarter ended September 30,
 20202019
($ in thousands)Credit Loss
Benefit (Expense)
Other Impairment ExpenseRecognized in EarningsRecognized in Earnings
HTM fixed income securities:
Corporate securities$3  3 — 
Total HTM fixed income securities3  3 — 
AFS fixed income securities:
Foreign government3  3 — 
Obligations of states and political subdivisions2  2 — 
Corporate securities2,454  2,454 (1,681)
CLO and other ABS217 (44)173 — 
RMBS157  157 — 
CMBS21  21 — 
Total AFS fixed income securities2,854 (44)2,810 (1,681)
CMLs(2) (2)— 
Short term investments(1) (1)— 
Other investments   (610)
Total OTTI benefit (expense)$2,854 (44)2,810 (2,291)
Nine Months ended September 30,
 20202019
($ in thousands)Credit Loss (Expense) BenefitOther Impairment ExpenseRecognized in EarningsRecognized in Earnings
HTM fixed income securities:
Corporate securities$4  4 — 
Total HTM fixed income securities4  4 — 
AFS fixed income securities:
U.S. government and government agencies (14)(14)— 
Foreign government(25) (25)— 
Obligations of states and political subdivisions(15)(62)(77)(65)
Corporate securities(6,018)(12,103)(18,121)(2,455)
CLO and other ABS(1,230)(2,137)(3,367)— 
RMBS(690)(91)(781)— 
CMBS(32)(1,852)(1,884)— 
Total AFS fixed income securities(8,010)(16,259)(24,269)(2,520)
CMLs(220) (220)— 
Short-term investments(1) (1)— 
Other investments   (846)
Total OTTI expense$(8,227)(16,259)(24,486)(3,366)
 
Schedule of Components of Net Realized and Unrealized Gains and Losses Excluding OTTI Charges  
Quarter ended September 30,Nine Months ended September 30,
($ in thousands)2020201920202019
Net realized gains (losses) on the disposals of securities:
Fixed income securities$561 (1,141)7,137 2,063 
CMLs1 — 2 — 
Equity securities 21,602 (3)24,733 
Short-term investments11 (36)157 (21)
Other investments — (5)(23)
Net realized gains (losses) on the disposal of securities573 20,425 7,288 26,752 
OTTI benefit (expense)2,810 (2,291)(24,486)(3,366)
Net realized gains (losses)3,383 18,134 (17,198)23,386 
Unrealized gains (losses) recognized in income on equity securities4,338 (20,317)(7,098)(8,091)
Total net realized and unrealized investment gains (losses)$7,721 (2,183)$(24,296)15,295 
Schedule of Realized Gains and Losses on Disposals of Securities  
Quarter ended September 30,Nine Months ended September 30,
($ in thousands)2020201920202019
HTM fixed income securities    
Gains$1 — 2 
Losses —  (15)
AFS fixed income securities  
Gains2,955 1,078 14,770 5,565 
Losses(2,395)(2,219)(7,635)(3,488)
CMLs
Gains1 — 2 — 
Losses —  — 
Equity securities  
Gains 21,630  24,868 
Losses (28)(3)(135)
Short-term investments
Gains18 355 18 
Losses(7)(38)(198)(39)
Other investments
Gains —  
Losses — (5)(30)
Total net realized gains on disposals of securities$573 20,425 7,288 26,752 
Equity Securities [Member]    
Schedule of Investments [Line Items]    
Schedule of Components of Net Realized and Unrealized Gains and Losses Excluding OTTI Charges  
Quarter ended September 30,Nine Months ended September 30,
($ in thousands)2020201920202019
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at September 30, 2020$4,338 1,109 (7,101)1,805 
On securities sold in each respective period (21,426)3 (9,896)
Total unrealized gains (losses) recognized in income on equity securities$4,338 (20,317)(7,098)(8,091)