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INVESTMENTS (Tables)
6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Reconciliation of available-for-sale securities from cost basis to fair value
The amortized cost and estimated fair value of securities available-for-sale as of June 30, 2018 and December 31, 2017 are as follows.  All fixed maturity securities are classified as available-for-sale and are carried at fair value.
June 30, 2018
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair values
($ in thousands)
 
 
 
 
Securities available-for-sale:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
U.S. treasury
 
$
8,127

 
$

 
$
213

 
$
7,914

U.S. government-sponsored agencies
 
305,833

 
519

 
10,128

 
296,224

Obligations of states and political subdivisions
 
278,869

 
11,448

 
587

 
289,730

Commercial mortgage-backed
 
78,977

 
222

 
3,523

 
75,676

Residential mortgage-backed
 
131,427

 
1,772

 
4,669

 
128,530

Other asset-backed
 
22,325

 
351

 
1,005

 
21,671

Corporate
 
422,159

 
3,208

 
3,413

 
421,954

Total fixed maturity securities
 
$
1,247,717

 
$
17,520

 
$
23,538

 
$
1,241,699


December 31, 2017
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair values
($ in thousands)
 
 
 
 
Securities available-for-sale:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
U.S. treasury
 
$
8,115

 
$

 
$
37

 
$
8,078

U.S. government-sponsored agencies
 
303,932

 
122

 
6,105

 
297,949

Obligations of states and political subdivisions
 
290,038

 
17,729

 
231

 
307,536

Commercial mortgage-backed
 
84,058

 
591

 
669

 
83,980

Residential mortgage-backed
 
120,554

 
2,479

 
3,234

 
119,799

Other asset-backed
 
23,934

 
625

 
445

 
24,114

Corporate
 
422,535

 
11,490

 
465

 
433,560

Total fixed maturity securities
 
1,253,166

 
33,036

 
11,186

 
1,275,016

 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Common stocks:
 
 
 
 
 
 
 
 
Financial services
 
30,103

 
13,594

 
175

 
43,522

Information technology
 
18,308

 
17,504

 
2

 
35,810

Healthcare
 
18,877

 
11,876

 
158

 
30,595

Consumer staples
 
9,275

 
4,917

 
65

 
14,127

Consumer discretionary
 
10,935

 
9,640

 
37

 
20,538

Energy
 
12,441

 
5,381

 
917

 
16,905

Industrials
 
12,746

 
15,757

 
14

 
28,489

Other
 
11,058

 
5,363

 

 
16,421

Non-redeemable preferred stocks
 
20,531

 
1,216

 
39

 
21,708

Total equity securities
 
144,274

 
85,248

 
1,407

 
228,115

Total securities available-for-sale
 
$
1,397,440

 
$
118,284

 
$
12,593

 
$
1,503,131

Estimated fair value and gross unrealized losses associated with investment securities
The following tables set forth the estimated fair values and gross unrealized losses associated with investment securities that were in an unrealized loss position recognized in accumulated other comprehensive income as of June 30, 2018 and December 31, 2017, listed by length of time the securities were consistently in an unrealized loss position.
June 30, 2018
 
Less than twelve months
 
Twelve months or longer
 
Total
($ in thousands)
 
Fair
values
 
Unrealized
losses
 
Fair
values
 
Unrealized
losses
 
Fair
values
 
Unrealized
losses
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury
 
$
7,914

 
$
213

 
$

 
$

 
$
7,914

 
$
213

U.S. government-sponsored agencies
 
187,074

 
5,498

 
75,882

 
4,630

 
262,956

 
10,128

Obligations of states and political subdivisions
 
12,195

 
60

 
14,002

 
527

 
26,197

 
587

Commercial mortgage-backed
 
60,331

 
2,750

 
8,193

 
773

 
68,524

 
3,523

Residential mortgage-backed
 
97,256

 
2,616

 
18,781

 
2,053

 
116,037

 
4,669

Other asset-backed
 
4,976

 
122

 
12,134

 
883

 
17,110

 
1,005

Corporate
 
195,886

 
3,227

 
3,998

 
186

 
199,884

 
3,413

Total fixed maturity securities
 
$
565,632

 
$
14,486

 
$
132,990

 
$
9,052

 
$
698,622

 
$
23,538


December 31, 2017
 
Less than twelve months
 
Twelve months or longer
 
Total
($ in thousands)
 
Fair
values
 
Unrealized
losses
 
Fair
values
 
Unrealized
losses
 
Fair
values
 
Unrealized
losses
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury
 
$
8,078

 
$
37

 
$

 
$

 
$
8,078

 
$
37

U.S. government-sponsored agencies
 
134,284

 
1,491

 
127,604

 
4,614

 
261,888

 
6,105

Obligations of states and political subdivisions
 

 

 
14,416

 
231

 
14,416

 
231

Commercial mortgage-backed
 
32,155

 
221

 
8,530

 
448

 
40,685

 
669

Residential mortgage-backed
 
30,003

 
394

 
22,948

 
2,840

 
52,951

 
3,234

Other asset-backed
 

 

 
13,440

 
445

 
13,440

 
445

Corporate
 
28,314

 
329

 
4,047

 
136

 
32,361

 
465

Total fixed maturity securities
 
232,834

 
2,472

 
190,985

 
8,714

 
423,819

 
11,186

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks:
 
 
 
 
 
 
 
 
 
 
 
 
Financial services
 
4,391

 
175

 

 

 
4,391

 
175

Information technology
 
344

 
2

 

 

 
344

 
2

Healthcare
 
2,532

 
158

 

 

 
2,532

 
158

Consumer staples
 
575

 
65

 

 

 
575

 
65

Consumer discretionary
 
992

 
37

 

 

 
992

 
37

Energy
 
3,181

 
917

 

 

 
3,181

 
917

Industrials
 
3,016

 
14

 

 

 
3,016

 
14

Non-redeemable preferred stocks
 

 

 
1,961

 
39

 
1,961

 
39

Total equity securities
 
15,031

 
1,368

 
1,961

 
39

 
16,992

 
1,407

Total temporarily impaired securities
 
$
247,865

 
$
3,840

 
$
192,946

 
$
8,753

 
$
440,811

 
$
12,593

Amortized cost and estimated fair value of fixed maturity securities
The amortized cost and estimated fair values of fixed maturity securities at June 30, 2018, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.
($ in thousands)
 
Amortized
cost
 
Estimated
fair values
Securities available-for-sale:
 
 
 
 
Due in one year or less
 
$
39,947

 
$
40,411

Due after one year through five years
 
207,717

 
208,900

Due after five years through ten years
 
366,053

 
362,780

Due after ten years
 
422,003

 
423,852

Securities not due at a single maturity date
 
211,997

 
205,756

Totals
 
$
1,247,717

 
$
1,241,699

Summary of realized investment gains and (losses)
A summary of realized investment gains and (losses) and the change in unrealized investment gains on equity investments is as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
($ in thousands)
 
2018
 
2017
 
2018
 
2017
Fixed maturity securities available-for-sale:
 
 
 
 
 
 
 
 
Gross realized investment gains
 
$

 
$
289

 
$
234

 
$
379

Gross realized investment losses
 
(5,490
)
 
(880
)
 
(5,968
)
 
(2,086
)
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Net realized investment gains, excluding "other-than-temporary" impairments
 
1,479

 
6,026

 
4,195

 
8,802

Change in unrealized investment gains
 
(447
)
 
XXXX

 
(10,301
)
 
XXXX

"Other-than-temporary" impairments
 
XXXX

 
(733
)
 
XXXX

 
(733
)
 
 
 
 
 
 
 
 
 
Other long-term investments, net
 
(1,402
)
 
(1,315
)
 
587

 
(3,602
)
Totals
 
$
(5,860
)
 
$
3,387

 
$
(11,253
)
 
$
2,760