Note 6 - Investments Level 3 (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Investments [Abstract] |
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| Available for Sale Securities [Table Text Block] |
Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated: | | | | | | | | | | | | | | | | | | December 31, 2019 | (In thousands) | Amortized Cost | | Fair Value | | Gross Unrealized Gains | | Gross Unrealized Losses | Fixed-maturities available for sale: | | | | | | | | U.S. government and agency securities | $ | 198,613 |
| | $ | 199,928 |
| | $ | 2,048 |
| | $ | 733 |
| State and municipal obligations | 112,003 |
| | 119,994 |
| | 8,032 |
| | 41 |
| Corporate bonds and notes | 2,136,819 |
| | 2,241,280 |
| | 106,189 |
| | 1,728 |
| RMBS | 766,429 |
| | 779,354 |
| | 14,452 |
| | 1,527 |
| CMBS | 593,647 |
| | 608,015 |
| | 14,993 |
| | 625 |
| Other ABS | 760,785 |
| | 759,129 |
| | 2,018 |
| | 3,674 |
| Foreign government and agency securities | 5,091 |
| | 5,224 |
| | 133 |
| | — |
| Total securities available for sale, including loaned securities | 4,573,387 |
| | 4,712,924 |
| | $ | 147,865 |
| | $ | 8,328 |
| Less: loaned securities | 23,853 |
| | 24,013 |
| | | | | Total fixed-maturities available for sale | $ | 4,549,534 |
| | $ | 4,688,911 |
| | | | |
| | | | | | | | | | | | | | | | | | December 31, 2018 | (In thousands) | Amortized Cost | | Fair Value | | Gross Unrealized Gains | | Gross Unrealized Losses | Fixed-maturities available for sale: | | | | | | | | U.S. government and agency securities | $ | 85,532 |
| | $ | 84,070 |
| | $ | 46 |
| | $ | 1,508 |
| State and municipal obligations | 138,022 |
| | 138,313 |
| | 2,191 |
| | 1,900 |
| Corporate bonds and notes | 2,288,720 |
| | 2,229,885 |
| | 5,053 |
| | 63,888 |
| RMBS | 334,843 |
| | 332,142 |
| | 1,785 |
| | 4,486 |
| CMBS | 546,729 |
| | 539,915 |
| | 544 |
| | 7,358 |
| Other ABS | 712,748 |
| | 704,662 |
| | 814 |
| | 8,900 |
| Total securities available for sale, including loaned securities | 4,106,594 |
| | 4,028,987 |
| | $ | 10,433 |
| | $ | 88,040 |
| Less: loaned securities | 7,632 |
| | 7,412 |
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| |
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| Total fixed-maturities available for sale | $ | 4,098,962 |
| | $ | 4,021,575 |
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| Gross Unrealized Losses and Related Fair Values of Available for Sale Securities [Table Text Block] |
the following tables show the gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of December 31, 2019 and 2018, are loaned securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | ($ in thousands) Description of Securities | | Less Than 12 Months | | 12 Months or Greater | | Total | | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | U.S. government and agency securities | | 2 |
| | $ | 26,142 |
| | $ | 731 |
| | 2 |
| | $ | 2,529 |
| | $ | 2 |
| | 4 |
| | $ | 28,671 |
| | $ | 733 |
| State and municipal obligations | | 1 |
| | 3,959 |
| | 41 |
| | — |
| | — |
| | — |
| | 1 |
| | 3,959 |
| | 41 |
| Corporate bonds and notes | | 25 |
| | 110,871 |
| | 1,728 |
| | — |
| | — |
| | — |
| | 25 |
| | 110,871 |
| | 1,728 |
| RMBS | | 27 |
| | 184,378 |
| | 535 |
| | 16 |
| | 36,192 |
| | 992 |
| | 43 |
| | 220,570 |
| | 1,527 |
| CMBS | | 36 |
| | 109,589 |
| | 478 |
| | 8 |
| | 6,346 |
| | 147 |
| | 44 |
| | 115,935 |
| | 625 |
| Other ABS | | 63 |
| | 225,944 |
| | 670 |
| | 44 |
| | 209,661 |
| | 3,004 |
| | 107 |
| | 435,605 |
| | 3,674 |
| Total | | 154 |
| | $ | 660,883 |
| | $ | 4,183 |
| | 70 |
| | $ | 254,728 |
| | $ | 4,145 |
| | 224 |
| | $ | 915,611 |
| | $ | 8,328 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | ($ in thousands)
Description of Securities | | Less Than 12 Months | | 12 Months or Greater | | Total | | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | U.S. government and agency securities | | 2 |
| | $ | 27,415 |
| | $ | 796 |
| | 8 |
| | $ | 23,476 |
| | $ | 712 |
| | 10 |
| | $ | 50,891 |
| | $ | 1,508 |
| State and municipal obligations | | 12 |
| | 41,263 |
| | 955 |
| | 16 |
| | 39,982 |
| | 945 |
| | 28 |
| | 81,245 |
| | 1,900 |
| Corporate bonds and notes | | 330 |
| | 1,208,430 |
| | 36,284 |
| | 126 |
| | 601,533 |
| | 27,604 |
| | 456 |
| | 1,809,963 |
| | 63,888 |
| RMBS | | 15 |
| | 92,315 |
| | 782 |
| | 28 |
| | 77,395 |
| | 3,704 |
| | 43 |
| | 169,710 |
| | 4,486 |
| CMBS | | 62 |
| | 328,696 |
| | 3,973 |
| | 33 |
| | 125,728 |
| | 3,385 |
| | 95 |
| | 454,424 |
| | 7,358 |
| Other ABS | | 129 |
| | 503,109 |
| | 7,917 |
| | 26 |
| | 89,628 |
| | 983 |
| | 155 |
| | 592,737 |
| | 8,900 |
| Total | | 550 |
| | $ | 2,201,228 |
| | $ | 50,707 |
| | 237 |
| | $ | 957,742 |
| | $ | 37,333 |
| | 787 |
| | $ | 3,158,970 |
| | $ | 88,040 |
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| Net Investment Income [Table Text Block] |
Net investment income consisted of: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | Investment income: | | | | | | Fixed-maturities | $ | 155,104 |
| | $ | 141,552 |
| | $ | 122,890 |
| Equity securities | 7,028 |
| | 7,157 |
| | 4,318 |
| Short-term investments | 17,255 |
| | 10,270 |
| | 5,453 |
| Other | 545 |
| | 976 |
| | 987 |
| Gross investment income | 179,932 |
| | 159,955 |
| | 133,648 |
| Investment expenses | (8,136 | ) | | (7,480 | ) | | (6,400 | ) | Net investment income | $ | 171,796 |
| | $ | 152,475 |
| | $ | 127,248 |
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| Net Gains (Losses) on Investments [Table Text Block] |
Net gains (losses) on investments consisted of: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 |
| 2018 |
| 2017 | Net realized gains (losses) on investments: | | | | | | Fixed-maturities available for sale (1) | $ | 11,262 |
| | $ | (11,256 | ) | | $ | (3,014 | ) | Trading securities | (303 | ) | | (1,840 | ) | | (5,995 | ) | Equity securities | (719 | ) | | 532 |
| | 368 |
| Other investments | 603 |
| | 470 |
| | 38 |
| Net realized gains (losses) on investments | 10,843 |
| | (12,094 | ) | | (8,603 | ) | Other-than-temporary impairment losses | — |
| | (1,744 | ) | | (1,420 | ) | Net unrealized gains (losses) on investments (2) | 33,220 |
| | (27,287 | ) | | 13,230 |
| Total net gains (losses) on investments | $ | 44,063 |
| | $ | (41,125 | ) | | $ | 3,207 |
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______________________ (1)Components of net realized gains (losses) on fixed-maturities available for sale include: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | Gross investment gains from sales and redemptions | $ | 17,663 |
| | $ | 1,986 |
| | $ | 6,052 |
| Gross investment losses from sales and redemptions | (6,401 | ) | | (13,242 | ) | | (9,066 | ) |
(2) These amounts include unrealized gains (losses) on investment securities other than securities available for sale. For 2017, the unrealized gains (losses) on investments exclude the net change in unrealized gains and losses on equity securities. Prior to the implementation of the update to the standard for the accounting of financial instruments effective January 1, 2018, the unrealized gains (losses) associated with equity securities were classified in accumulated other comprehensive income.
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| Net Unrealized Gains (Losses) on Investment Securities [Table Text Block] |
The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | Net unrealized gains (losses) on investments still held: | | | | | | Trading securities | $ | 16,346 |
| | $ | (16,281 | ) | | $ | 8,945 |
| Equity securities (1) | 11,906 |
| | (8,886 | ) | | — |
| Other investments | (174 | ) | | 447 |
| | (118 | ) | Net unrealized gains (losses) on investments still held | $ | 28,078 |
| | $ | (24,720 | ) | | $ | 8,827 |
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______________________ (1) Prior to the implementation of the update to the standard for the accounting of financial instruments effective January 1, 2018, the unrealized gains (losses) associated with equity securities were classified in accumulated other comprehensive income.
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| Change in Unrealized Gains (Losses) Recorded in AOCI [Table Text Block] |
The change in unrealized gains (losses) recorded in accumulated other comprehensive income (loss) consisted of the following: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | Fixed-maturities: | | | | | | Unrealized holding gains (losses) arising during the period, net of tax | $ | 180,441 |
| | $ | (97,356 | ) | | $ | 32,147 |
| Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax | 8,897 |
| | (10,270 | ) | | (2,556 | ) | Net unrealized gains (losses) on investments, net of tax | $ | 171,544 |
| | $ | (87,086 | ) | | $ | 34,703 |
| | | | | | | Equities (1): | |
| | |
| | |
| Unrealized holding gains (losses) arising during the period, net of tax | $ | — |
| | $ | — |
| | $ | (244 | ) | Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax | — |
| | — |
| | (86 | ) | Net unrealized gains (losses) on investments, net of tax | $ | — |
| | $ | — |
| | $ | (158 | ) |
______________________ (1) Prior to our implementation of the update to the standard for the accounting of financial instruments effective January 1, 2018, the unrealized losses associated with equity securities were classified in accumulated other comprehensive income. Effective January 1, 2018, we measure our equity investments at fair value, with changes in fair value recognized in net income.
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| Contractual Maturities [Table Text Block] |
The contractual maturities of fixed-maturities available for sale were as follows: | | | | | | | | | | December 31, 2019 | (In thousands) | Amortized
Cost | | Fair
Value | Due in one year or less | $ | 146,985 |
| | $ | 147,541 |
| Due after one year through five years (1) | 834,096 |
| | 852,660 |
| Due after five years through 10 years (1) | 1,062,725 |
| | 1,121,536 |
| Due after 10 years (1) | 408,720 |
| | 444,689 |
| RMBS (2) | 766,429 |
| | 779,354 |
| CMBS (2) | 593,647 |
| | 608,015 |
| Other ABS (2) | 760,785 |
| | 759,129 |
| Total | 4,573,387 |
| | 4,712,924 |
| Less: loaned securities | 23,853 |
| | 24,013 |
| Total fixed-maturities available for sale | $ | 4,549,534 |
| | $ | 4,688,911 |
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______________________ | | (1) | Actual maturities may differ as a result of calls before scheduled maturity. |
(2) RMBS, CMBS, and Other ABS are shown separately, as they are not due at a single maturity date.
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