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Note 6 - Investments Level 3 (Tables)

12 Months Ended

Dec. 31, 2019

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
Total fixed-maturities available for sale	$	4,098,962	$	4,021,575

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
($ in thousands) Description of Securities	# 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



	December 31, 2018
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# 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

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

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

______________________

(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.

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

______________________

(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.

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.

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

______________________


(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.