0000009346-19-000098.txt : 20191106 0000009346-19-000098.hdr.sgml : 20191106 20191106172821 ACCESSION NUMBER: 0000009346-19-000098 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191106 DATE AS OF CHANGE: 20191106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Protective Insurance Corp CENTRAL INDEX KEY: 0000009346 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 350160330 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05534 FILM NUMBER: 191197396 BUSINESS ADDRESS: STREET 1: 111 CONGRESSIONAL BLVD STREET 2: STE 500 CITY: CARMEL STATE: IN ZIP: 46032 BUSINESS PHONE: 317-452-7426 MAIL ADDRESS: STREET 1: 111 CONGRESSIONAL BLVD STREET 2: STE 500 CITY: CARMEL STATE: IN ZIP: 46032 FORMER COMPANY: FORMER CONFORMED NAME: BALDWIN & LYONS INC DATE OF NAME CHANGE: 19930908 FORMER COMPANY: FORMER CONFORMED NAME: BALDWIN H C AGENCY INC DATE OF NAME CHANGE: 19720309 10-Q 1 form10q.htm FORM 10-Q  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
Form 10-Q

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2019

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 0-5534


PROTECTIVE INSURANCE CORPORATION
(Exact name of registrant as specified in its charter)

INDIANA
  
35-0160330
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification Number)
     
111 Congressional Boulevard, Carmel, Indiana
  
46032
(Address of principal executive offices)
  
(Zip Code)

Registrant's telephone number, including area code:  (317) 636-9800

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
    
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, No Par Value
PTVCA
The Nasdaq Stock Market LLC
Class B Common Stock, No Par Value
PTVCB
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    ✓       No ____

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   ✓    No ____

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ____   Accelerated filer   ✓     Non-accelerated filer ____  Smaller reporting company ____                 Emerging growth company ____

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ____

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ____  No    ✓_

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of November 5, 2019:

Common Stock, No Par Value:
Class A (voting)
  
2,608,294
  
 
Class B (non-voting)
  
11,722,917
  
     
14,331,211
  

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share data)

   
September 30
2019
    
December 31
2018
  
Assets
            
Investments:
            
Fixed income securities
  
$
757,841
    
$
592,645
  
Equity securities
    
72,837
      
66,422
  
Limited partnerships
    
22,645
      
55,044
  
Commercial mortgage loans
    
9,418
      
6,672
  
Short-term and other
    
1,000
      
1,000
  
     
863,741
      
721,783
  
                 
Cash and cash equivalents
    
85,777
      
163,996
  
Restricted cash and cash equivalents
    
22,410
      
6,815
  
Accounts receivable
    
105,801
      
102,972
  
Reinsurance recoverable
    
418,031
      
392,436
  
Other assets
    
93,756
      
88,426
  
Current federal income taxes recoverable
    
4,267
      
7,441
  
Deferred federal income taxes
    
2,984
      
6,262
  
         Total Assets
  
$
1,596,767
    
$
1,490,131
  
                 
Liabilities and shareholders' equity
                
Reserves for losses and loss expenses
  
$
960,695
    
$
865,339
  
Reserves for unearned premiums
    
76,329
      
71,625
  
Reinsurance payable
    
55,225
      
66,632
  
Short-term borrowings
    
20,000
      
20,000
  
Accounts payable and other liabilities
    
121,088
      
110,453
  
     Total Liabilities
    
1,233,337
      
1,134,049
  
                 
Shareholders' equity:
                
Common stock-no par value:
                
Class A voting -- authorized 3,000,000 shares; outstanding -- 2019 - 2,608,819; 2018 - 2,615,339
    
112
      
112
  
Class B non-voting -- authorized 20,000,000 shares; outstanding -- 2019 - 11,738,578; 2018 - 12,253,922
    
501
      
522
  
Additional paid-in capital
    
53,670
      
54,720
  
Accumulated other comprehensive income (loss)
    
9,594
      
(7,347
)
Retained earnings
    
299,553
      
308,075
  
     Total Shareholders' Equity
    
363,430
      
356,082
  
         Total Liabilities and Shareholders' Equity
  
$
1,596,767
    
$
1,490,131
  

See notes to condensed consolidated financial statements.

- 2 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)

   
Three Months Ended
September 30
    
Nine Months Ended
September 30
  
   
2019
    
2018
    
2019
    
2018
  
Revenues
                        
Net premiums earned
  
$
110,288
    
$
96,807
    
$
335,931
    
$
314,209
  
Net investment income
    
6,703
      
5,578
      
19,434
      
16,010
  
Commissions and other income
    
2,716
      
3,413
      
6,761
      
7,488
  
    Net realized gains on investments, excluding impairment losses
    
1,199
      
449
      
1,872
      
1,740
  
    Other-than-temporary impairment losses on investments
    
(58
)
    
–
      
(404
)
    
–
  
    Net unrealized gains (losses) on equity securities and limited partnership investments
    
(1,016
)
    
1,924
      
7,573
      
(7,335
)
Net realized and unrealized gains (losses) on investments
    
125
      
2,373
      
9,041
      
(5,595
)
     
119,832
      
108,171
      
371,167
      
332,112
  
                                 
Expenses
                                
Losses and loss expenses incurred
    
84,781
      
94,540
      
262,336
      
244,327
  
Other operating expenses
    
36,070
      
29,200
      
104,386
      
99,984
  
     
120,851
      
123,740
      
366,722
      
344,311
  
Income (loss) before federal income tax expense (benefit)
    
(1,019
)
    
(15,569
)
    
4,445
      
(12,199
)
Federal income tax expense (benefit)
    
(312
)
    
(3,244
)
    
869
      
(2,691
)
Net income (loss)
  
$
(707
)
  
$
(12,325
)
  
$
3,576
    
$
(9,508
)
                                 
Per share data:
                                
Basic and diluted earnings (loss)
  
$
(.05
)
  
$
(.82
)
  
$
.24
    
$
(.63
)
                                 
Reconciliation of shares outstanding:
                                
Average shares outstanding - basic
    
14,361
      
14,969
      
14,607
      
14,998
  
Dilutive effect of share equivalents
    
-
      
-
      
77
      
-
  
Average shares outstanding - diluted
    
14,361
      
14,969
      
14,684
      
14,998
  

See notes to condensed consolidated financial statements.

- 3 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)

   
Three Months Ended
September 30
    
Nine Months Ended
September 30
  
   
2019
    
2018
    
2019
    
2018
  
Net income (loss)
  
$
(707
)
  
$
(12,325
)
  
$
3,576
    
$
(9,508
)
                                 
Other comprehensive income (loss), net of tax:
                                
   Unrealized net gains (losses) on fixed income securities
    
1,566
      
(1,151
)
    
16,539
      
(6,298
)
                                 
Foreign currency translation adjustments
    
(189
)
    
202
      
402
      
(209
)
                                 
Other comprehensive income (loss)
    
1,377
      
(949
)
    
16,941
      
(6,507
)
                                 
Comprehensive income (loss)
  
$
670
    
$
(13,274
)
  
$
20,517
    
$
(16,015
)

See notes to condensed consolidated financial statements.

- 4 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Shareholders' Equity
(in thousands)

 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Income (Loss)
    
Earnings
    
Equity
  
Balance at December 31, 2018
    
2,615
    
$
112
      
12,254
    
$
522
    
$
54,720
    
$
(7,347
)
  
$
308,075
    
$
356,082
  
Net income
    
–
      
–
      
–
      
–
      
–
      
–
      
3,576
      
3,576
  
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
402
      
–
      
402
  
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
16,539
      
–
      
16,539
  
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(4,429
)
    
(4,429
)
Repurchase of common stock
    
(6
)
    
–
      
(595
)
    
(24
)
    
(2,590
)
    
–
      
(7,669
)
    
(10,283
)
Restricted stock grants
    
–
      
–
      
80
      
3
      
1,540
      
––
      
–
      
1,543
  
Balance at September 30, 2019
    
2,609
    
$
112
      
11,739
    
$
501
    
$
53,670
    
$
9,594
    
$
299,553
    
$
363,430
  


 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Income (Loss)
    
Earnings
    
Equity
  
Balance at June 30, 2019
    
2,612
    
$
112
      
11,932
    
$
509
    
$
54,065
    
$
8,217
    
$
304,513
    
$
367,416
  
Net loss
    
–
      
–
      
–
      
–
      
–
      
–
      
(707
)
    
(707
)
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
(189
)
    
–
      
(189
)
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
1,566
      
–
      
1,566
  
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(1,442
)
    
(1,442
)
Repurchase of common stock
    
(3
)
    
–
      
(224
)
    
(9
)
    
(976
)
    
–
      
(2,811
)
    
(3,796
)
Restricted stock grants
    
–
      
–
      
31
      
1
      
581
      
–
      
–
      
582
  
Balance at September 30, 2019
    
2,609
    
$
112
      
11,739
    
$
501
    
$
53,670
    
$
9,594
    
$
299,553
    
$
363,430
  


See notes to condensed consolidated financial statements.

- 5 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Shareholders' Equity
(in thousands)

 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Income (Loss)
    
Earnings
    
Equity
  
Balance at December 31, 2017
    
2,623
    
$
112
      
12,424
    
$
530
    
$
55,078
    
$
46,391
    
$
316,700
    
$
418,811
  
Cumulative effect of adoption of ASU 2016-01, net of tax (Note 1)
    
–
      
–
      
–
      
–
      
–
      
(46,157
)
    
46,157
      
–
  
Cumulative effect of adoption of ASU 2018-02 (Note 1)
    
–
      
–
      
–
      
–
      
–
      
117
      
(117
)
    
–
  
Net loss
    
–
      
–
      
–
      
–
      
–
      
–
      
(9,508
)
    
(9,508
)
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
(209
)
    
–
      
(209
)
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
(6,298
)
    
–
      
(6,298
)
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(12,652
)
    
(12,652
)
Repurchase of common stock
    
–
      
–
      
(112
)
    
(5
)
    
(484
)
    
–
      
(2,131
)
    
(2,620
)
Restricted stock grants
    
–
      
–
      
13
      
–
      
521
      
–
      
–
      
521
  
Balance at September 30, 2018
    
2,623
    
$
112
      
12,325
    
$
525
    
$
55,115
    
$
(6,156
)
  
$
338,449
    
$
388,045
  


 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Income (Loss)
    
Earnings
    
Equity
  
Balance at June 30, 2018
    
2,623
    
$
112
      
12,380
    
$
528
    
$
55,745
    
$
(5,207
)
  
$
356,057
    
$
407,235
  
Net loss
    
–
      
–
      
–
      
–
      
–
      
–
      
(12,325
)
    
(12,325
)
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
202
      
–
      
202
  
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
(1,151
)
    
–
      
(1,151
)
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(4,196
)
    
(4,196
)
Repurchase of common stock
    
–
      
–
      
(58
)
    
(3
)
    
(250
)
    
–
      
(1,087
)
    
(1,340
)
Restricted stock grants
    
–
      
–
      
3
      
–
      
(380
)
    
–
      
–
      
(380
)
Balance at September 30, 2018
    
2,623
    
$
112
      
12,325
    
$
525
    
$
55,115
    
$
(6,156
)
  
$
338,449
    
$
388,045
  


See notes to condensed consolidated financial statements.

- 6 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

   
Nine Months Ended
September 30
  
   
2019
    
2018
  
Operating activities
            
Net income (loss)
  
$
3,576
    
$
(9,508
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
    
58,746
      
69,878
  
Net cash provided by operating activities
    
62,322
      
60,370
  
                 
Investing activities
                
Purchases of fixed income and equity securities
    
(342,299
)
    
(330,217
)
Purchases of limited partnership interests
    
–
      
(450
)
Distributions from limited partnerships
    
33,395
      
369
  
Proceeds from maturities
    
64,536
      
46,620
  
Proceeds from sales of fixed income securities
    
118,725
      
181,867
  
Proceeds from sales of equity securities
    
19,408
      
117,692
  
Purchase of insurance company-owned life insurance
    
–
      
(10,000
)
Purchase of commercial mortgage loans
    
(2,746
)
    
–
  
Purchases of property and equipment
    
(1,659
)
    
(4,360
)
Proceeds from disposals of property and equipment
    
4
      
8
  
Net cash provided by (used in) investing activities
    
(110,636
)
    
1,529
  
                 
Financing activities
                
Dividends paid to shareholders
    
(4,429
)
    
(12,652
)
Repurchase of common shares
    
(10,283
)
    
(2,620
)
Net cash used in financing activities
    
(14,712
)
    
(15,272
)
                 
Effect of foreign exchange rates on cash and cash equivalents
    
402
      
(209
)
                 
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
    
(62,624
)
    
46,418
  
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
    
170,811
      
68,713
  
Cash, cash equivalents and restricted cash and cash equivalents at end of period
  
$
108,187
    
$
115,131
  

See notes to condensed consolidated financial statements.

- 7 -

Notes to Unaudited Condensed Consolidated Financial Statements
(All dollar amounts presented in these notes are in thousands, except share and per share data)

(1)  Summary of Significant Accounting Policies:

Description of Business:  Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.  The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.

Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.  Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.  Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.

Investments: Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.  Equity securities are carried at quoted market prices (fair value).  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. There was no valuation allowance on the Company's commercial mortgage loans as of September 30, 2019.

The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.  To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.

Short-term and other investments are carried at cost, which approximates their fair values.

Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.  A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.  Realized gains and losses on disposals of fixed income securities are recorded on the trade date.  Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.

Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.  Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.  Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.

In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.   For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.

- 8 -
The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.  The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.

Recognition of Revenue and Costs:  Premiums are earned over the period for which insurance protection is provided.  A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.  Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.  The Company does not defer acquisition costs that are not directly variable with the production of premiums.  If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.  In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.  Anticipated investment income is considered in determining recoverability of deferred acquisition costs.  The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at September 30, 2019.

Recently Adopted Accounting Pronouncements:  In January 2016, the FASB issued Accounting Standards Update ("ASU") 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.  Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.  The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.  Unrealized gains or losses on equity securities are now recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU 2016-02. ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.  Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.  Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.  The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.  In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.   The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of September 30, 2019, each of approximately $210, which are included within other assets and accounts payable and other liabilities. 

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the reduced federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the new 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

- 9 -
Recently Issued Accounting Pronouncements:  In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect ASU 2018-13 to have a material impact on its consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.  In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses.  These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13.  ASU 2016-13 introduces a current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments held at the reporting date requiring significant judgment in application based on historical experience, current conditions and reasonable supportable forecasts, but is not prescriptive about certain aspects of estimating expected losses.  This update will have an impact on our available-for-sale fixed income portfolio, recoverable reinsurance balances, commercial mortgage loans and accounts receivable balances.  ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale fixed income securities to be recognized through an allowance for credit losses through which amounts can be reversed, rather than through an irreversible write-down of the cost, and provides for additional disclosure requirements.  ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018.  The guidance will be adopted using a modified retrospective approach through a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption and a prospective transition approach for fixed income securities for which an other-than-temporary impairment had been recognized before the adoption date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the date of adoption. The Company is currently gathering data and evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.

- 10 -
(2)  Investments:

The following is a summary of available-for-sale securities at September 30, 2019 and December 31, 2018:

   
Fair
Value
    
Cost or
Amortized Cost
    
Gross
Unrealized Gains
    
Gross
Unrealized Losses
    
Net Unrealized
Gains (Losses)
  
September 30, 2019
                              
Fixed income securities
                              
Agency collateralized mortgage obligations
  
$
14,426
    
$
13,911
    
$
518
    
$
(3
)
  
$
515
  
Agency mortgage-backed securities
    
51,246
      
49,567
      
1,691
      
(12
)
    
1,679
  
Asset-backed securities
    
99,295
      
99,834
      
580
      
(1,119
)
    
(539
)
Bank loans
    
14,625
      
14,871
      
54
      
(300
)
    
(246
)
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
      
–
  
Collateralized mortgage obligations
    
5,718
      
5,234
      
571
      
(87
)
    
484
  
Corporate securities
    
267,223
      
261,191
      
6,858
      
(826
)
    
6,032
  
Mortgage-backed securities
    
47,381
      
46,235
      
1,290
      
(144
)
    
1,146
  
Municipal obligations
    
32,986
      
32,280
      
755
      
(49
)
    
706
  
Non-U.S. government obligations
    
24,068
      
23,705
      
364
      
(1
)
    
363
  
U.S. government obligations
    
198,038
      
195,099
      
3,326
      
(387
)
    
2,939
  
Total fixed income securities
  
$
757,841
    
$
744,762
    
$
16,007
    
$
(2,928
)
  
$
13,079
  

   
Fair
Value
    
Cost or
Amortized Cost
    
Gross
Unrealized Gains
    
Gross
Unrealized Losses
    
Net Unrealized
Gains (Losses)
  
December 31, 2018
                              
Fixed income securities
                              
Agency collateralized mortgage obligations
  
$
10,687
    
$
10,636
    
$
145
    
$
(94
)
  
$
51
  
Agency mortgage-backed securities
    
37,385
      
37,168
      
371
      
(154
)
    
217
  
Asset-backed securities
    
64,422
      
66,241
      
14
      
(1,833
)
    
(1,819
)
Bank loans
    
9,750
      
10,208
      
27
      
(485
)
    
(458
)
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
      
–
  
Collateralized mortgage obligations
    
5,423
      
5,095
      
376
      
(48
)
    
328
  
Corporate securities
    
190,450
      
196,925
      
127
      
(6,602
)
    
(6,475
)
Mortgage-backed securities
    
38,540
      
38,586
      
377
      
(423
)
    
(46
)
Municipal obligations
    
29,155
      
29,102
      
239
      
(186
)
    
53
  
Non-U.S. government obligations
    
25,180
      
25,339
      
6
      
(165
)
    
(159
)
U.S. government obligations
    
178,818
      
178,369
      
1,252
      
(803
)
    
449
  
Total fixed income securities
  
$
592,645
    
$
600,504
    
$
2,934
    
$
(10,793
)
  
$
(7,859
)

The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at September 30, 2019 and  December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

   
September 30, 2019
    
December 31, 2018
  
   
Number of
Securities
    
Fair
Value
    
Gross
Unrealized Loss
    
Number of
Securities
    
Fair
Value
    
Gross
Unrealized Loss
  
Fixed income securities:
                                    
12 months or less
    
97
    
$
106,943
    
$
(2,097
)
    
275
    
$
282,646
    
$
(7,296
)
Greater than 12 months
    
86
      
58,053
      
(831
)
    
217
      
131,001
      
(3,497
)
Total fixed income securities
    
183
    
$
164,996
    
$
(2,928
)
    
492
    
$
413,647
    
$
(10,793
)
                                                 


- 11 -
The fair value and the cost or amortized costs of fixed income investments at September 30, 2019, organized by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

   
Fair
Value
    
Cost or
Amortized Cost
  
One year or less
  
$
67,076
    
$
67,008
  
Excess of one year to five years
    
336,640
      
330,035
  
Excess of five years to ten years
    
129,362
      
126,528
  
Excess of ten years
    
12,416
      
11,645
  
Contractual maturities
    
545,494
      
535,216
  
Asset-backed securities
    
212,347
      
209,546
  
Total
  
$
757,841
    
$
744,762
  

Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

   
Three Months Ended
September 30
    
Nine Months Ended
September 30
  
   
2019
    
2018
    
2019
    
2018
  
Gross gains on available-for-sale fixed income securities sold during the period
  
$
2,407
    
$
2,690
    
$
9,710
    
$
8,824
  
Gross losses on available-for-sale fixed income securities sold during the period
    
(2,728
)
    
(2,743
)
    
(9,409
)
    
(8,539
)
                                 
Other-than-temporary impairments
    
(58
)
    
–
      
(404
)
    
–
  
                                 
Change in value of limited partnership investments
    
278
      
(1,073
)
    
1,000
      
(6,518
)
                                 
Gains on equity securities:
                                
Realized gains on equity securities sold during the period
    
1,520
      
502
      
1,571
      
1,455
  
Unrealized gains (losses) on equity securities held at the end of the period
    
(1,294
)
    
2,997
      
6,573
      
(817
)
Realized and unrealized gains on equity securities during the period
    
226
      
3,499
      
8,144
      
638
  
                                 
Net realized and unrealized gains (losses) on investments
  
$
125
    
$
2,373
    
$
9,041
    
$
(5,595
)

Shareholders' equity at September 30, 2019 included approximately $16,035, net of federal income tax expense, of reported earnings that remain undistributed by limited partnerships.


(3)  Reinsurance:

The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.

   
2019
    
2018
  
Three months ended September 30:
            
Premiums ceded to reinsurers
  
$
29,957
    
$
39,318
  
Losses and loss expenses ceded to reinsurers
    
27,228
      
44,015
  
Commissions from reinsurers
    
7,820
      
5,986
  
                 
Nine months ended September 30:
                
Premiums ceded to reinsurers
  
$
92,556
    
$
100,560
  
Losses and loss expenses ceded to reinsurers
    
86,876
      
92,651
  
Commissions from reinsurers
    
23,229
      
20,309
  
                 

- 12 -
(4)  Loss and Loss Expense Reserves:

Activity in the reserves for losses and loss expenses for the nine months ended September 30, 2019 and 2018 is summarized as follows.  All amounts are shown net of reinsurance, unless otherwise indicated.

   
Nine Months Ended
  
   
September 30
  
   
2019
    
2018
  
Reserves, gross of reinsurance recoverable, at the beginning of the year
  
$
865,339
    
$
680,274
  
Reinsurance recoverable on unpaid losses at the beginning of the year
    
375,935
      
308,143
  
Reserves at the beginning of the year
    
489,404
      
372,131
  
                 
Provision for losses and loss expenses:
                
Claims occurring during the current period
    
263,925
      
229,644
  
Claims occurring during prior periods
    
(1,589
)
    
14,683
  
Total incurred
    
262,336
      
244,327
  
                 
Loss and loss expense payments:
                
Claims occurring during the current period
    
53,836
      
49,510
  
Claims occurring during prior periods
    
133,196
      
123,167
  
Total paid
    
187,032
      
172,677
  
Reserves at the end of the period
    
564,708
      
443,781
  
                 
Reinsurance recoverable on unpaid losses at the end of the period
    
395,987
      
334,056
  
Reserves, gross of reinsurance recoverable, at the end of the period
  
$
960,695
    
$
777,837
  

The $1,589 prior accident year favorable development during the nine months ended September 30, 2019 was primarily due to favorable loss development in workers' compensation and independent contractor coverages.  This savings compares to a prior accident year deficiency of $14,683 for the nine months ended September 30, 2018, which related to unfavorable loss development  in commercial automobile coverages.  Losses incurred from claims occurring during prior years reflect the development from prior accident years, composed of individual claim savings and deficiencies which, in the aggregate, have resulted from the settlement of claims at amounts higher or lower than previously reserved and from changes in estimates of losses incurred but not reported.


(5)  Segment Information:

The Company has one reportable business segment in its operations: Property and Casualty Insurance.  The property and casualty insurance segment provides multiple lines of insurance coverage primarily to commercial automobile companies, as well as to independent contractors who contract with commercial automobile companies.  In addition, the Company provides workers' compensation coverage for a variety of operations outside the transportation industry.

The following table summarizes segment revenues for the three and nine months ended September 30, 2019 and 2018:

   
Three Months Ended
September 30
    
Nine Months Ended
September 30
  
   
2019
    
2018
    
2019
    
2018
  
Revenues:
                        
Net premiums earned
  
$
110,288
    
$
96,807
    
$
335,931
    
$
314,209
  
Net investment income
    
6,703
      
5,578
      
19,434
      
16,010
  
Net realized and unrealized gains (losses) on investments
    
125
      
2,373
      
9,041
      
(5,595
)
Commissions and other income
    
2,716
      
3,413
      
6,761
      
7,488
  
Total revenues
  
$
119,832
    
$
108,171
    
$
371,167
    
$
332,112
  

- 13 -
(6)  Debt:

On August 9, 2018, the Company entered into a credit agreement providing a revolving credit facility with a $40,000 limit, with the option for up to an additional $35,000 in incremental loans at the discretion of the lenders.  This credit agreement has an expiration date of August 9, 2022.  Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at the Company's option.  Outstanding drawings on this revolving credit facility were $20,000 as of September 30, 2019.  At September 30, 2019, the effective interest rate was 3.14%, and the Company had $20,000 remaining under the revolving credit facility.  The current outstanding borrowings were used to repay the Company's previous line of credit.  The Company's revolving credit facility has two financial covenants, each of which were met as of September 30, 2019.  These covenants require the Company to have a minimum U.S. generally accepted accounting principles net worth and a maximum consolidated leverage ratio of 0.35 to 1.00.


(7)  Taxes:

The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company’s best estimate of the effective tax rate expected for the full year based on projected annual taxable income (loss).  The effective tax rate can fluctuate throughout the year because estimates used in the quarterly tax provision are updated as more information becomes available throughout the year.

The effective federal tax rate on consolidated loss for the three months ended September 30, 2019 was 30.6% compared to 20.8% for the three months ended September 30, 2018.  The effective federal tax rate on consolidated income for the nine months ended September 30, 2019 was 19.6% compared to 22.1% on consolidated loss for the nine months ended September 30, 2018.  The lower pre-tax loss for the three months ended September 30, 2019 as well as the relatively low amount of pre-tax income for the nine months ended September 30, 2019 make these interim period effective tax rates less comparable year over year.  The difference in the effective federal income tax rate from the normal statutory rate was primarily related to the effects of tax-exempt investment income and the dividends received deduction. 

As of September 30, 2019, the Company's calendar years 2017 and 2016 remain subject to examination by the Internal Revenue Service.

- 14 -
(8)  Fair Value:

Assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of September 30, 2019:

Description
  
Total
    
Level 1
    
Level 2
    
Level 3
  
Fixed income securities:
                        
Agency collateralized mortgage obligations
  
$
14,426
    
$
–
    
$
14,426
    
$
–
  
Agency mortgage-backed securities
    
51,246
      
–
      
51,246
      
–
  
Asset-backed securities
    
99,295
      
–
      
99,295
      
–
  
Bank loans
    
14,625
      
–
      
14,625
      
–
  
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
  
Collateralized mortgage obligations
    
5,718
      
–
      
5,718
      
–
  
Corporate securities
    
262,656
      
–
      
262,656
      
–
  
Options embedded in convertible securities
    
4,567
      
–
      
4,567
      
–
  
Mortgage-backed securities
    
47,381
      
–
      
47,381
      
–
  
Municipal obligations
    
32,986
      
–
      
32,986
      
–
  
Non-U.S. government obligations
    
24,068
      
–
      
24,068
      
–
  
U.S. government obligations
    
198,038
      
–
      
198,038
      
–
  
Total fixed income securities
    
757,841
      
2,835
      
755,006
      
–
  
Equity securities:
                                
Consumer
    
15,387
      
15,387
      
–
      
–
  
Energy
    
3,010
      
3,010
      
–
      
–
  
Financial
    
29,829
      
29,829
      
–
      
–
  
Industrial
    
4,488
      
4,488
      
–
      
–
  
Technology
    
2,609
      
2,609
      
–
      
–
  
Funds (e.g. mutual funds, closed end funds, ETFs)
    
9,438
      
9,438
      
–
      
–
  
Other
    
8,076
      
8,076
      
–
      
–
  
Total equity securities
    
72,837
      
72,837
      
–
      
–
  
Short-term investments
    
1,000
      
1,000
      
–
      
–
  
Cash equivalents
    
78,072
      
–
      
78,072
      
–
  
Total
  
$
909,750
    
$
76,672
    
$
833,078
    
$
–
  

- 15 -
As of December 31, 2018:

Description
  
Total
    
Level 1
    
Level 2
    
Level 3
  
Fixed income securities:
                        
Agency collateralized mortgage obligations
  
$
10,687
    
$
–
    
$
10,687
    
$
–
  
Agency mortgage-backed securities
    
37,385
      
–
      
37,385
      
–
  
Asset-backed securities
    
64,422
      
–
      
64,422
      
–
  
Bank loans
    
9,750
      
–
      
9,750
      
–
  
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
  
Collateralized mortgage obligations
    
5,423
      
–
      
5,423
      
–
  
Corporate securities
    
186,651
      
–
      
186,651
      
–
  
Options embedded in convertible securities
    
3,799
      
–
      
3,799
      
–
  
Mortgage-backed securities
    
38,540
      
–
      
38,540
      
–
  
Municipal obligations
    
29,155
      
–
      
29,155
      
–
  
Non-U.S. government obligations
    
25,180
      
–
      
25,180
      
–
  
U.S. government obligations
    
178,818
      
–
      
178,818
      
–
  
Total fixed income securities
    
592,645
      
2,835
      
589,810
      
–
  
Equity securities:
                                
Consumer
    
17,945
      
17,945
      
–
      
–
  
Energy
    
3,179
      
3,179
      
–
      
–
  
Financial
    
25,253
      
25,253
      
–
      
–
  
Industrial
    
6,920
      
6,920
      
–
      
–
  
Technology
    
2,303
      
2,303
      
–
      
–
  
Funds (e.g. mutual funds, closed end funds, ETFs)
    
5,489
      
5,489
      
–
      
–
  
Other
    
5,333
      
5,333
      
–
      
–
  
Total equity securities
    
66,422
      
66,422
      
–
      
–
  
Short-term investments
    
1,000
      
1,000
      
–
      
–
  
Cash equivalents
    
156,855
      
–
      
156,855
      
–
  
Total
  
$
816,922
    
$
70,257
    
$
746,665
    
$
–
  

Level inputs, as defined by the FASB guidance, are as follows:

Level Input:
  
Input Definition:
     
Level 1
  
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
     
Level 2
  
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.
     
Level 3
  
Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The Company did not have any Level 3 assets at September 30, 2019 or December 31, 2018.  Level 3 assets, when present, are valued using various unobservable inputs, including extrapolated data, proprietary models and indicative quotes. 

Quoted market prices are obtained whenever possible.  Where quoted market prices are not available, fair values are estimated using broker/dealer quotes for specific securities.  These techniques are significantly affected by the Company's assumptions, including discount rates and estimates of future cash flows.  Potential taxes and other transaction costs have not been considered in estimating fair values.

Transfers between levels, if any, are recorded as of the beginning of the reporting period.  There were no significant transfers of assets between Level 1 and Level 2 during the nine months ended September 30, 2019 and 2018.

In addition to the preceding disclosures on assets recorded at fair value in the condensed consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the condensed consolidated balance sheets.

Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as policy reserve liabilities are excluded from the fair value disclosures.  Therefore, the fair value amounts cannot be aggregated to determine the underlying economic value of the Company.  The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument:

- 16 -
Limited partnerships: The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to carry the investment at its proportionate share of the limited partnership's equity.   The underlying assets of the Company's investments in limited partnerships are carried primarily at fair value; therefore, the Company's carrying value of limited partnerships approximates fair value.  As these investments are not actively traded and the corresponding inputs are based on data provided by the investees, they are classified as Level 3.

Commercial mortgage loans:  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans.  The fair value of the Company’s investment in these commercial mortgage loans is based on expected future cash flows discounted at the current interest rate for origination of similar quality loans, adjusted for specific loan risk.  These investments are classified as Level 3.

Short-term borrowings: The fair value of the Company's short-term borrowings is based on quoted market prices for the same or similar debt, or, if no quoted market prices are available, on the current market interest rates available to the Company for debt of similar terms and remaining maturities.

A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at September 30, 2019 and December 31, 2018 is as follows:

   
Carrying
    
Fair Value
  
   
Value
    
Level 1
    
Level 2
    
Level 3
    
Total
  
September 30, 2019
                              
Assets:  
                              
Limited partnerships
  
$
22,645
    
$
–
    
$
–
    
$
22,645
    
$
22,645
  
Commercial mortgage loans
    
9,418
      
–
      
–
      
9,418
      
9,418
  
Liabilities:  
                                        
Short-term borrowings
    
20,000
      
–
      
20,000
      
–
      
20,000
  
                                         
December 31, 2018
                                        
Assets:  
                                        
Limited partnerships
  
$
55,044
    
$
–
    
$
–
    
$
55,044
    
$
55,044
  
Commercial mortgage loans
    
6,672
      
–
      
–
      
6,672
      
6,672
  
Liabilities:  
                                        
Short-term borrowings
    
20,000
      
–
      
20,000
      
–
      
20,000
  


(9)  Stock-Based Compensation:

The Company issues shares of restricted Class B Common Stock to the Company's outside directors as part of their annual retainer compensation.  The shares are distributed to the outside directors on the vesting date, which, with the exception of pro-rated annual retainers granted to outside directors, is one year following the date of grant.  On May 17, 2019, the Company granted shares of restricted Class B Common Stock in connection with the election of a new outside director, reflecting such director’s pro-rated annual retainer compensation, which shares will vest and be distributed on May 7, 2020.  Additionally, effective May 22, 2019, John D. Nichols, Jr. ceased serving as the Company's Interim Chief Executive Officer and principal executive officer, but continued to serve as Chairman of the Company's Board of Directors.  On May 22, 2019, the Company granted shares of restricted Class B Common Stock to Mr. Nichols in connection with this transition, reflecting his pro-rated annual retainer compensation, which shares will also vest and be distributed on May 7, 2020.  The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:

Grant Date
  
Number of
Shares Issued
  
Vesting Date
Service Period
  
Grant Date Fair
Value Per Share
  
5/9/2017
    
18,183
  
5/9/2018
7/1/2017 - 6/30/2018
  
$
24.20
  
                     
8/31/2017
    
1,257
  
5/9/2018
8/31/2017 - 6/30/2018
  
$
21.90
  
                     
2/9/2018
    
408
  
5/9/2018
2/9/2018 - 6/30/2018
  
$
24.20
  
                     
5/8/2018
    
19,085
  
5/8/2019
7/1/2018 - 6/30/2019
  
$
23.05
  
                     
5/7/2019
    
29,536
  
5/7/2020
7/1/2019 - 6/30/2020
  
$
16.25
  
                     
5/17/2019
    
3,591
  
5/7/2020
7/1/2019 - 6/30/2020
  
$
16.25
  
                     
5/22/2019
    
3,541
  
5/7/2020
7/1/2019 - 6/30/2020
  
$
16.25
  

- 17 -
Compensation expense related to the above stock grants is recognized over the period in which the directors render services.

In May 2017, the Company's Compensation Committee granted equity-based awards pursuant to the Company's Long-Term Incentive Plan (the "Long-Term Incentive Plan"), which was approved by the Company's shareholders at the 2017 Annual Meeting of Shareholders.  Certain participants under the Long-Term Incentive Plan were granted Value Creation Incentive Plan awards (the "2017 VCIP Awards").  The 2017 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income over a three-year performance period from January 1, 2017 through December 31, 2019 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2017.  For the purpose of the 2017 VCIP Awards, cumulative operating income is equal to income before taxes excluding net realized gains (losses) on investments.  Any 2017 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2020.  No shares are eligible to be issued under the 2017 VCIP Awards as of September 30, 2019.

In March 2018, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2018 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a measurement of the combined results of the Company's 2018 growth in gross premiums earned and the Company's 2018 combined ratio.  The combined ratio is calculated as a ratio of (A) losses and loss expenses incurred, plus other operating expenses, less commission and other income to (B) net premiums earned.  No 2018 LTIP Awards were earned based on the Company's performance in 2018, and therefore no shares were issued pursuant to the 2018 LTIP Awards.  In addition to the 2018 LTIP Awards, in March 2018 the Company's Compensation Committee also granted Value Creation Incentive Plan awards (the "2018 VCIP Awards") to certain participants under the Long-Term Incentive Plan.  The 2018 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income, as defined above, over a three-year performance period from January 1, 2018 through December 31, 2020 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2018.  Any 2018 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2021.  No shares are eligible to be issued under the 2018 VCIP Awards as of September 30, 2019.

On November 13, 2018, the Company entered into an employment agreement with its Interim Chief Executive Officer, John D. Nichols, Jr.  Pursuant to the terms of this employment agreement, on November 13, 2018, Mr. Nichols was granted 85,000 restricted shares of the Company's Class B Common Stock (the "Nichols Stock Grant"), of which 42,500 shares vested as of October 17, 2019; 21,250 shares will vest as of October 17, 2020, and 21,250 shares will vest as of October 17, 2021.  The Company recorded $844 of expense during the nine months ended September 30, 2019 related to the Nichols Stock Grant.

In March 2019, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2019 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a corporate performance component as well as a personal performance component.  The corporate performance component of the 2019 LTIP Awards will be determined based on the Company's achievement of 2019 underwriting income compared to the plan target.  The Company's underwriting income will be calculated as income (loss) before federal income tax expense (benefit), less net realized gains (losses) on investments, less net unrealized gains (losses) on equity securities and limited partnerships, less net investment income.  The personal performance component of the 2019 LTIP Awards will be determined based on the achievement of personal goals that align with departmental and corporate objectives for 2019.  Any 2019 LTIP Awards earned will be paid in shares of restricted Class B Common Stock in early 2020.  One-third of such shares will vest annually over the three-year period beginning one year from the date of issue.  The Company recorded $107 of expense during the nine months ended September 30, 2019 related to the 2019 LTIP Awards.

On May 22, 2019, the Company entered into an employment agreement with its new Chief Executive Officer, Jeremy D. Edgecliffe-Johnson.  Pursuant to the terms of this employment agreement, on May 22, 2019, Mr. Edgecliffe-Johnson was granted 70,000 restricted shares of the Company's Class B Common Stock (the "Edgecliffe-Johnson Stock Grant"), of which 35,000 shares will vest as of June 1, 2022, 21,000 shares will vest as of June 1, 2023, and 14,000 shares will vest as of June 1, 2024.  The Company recorded $122 of expense during the nine months ended September 30, 2019 related to the Edgecliffe-Johnson Stock Grant.


(10)  Litigation, Commitments and Contingencies:

In the ordinary, regular and routine course of their business, the Company and its Insurance Subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided.  No currently pending matter is deemed by management to be material to the Company, other than as noted below.

- 18 -
Personnel Staffing Group Litigation

In July 2019, Protective Insurance Company (“Protective”) was named as a defendant in an action brought by a former insured, Personnel Staffing Group d/b/a MVP Staffing (“PSG”), in the U.S. District Court for the Central District of California alleging that Protective had breached its workers’ compensation insurance policy and had breached the duties of good faith and fair dealing. Protective provided workers’ compensation insurance to PSG from January 1, 2017 through June 30, 2018, which was subject to a $500 per claim deductible to be paid by PSG.  No specific damages were included in the complaint.  In August 2019, Protective filed a motion to dismiss or stay the action, which is pending.  The Company intends to vigorously defend these claims; however, the ultimate outcome cannot be presently determined.

In August 2019, Protective filed a lawsuit against PSG in Marion County Superior Court, in Indianapolis, Indiana alleging breach of contract, breach of the parties' collateral agreement, breach of the parties' indemnity agreement, and seeking a declaratory judgment regarding PSG’s ongoing obligation to fund its ongoing claim deductible obligations and adequately collateralize Protective’s current and ongoing claims exposure pursuant to terms of the parties' agreements.  In October 2019, Protective amended the complaint to include allegations of misrepresentation as to source of coverage, negligent misrepresentation, fraud and racketeering and seeking injunctive relief.  Pursuant to the terms of the workers’ compensation policies, Protective has a duty to adjust and pay claims arising under the policies regardless of whether PSG makes payments to Protective for deductible obligations under the policies.  Under its contractual obligations to Protective, PSG is required to maintain a “loss fund” for the payment of claims, the balance of which is to remain at or above $4,000; in addition, PSG is required to provide collateral in an amount equal to 110% of Protective’s current open case reserves on workers’ compensation claims arising under the policies.

As of September 30, 2019, Protective had approximately $6,800 in deductible receivables on claims arising under PSG’s workers’ compensation policies and had exhausted all collateral provided by PSG.  Protective continues to pay claims settlements under the policies without reimbursement from PSG.  For the past six months, the average monthly deductible invoices have been $1,600.  PSG’s estimated ultimate obligation under the agreements is approximately $43,000 as of September 30, 2019 (inclusive of the $6,800 in deductible receivables noted above).  At September 30, 2019, based on the Company's assessment that PSG will continue to operate as a business and that the terms of the agreement with PSG will be legally enforceable, the Company believes that it will fully collect all current and future amounts due from PSG relating to this matter and, therefore, has not recorded a provision for any potential loss.  In the event that PSG files bankruptcy or that the agreements are found to be unenforceable, Protective will likely incur a charge up to the then-estimated amount of PSG’s ultimate obligation.

The Company will also include this matter when assessing the impact of adopting the accounting guidance under the new credit losses standard discussed in Note 1.


(11)  Shareholders' Equity:

On August 31, 2017, the Company's Board of Directors authorized the reinstatement of its share repurchase program for up to 2,464,209 shares of the Company's Class A or Class B Common Stock.  On August 6, 2019, the Company's Board of Directors reaffirmed its share repurchase program, but also provided that the aggregate dollar amount of shares of the Company's common stock that may be repurchased under the share repurchase program between August 6, 2019 and August 6, 2020 may not exceed $25,000, including a limit of up to $6,250 per quarter.  Pursuant to this share repurchase program, the Company entered into a Rule 10b5-1 plan on September 23, 2019 (the "Rule 10b5-1 Plan"), which authorized the repurchase of up to $625 of the Company's outstanding common stock at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934.  The Rule 10b5-1 Plan expires on November 7, 2019.  No duration has been placed on the Company's share repurchase program, and the Company reserves the right to amend, suspend or discontinue it at any time.  The share repurchase program does not commit the Company to repurchase any shares of its common stock.

During the nine months ended September 30, 2019, the Company paid $10,283 to repurchase 6,520 shares of Class A and 595,326 shares of Class B Common Stock under the share repurchase program.

- 19 -
The following table illustrates changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2019:

   
Foreign
Currency
    
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
    
Total
  
Beginning balance at December 31, 2018
  
$
(1,139
)
  
$
(6,208
)
  
$
(7,347
)
                         
Other comprehensive income before reclassifications
    
402
      
16,588
      
16,990
  
Amounts reclassified from accumulated other comprehensive income (loss)
    
–
      
(49
)
    
(49
)
                         
Net current-period other comprehensive income
    
402
      
16,539
      
16,941
  
                         
Ending balance at September 30, 2019
  
$
(737
)
  
$
10,331
    
$
9,594
  

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2018:

   
Foreign
Currency
    
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
    
Total
  
Beginning balance at December 31, 2017
  
$
(309
)
  
$
46,700
    
$
46,391
  
                         
Cumulative effect of adoption of ASU 2016-01, net of tax
    
–
      
(46,157
)
    
(46,157
)
                         
Balance at January 1, 2018
    
(309
)
    
543
      
234
  
                         
Cumulative effect of adoption of ASU 2018-02
    
–
      
117
      
117
  
Other comprehensive loss before reclassifications
    
(209
)
    
(4,815
)
    
(5,024
)
Amounts reclassified from accumulated other comprehensive income (loss)
    
–
      
(1,483
)
    
(1,483
)
                         
Net current-period other comprehensive loss
    
(209
)
    
(6,298
)
    
(6,507
)
                         
Ending balance at September 30, 2018
  
$
(518
)
  
$
(5,638
)
  
$
(6,156
)


(12)  Related Parties:

The Company utilizes the services of an investment firm of which one director of the Company is a partial owner.  This investment firm manages equity securities and fixed income portfolios held by the Company with an aggregate market value of approximately $8,885 at September 30, 2019.  Total commissions and net fees earned by this investment firm and its affiliates on these portfolios were $12 and $81 for the nine months ended September 30, 2019 and 2018.


(13)  Subsequent Events:

On November 5, 2019, the Company's Board of Directors declared a regular quarterly dividend of $0.10 per share on the Company's Class A and Class B Common Stock.  The dividend per share will be payable December 3, 2019 to shareholders of record on November 19, 2019.



- 20 -
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Protective Insurance Corporation is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  Additionally, we offer workers' compensation coverage for a variety of operations outside the transportation industry.  We operate as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Protective,” as used throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), refers to Protective Insurance Corporation, the parent company.  The terms the “Company,” “we,” “us” and “our,” as used throughout this MD&A, refer to Protective and all of its subsidiaries, unless the context clearly indicates otherwise.  The term “Insurance Subsidiaries,” as used throughout this MD&A, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.

Liquidity and Capital Resources

The primary sources of our liquidity are (1) funds generated from insurance operations, including net investment income, (2) proceeds from the sale of investments, and (3) proceeds from maturing investments.

We generally experience positive cash flow from operations.  Premiums are collected on insurance policies in advance of the disbursement of funds for payment of claims.  Operating costs of our property/casualty Insurance Subsidiaries, other than loss and loss expense payments and commissions paid to related agency companies, average less than one-third of net premiums earned on a consolidated basis, and the remaining amount is available for investment for varying periods of time depending on the type of insurance coverage provided and the timing of the claim payments. Because losses are often settled in periods subsequent to when they are incurred, operating cash flows may, at times, become negative as loss settlements on claim reserves established in prior years exceed current revenues.  Our cash flow relating to premiums is significantly affected by reinsurance programs in effect, whereby we cede both premium and risk to other insurance and reinsurance companies.  These programs vary significantly among products, and certain contracts call for reinsurance payment patterns, which do not coincide with the collection of premiums by us from our insureds.

On August 31, 2017, our Board of Directors authorized the reinstatement of our share repurchase program for up to 2,464,209 shares of our Class A or Class B Common Stock.  On August 6, 2019, our Board of Directors reaffirmed our share repurchase program, but also provided that the aggregate dollar amount of shares of our common stock that may be repurchased under the share repurchase program between August 6, 2019 and August 6, 2020 may not exceed $25.0 million, including a limit of up to $6.25 million per quarter.  The repurchases may be made in the open market or through privately negotiated transactions, from time-to-time, and in accordance with applicable laws, rules and regulations. On September 23, 2019, we entered into a stock repurchase plan for the purpose of repurchasing up to $0.6 million of shares of our common stock, at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Rule 10b5-1 Plan"). The Rule 10b5-1 Plan was established pursuant to, and as part of, our share repurchase program and permits shares to be repurchased in accordance with pre-determined criteria when repurchases would otherwise be prohibited, such as during self-imposed blackout periods, or under insider trading laws. The Rule 10b5-1 Plan expires on November 7, 2019.  The share repurchase program may be amended, suspended or discontinued at any time and does not commit us to repurchase any shares of our common stock. We have funded, and intend to continue to fund, the share repurchase program from cash on hand. The actual number and value of the shares to be purchased will depend on the performance of our stock price, market volume and other market conditions.  During the nine months ended September 30, 2019, we paid $10.3 million to repurchase 6,520 shares of Class A and 595,326 shares of Class B Common Stock under the share repurchase program.

For several years, our investment philosophy has emphasized the purchase of short-term bonds with high quality and liquidity.  Our fixed income investment portfolio continues to emphasize shorter-duration instruments.  If there was a hypothetical increase in interest rates of 100 basis points, the price of our fixed income portfolio, including cash, at September 30, 2019 would be expected to decrease by approximately 2.6%.  The credit quality of our fixed income securities remains high with a weighted average rating of AA-, including cash.  The average contractual life of our fixed income and short-term investment portfolio was 6.7 years at September 30, 2019 and 5.5 years at December 31, 2018.  The average duration of our fixed income portfolio remains shorter than the average duration of our liabilities.  We also remain an active participant in the equity securities market, using capital in excess of amounts considered necessary to fund our current operations.  The long-term horizon for our equity investments allows us to invest in positions that primarily focus on ultimate value, and not short-term market fluctuation.  Investments made by our domestic property/casualty Insurance Subsidiaries are regulated by guidelines promulgated by the National Association of Insurance Commissioners (the "NAIC"), which are designed to provide protection for both policyholders and shareholders.

- 21 -
Net cash flows from operations increased $1.9 million to $62.3 million during the nine months ended September 30, 2019 compared to $60.4 million for the nine months ended September 30, 2018.  The increase in operating cash flows was primarily related to higher premium volume as well as higher investment income during the nine months ended September 30, 2019 compared to the same period in 2018.

Net cash used in investing activities was $110.6 million for the nine months ended September 30, 2019 compared to cash provided by investing activities of $1.5 million for the nine months ended September 30, 2018.  The $112.1 million change was primarily due to the increased investment of cash and cash equivalent investments into fixed income securities during the 2019 period. We also received an additional $33.0 million from limited partnership investments, which were reinvested into fixed income securities during the nine months ended September 30, 2019.  During the nine months ended September 30, 2018, we reallocated a large portion of our equity portfolio to fixed income securities, however the total amount invested was relatively stable.  Additionally, during 2018, we purchased $10.0 million of company-owned life insurance, which did not recur in 2019.

Net cash used in financing activities for the nine months ended September 30, 2019 consisted of regular cash dividend payments to shareholders of $4.4 million ($0.30 per share) and $10.3 million to repurchase shares of our Class A and B Common Stock.  Financing activities for the nine months ended September 30, 2018 consisted of regular cash dividend payments to shareholders of $12.7 million ($0.84 per share) and $2.6 million to repurchase shares of our Class A and B Common Stock.

Our assets at September 30, 2019 included $78.1 million of investments included within cash and cash equivalents on the condensed consolidated balance sheet that are readily convertible to cash without market penalty and an additional $67.1 million of fixed income investments maturing in less than one year.  We believe these liquid investments, plus the expected cash flow from premium collections, are sufficient to provide for projected claim payments and operating cost demands.  In the event competitive conditions produce inadequate premium rates and we choose to further restrict volume, the liquidity of our investment portfolio would permit us to continue to pay claims as settlements are reached without requiring the disposal of investments at a loss, regardless of interest rates in effect at the time.  In addition, our reinsurance program is structured to avoid significant cash outlays that accompany large losses.

We maintain a revolving credit facility with a $40.0 million limit, with the option for up to an additional $35.0 million in incremental loans at the discretion of the lenders, which has an expiration date of August 9, 2022.  Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at our option.  Outstanding drawings on this revolving credit facility were $20.0 million as of September 30, 2019.  At September 30, 2019, the effective interest rate was 3.14% and we had $20.0 million remaining under the revolving credit facility.  The current outstanding borrowings were used to repay our previous line of credit.  Our revolving credit facility has two financial covenants, each of which were met as of September 30, 2019.  These covenants require us to have a minimum U.S. generally accepted accounting principles ("GAAP") net worth and a maximum consolidated leverage ratio of 0.35 to 1.00.

Annualized net premiums written by our Insurance Subsidiaries for the third quarter of 2019 equaled approximately 122% of the combined statutory surplus of these subsidiaries. According to the NAIC, acceptable ranges for the ratio of net premiums written to statutory surplus include results of up to 300%.  This ratio is designed to measure our ability to absorb above-average losses and our financial strength. Additionally, the statutory capital of each of our Insurance Subsidiaries substantially exceeded minimum risk-based capital requirements set by the NAIC as of September 30, 2019.  As a result, we have the ability to increase our business without seeking additional capital to meet regulatory guidelines.

Consolidated shareholders' equity is composed largely of GAAP shareholders' equity of our Insurance Subsidiaries.  As such, there are statutory restrictions on the transfer of substantial portions of this equity to Protective.  At September 30, 2019, $37.1 million may be transferred by dividend or loan to Protective during the remainder of 2019 without approval by, or prior notification to, regulatory authorities.  An additional $215.3 million of shareholders' equity of our Insurance Subsidiaries could be advanced or loaned to Protective with prior notification to, and approval from, regulatory authorities, although transfers of this size would not be practical.  We believe these restrictions pose no material liquidity concerns for us.  We also believe the financial strength and stability of our Insurance Subsidiaries would permit access by Protective to short-term and long-term sources of credit when needed.  Protective had cash and marketable securities valued at $6.4 million at September 30, 2019.

- 22 -
Non-GAAP Measures

We believe investors’ understanding of our performance is enhanced by our disclosure of underwriting income (loss), which is a measure that is not calculated in accordance with GAAP. Underwriting income (loss) represents the pre-tax profitability of our insurance operations and is derived by subtracting net realized and unrealized gains (losses) on investments and net investment income from income before federal income tax expense (benefit). We use underwriting income (loss) as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations, our underlying business performance and our ongoing operating trends. Underwriting income (loss) should not be viewed as a substitute for income before federal income tax expense (benefit) calculated in accordance with GAAP, and other companies may define underwriting income (loss) differently.

The ratio of consolidated other operating expenses, less commissions and other income, to net premiums earned, or our expense ratio, and the ratio of losses and loss expenses incurred, plus other operating expenses, less commissions and other income, to net premiums earned, or our combined ratio, are measures of our profitability that we believe increase the period-to-period comparability of our operational results.  Our management uses these ratios to evaluate performance, allocate resources and forecast future operating periods.  While expense ratios and combined ratios are widely used within our industry, our use of such ratios may not be directly comparable to similarly titled measures reported by other companies.

   
Three Months Ended
    
Nine Months Ended
  
   
September 30
    
September 30
  
 (dollars in thousands)
  
2019
    
2018
    
2019
    
2018
  
Income (loss) before federal income tax expense (benefit)
  
$
(1,019
)
  
$
(15,569
)
  
$
4,445
    
$
(12,199
)
Less: Net realized and unrealized gains (losses) on investments
    
125
      
2,373
      
9,041
      
(5,595
)
Less: Net investment income
    
6,703
      
5,578
      
19,434
      
16,010
  
Underwriting loss
  
$
(7,847
)
  
$
(23,520
)
  
$
(24,030
)
  
$
(22,614
)
                                 
                                 
Ratios
                                
Losses and loss expenses incurred
  
$
84,781
    
$
94,540
    
$
262,336
    
$
244,327
  
Net premiums earned
    
110,288
      
96,807
      
335,931
      
314,209
  
Loss ratio
    
76.9
%
    
97.7
%
    
78.1
%
    
77.8
%
                                 
Other operating expenses
  
$
36,070
    
$
29,200
    
$
104,386
    
$
99,984
  
Less: Commissions and other income
    
2,716
      
3,413
      
6,761
      
7,488
  
Other operating expenses, less commissions and other income
    
33,354
      
25,787
      
97,625
      
92,496
  
Net premiums earned
    
110,288
      
96,807
      
335,931
      
314,209
  
Expense ratio
    
30.2
%
    
26.6
%
    
29.1
%
    
29.4
%
                                 
Combined ratio
    
107.1
%
    
124.3
%
    
107.2
%
    
107.2
%


- 23 -
Results of Operations

Comparison of Third Quarter 2019 to Third Quarter 2018 (in thousands)

   
2019
    
2018
    
Change
    
% Change
  
Gross premiums written
  
$
137,145
    
$
138,699
    
$
(1,554
)
    
(1.1
)%
Ceded premiums written
    
(27,853
)
    
(41,685
)
    
13,832
      
(33.2
)%
Net premiums written
  
$
109,292
    
$
97,014
    
$
12,278
      
12.7
%
                                 
Net premiums earned
  
$
110,288
    
$
96,807
    
$
13,481
      
13.9
%
Net investment income
    
6,703
      
5,578
      
1,125
      
20.2
%
Commissions and other income
    
2,716
      
3,413
      
(697
)
    
(20.4
)%
Net realized and unrealized gains on investments
    
125
      
2,373
      
(2,248
)
    
94.7
%
Total revenue
    
119,832
      
108,171
                  
Losses and loss expenses incurred
    
84,781
      
94,540
      
(9,759
)
    
(10.3
)%
Other operating expenses
    
36,070
      
29,200
      
6,870
      
23.5
%
Total expenses
    
120,851
      
123,740
                  
Loss before federal income tax benefit
    
(1,019
)
    
(15,569
)
    
14,550
          
Federal income tax benefit
    
(312
)
    
(3,244
)
    
2,932
          
Net loss
  
$
(707
)
  
$
(12,325
)
  
$
11,618
          
                                 

Gross premiums written during the third quarter of 2019 decreased $1.6 million (1.1%), while net premiums earned increased $13.5 million (13.9%), as compared to the third quarter of 2018.  The higher net premiums earned in the third quarter of 2019 were primarily the result of lower premiums ceded in the current quarter when compared to the same period in 2018, as discussed below. The difference in the percentage change for premiums written compared to earned was reflective of the normal differences in the financial statement recognition of earned premiums compared to written, as well as differences in reinsurance ceding rates on the mix of business in-force.

Premiums ceded to reinsurers on our insurance business averaged 20.3% of gross premiums written for the third quarter of 2019 compared to 30.1% in the third quarter of 2018.  The decrease in premiums ceded was primarily due to our reserve strengthening during the third quarter of 2018 that resulted in ceding an additional $13.8 million in premium from prior treaty years related to the variable premium adjustment provisions in our historical reinsurance treaties, which did not recur in 2019.  This was partially offset by higher gross premiums written in our workers' compensation coverages, which carry a higher reinsurance ceding rate, in the third quarter of 2019 compared to the third quarter of 2018.

Losses and loss expenses incurred during the third quarter of 2019 decreased $9.8 million (10.3%) compared to the third quarter of 2018, resulting in a loss ratio of 76.9% during the third quarter of 2019 compared to a loss ratio of 97.7% during the third quarter of 2018.  The loss ratio is calculated as the percentage of losses and loss expenses incurred to net premiums earned.  The higher losses and loss expenses and higher loss ratio in the third quarter of 2018 reflected reserve strengthening of $16.4 million related to unfavorable prior accident year loss development in commercial automobile coverages as a result of increased claim severity due to a more challenging litigation environment and an increase in the time to settle claims. The third quarter of 2019 loss ratio reflected an increase in losses driven by severe commercial automobile claims, including continued emergence of severity as well as $0.1 million of adverse prior accident year development.

Net investment income for the third quarter of 2019 increased 20.2% to $6.7 million compared to $5.6 million for the third quarter of 2018. The increase reflected an increase in average funds invested resulting from positive cash flow, as well as the continued reallocation from equity investments in limited partnerships and cash and cash equivalent investments into short-duration, high-quality bonds.  

Net realized and unrealized gains on investments of $0.1 million during the third quarter of 2019 were primarily driven by net realized gains on sales of securities, excluding impairment losses, of $1.2 million and a $0.3 million increase in the value of our limited partnership investments, partially offset by $1.3 million in unrealized losses on equity securities during the period and other-than-temporary impairments on our fixed income securities of $0.1 million recognized during the period.  Comparative third quarter 2018 net realized and unrealized losses on investments of $2.4 million were primarily driven by $3.0 million in unrealized gains on equity securities and net realized gains on sales of fixed income and equity securities, excluding impairment losses, of $0.5 million during the period, partially offset by a $1.1 million decrease in the value of our limited partnership investments.  Realized investment gains and losses result from decisions regarding overall portfolio realignment as well as the sale of individual securities, including the change in the aggregate value of limited partnerships and, as such, should not be expected to be consistent from period to period.

Other operating expenses for the third quarter of 2019 increased $6.9 million, or 23.5%, to $36.1 million compared to the third quarter of 2018.  The increase was driven primarily by higher salary and benefit expenses and higher commission expenses as a result of the mix of premium written during the third quarter of 2019.  Additionally, other operating expenses for the third quarter of 2019 included charges of $1.6 million related to severance and new hire costs as well as bad debt expense, which we do not expect to recur.  The expense ratio was 30.2% during the third quarter of 2019 compared to 26.6% for the third quarter of 2018.  The increase in the expense ratio was primarily related to the higher salary and benefit expenses and higher commission expenses noted above.

- 24 -
Federal income tax benefit was $0.3 million for the third quarter of 2019 compared to $3.2 million for the third quarter of 2018.  The effective tax rate for the third quarter of 2019 was a 30.6% tax benefit compared to a 20.8% tax benefit in the third quarter of 2018.  The lower pre-tax loss for the three months ended September 30, 2019 made these interim period effective tax rates less comparable.  The effective federal income tax rate in the current year differed from the normal statutory rate primarily as a result of tax-exempt investment income and the dividends received deduction.  The effective tax rate can fluctuate throughout the year because estimates used in the quarterly tax provision are updated as more information becomes available throughout the year.

As a result of the factors mentioned above, net loss improved $11.6 million to a loss of $0.7 million during the third quarter of 2019 compared to a net loss of $12.3 million during the third quarter of 2018.


Comparison of Nine Months Ended September 30, 2019 to Nine Months Ended September 30, 2018 (in thousands)

   
2019
    
2018
    
Change
    
% Change
  
Gross premiums written
  
$
433,191
    
$
429,792
    
$
3,399
      
0.8
%
Ceded premiums written
    
(92,882
)
    
(105,090
)
    
12,208
      
(11.6
)%
Net premiums written
  
$
340,309
    
$
324,702
    
$
15,607
      
4.8
%
                                 
Net premiums earned
  
$
335,931
    
$
314,209
    
$
21,722
      
6.9
%
Net investment income
    
19,434
      
16,010
      
3,424
      
21.4
%
Commissions and other income
    
6,761
      
7,488
      
(727
)
    
(9.7
)%
Net realized and unrealized gains (losses) on investments
    
9,041
      
(5,595
)
    
14,636
      
261.6
%
Total revenue
    
371,167
      
332,112
                  
Losses and loss expenses incurred
    
262,336
      
244,327
      
18,009
      
7.4
%
Other operating expenses
    
104,386
      
99,984
      
4,402
      
4.4
%
Total expenses
    
366,722
      
344,311
                  
Income (loss) before federal income tax expense (benefit)
    
4,445
      
(12,199
)
    
16,644
          
Federal income tax expense (benefit)
    
869
      
(2,691
)
    
3,560
          
Net income (loss)
  
$
3,576
    
$
(9,508
)
  
$
13,084
          
                                 

Gross premiums written during the nine months ended September 30, 2019 increased $3.4 million (0.8%), while net premiums earned increased $21.7 million (6.9%), as compared to the same period in 2018.  The higher net premiums earned in the nine months ended September 30, 2019 were primarily the result of lower premiums ceded in the current period when compared to the same period in 2018, as discussed below.  The difference in the percentage change for premiums written compared to earned was reflective of the normal differences in the financial statement recognition of earned premiums compared to written, as well as differences in reinsurance ceding rates on the mix of business in-force.

Premiums ceded to reinsurers on our insurance business averaged 21.4% of gross premiums written for the nine months ended September 30, 2019 compared to 24.5% for the same period of 2018.  The decrease in premiums ceded was primarily due to our reserve strengthening during the nine months ended September 30, 2018 that resulted in ceding an additional $16.4 million in premium from prior treaty years related to the variable premium adjustment provisions in our historical reinsurance treaties, compared to the ceding of an additional $1.6 million in commercial automobile premium from prior treaty years related to the same adjustment provisions during the nine months ended September 30, 2019.  Additionally, during the nine months ended September 30, 2019, we had higher gross premiums written in workers' compensation coverages, which carry a higher reinsurance ceding rate. 

Losses and loss expenses incurred during the nine months ended September 30, 2019 increased $18.0 million (7.4%) compared to the same period of 2018, resulting in a loss ratio of 78.1% for the period.   This compares to a loss ratio of 77.8% during the same period of 2018.  The loss ratio is calculated as the percentage of losses and loss expenses incurred to net premiums earned.  The increased losses and loss expenses and the higher loss ratio in the nine months ended September 30, 2019 reflected an increase in losses driven by severe commercial automobile claims, including continued emergence of severity.  This loss development was partially offset by prior accident year net savings of $1.6 million that developed during the nine months ended September 30, 2019, primarily due to favorable loss development in workers' compensation and independent contractor coverages.  Including the impact of the additional $1.6 million ceded premium discussed above, the total prior accident year impacts offset each other for the nine months ended September 30, 2019. Losses and loss expenses for the nine months ended September 30, 2018 reflected reserve strengthening of $14.7 million related to unfavorable prior accident year loss development in commercial automobile coverages.

Net investment income for the nine months ended September 30, 2019 increased 21.4% to $19.4 million compared to $16.0 million in the same period of 2018.  The increase reflected an increase in average funds invested resulting from positive cash flow, as well as a reallocation from equity investments in limited partnerships and cash and cash equivalent investments into short-duration, high-quality bonds.  

- 25 -
Net realized and unrealized gains on investments of $9.0 million during the nine months ended September 30, 2019 were primarily driven by $6.6 million in unrealized gains on equity securities during the period, net realized gains on sales of securities, excluding impairment losses, of $1.9 million and a $1.0 million increase in the value of our limited partnership investments, partially offset by other-than-temporary impairments on our fixed income securities of $0.4 million recognized during the period.  In the comparative nine month period ended September 30, 2018, net realized and unrealized losses on investments of $5.6 million were driven by a $6.5 million decrease in the value of our limited partnership investments and $0.8 million in unrealized losses on equity securities, excluding impairment losses, during the period, partially offset by net realized gains on sales of fixed income and equity securities of $1.7 million.  Realized investment gains and losses result from decisions regarding overall portfolio realignment as well as the sale of individual securities, including the change in the aggregate value of limited partnerships and, as such, should not be expected to be consistent from period to period.

Other operating expenses for the nine months ended September 30, 2019 increased $4.4 million, or 4.4%, to $104.4 million compared to $100.0 million for the same period of 2018.  The increase was driven primarily by higher commission expenses as a result of the mix of premium written and higher salary and benefit expenses during the nine months ended September 30, 2019.  The expense ratio was 29.1% during the nine months ended September 30, 2019 compared to 29.4% for the same period of 2018.  The decrease in the expense ratio was primarily related to the leveraging effect of higher net premiums earned in the nine months ended September 30, 2019 compared to the same period of 2018.

Federal income tax expense was $0.9 million for the nine months ended September 30, 2019 compared to federal income tax benefit of $2.7 million for the same period of 2018.  The effective tax rate for the nine months ended September 30, 2019 was a 19.6% expense compared to a 22.1% benefit in the same period of 2018.  The relatively low amount of pre-tax income for the nine months ended September 30, 2019 made these interim period effective tax rates less comparable.  The effective federal income tax rate in the current year differed from the normal statutory rate primarily as a result of tax-exempt investment income and the dividends received deduction.  The effective tax rate can fluctuate throughout the year because estimates used in the quarterly tax provision are updated as more information becomes available throughout the year.

As a result of the factors mentioned above, net income increased $13.1 million to $3.6 million during the nine months ended September 30, 2019 compared to net loss of $9.5 million during the same period of 2018.


Sensitivity Analysis

Management is aware of the potential for variation from the reserves established at any particular point in time. Savings or deficiencies could develop in future valuations of the currently established loss and loss expense reserve estimates under a variety of reasonably possible scenarios. The majority of our reserves for losses and loss expenses, on a net of reinsurance basis, relate to our commercial automobile products. Perhaps the most significant example of sensitivity to variation in the key assumptions is the loss ratio selection for our commercial automobile products for policies subject to certain major reinsurance treaties.

Commercial automobile products covered by our reinsurance treaties from July 2013 through June 2019 are subject to an aggregate stop-loss provision.  Once this aggregate stop-loss level is reached, for every $100 of additional loss, we are only responsible for our $25 retention.  The following table illustrates the benefit of these reinsurance treaties, as the net financial loss to us of a further increase in ultimate losses for each of the six most recent reinsurance treaty years (2013-2018) covering these commercial automobile products is only about 25% of the gross loss:

   
5% Increase in
Ultimate Loss Ratio
    
10% Increase in
Ultimate Loss Ratio
  
Gross loss expense from further strengthening current reserve position
  
$
45.5
    
$
90.9
  
Net financial loss
    
11.8
      
23.1
  
                 
$/share (after tax)
  
$
0.64
    
$
1.25
  

Commercial automobile products covered by our reinsurance treaty from July 2019 through June 2020 are also subject to an aggregate stop-loss provision.  Once the aggregate stop-loss level is reached, for every $100 of additional loss, we are responsible for our $65 retention.  This increase in our retention compared to recent years reflects both: (1) our decision to buy less reinsurance due to a higher cost of reinsurance for the 2019 treaty year, and (2) our confidence in profitability improvements given rate increases we are receiving on our commercial automobile products.

- 26 -
Forward-Looking Information

The disclosures in this Form 10-Q contain "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995). All statements, trend analyses and other information contained in this Form 10-Q relative to markets for our products and trends in our operations or financial results, as well as other statements including words such as "may," "target," "anticipate," "believe," "plan," "estimate," "expect," "intend," "project," and other similar expressions, constitute forward-looking statements.

Investors are cautioned that such forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, many of which are difficult to predict and generally beyond our control.  Investors are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.  Investors are also urged to carefully review and consider the various disclosures made by us, which attempt to advise interested parties of the factors that affect our business, including "Risk Factors" set forth in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and our reports filed with the U.S. Securities and Exchange Commission from time to time.  Except to the extent otherwise required by federal securities laws, we do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof.

Factors that could contribute to these differences include, among other things:

●
general economic conditions, including weakness of the financial markets, prevailing interest rate levels and stock and credit market performance, which may affect or continue to affect (among other things) our ability to sell our products and to collect amounts due to us, our ability to access capital resources and the costs associated with such access to capital and the market value of our investments;

●
our ability to obtain adequate premium rates and manage our operating strategies;

●
increasing competition in the sale of our insurance products and services resulting from the entrance of new competitors into, or the expansion of the operations of existing competitors in, our markets and our ability to retain existing customers;

●
other changes in the markets for our insurance products;

●
the impact of technological advances, including those specific to the transportation industry;

●
changes in the legal or regulatory environment, which may affect the manner in which claims are adjusted or litigated, including loss and loss adjustment expense;

●
legal or regulatory changes or actions, including those relating to the regulation of the sale, underwriting and pricing of insurance products and services and capital requirements;

●
the impact of a downgrade in our financial strength rating;

●
technology or network security disruptions or breaches;

●
adequacy of insurance reserves;

●
availability of reinsurance and ability of reinsurers to pay their obligations;

●
our ability to attract and retain qualified employees;

●
tax law and accounting changes; and

●
legal actions brought against us.

Some of the significant risks and uncertainties that could cause actual results to differ materially from our expectations and projections are described more fully in Part II, Item 1A, "Risk Factors," of this Quarterly Report on Form 10-Q and Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.  You should read that information in conjunction with this "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our unaudited condensed consolidated financial statements and related notes in Part I, Item 1 of this Quarterly Report on Form 10-Q.

- 27 -
Critical Accounting Policies

There have been no changes in our critical accounting policies as disclosed in our Annual Report on Form 10-K filed for the year ended December 31, 2018.


Concentrations of Credit Risk

Our Insurance Subsidiaries cede portions of their gross premiums to numerous reinsurers under quota share and excess of loss treaties, as well as facultative placements.  These reinsurers assume commensurate portions of the risk of loss covered by the contracts.  As losses are reported and reserved, portions of the gross losses attributable to reinsurers are established as receivable assets and losses incurred are reduced.  At September 30, 2019, amounts due from reinsurers on paid and unpaid losses were estimated to total approximately $396 million.  Because of the large policy limits reinsured by us, the ultimate amount of incurred but not reported losses and loss adjustment expenses attributable to reinsurers could vary significantly from this estimate; provided, however, absent the inability to collect from reinsurers, such variance would not result in changes in net claim losses incurred by us.


Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

- 28 -
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Other than as set forth below, there have been no material changes in the Company's exposure to market risk since the disclosure in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

Interest Rate Risk
We are exposed to interest rate risk on our fixed income investments. Given the anticipated duration of our liabilities (principally insurance loss and loss expense reserves) relative to investment maturities, a 100 to 200 basis point increase in interest rates would not have a material impact on our ability to conduct daily operations or to meet our obligations and could result in significantly higher investment income in a relatively short period of time, as short-term investments and maturing bonds could be reinvested in higher yielding securities.

The table below summarizes our interest rate risk by illustrating the sensitivity of the fair value of our fixed income investments as of September 30, 2019 to selected hypothetical changes in interest rates (dollars in thousands).

   
Fair Value
    
Estimated Change
in Fair Value
  
200 basis point increase
  
$
714,048
    
$
(43,793
)
100 basis point increase
    
735,945
      
(21,896
)
Current fair value
    
757,841
      
–
  
100 basis point decrease
    
779,737
      
21,896
  
200 basis point decrease
    
801,634
      
43,793
  

Our selection of the range of values chosen to represent changes in interest rates should not be construed as our prediction of future market events, but rather as an illustration of the impact of such events should they occur.  Several other factors, including but not limited to the financial strength of the issuer, prepayment options, relative values of alternative investments, liquidity of the investment, currency fluctuations for non-U.S. debt holdings and other general market conditions, can impact the fair values of fixed income investments and, therefore, significant variations in market interest rates could produce quite different results from the hypothetical estimates presented above.


ITEM 4. CONTROLS AND PROCEDURES

The Company carried out an evaluation as of September 30, 2019 under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures as defined in Rule 13a-15(e) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, or the "Exchange Act". Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded the disclosure controls and procedures were effective in ensuring that information required to be disclosed in reports that the Company files or submits under the Exchange Act is: (a) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms; and (b) accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. The Company noted no change in its internal control over financial reporting that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

- 29 -
PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information required with respect to this item can be found in Note 10 - Litigation, Commitments and Contingencies of Notes to Unaudited Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated by reference into this Part II, Item 1.


ITEM 1A. RISK FACTORS

In addition to the information set forth in this Quarterly Report on Form 10-Q and before deciding to invest in, or retain, shares of the Company's common stock, you should carefully review and consider the information contained in the Company's other reports and periodic filings that it makes with the Securities and Exchange Commission, including, without limitation, the information contained under the caption Part I, Item 1A "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2018. Those risk factors could materially affect the Company's business, financial condition and results of operations. There have been no material changes from the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

   
Total Number of
Shares Purchased
    
Average Price
Paid per Share
    
Total Number of
Shares Purchased
Under the Program (1)
    
Remaining Shares
Available to be Purchased
Under the Program (1)
  
July 1 – July 31
    
124,151
    
$
16.90
      
124,151
      
1,681,349
  
August 1 – August 31
    
60,585
      
16.31
      
60,585
      
1,620,764
  
September 1 – September 30
    
43,029
      
16.49
      
43,029
      
1,577,735
  
Total
    
227,765
              
227,765
          

(1)
On August 31, 2017, our Board of Directors authorized the reinstatement of our share repurchase program for up to 2,464,209 shares of our Class A or Class B Common Stock.  On August 6, 2019, our Board of Directors reaffirmed our share repurchase program, but also provided that the aggregate dollar amount of shares of our common stock that may be repurchased under the share repurchase program between August 6, 2019 and August 6, 2020 may not exceed $25.0 million, including a limit of up to $6.25 million per quarter.  Pursuant to this share repurchase program, we entered into a Rule 10b5-1 plan on September 23, 2019, which authorizes the repurchase of up to $0.6 million of our outstanding common stock, at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Exchange Act.  The Rule 10b5-1 plan expires on November 7, 2019.  No duration has been placed on our share repurchase program, and we reserve the right to amend, suspend or discontinue it at any time.   The share repurchase program does not commit us to repurchase any shares of our common stock.  We have funded, and intend to continue to fund, the share repurchase program from cash on hand.

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ITEM 6. EXHIBITS

INDEX TO EXHIBITS

Exhibit No.
  
Description
     

 
     
 
  
     
 
     
 
  
     
 
     
 
     
 
     
101
  
The following materials from Protective Insurance Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, formatted in XBRL (eXtensible Business Reporting Language): (1) the Condensed Consolidated Balance Sheets, (2) the Condensed Consolidated Statements of Operations, (3) the Condensed Consolidated Statements of Comprehensive Income (Loss), (4) the Condensed Consolidated Statements of Shareholders' Equity, (5) the Condensed Consolidated Statements of Cash Flows, and (6) the Notes to Unaudited Condensed Consolidated Financial Statements.



- 31 -
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PROTECTIVE INSURANCE CORPORATION

Date November 6, 2019

By:
/s/ Jeremy D. Edgecliffe-Johnson
  
 
Jeremy D. Edgecliffe-Johnson
  
 
Chief Executive Officer
  



Date November 6, 2019

By:
/s/ John R. Barnett
  
 
John R. Barnett
  
 
Chief Financial Officer
  


- 32 -

 EX-10.1 2 exhibit101.htm
September 6, 2019

John Barnett
1042 Cantwell Place
Spring Hill, TN 37174

Dear John,
It is my pleasure to extend the following offer of employment to you on behalf of Protective Insurance. We are impressed with your accomplishments and feel your background and experience will be mutually beneficial for our present needs and your professional growth.  Your first day of employment will be October 1, 2019.
Title: Chief Financial Officer.  The position will report to Jeremy Johnson, Chief Executive Officer.
Salary: $385,000.00/year paid bi-weekly installments.  All employees are reviewed annually at the beginning of every year.
Short Term Incentive Plan Bonus: The short-term incentive plan target bonus is 40%% of salary and is based on a combination of company and personal performance (80% company and 20% personal). Your guaranteed bonus for 2019 will be $75,000 and will be paid in March 2020.
Long Term Incentive Plan Bonus: The long-term incentive plan target bonus is 30% of salary and is based on a combination of company and personal performance (80% company and 20% personal). The first year bonus is prorated for the number of full calendar months employed. Based on your annual salary and proposed start date, the long-term incentive bonus for 2019 would be targeted at approximately $29,118, paid in March 2020.
Total Potential 2020 Compensation:

Salary $385,000
STIP Bonus $154,000 (target)
LTIP Bonus $115,500 (target)
Total $654,500

Relocation Payment
$100,000 subject to applicable withholding and deductions.  The cash relocation package will be payable in a lump sum in accordance with the Company’s first regular payroll after your start date and is repayable in accordance to the terms of the Non-Compete, Severance & Confidentiality Agreement.

Sign-On Bonus
$120,000 (one-time) cash, subject to applicable withholding and deductions, will be payable in a lump sum in accordance with the Company’s first regular payroll after your start date.


Restricted Stock:
$200,000 worth of restricted shares of the Company’s Class B Common Stock which are scheduled to vest over a three-year period in accordance with the terms outlined in the Non-Compete, Severance & Confidentiality Agreement and/or the award agreement.

Cobra Subsidy: $5,600 (one-time) subject to applicable withholding and deductions.

Benefits: The standard health, life, disability and dental insurance programs are available the first of the month following your start date. Employee contribution to payment for benefit plans is determined annually.   The Company’s open enrollment period will begin in December for coverage beginning January 1, 2020.
You will be eligible to contribute to our 401(k) plan and receive Company matching as early as December 1, 2019.  The Company match is 100% of the first 3% and 50% of the next 2%, up to a maximum of 4% of your salary.  An additional profit sharing match of 4% of salary is also contributed.  The overall maximum Company contribution is 8% of your salary.  The 401(k) plan is subject to annual review as determined by the Board of Directors.
Please respond to this offer with your signature.  We are looking forward to your acceptance of our offer and request that you respond no later than September 9, 2019.  Note that this offer is contingent upon the completion of a successful background check.  If you have any questions, please contact me at 317/800-3981 or via email at djohnson@protectiveinsurance.com


_______________________                                          ___________
Name              Date

Sincerely,
Deborah B. Johnson
Chief Human Resources Officer


 EX-10.2 3 exhibit102.htm

NON-COMPETE, SEVERANCE & CONFIDENTIALITY AGREEMENT

THIS AGREEMENT, effective as of October 1, 2019 (the "Effective Date") by and between Protective Insurance Corporation, an Indiana corporation (together with its successors and assigns, the "Company"), and John Barnett (the "Executive");

WITNESSETH:

WHEREAS, the Company desires to employ the Executive as its Chief Financial Officer; and

WHEREAS, the Executive desires to accept employment with the Company, subject to the terms and provisions of this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Executive (collectively, the "Parties") agree as follows:

1. Definitions.  Capitalized terms not otherwise defined herein shall have the meanings set forth in Exhibit A.

2. Term.  The "Term" of this Agreement is the period during which the Executive is employed by the Company, beginning on the Effective Date, and the date on which his employment ends is referred to in this Agreement as the "Separation Date."  The parties agree that the Executive shall continue to be employed by the Company on an at-will basis during the Term which means that he may terminate his employment at any time for any or no reason, and that the Company may terminate his employment at any time for any or no reason.

3. Positions, Duties and Location.

(a) During the Term, the Executive shall serve as the Chief Financial Officer of the Company (“CFO").  The Executive shall (i) have all authorities, duties and responsibilities customarily exercised by a chief financial officer serving at an entity of the size and nature of the Company and the Company's Subsidiaries (as applicable); and (ii) have such additional duties and responsibilities, consistent with the foregoing, as may from time to time be assigned by the Chief Executive Officer (CEO).  In his capacity as CFO, the Executive shall report directly to the CEO. The terms and conditions of this Agreement shall remain in full force and effect regardless of whether additional titles or roles currently held by the Executive (either for the Company or any of its Subsidiaries) change by reason of position elimination, reassignment, removal, or otherwise.

(b) During the Term, the Executive shall devote substantially all of his business time and efforts to the business and affairs of the Company.

(c) During the Term, the Executive's principal office, and principal place of employment, shall be in Carmel, Indiana, or within 40 miles thereof; provided, however, that the Executive understands and agrees that he will be required to travel from time to time for business reasons.

4. Compensation.  The Executive’s compensation shall be reviewed no less frequently than annually by the Compensation Committee of the Board of Directors and may be modified in the sole discretion of the Company.

5. Relocation/Temporary Housing Expenses.  Pursuant to the offer of employment, the Company shall pay Executive a cash relocation package equal to $100,000, subject to applicable withholding and deductions.  The cash relocation package will be payable in a lump sum in accordance with the Company’s first regular payroll after the Effective Date.  If, prior to April 1, 2020, the Executive’s employment hereunder is terminated by the Company for Cause or by the Executive without Good Reason, then the Executive shall repay to the Company the full $100,000 amount of the relocation package.
6. Stock Grant.    Pursuant to the offer of employment, the Executive shall receive $200,000 worth of restricted shares of the Company’s Class B Common Stock (the “Stock Grant’) under the Company’s Long-Term Incentive Plan.  The Stock Grant shall vest subject to the Executive’s continuing employment according to the following schedule unless otherwise provided within this Agreement or the applicable award agreement: (i) 40% of the shares shall vest as of December 31, 2020; (ii) 30% of the shares shall vest as of December 31, 2021; and (iii) the remaining 30% of the shares will vest as of December 31, 2022.   The Executive shall be eligible to receive all dividends earned on the shares during the applicable vesting period.   The actual number of shares granted will be determined based on the stock price on the date of the Stock Grant, which shall be within seven (7) days of the Effective Date of this Agreement.

7. Termination of Employment. The Company may terminate the Executive's employment at any time, and for any reason. The Executive may terminate the Executive's employment hereunder at any time, and for any reason, by delivering written notice to the CEO.  During any such notice period, the Company reserves the right to suspend any or all of the Executive's access, duties or responsibilities and limit the Executive's communications with any customers, suppliers, agents, or employee of the Company, as the Company determines in its sole discretion.  Upon any termination of employment, the Executive shall be entitled to receive (1) payment of any Base Salary earned but unpaid through the Termination Date, and (2) any vested amounts or benefits required to be paid in accordance with the terms of any applicable plan, program, agreement, corporate governance document or other arrangement of the Company and its Affiliates.

(a) Termination Without Cause or Resignation for Good Reason. Subject to the terms and conditions of this Agreement, in the event that the Executive’s employment hereunder is terminated due to his resignation for Good Reason or the Executive’s employment hereunder is terminated by the Company other than for Cause, the Executive shall receive:

(i) an amount, payable in cash equal to his annualized Base Salary in effect as of the Termination Date, plus his Target STIP plus his Target LTIP bonuses applicable to the year in which the Separation Date occurs;

(ii) full vesting for any unvested restricted stock, restricted stock unit award, or any other award granted under the LTIP (the vesting described in this clause (iii) being the “Award Vesting”); and

(iii) if the Executive timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall provide the Executive with a reimbursement of the premiums associated with the continuation of his medical, dental and vision benefits under COBRA for a period equal to the earliest of (1) twelve (12) months following the Termination Date, (2) the date the Executive first becomes eligible to receive health benefits under another employer-provided plan or (3) the date the Executive is no longer eligible for continuation benefits under COBRA.  Notwithstanding the forgoing, if the Company’s making payments under this Section 7(a)(iii) would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act or any successor law (the “ACA”), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the Parties agree to reform this Section 7(a)(iii) in a manner as is necessary to comply with the ACA.

(b) Change in Control. Subject to the terms and conditions of this Agreement, in the event that (i) the Executive's employment hereunder is terminated (x) by the Company without Cause and in anticipation of a Change in Control to be effectuated within one hundred twenty (120) days prior to the Termination Date or (y) by either Party on or before the twenty-four (24) month anniversary of the occurrence of a Change of Control, then Executive shall receive the benefits included under Section 7(a) (relating to terminations without Cause or resignation for Good Reason).

(c) No Mitigation; No Offset. In the event of any termination of the Executive's employment hereunder, the Executive shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts or benefits due the Executive under this Agreement or otherwise on account of (x) any Claim that the Company may have against him except for any outstanding loans to the extent then due and payable by him to the Company or (y) any remuneration or other benefit earned or received by the Executive after such termination.  There shall also be no reduction of, or offset against, any amount due under any provision of this Agreement by any amount due under any other provision of this Agreement.  Any amounts due under this Section 8 are considered to be reasonable by the Company and are not in the nature of a penalty.

(d) General Waiver and Release. The Executive shall not be entitled to the payments and benefits described in Section 7(a) or 7(b) unless (x) he first timely executes and delivers the Company's standard mutual release of claims (the " Release"), within the time period set forth in the Release, containing a general waiver and release of the Company and its employees, officers, directors, owners and members from any and all claims, obligations and liabilities of any kind whatsoever, including those arising from or in connection with the Executive’s employment or termination of employment with the Company or this Agreement (including, without limitation, civil rights claims) and (y) such Release has become irrevocable by him in accordance with its terms.

8. Section 280G Parachute Payment.

(a) If (i) the aggregate of all amounts and benefits due to the Executive, under this Agreement or under any Company plan, program, agreement or arrangement, would, if received by the Executive in full and valued under Section 280G of the Code, constitute "parachute payments" as such term is defined in and under Section 280G of the Code (collectively, "280G Benefits"), and if (ii) such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of the Code, be less than the amount the Executive would receive, after all taxes, if the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three times the Executive's "base amount", as defined in and under Section 280G of the Code, less $1.00, then (iii) such cash 280G Benefits (in reverse order of maturity, to the extent that the reduction of such cash 280G Benefits can achieve the intended result) shall be reduced or eliminated to the extent necessary so that the 280G Benefits received by the Executive will not constitute parachute payments.  The determinations with respect to this Section 8(a) shall be made by an independent auditor (the "Auditor") paid by the Company.  The Auditor shall be the Company's regular independent auditor unless the Executive reasonably objects to the use of that firm, in which event the Auditor will be a nationally recognized firm chosen by the Parties.

(b) It is possible that after the determinations and selections made pursuant to Section 8(a) the Executive will receive 280G Benefits that are, in the aggregate, either more or less than the amount provided under Section 8(a) (hereafter referred to as an "Excess Payment" or "Underpayment", respectively).  If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess Payment has been made, such Excess Payment shall be deemed for all purposes to be a loan to the Executive made on the date the Executive received the Excess Payment and the Executive shall promptly repay the Excess Payment to the Company, together with interest on the Excess Payment at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive's receipt of such Excess Payment until the date of such repayment.  In the event that it is determined (x) by arbitration pursuant to Section 13, (y) by a court or (z) by the Auditor upon request by any of the Parties, that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive, together with interest on such amount at the applicable federal rate from the date such amount would have been paid to the Executive had the provisions of Section 8(a) not been applied until the date of payment.

9. Indemnification.  If the Executive is made a party, is threatened to be made a party, or reasonably anticipates being made a party, to any Proceeding by reason of the fact that he is or was a director, officer, member, employee, agent, manager, trustee, consultant or representative of the Company or any of its Affiliates or is or was serving at the request of the Company or any of its Affiliates, or in connection with his service hereunder, as a director, officer, member, employee, agent, manager, trustee, consultant or representative of another Person, or if any Claim is made, is threatened to be made, or is reasonably anticipated to be made, that arises out of or relates to the Executive's service in any of the foregoing capacities, then the Executive shall promptly be indemnified and held harmless (and advanced expenses) to the fullest extent permitted or authorized by the Certificate of Incorporation or Bylaws of the Company.

10. Restrictive Covenants.

(a) Confidentiality. The Executive acknowledges and agrees that he shall maintain the confidentiality of this Agreement and shall not disclose it to any other employee of the Company or other person; provided, however, he may disclose it to his spouse and/or legal counsel or as required by law and he may disclose or discuss any items of this Agreement which the Company has disclosed in its annual proxy statement filed in accordance with applicable law.

The Executive acknowledges and agrees that the Confidential Information, and all physical embodiments thereof, are valuable, special and unique assets of the business of the Company and its Subsidiaries (the "Company Group") and have been developed by the Company Group at considerable time and expense. Such Confidential Information is the sole property of the Company Group and the Executive has no individual right or ownership interest in any of the Confidential Information. The Executive further acknowledges that access to Confidential Information will be needed in connection with the performance of his duties and responsibilities during his employment with the Company. Therefore, the Executive agrees that, except as necessary in regard to his assigned duties and responsibilities with the Company, he shall hold in confidence all Confidential Information and will not reproduce, use, distribute, disclose, publish, or otherwise disseminate any Confidential Information, in whole or in part, and will take no action causing, or fail to take any reasonable action necessary to prevent causing, any Confidential Information to lose its character as Confidential Information, nor willfully make use of such information for his/her own purposes or for the benefit of any person, firm, corporation, association, or other entity (except the Company Group) under any circumstances.

Notwithstanding the above, the Executive may disclose Confidential Information pursuant to a court order, subpoena, or other legal process, provided that, at least ten (10) days (or such lesser period as is practicable given the terms of any order, subpoena or other legal process) in advance of any legal disclosure, he shall furnish the Company with a copy of the judicial or administrative order requiring that such information be disclosed together with a written description of the information to be disclosed (which description shall be in sufficient detail to allow the Company to determine the nature and scope of the information proposed to be disclosed), and the Executive agrees to cooperate with the Company Group to deliver the minimum amount of information necessary to comply with such order.

Executive agrees to maintain in trust, as the Company's property, all documents, information and Confidential Information, both in tangible and intangible form, concerning the Company's Business or the Executive's role for the Company. The Executive agrees to return to the Company all documents or other property belonging to the Company, including any and all copies thereof (whether in tangible or intangible form) in the possession or under the control of the Executive upon separation of employment or at any other time upon request of the Company.

The provisions of this Section 10(a) shall apply to Confidential Information during the Term and at all times thereafter, and shall survive the termination of the Executive's employment. This Agreement supplements and does not supersede Executive's obligations under all statute(s) and common law(s) that protect the Company's trade secrets and/or property. However, nothing in this Agreement or elsewhere shall prohibit the Executive from making disclosures of Confidential Information (w) when requested to do so by a governmental or quasi-governmental agency with apparent jurisdiction, or when disclosure is protected by law (e.g., by whistleblower statutes), (x) in the course of any proceeding under Section 10(c) or 13 of this Agreement, (y) in confidence to an attorney for the purpose of securing legal advice, or (z) retaining (for personal use only) copies of documents relating to his personal rights, obligations and tax liabilities.

(b) Unless otherwise determined by the Board in writing, the Executive shall not, for his own benefit or the benefit of any other Person, without the prior written consent of the Company and other than in connection with his services hereunder during the Term:

(i) During the Term and for a period of twelve (12) months thereafter, serve as an executive officer of any Competitor, or in any other position with a Competitor in which the executive would provide services or perform duties in competition with the Company;

(ii) During the Term and for a period of twelve (12) months thereafter, personally solicit, aid in the solicitation of, induce or otherwise encourage (whether directly or indirectly) any individual who is or was, at the time of such encouragement or within the six (6) months prior to such encouragement, employed as an executive, highly-compensated employee, or managerial/supervisory employee of the Company or a Subsidiary, to cease such employment or interfere in any way with the relationship between the Company or a Subsidiary and such employee; or

(iii) During the Term and for a period of twelve (12) months thereafter, directly or indirectly solicit, aid in the solicitation of, induce, or otherwise encourage (whether directly or indirectly) any Customer for the purpose of (a) selling Competitive Services or Products to such Person in competition with the Company or (b) inducing such Person to cancel, transfer or cease doing their business with the Company; provided, that the restrictions set forth in clauses (i), (ii) and (iii) of this Section 11(b) shall immediately expire in the event that the Company, or any of its Affiliates, shall have materially breached, on or after the Termination Date, any of their material obligations to the Executive under this Agreement or otherwise, which breach shall have continued uncured for ten (10) days after the Executive has given written notice requesting cure.

(c) The Executive acknowledges and agrees that the business of the Company is highly competitive, and that the restrictions contained in this Section 10 are reasonable and necessary to protect the Company's legitimate business interests. The Executive further acknowledges that any actual or prospective breach may irreparably cause damage to the Company for which money damages may not be adequate. Therefore, in the event of any actual or threatened breach by the Executive of any of the provisions of Section 10(a) or 10(b) above, the Company shall each be entitled to seek, through arbitration in accordance with Section 13 or from any court with jurisdiction over the matter and the Executive, temporary, preliminary and permanent equitable/injunctive relief restraining the Executive from violating such provision and to seek money damages, together with any and all other remedies available under applicable law.

(d) The Executive agrees that he will not make or cause to be made any oral or written statements that defame or disparage the Company, its policies or programs, or its past or present officers, directors, employees, agents, or business associates, including but not limited to its past or present suppliers or vendors, or take any actions that are harmful to the business affairs of the Company or its employees.  Similarly, Company, as to its Board of Directors and executive management employees only, will not make or cause to be made any oral or written statements that defame or disparage the Executive or take any actions that are harmful to his business affairs.

(e) The purpose of this Section 10, among other things, is to protect the Company from unfair or inappropriate competition, to protect its confidential information and trade secrets, and to prevent competitors from raiding employees of the Company. If the scope or enforcement of this Section 10 is ever disputed, a court, arbitrator or other trier of fact may modify and enforce its provisions to the extent it believes is lawful and appropriate. If any provision of this Section 10 is construed to be invalid, illegal or unenforceable, then the remaining provisions therein shall not be affected thereby and shall be enforceable without regard thereto.

11. Assignability; Binding Nature.

(a) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (in the case of the Executive) and assigns.

(b) No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights and obligations may be assigned or transferred pursuant to a merger, consolidation or other combination in which the Company is not the continuing entity, or a sale or liquidation of all or substantially all of the business and assets of the Company.  In the event of any merger, consolidation, other combination, sale of business and assets, or liquidation as described in the preceding sentence, the Company shall use its best reasonable efforts to cause such assignee or transferee to promptly and expressly assume the liabilities, obligations and duties of the Company hereunder.

(c) No rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than his rights to compensation and benefits, which may be transferred only by will or by operation of law, or as otherwise provided in Section 18(e).

12. Representations.

(a) The Company represents and warrants that (i) it is fully authorized by action of its Board (and of any other Person or body whose action is required) to enter into this Agreement and to perform its obligations under this Agreement, (ii) the execution, delivery and performance of this Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or corporate governance document to which it is a party or by which it is bound, and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be its valid and binding obligation, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally.

(b) The Executive represents and warrants that (i) the  delivery and performance of this Agreement by him does not violate any law or regulation applicable to the Executive, (ii) delivery and performance of this Agreement by him does not violate any applicable order, judgment or decree or any agreement to which the Executive is a party or by which he is bound and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be a valid and binding obligation of the Executive, enforceable against him in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally.

13. Resolution of Disputes. Any dispute, controversy, or claim arising out of or relating to this Agreement, any other agreement between the Executive and the Company or its Affiliates, the Executive's employment with the Company, or any termination thereof shall (except to the extent otherwise provided in Section 10(c) with respect to certain requests for injunctive relief) be resolved by binding confidential arbitration, to be held in Indianapolis, Indiana, in accordance with the Commercial Arbitration Rules (and not the National Rules for Resolution of Employment Disputes) of the American Arbitration Association and this Section 13b. This Agreement is intended to benefit and bind certain third party non-signatories.  The interpretation and enforcement of this provision shall be governed exclusively by the Federal Arbitration Act.  Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

14. Tax Matters.  Notwithstanding anything anywhere to the contrary, this Agreement is intended to be interpreted and applied so that the payment and the benefits set forth herein shall either be exempt from the requirements of Section 409A of the Code or any regulations or guidance thereunder ("Section 409A") or shall comply with the requirements of Section 409A. To the extent that any amounts payable in accordance with this Agreement are subject to Section 409A, this Agreement shall be interpreted and administered in such a way as to comply with Section 409A to the maximum extent possible. Notwithstanding anything anywhere to the contrary, if the Executive is a "specified employee" (within the meaning of Section 409A), any payments or arrangements due upon a termination of the Executive's employment under any arrangement that constitutes a "deferral of compensation" (within the meaning of Section 409A), and which do not otherwise qualify under the exemptions under Treas. Reg. Section 1.409A, shall be delayed and paid or provided on the earlier of (i) the date which is six months after the Executive's "separation from service" (as such term is defined in Section 409A) for any reason other than death, and (ii) the date of the Executive's death. Each series of payments under this Agreement or otherwise shall be treated as separate payments for purposes of Section 409A. "Termination of employment," "resignation" or words of similar import, as used in this Agreement shall mean with respect to any payments subject to Section 409A, the Executive's "separation from service" as defined by Section 409A. If any payment subject to Section 409A is contingent on the delivery of a release by the Executive and could occur in either of two calendar years, the payment will occur in the second calendar year. To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" subject to Section 409A, (x) all such expenses or other reimbursements hereunder shall be paid on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (y) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to provided, in any other taxable year, and (z) the Executive's right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange for any other benefit. Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to the Executive. The Executive shall be solely responsible for the tax consequences with respect to all amounts payable under this Agreement, and in no event shall the Company have any responsibility or liability if this Agreement does not meet any applicable requirements of Section 409A.

15. Notices. Any notice, consent, demand, request, or other communication given to a Person in connection with this Agreement shall be in writing and shall be deemed to have been given to such Person (x) when delivered personally to such Person, (y) provided that a written acknowledgment of receipt is obtained, five (5) days after being sent by prepaid certified or registered mail, or two days after being sent by a nationally recognized overnight courier, to the address (if any) specified below for such Person (or to such other address as such Person shall have specified by ten days' advance notice given in accordance with this Section 15), or (z), on the first business day after it is sent by portable document format ("pdf") to the email address set forth below (or to such other email address as shall have specified by ten days' advance notice given in accordance with this Section 15).

If to the Company: Protective Insurance Corporation
111 Congressional Blvd., Suite 500
Carmel, IN 46032
Attention: General Counsel
Email: swignall@protectiveinsurance.com

If to the Executive:
The address of the Executive’s principal residence (or his personal email address) as it appears in the Company’s records, with a copy to him (during the Term) at the Company’s office in Carmel, IN.


16. Recoupment/Clawback. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company or any of its affiliates, which may be subject to recovery under any law, government regulation, or stock exchange listing requirement, as may be amended from time to time, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (either in existence on the Effective Date or adopted thereafter), as may be amended from time to time, to the extent reasonably required by any such law, government regulation, or stock exchange listing requirement, as determined by the Board in its sole and absolute discretion.
17. Miscellaneous.

(a) Entire Agreement. This Agreement contains the entire understanding and agreement among the Parties concerning the subject matter hereof and supersedes in its entirety, as of the Effective Date, any prior agreement (written or oral) between the Executive and the Company with respect to its subject matter.

(b) Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in a writing that expressly refers to the provision of this Agreement that is being amended and that is signed by the Executive and by an authorized officer of the Company. No waiver by any Party of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the same or any prior or subsequent time. To be effective, any waiver must be set forth in a writing signed by the waiving Party.

(c) Inconsistencies. In the event of any inconsistency between any provision of this Agreement and any provision of any company plan, program, agreement or arrangement, the provisions of this Agreement shall control unless the Executive otherwise agrees in a writing that expressly refers to the provision of this Agreement whose control he is waiving.

(d) Headings. The headings of the Sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

(e) Survivorship. Except as otherwise set forth in this Agreement, the respective rights and obligations of the Parties hereunder shall survive any termination of the Executive's employment.

(f) Severability. To the extent that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall remain in full force and effect so as to achieve the intentions of the Parties, as set forth in this Agreement, to the maximum extent possible.

(g) Withholding Taxes. The Company may withhold from any amount or benefit payable under this Agreement taxes that it is required to withhold pursuant to any applicable law or regulation.

(h)  Cooperation. During the Term and thereafter, the Executive agrees to cooperate with the Company and be available to the Company with respect to continuing and/or future matters related to his employment with the Company (if occurring after termination of employment, to the extent not interfering with the Executive's other business endeavors or personal commitments), whether such matters are business-related, legal, regulatory or otherwise (including, without limitation, the Executive appearing at the Company's request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into the Executive's possession). Following the Term, the Company shall reimburse the Executive for all reasonable out of pocket expenses incurred by the Executive in rendering such services that are approved by the Company.

(i) Governing Law. This Agreement shall be governed, construed, performed and enforced in accordance with its express terms, and otherwise in accordance with the laws of the State of Indiana, without reference to principles of conflict of laws.

(j) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be deemed to be one and the same instrument. Signatures delivered by facsimile (including, without limitation, by "pdf") shall be effective for all purposes.

[signature page follows]
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

Protective Insurance Corporation

By:  _________________________

Name: Jeremy D. Edgecliffe-Johnson

Title: Chief Executive Officer


The Executive

_______________________________
John Barnett

EXHIBIT A

DEFINITIONS

(a) "Affiliate" of a Person shall mean any Person that directly or indirectly controls, is controlled by, or is under common control with, such Person.

(b) “Agreement” shall mean this Employment Agreement, which includes for all purposes its Exhibits.

(c) "Cause" shall mean, for purposes of this Agreement, the occurrence of any of the following events:

(i) the Executive commits, is convicted of, or pleads guilty or nolo contendere to, any crime;

(ii) the Executive's perpetration of an act of fraud, embezzlement, theft or any other material violation of law that occurs in the course of the Executive's employment with the Company;

(iii) the Executive's intentional damage to the assets of the Company or any of its Affiliates;

(iv) the Executive's intentional and material disclosure of Confidential Information contrary to this Agreement or any agreements between the Executive and the Company or any of its Affiliates;

(v) the Executive's material breach of his obligations under this Agreement or any agreement between the Executive and the Company or any of its Affiliates;

(vi) the Executive's engagement in any competitive activity which would constitute a breach of the Executive's duty of loyalty or of his obligations under this Agreement or any agreement between the Executive and the Company or any of its Affiliates;

(vii) the Executive's material breach of any of the Company's written policies;

(viii) the Executive's willful and continued failure to substantially perform his duties under this Agreement (other than as a result of incapacity due to physical or mental illness);

(ix) any regulatory agency recommends or determines that Executive is ineligible, unauthorized, or unfit to hold any director or officer position with the Company or any of its subsidiaries or Affiliates; or

(x) any misconduct or omission by the Executive that is materially injurious to the business or financial reputation of the Company or any of its Affiliates.

For purposes of determining whether an event of Cause has occurred, an act, or a failure to act, shall not be deemed willful or intentional, as those terms are defined herein, unless it is done, or omitted to be done, by the Executive in bad faith or without a reasonable belief that his action or omission was in the best interest of the Company. "Cause" also includes any of the above grounds for dismissal regardless of whether the Company learns of it before or after terminating the Executive's employment.

(d) “Change in Control” shall mean the occurrence of any of the following events:

(i) Any Person (as defined below)acquires ownership of the Class A Common Stock that, together with Class A Common Stock previously held by the acquirer, constitutes more than fifty percent (50%) of the total market value or Voting Securities of the Company's outstanding stock  If any Person is considered to own more than fifty percent (50%) of the total market value or Voting Securities of the Company's outstanding stock, the acquisition of additional stock by the same Person does not cause such a change in ownership.  An increase in the percentage of stock owned by any Person as a result of a transaction in which the Company acquires its stock in exchange for property, is treated as an acquisition of stock; 

(ii) Any Person acquires ownership of the Company's stock possessing at least thirty percent (30%) of the Company's Voting Securities;

(iii) The Company combines with another entity and is the surviving entity, or (y) all or substantially all of the assets or business of the Company is disposed of pursuant to a sale, merger, consolidation, liquidation, dissolution or other transaction or series of transactions (each of (x) and (y) being a "Triggering Event") unless the holders of Voting Securities of the Company immediately prior to such Triggering Event own, directly or indirectly, more than two-thirds of the Voting Securities (measured both by number of Voting Securities and by voting power) of  (1) in the case of a combination in which the Company is the surviving entity, the surviving entity and (2) in any other case, the entity (if any) that succeeds to all or substantially all of the Company's business and assets; or

(iv) Any Person acquires (assets from a corporation that have a total gross fair market value equal to at least forty percent (40%) of the total gross fair market value of all the Company's assets immediately prior to the acquisition or acquisitions.  Gross fair market value means the value of the Company's assets, or the value of the assets being disposed of, without regard to any liabilities associated with these assets.

In determining whether a Change of Control occurs, the attribution rules of Code Section 318 apply to determine stock ownership.  For purposes of the definition of Change of Control, a "Person" shall mean any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended, except that such term shall not include (a) the Company or any of its subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of any member of the Company Group, (c) an underwriter temporarily holding securities pursuant to an offering of such securities or (d) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of the Company.

(e) “Claim” shall include, without limitation, any claim, demand, request, investigation, dispute, controversy, threat, discovery request, or request for testimony or information.

(f) "Code" shall mean the Internal Revenue Code of 1986, as amended. Any reference to a particular section of the Code shall include any provision that modifies, replaces or supersedes such section.

(g) "Competitive Services or Products" shall mean those products offered by or in development by the Company, as provided in a list of Competitive Services and Products to be provided to Executive no later than seven (7) days after the Effective Date, which list may be updated during the Term by the Company.

(h) "Competitor" shall mean any existing or newly-formed Person or entity, including divisions or subsidiaries thereof that offers, markets or administers Competitive Products or Services, in any geographic area in which the Company offers such products or services.

(i) "Confidential Information" shall mean all confidential or proprietary information developed or used by the Company or its Affiliates relating to their business, operations, employees, customers, suppliers or distributors including, but not limited to: confidential or proprietary customer lists, purchase orders, financial data, pricing information and price lists; confidential or proprietary business plans and market strategies and arrangements; confidential or proprietary books, records, manuals, advertising materials, catalogues, correspondence, mailing lists, production data, sales materials, sales records, purchasing materials, purchasing records, personnel records and quality control records; confidential or proprietary trademarks, copyrights and patents, and applications therefor; trade secrets; confidential or proprietary inventions, processes, procedures, research records, market surveys and marketing know-how; and confidential or proprietary technical papers, software, computer programs, data bases and documentation thereof, including but not limited to source codes, algorithms, processes, formulae and flow charts. The term "Confidential Information" shall not include any document, record, data compilation, or other information that (x) has previously been disclosed to the public, or is in the public domain, other than as a result of the Executive's breach of Section 10(a), or (y) is known or generally available to the public or within any trade or industry of the Company or any of its Affiliates.

(j) "Customer" shall mean any Person to whom the Company or a Subsidiary sold or distributed products or services during the two years prior to the Termination Date, and any prospective customer who the Company has provided a proposal for products or services at the time of Termination (or within the prior six (6) month period).

(k) “Good Reason” shall mean, for purposes of this Agreement, the occurrence of any of the following events without the Executive's prior written consent:

(i) any material diminution in the Executive's responsibilities or authorities; or any material change in the Executive’s reporting structure; or

(ii) any relocation of the Executive's principal office, or principal place of employment, to a location that is more than 40 miles from its location in Carmel, Indiana; provided, however, that no event or condition described in sub clauses (i) or (ii) above shall constitute Good Reason unless (A) the Executive gives the Company written notice of his objection to such event or condition within 90 days following the occurrence of such event or condition, (B) such event or condition is not corrected, in all material respects, by the Company within 30 days following the Company’s receipt of such notice (or if such event or condition is not susceptible to correction within such 30-day period, the Company has taken all reasonable steps within such 30-day period to correct such event or condition) and (C) the Executive resigns from his employment with the Company not more than 30 days following the expiration of the 30-day period described in the foregoing clause (B).

(iii) Individuals who are Continuing Independent Directors cease for any reason to constitute a 1/2 majority of the independent members of the Board;

a.
“Continuing Independent Director” means an individual (i) who is as of the Effective Date, an independent director of the Company, or (ii) who becomes an independent director of the Company after the Effective Date and whose initial election, or nomination for election by the Company’s shareholders, was vetted and recommended by the Nominating & Governance Committee and approved by at least a 1/2 majority of the then Continuing Independent Directors, but excluding, for the purposes of this clause (ii), an individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest relating to the election of directors.

(l)  "Person" shall mean any individual, corporation, partnership, limited liability company, joint venture, trust, estate, board, committee, agency, body, employee benefit plan, or other person or entity.

(m) "Proceeding" shall include, without limitation, any actual, threatened or reasonably anticipated action, suit or proceeding, whether civil, criminal, administrative, investigative, appellate, formal, informal or other.

(n) “Pro-Rata STIP” shall mean an amount equal to the product obtained by multiplying (x) the aggregate amount of the Target STIP that the Executive would have been eligible to receive for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times (y) a fraction, the numerator of which is 365 minus the number of days remaining in such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata STIP shall be paid in a cash lump sum by the sixty-fifth (65th) day following the Termination Date.

(o) “Pro-Rata LTIP” shall mean an amount equal to the product obtained by multiplying (x) the aggregate amount of the Target LTIP that the Executive would have been eligible for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times (y) a fraction, the numerator of which is 365 minus the number of days remaining in such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata LTIP shall be paid in a cash lump sum by the sixty-fifth (65th) day following the Termination Date.

(p) "Subsidiary" shall mean any entity for which the Company owns a majority of the entity's Voting Securities.

(q) "Voting Securities" shall mean issued and outstanding securities of any class or classes having general voting power, under ordinary circumstances in the absence of contingencies, to elect, the members of the board of directors (or similar governing body) of the issuer.

 EX-31.1 4 exhibit311.htm

Exhibit 31.1

CERTIFICATION
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, Jeremy D. Edgecliffe-Johnson, certify that:


 1.
I have reviewed this Quarterly Report on Form 10-Q of Protective Insurance Corporation;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 6, 2019


/s/ Jeremy D. Edgecliffe-Johnson
  
Jeremy D. Edgecliffe-Johnson
  
Chief Executive Officer
  



EX-31.2 5 exhibit312.htm

Exhibit 31.2

CERTIFICATION
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, John R. Barnett, certify that:


 1.
I have reviewed this Quarterly Report on Form 10-Q of Protective Insurance Corporation;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 6, 2019


/s/ John R. Barnett
  
John R. Barnett
  
Chief Financial Officer
  


EX-32 6 exhibit32.htm

Exhibit 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Protective Insurance Corporation (the "Company") on Form 10-Q for the quarterly period ending September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Jeremy D. Edgecliffe-Johnson, Chief Executive Officer of the Company, and John R. Barnett, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 6, 2019


/s/ Jeremy D. Edgecliffe-Johnson
  
Jeremy D. Edgecliffe-Johnson
  
Chief Executive Officer
  
   
   
/s/ John R. Barnett
  
John R. Barnett
  
Chief Financial Officer
  




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style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Description of Business:&#160; </font>Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.&#160; In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.&#160; The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.</div><div><br /></div><div style="text-align: justify;">The term &#8220;Insurance Subsidiaries,&#8221; as used throughout this document, refers to Protective Insurance Company, Protective Specialty 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vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>10,687</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; 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width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Energy</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,179</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,179</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Financial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>25,253</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"><div style="margin-left: 36pt;">Limited partnerships</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>22,645</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>9,418</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>9,418</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"><div style="margin-left: 36pt;">Short-term borrowings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Assets:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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text-align: right; width: 9%; background-color: #FFFFFF;"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"><div style="margin-left: 36pt;">Commercial mortgage loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="text-align: right;">172,677</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reserves at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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padding-bottom: 2px; text-align: center;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Number of</div><div style="text-align: center;">Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Loss</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div>Fixed income securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">12 months or less</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">97</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">106,943</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">(2,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: left;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: right;">275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: right;">282,646</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: right;">(7,296</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Greater than 12 months</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-align: right;">86</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-align: right;">58,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold; 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width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="text-align: right;">131,001</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="text-align: right;">(3,497</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">183</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">164,996</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: right;">(2,928</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="font-weight: bold; text-align: left;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="text-align: right;">492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="text-align: right;">413,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="text-align: right;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="text-align: right;">(10,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr></table><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The fair value and the cost or amortized costs of fixed income investments at September 30, 2019, organized by contractual maturity, are shown below.&#160; Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. 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width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: right;">129,362</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: right;">126,528</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="text-align: right;">209,546</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250); text-align: right;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect ASU 2018-13 to have a material impact on its consolidated financial statements.</div><div><br /></div><div style="text-align: justify;">In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. &#160;In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. &#160;These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. &#160;ASU 2016-13 introduces a current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments held at the reporting date requiring significant judgment in application based on historical experience, current conditions and reasonable supportable forecasts, but is not prescriptive about certain aspects of estimating expected losses. &#160;This update will have an impact on our available-for-sale fixed income portfolio, recoverable reinsurance balances, commercial mortgage loans and accounts receivable balances. &#160;ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale fixed income securities to be recognized through an allowance for credit losses through which amounts can be reversed, rather than through an irreversible write-down of the cost, and provides for additional disclosure requirements. &#160;ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018.&#160; The guidance will be adopted using a modified retrospective approach through a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption and a prospective transition approach for fixed income securities for which an other-than-temporary impairment had been recognized before the adoption date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the date of adoption. The Company is currently gathering data and evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.</div></div> 6672000 9418000 1 402000 -209000 16990000 -5024000 -4815000 16588000 210000 210000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-indent: -18pt; margin-left: 18pt; font-style: italic; font-weight: bold; text-align: justify;">(1)&#160; Summary of Significant Accounting Policies:</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Description of Business:&#160; </font>Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.&#160; In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.&#160; The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.</div><div><br /></div><div style="text-align: justify;">The term &#8220;Insurance Subsidiaries,&#8221; as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&amp;L Insurance, Ltd.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Basis of Presentation:</font> The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.&#160; In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.&#160; Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.&#160; Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Investments</font><font style="font-weight: bold;">:</font> Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.&#160; Equity securities are carried at quoted market prices (fair value).&#160; Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. 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Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.&#160; Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders&#8217; equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.</div><div><br /></div><div style="text-align: justify;">In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.&#160;&#160; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>64,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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text-align: right; width: 9%; background-color: #FFFFFF;"><div>5,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; 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text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>178,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,179</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Financial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>25,253</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>6,920</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Technology</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Funds (e.g. mutual funds, closed end funds, ETFs)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total equity securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>156,855</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">The following table illustrates changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2019:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 64%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div>Other comprehensive income before reclassifications</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>(49</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cumulative effect of adoption of ASU 2016-01, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>543</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>234</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cumulative effect of adoption of ASU 2018-02</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 64%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div>Other comprehensive income before reclassifications</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>(49</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div>(49</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; 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width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cumulative effect of adoption of ASU 2016-01, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; 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The element may be used in both the balance sheet and disclosure in the same submission. This item represents technology. Technology Fair Value Disclosure Technology This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents energy. Energy Fair Value Disclosure Energy This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents mutual fund. Mutual fund Fair Value Disclosure Funds (e.g. mutual funds, closed end funds, ETFs) This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents financial. Financial Fair Value Disclosure Financial This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents other. Other Fair Value Disclosure Other Fixed Maturities [Abstract] Fixed income securities [Abstract] This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents asset-backed securities. Asset Backed Securities Fair Value Disclosure Asset-backed securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents US government obligations. US Government Obligations Fair Value Disclosure U.S. government obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents certificates of deposit. Certificates of deposit fair value disclosure Certificates of deposit This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents states and political subdivision obligations. States And Municipal Obligations Fair Value Disclosure Municipal obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents agency mortgage-backed securities. Agency mortgage-backed securities fair value disclosure Agency mortgage-backed securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents agency collateralized mortgage obligations. Agency collateralized mortgage obligations fair value disclosure Agency collateralized mortgage obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents non-u.s. government obligations. Non-U.S. government obligations fair value disclosure Non-U.S. government obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents options embedded in convertible securities. Options Embedded In Convertible Securities Fair Value Disclosure Options embedded in convertible securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents corporate securities. Corporate Securities Fair Value Disclosure Corporate securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents collateralized mortgage obligations. Collateralized mortgage obligations fair value disclosure Collateralized mortgage obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents industrial. Industrial Fair Value Disclosure Industrial Amount before tax of increase (decrease) to equity or (increase) decrease to net assets, resulting from the cumulative effect adjustment of a new accounting principle applied in the period of adoption. Cumulative Effect of New Accounting Principle in Period of Adoption Before Tax Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax Description of Business [Abstract] Description of Business [Abstract] Gross liability as of the balance sheet date for amounts representing estimated cost of settling unpaid claims under the terms of the underlying insurance policies, less estimated reinsurance recoveries on such claims. This includes an estimate for claims which have been incurred but not reported. Claim adjustment expenses represent the costs estimated to be incurred in the settlement of unpaid claims. Liability for Unpaid Claims and Claims Adjustment Expense Reserves, gross of reinsurance recoverable, at the beginning of the year Reserves, gross of reinsurance recoverable, at the end of the period Disclosure of accounting policy pertaining to new accounting pronouncements adopted that impact the entity's financial reporting. New Accounting Pronouncements Adopted [Policy Text Block] Recently Adopted Accounting Pronouncements Credit Agreement [Abstract] Additional maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed at the discretion of the lender. Line of Credit Facility, Additional Maximum Borrowing Capacity Additional incremental loans limit Number of financial debt covenants. Number of Financial Covenants Number of financial covenants This element represents the period of fixed interest on line of credit referenced to LIBOR. Period of fixed interest on line of credit at Entity options Optional period of fixed interest Amount of stock repurchase plan authorized per quarter. Stock repurchase program, authorized amount per quarter Stock Repurchase Program [Abstract] A share repurchase plan under the Securities and Exchange Commissions' Rule 10b5-1. Share Repurchase Plan, Rule 10b5-1 [Member] Rule 10b5-1 [Member] The services of investment firms of which two directors of the Company are employees or partial owners. Related Party Transactions, Investment Firm Services [Member] Investment Firm Services [Member] Number of the Company's directors that are executive officers, directors, and owners of organizations outside of the Company. Number of Related Parties that are Managers of Outside Entity Number of related parties Related Party [Abstract] Related Party [Abstract] Components of net realized and unrealized gains (losses) on investments [Abstract] Components of net realized and unrealized gains (losses) on investments [Abstract] Amount of realized gain (loss) from a change in the value of investments in limited partnerships. 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Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]        
Net income (loss) $ (707) $ (12,325) $ 3,576 $ (9,508)
Other comprehensive income (loss), net of tax:        
Unrealized net gains (losses) on fixed income securities 1,566 (1,151) 16,539 (6,298)
Foreign currency translation adjustments (189) 202 402 (209)
Other comprehensive income (loss) 1,377 (949) 16,941 (6,507)
Comprehensive income (loss) $ 670 $ (13,274) $ 20,517 $ (16,015)
XML 16 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2019
Nov. 05, 2019
Entity Information [Line Items]    
Entity Registrant Name Protective Insurance Corp  
Entity Central Index Key 0000009346  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   14,331,211
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Entity Address, State or Province IN  
Common Class A (voting) [Member]    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,608,294
Common Class B (non-voting) [Member]    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   11,722,917
XML 17 R9.htm IDEA: XBRL DOCUMENT v3.19.3
Investments
 9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Investments
(2)  Investments:

The following is a summary of available-for-sale securities at September 30, 2019 and December 31, 2018:

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
September 30, 2019
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
14,426
  
$
13,911
  
$
518
  
$
(3
)
 
$
515
 
Agency mortgage-backed securities
  
51,246
   
49,567
   
1,691
   
(12
)
  
1,679
 
Asset-backed securities
  
99,295
   
99,834
   
580
   
(1,119
)
  
(539
)
Bank loans
  
14,625
   
14,871
   
54
   
(300
)
  
(246
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
5,718
   
5,234
   
571
   
(87
)
  
484
 
Corporate securities
  
267,223
   
261,191
   
6,858
   
(826
)
  
6,032
 
Mortgage-backed securities
  
47,381
   
46,235
   
1,290
   
(144
)
  
1,146
 
Municipal obligations
  
32,986
   
32,280
   
755
   
(49
)
  
706
 
Non-U.S. government obligations
  
24,068
   
23,705
   
364
   
(1
)
  
363
 
U.S. government obligations
  
198,038
   
195,099
   
3,326
   
(387
)
  
2,939
 
Total fixed income securities
 
$
757,841
  
$
744,762
  
$
16,007
  
$
(2,928
)
 
$
13,079
 

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
December 31, 2018
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
10,687
  
$
10,636
  
$
145
  
$
(94
)
 
$
51
 
Agency mortgage-backed securities
  
37,385
   
37,168
   
371
   
(154
)
  
217
 
Asset-backed securities
  
64,422
   
66,241
   
14
   
(1,833
)
  
(1,819
)
Bank loans
  
9,750
   
10,208
   
27
   
(485
)
  
(458
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
5,095
   
376
   
(48
)
  
328
 
Corporate securities
  
190,450
   
196,925
   
127
   
(6,602
)
  
(6,475
)
Mortgage-backed securities
  
38,540
   
38,586
   
377
   
(423
)
  
(46
)
Municipal obligations
  
29,155
   
29,102
   
239
   
(186
)
  
53
 
Non-U.S. government obligations
  
25,180
   
25,339
   
6
   
(165
)
  
(159
)
U.S. government obligations
  
178,818
   
178,369
   
1,252
   
(803
)
  
449
 
Total fixed income securities
 
$
592,645
  
$
600,504
  
$
2,934
  
$
(10,793
)
 
$
(7,859
)

The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at September 30, 2019 and  December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

  
September 30, 2019
  
December 31, 2018
 
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
 
Fixed income securities:
                  
12 months or less
  
97
  
$
106,943
  
$
(2,097
)
  
275
  
$
282,646
  
$
(7,296
)
Greater than 12 months
  
86
   
58,053
   
(831
)
  
217
   
131,001
   
(3,497
)
Total fixed income securities
  
183
  
$
164,996
  
$
(2,928
)
  
492
  
$
413,647
  
$
(10,793
)

The fair value and the cost or amortized costs of fixed income investments at September 30, 2019, organized by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

  
Fair
Value
  
Cost or
Amortized Cost
 
One year or less
 
$
67,076
  
$
67,008
 
Excess of one year to five years
  
336,640
   
330,035
 
Excess of five years to ten years
  
129,362
   
126,528
 
Excess of ten years
  
12,416
   
11,645
 
Contractual maturities
  
545,494
   
535,216
 
Asset-backed securities
  
212,347
   
209,546
 
Total
 
$
757,841
  
$
744,762
 

Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

  
Three Months Ended
September 30
  
Nine Months Ended
September 30
 
  
2019
  
2018
  
2019
  
2018
 
Gross gains on available-for-sale fixed income securities sold during the period
 
$
2,407
  
$
2,690
  
$
9,710
  
$
8,824
 
Gross losses on available-for-sale fixed income securities sold during the period
  
(2,728
)
  
(2,743
)
  
(9,409
)
  
(8,539
)
                 
Other-than-temporary impairments
  
(58
)
  
–
   
(404
)
  
–
 
                 
Change in value of limited partnership investments
  
278
   
(1,073
)
  
1,000
   
(6,518
)
                 
Gains on equity securities:
                
Realized gains on equity securities sold during the period
  
1,520
   
502
   
1,571
   
1,455
 
Unrealized gains (losses) on equity securities held at the end of the period
  
(1,294
)
  
2,997
   
6,573
   
(817
)
Realized and unrealized gains on equity securities during the period
  
226
   
3,499
   
8,144
   
638
 
                 
Net realized and unrealized gains (losses) on investments
 
$
125
  
$
2,373
  
$
9,041
  
$
(5,595
)

Shareholders' equity at September 30, 2019 included approximately $16,035, net of federal income tax expense, of reported earnings that remain undistributed by limited partnerships.
XML 18 R36.htm IDEA: XBRL DOCUMENT v3.19.3
Debt (Details) - Revolving Credit Facility [Member]
$ in Thousands
 9 Months Ended
Sep. 30, 2019
USD ($)
Covenant
Aug. 09, 2018
USD ($)
Credit Agreement [Abstract]    
Maximum credit limit   $ 40,000
Additional incremental loans limit   $ 35,000
Expiration date Aug. 09, 2022  
Optional period of fixed interest 1 year  
Outstanding drawings $ 20,000  
Effective interest rate 3.14%  
Amount remaining under credit facility $ 20,000  
Number of financial covenants | Covenant 2  
Net worth and maximum consolidated leverage ratio 0.35  
XML 19 R32.htm IDEA: XBRL DOCUMENT v3.19.3
Investments, Net Realized and Unrealized Gains (Losses) on Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Components of net realized and unrealized gains (losses) on investments [Abstract]        
Gross gains on available-for-sale fixed income securities sold during the period $ 2,407 $ 2,690 $ 9,710 $ 8,824
Gross losses on available-for-sale fixed income securities sold during the period (2,728) (2,743) (9,409) (8,539)
Other-than-temporary impairments (58) 0 (404) 0
Change in value of limited partnership investments 278 (1,073) 1,000 (6,518)
Gains on equity securities [Abstract]        
Realized gains on equity securities sold during the period 1,520 502 1,571 1,455
Unrealized gains (losses) on equity securities held at the end of the period (1,294) 2,997 6,573 (817)
Realized and unrealized gains on equity securities during the period 226 3,499 8,144 638
Net realized and unrealized gains (losses) on investments $ 125 $ 2,373 9,041 $ (5,595)
Federal income taxes     $ 16,035  
XML 20 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Related Parties
 9 Months Ended
Sep. 30, 2019
Related Parties [Abstract]  
Related Parties
(12)  Related Parties:

The Company utilizes the services of an investment firm of which one director of the Company is a partial owner.  This investment firm manages equity securities and fixed income portfolios held by the Company with an aggregate market value of approximately $8,885 at September 30, 2019.  Total commissions and net fees earned by this investment firm and its affiliates on these portfolios were $12 and $81 for the nine months ended September 30, 2019 and 2018.
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end XML 22 R11.htm IDEA: XBRL DOCUMENT v3.19.3
Loss and Loss Expense Reserves
 9 Months Ended
Sep. 30, 2019
Loss and Loss Expense Reserves [Abstract]  
Loss and Loss Expense Reserves
(4)  Loss and Loss Expense Reserves:

Activity in the reserves for losses and loss expenses for the nine months ended September 30, 2019 and 2018 is summarized as follows.  All amounts are shown net of reinsurance, unless otherwise indicated.

  
Nine Months Ended
 
  
September 30
 
  
2019
  
2018
 
Reserves, gross of reinsurance recoverable, at the beginning of the year
 
$
865,339
  
$
680,274
 
Reinsurance recoverable on unpaid losses at the beginning of the year
  
375,935
   
308,143
 
Reserves at the beginning of the year
  
489,404
   
372,131
 
         
Provision for losses and loss expenses:
        
Claims occurring during the current period
  
263,925
   
229,644
 
Claims occurring during prior periods
  
(1,589
)
  
14,683
 
Total incurred
  
262,336
   
244,327
 
         
Loss and loss expense payments:
        
Claims occurring during the current period
  
53,836
   
49,510
 
Claims occurring during prior periods
  
133,196
   
123,167
 
Total paid
  
187,032
   
172,677
 
Reserves at the end of the period
  
564,708
   
443,781
 
         
Reinsurance recoverable on unpaid losses at the end of the period
  
395,987
   
334,056
 
Reserves, gross of reinsurance recoverable, at the end of the period
 
$
960,695
  
$
777,837
 

The $1,589 prior accident year favorable development during the nine months ended September 30, 2019 was primarily due to favorable loss development in workers' compensation and independent contractor coverages.  This savings compares to a prior accident year deficiency of $14,683 for the nine months ended September 30, 2018, which related to unfavorable loss development  in commercial automobile coverages.  Losses incurred from claims occurring during prior years reflect the development from prior accident years, composed of individual claim savings and deficiencies which, in the aggregate, have resulted from the settlement of claims at amounts higher or lower than previously reserved and from changes in estimates of losses incurred but not reported.

XML 23 R15.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value
 9 Months Ended
Sep. 30, 2019
Fair Value [Abstract]  
Fair Value
(8)  Fair Value:

Assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of September 30, 2019:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
14,426
  
$
–
  
$
14,426
  
$
–
 
Agency mortgage-backed securities
  
51,246
   
–
   
51,246
   
–
 
Asset-backed securities
  
99,295
   
–
   
99,295
   
–
 
Bank loans
  
14,625
   
–
   
14,625
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
5,718
   
–
   
5,718
   
–
 
Corporate securities
  
262,656
   
–
   
262,656
   
–
 
Options embedded in convertible securities
  
4,567
   
–
   
4,567
   
–
 
Mortgage-backed securities
  
47,381
   
–
   
47,381
   
–
 
Municipal obligations
  
32,986
   
–
   
32,986
   
–
 
Non-U.S. government obligations
  
24,068
   
–
   
24,068
   
–
 
U.S. government obligations
  
198,038
   
–
   
198,038
   
–
 
Total fixed income securities
  
757,841
   
2,835
   
755,006
   
–
 
Equity securities:
                
Consumer
  
15,387
   
15,387
   
–
   
–
 
Energy
  
3,010
   
3,010
   
–
   
–
 
Financial
  
29,829
   
29,829
   
–
   
–
 
Industrial
  
4,488
   
4,488
   
–
   
–
 
Technology
  
2,609
   
2,609
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
9,438
   
9,438
   
–
   
–
 
Other
  
8,076
   
8,076
   
–
   
–
 
Total equity securities
  
72,837
   
72,837
   
–
   
–
 
Short-term investments
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
78,072
   
–
   
78,072
   
–
 
Total
 
$
909,750
  
$
76,672
  
$
833,078
  
$
–
 

As of December 31, 2018:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
10,687
  
$
–
  
$
10,687
  
$
–
 
Agency mortgage-backed securities
  
37,385
   
–
   
37,385
   
–
 
Asset-backed securities
  
64,422
   
–
   
64,422
   
–
 
Bank loans
  
9,750
   
–
   
9,750
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
–
   
5,423
   
–
 
Corporate securities
  
186,651
   
–
   
186,651
   
–
 
Options embedded in convertible securities
  
3,799
   
–
   
3,799
   
–
 
Mortgage-backed securities
  
38,540
   
–
   
38,540
   
–
 
Municipal obligations
  
29,155
   
–
   
29,155
   
–
 
Non-U.S. government obligations
  
25,180
   
–
   
25,180
   
–
 
U.S. government obligations
  
178,818
   
–
   
178,818
   
–
 
Total fixed income securities
  
592,645
   
2,835
   
589,810
   
–
 
Equity securities:
                
Consumer
  
17,945
   
17,945
   
–
   
–
 
Energy
  
3,179
   
3,179
   
–
   
–
 
Financial
  
25,253
   
25,253
   
–
   
–
 
Industrial
  
6,920
   
6,920
   
–
   
–
 
Technology
  
2,303
   
2,303
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
5,489
   
5,489
   
–
   
–
 
Other
  
5,333
   
5,333
   
–
   
–
 
Total equity securities
  
66,422
   
66,422
   
–
   
–
 
Short-term investments
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
156,855
   
–
   
156,855
   
–
 
Total
 
$
816,922
  
$
70,257
  
$
746,665
  
$
–
 

Level inputs, as defined by the FASB guidance, are as follows:

Level Input:
 
Input Definition:
   
Level 1
 
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
   
Level 2
 
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.
   
Level 3
 
Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The Company did not have any Level 3 assets at September 30, 2019 or December 31, 2018.  Level 3 assets, when present, are valued using various unobservable inputs, including extrapolated data, proprietary models and indicative quotes. 

Quoted market prices are obtained whenever possible.  Where quoted market prices are not available, fair values are estimated using broker/dealer quotes for specific securities.  These techniques are significantly affected by the Company's assumptions, including discount rates and estimates of future cash flows.  Potential taxes and other transaction costs have not been considered in estimating fair values.

Transfers between levels, if any, are recorded as of the beginning of the reporting period.  There were no significant transfers of assets between Level 1 and Level 2 during the nine months ended September 30, 2019 and 2018.

In addition to the preceding disclosures on assets recorded at fair value in the condensed consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the condensed consolidated balance sheets.

Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as policy reserve liabilities are excluded from the fair value disclosures.  Therefore, the fair value amounts cannot be aggregated to determine the underlying economic value of the Company.  The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument:

Limited partnerships: The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to carry the investment at its proportionate share of the limited partnership's equity.   The underlying assets of the Company's investments in limited partnerships are carried primarily at fair value; therefore, the Company's carrying value of limited partnerships approximates fair value.  As these investments are not actively traded and the corresponding inputs are based on data provided by the investees, they are classified as Level 3.

Commercial mortgage loans:  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans.  The fair value of the Company’s investment in these commercial mortgage loans is based on expected future cash flows discounted at the current interest rate for origination of similar quality loans, adjusted for specific loan risk.  These investments are classified as Level 3.

Short-term borrowings: The fair value of the Company's short-term borrowings is based on quoted market prices for the same or similar debt, or, if no quoted market prices are available, on the current market interest rates available to the Company for debt of similar terms and remaining maturities.

A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at September 30, 2019 and December 31, 2018 is as follows:

  
Carrying
  
Fair Value
 
  
Value
  
Level 1
  
Level 2
  
Level 3
  
Total
 
September 30, 2019
               
Assets:  
               
Limited partnerships
 
$
22,645
  
$
–
  
$
–
  
$
22,645
  
$
22,645
 
Commercial mortgage loans
  
9,418
   
–
   
–
   
9,418
   
9,418
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
                     
December 31, 2018
                    
Assets:  
                    
Limited partnerships
 
$
55,044
  
$
–
  
$
–
  
$
55,044
  
$
55,044
 
Commercial mortgage loans
  
6,672
   
–
   
–
   
6,672
   
6,672
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
XML 24 R23.htm IDEA: XBRL DOCUMENT v3.19.3
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2019
Reinsurance [Abstract]  
Reinsurance
The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.

  
2019
  
2018
 
Three months ended September 30:
      
Premiums ceded to reinsurers
 
$
29,957
  
$
39,318
 
Losses and loss expenses ceded to reinsurers
  
27,228
   
44,015
 
Commissions from reinsurers
  
7,820
   
5,986
 
         
Nine months ended September 30:
        
Premiums ceded to reinsurers
 
$
92,556
  
$
100,560
 
Losses and loss expenses ceded to reinsurers
  
86,876
   
92,651
 
Commissions from reinsurers
  
23,229
   
20,309
 
         
XML 25 R27.htm IDEA: XBRL DOCUMENT v3.19.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Stock-Based Compensation [Abstract]  
Detail of Restricted Stock Issuances
The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:

Grant Date
 
Number of
Shares Issued
 
Vesting Date
Service Period
 
Grant Date Fair
Value Per Share
 
5/9/2017
  
18,183
 
5/9/2018
7/1/2017 - 6/30/2018
 
$
24.20
 
           
8/31/2017
  
1,257
 
5/9/2018
8/31/2017 - 6/30/2018
 
$
21.90
 
           
2/9/2018
  
408
 
5/9/2018
2/9/2018 - 6/30/2018
 
$
24.20
 
           
5/8/2018
  
19,085
 
5/8/2019
7/1/2018 - 6/30/2019
 
$
23.05
 
           
5/7/2019
  
29,536
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/17/2019
  
3,591
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/22/2019
  
3,541
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
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Shareholders' Equity (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Stock Repurchase Program [Abstract]    
Stock repurchase program, shares authorized (in shares) 2,464,209  
Stock repurchase program, authorized amount $ 25,000  
Stock repurchase program, authorized amount per quarter 6,250  
Repurchase of common shares $ 10,283 $ 2,620
Class A [Member]    
Stock Repurchase Program [Abstract]    
Repurchase of common stock (in shares) 6,520  
Class B [Member]    
Stock Repurchase Program [Abstract]    
Repurchase of common stock (in shares) 595,326  
Rule 10b5-1 [Member]    
Stock Repurchase Program [Abstract]    
Stock repurchase program, authorized amount $ 625  
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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Available-for-Sale Securities
The following is a summary of available-for-sale securities at September 30, 2019 and December 31, 2018:

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
September 30, 2019
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
14,426
  
$
13,911
  
$
518
  
$
(3
)
 
$
515
 
Agency mortgage-backed securities
  
51,246
   
49,567
   
1,691
   
(12
)
  
1,679
 
Asset-backed securities
  
99,295
   
99,834
   
580
   
(1,119
)
  
(539
)
Bank loans
  
14,625
   
14,871
   
54
   
(300
)
  
(246
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
5,718
   
5,234
   
571
   
(87
)
  
484
 
Corporate securities
  
267,223
   
261,191
   
6,858
   
(826
)
  
6,032
 
Mortgage-backed securities
  
47,381
   
46,235
   
1,290
   
(144
)
  
1,146
 
Municipal obligations
  
32,986
   
32,280
   
755
   
(49
)
  
706
 
Non-U.S. government obligations
  
24,068
   
23,705
   
364
   
(1
)
  
363
 
U.S. government obligations
  
198,038
   
195,099
   
3,326
   
(387
)
  
2,939
 
Total fixed income securities
 
$
757,841
  
$
744,762
  
$
16,007
  
$
(2,928
)
 
$
13,079
 

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
December 31, 2018
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
10,687
  
$
10,636
  
$
145
  
$
(94
)
 
$
51
 
Agency mortgage-backed securities
  
37,385
   
37,168
   
371
   
(154
)
  
217
 
Asset-backed securities
  
64,422
   
66,241
   
14
   
(1,833
)
  
(1,819
)
Bank loans
  
9,750
   
10,208
   
27
   
(485
)
  
(458
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
5,095
   
376
   
(48
)
  
328
 
Corporate securities
  
190,450
   
196,925
   
127
   
(6,602
)
  
(6,475
)
Mortgage-backed securities
  
38,540
   
38,586
   
377
   
(423
)
  
(46
)
Municipal obligations
  
29,155
   
29,102
   
239
   
(186
)
  
53
 
Non-U.S. government obligations
  
25,180
   
25,339
   
6
   
(165
)
  
(159
)
U.S. government obligations
  
178,818
   
178,369
   
1,252
   
(803
)
  
449
 
Total fixed income securities
 
$
592,645
  
$
600,504
  
$
2,934
  
$
(10,793
)
 
$
(7,859
)
Fixed Maturity and Equity Security Investments in Unrealized Loss Position
The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at September 30, 2019 and  December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

  
September 30, 2019
  
December 31, 2018
 
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
 
Fixed income securities:
                  
12 months or less
  
97
  
$
106,943
  
$
(2,097
)
  
275
  
$
282,646
  
$
(7,296
)
Greater than 12 months
  
86
   
58,053
   
(831
)
  
217
   
131,001
   
(3,497
)
Total fixed income securities
  
183
  
$
164,996
  
$
(2,928
)
  
492
  
$
413,647
  
$
(10,793
)
Fair Value and Cost or Amortized Cost of Fixed Maturity Investments by Contractual Maturity

The fair value and the cost or amortized costs of fixed income investments at September 30, 2019, organized by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

  
Fair
Value
  
Cost or
Amortized Cost
 
One year or less
 
$
67,076
  
$
67,008
 
Excess of one year to five years
  
336,640
   
330,035
 
Excess of five years to ten years
  
129,362
   
126,528
 
Excess of ten years
  
12,416
   
11,645
 
Contractual maturities
  
545,494
   
535,216
 
Asset-backed securities
  
212,347
   
209,546
 
Total
 
$
757,841
  
$
744,762
 
Net Realized and Unrealized Gains (Losses) on Investments
Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

  
Three Months Ended
September 30
  
Nine Months Ended
September 30
 
  
2019
  
2018
  
2019
  
2018
 
Gross gains on available-for-sale fixed income securities sold during the period
 
$
2,407
  
$
2,690
  
$
9,710
  
$
8,824
 
Gross losses on available-for-sale fixed income securities sold during the period
  
(2,728
)
  
(2,743
)
  
(9,409
)
  
(8,539
)
                 
Other-than-temporary impairments
  
(58
)
  
–
   
(404
)
  
–
 
                 
Change in value of limited partnership investments
  
278
   
(1,073
)
  
1,000
   
(6,518
)
                 
Gains on equity securities:
                
Realized gains on equity securities sold during the period
  
1,520
   
502
   
1,571
   
1,455
 
Unrealized gains (losses) on equity securities held at the end of the period
  
(1,294
)
  
2,997
   
6,573
   
(817
)
Realized and unrealized gains on equity securities during the period
  
226
   
3,499
   
8,144
   
638
 
                 
Net realized and unrealized gains (losses) on investments
 
$
125
  
$
2,373
  
$
9,041
  
$
(5,595
)
XML 30 R26.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value [Abstract]  
Fair Value Measurements by Level for Assets Measured at Fair Value on Recurring Basis
The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of September 30, 2019:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
14,426
  
$
–
  
$
14,426
  
$
–
 
Agency mortgage-backed securities
  
51,246
   
–
   
51,246
   
–
 
Asset-backed securities
  
99,295
   
–
   
99,295
   
–
 
Bank loans
  
14,625
   
–
   
14,625
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
5,718
   
–
   
5,718
   
–
 
Corporate securities
  
262,656
   
–
   
262,656
   
–
 
Options embedded in convertible securities
  
4,567
   
–
   
4,567
   
–
 
Mortgage-backed securities
  
47,381
   
–
   
47,381
   
–
 
Municipal obligations
  
32,986
   
–
   
32,986
   
–
 
Non-U.S. government obligations
  
24,068
   
–
   
24,068
   
–
 
U.S. government obligations
  
198,038
   
–
   
198,038
   
–
 
Total fixed income securities
  
757,841
   
2,835
   
755,006
   
–
 
Equity securities:
                
Consumer
  
15,387
   
15,387
   
–
   
–
 
Energy
  
3,010
   
3,010
   
–
   
–
 
Financial
  
29,829
   
29,829
   
–
   
–
 
Industrial
  
4,488
   
4,488
   
–
   
–
 
Technology
  
2,609
   
2,609
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
9,438
   
9,438
   
–
   
–
 
Other
  
8,076
   
8,076
   
–
   
–
 
Total equity securities
  
72,837
   
72,837
   
–
   
–
 
Short-term investments
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
78,072
   
–
   
78,072
   
–
 
Total
 
$
909,750
  
$
76,672
  
$
833,078
  
$
–
 

As of December 31, 2018:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
10,687
  
$
–
  
$
10,687
  
$
–
 
Agency mortgage-backed securities
  
37,385
   
–
   
37,385
   
–
 
Asset-backed securities
  
64,422
   
–
   
64,422
   
–
 
Bank loans
  
9,750
   
–
   
9,750
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
–
   
5,423
   
–
 
Corporate securities
  
186,651
   
–
   
186,651
   
–
 
Options embedded in convertible securities
  
3,799
   
–
   
3,799
   
–
 
Mortgage-backed securities
  
38,540
   
–
   
38,540
   
–
 
Municipal obligations
  
29,155
   
–
   
29,155
   
–
 
Non-U.S. government obligations
  
25,180
   
–
   
25,180
   
–
 
U.S. government obligations
  
178,818
   
–
   
178,818
   
–
 
Total fixed income securities
  
592,645
   
2,835
   
589,810
   
–
 
Equity securities:
                
Consumer
  
17,945
   
17,945
   
–
   
–
 
Energy
  
3,179
   
3,179
   
–
   
–
 
Financial
  
25,253
   
25,253
   
–
   
–
 
Industrial
  
6,920
   
6,920
   
–
   
–
 
Technology
  
2,303
   
2,303
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
5,489
   
5,489
   
–
   
–
 
Other
  
5,333
   
5,333
   
–
   
–
 
Total equity securities
  
66,422
   
66,422
   
–
   
–
 
Short-term investments
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
156,855
   
–
   
156,855
   
–
 
Total
 
$
816,922
  
$
70,257
  
$
746,665
  
$
–
 
Carrying Value and Fair Value by Level of Financial Instruments
A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at September 30, 2019 and December 31, 2018 is as follows:

  
Carrying
  
Fair Value
 
  
Value
  
Level 1
  
Level 2
  
Level 3
  
Total
 
September 30, 2019
               
Assets:  
               
Limited partnerships
 
$
22,645
  
$
–
  
$
–
  
$
22,645
  
$
22,645
 
Commercial mortgage loans
  
9,418
   
–
   
–
   
9,418
   
9,418
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
                     
December 31, 2018
                    
Assets:  
                    
Limited partnerships
 
$
55,044
  
$
–
  
$
–
  
$
55,044
  
$
55,044
 
Commercial mortgage loans
  
6,672
   
–
   
–
   
6,672
   
6,672
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
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Shareholders' Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance $ 367,416 $ 407,235 $ 356,082 $ 418,811    
Other comprehensive income (loss) 1,377 (949) 16,941 (6,507)    
Ending balance 363,430 388,045 363,430 388,045    
ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           $ 0
ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           0
Other Comprehensive Income (Loss) [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance 8,217 (5,207) (7,347) 46,391    
Other comprehensive income (loss) before reclassifications     16,990 (5,024)    
Amounts reclassified from accumulated other comprehensive income (loss)     (49) (1,483)    
Other comprehensive income (loss)     16,941 (6,507)    
Ending balance 9,594 (6,156) 9,594 (6,156)    
Other Comprehensive Income (Loss) [Member] | ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           (46,157)
Adjusted beginning balance       234    
Other Comprehensive Income (Loss) [Member] | ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax         $ 117 117
Foreign Currency [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     (1,139) (309)    
Other comprehensive income (loss) before reclassifications     402 (209)    
Amounts reclassified from accumulated other comprehensive income (loss)     0 0    
Other comprehensive income (loss)     402 (209)    
Ending balance (737) (518) (737) (518)    
Foreign Currency [Member] | ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           0
Adjusted beginning balance       (309)    
Foreign Currency [Member] | ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           0
Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     (6,208) 46,700    
Other comprehensive income (loss) before reclassifications     16,588 (4,815)    
Amounts reclassified from accumulated other comprehensive income (loss)     (49) (1,483)    
Other comprehensive income (loss)     16,539 (6,298)    
Ending balance $ 10,331 $ (5,638) $ 10,331 (5,638)    
Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member] | ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           (46,157)
Adjusted beginning balance       $ 543    
Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member] | ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           $ 117
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Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2019
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
(1)  Summary of Significant Accounting Policies:

Description of Business:  Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.  The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.

Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.  Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.  Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.

Investments: Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.  Equity securities are carried at quoted market prices (fair value).  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. There was no valuation allowance on the Company's commercial mortgage loans as of September 30, 2019.

The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.  To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.

Short-term and other investments are carried at cost, which approximates their fair values.

Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.  A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.  Realized gains and losses on disposals of fixed income securities are recorded on the trade date.  Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.

Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.  Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.  Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.

In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.   For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.

The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.  The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.

Recognition of Revenue and Costs:  Premiums are earned over the period for which insurance protection is provided.  A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.  Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.  The Company does not defer acquisition costs that are not directly variable with the production of premiums.  If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.  In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.  Anticipated investment income is considered in determining recoverability of deferred acquisition costs.  The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at September 30, 2019.

Recently Adopted Accounting Pronouncements:  In January 2016, the FASB issued Accounting Standards Update ("ASU") 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.  Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.  The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.  Unrealized gains or losses on equity securities are now recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU 2016-02. ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.  Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.  Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.  The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.  In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.   The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of September 30, 2019, each of approximately $210, which are included within other assets and accounts payable and other liabilities. 

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the reduced federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the new 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Recently Issued Accounting Pronouncements:  In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect ASU 2018-13 to have a material impact on its consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.  In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses.  These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13.  ASU 2016-13 introduces a current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments held at the reporting date requiring significant judgment in application based on historical experience, current conditions and reasonable supportable forecasts, but is not prescriptive about certain aspects of estimating expected losses.  This update will have an impact on our available-for-sale fixed income portfolio, recoverable reinsurance balances, commercial mortgage loans and accounts receivable balances.  ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale fixed income securities to be recognized through an allowance for credit losses through which amounts can be reversed, rather than through an irreversible write-down of the cost, and provides for additional disclosure requirements.  ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018.  The guidance will be adopted using a modified retrospective approach through a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption and a prospective transition approach for fixed income securities for which an other-than-temporary impairment had been recognized before the adoption date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the date of adoption. The Company is currently gathering data and evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.
XML 34 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Unaudited Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Net premiums earned $ 110,288 $ 96,807 $ 335,931 $ 314,209
Net investment income 6,703 5,578 19,434 16,010
Commissions and other income 2,716 3,413 6,761 7,488
Net realized gains on investments, excluding impairment losses 1,199 449 1,872 1,740
Other-than-temporary impairment losses on investments (58) 0 (404) 0
Net unrealized gains (losses) on equity securities and limited partnership investments (1,016) 1,924 7,573 (7,335)
Net realized and unrealized gains (losses) on investments 125 2,373 9,041 (5,595)
Total revenues 119,832 108,171 371,167 332,112
Expenses        
Losses and loss expenses incurred 84,781 94,540 262,336 244,327
Other operating expenses 36,070 29,200 104,386 99,984
Total expenses 120,851 123,740 366,722 344,311
Income (loss) before federal income tax expense (benefit) (1,019) (15,569) 4,445 (12,199)
Federal income tax expense (benefit) (312) (3,244) 869 (2,691)
Net income (loss) $ (707) $ (12,325) $ 3,576 $ (9,508)
Per share data:        
Basic and diluted earnings (loss) (in dollars per share) $ (0.05) $ (0.82) $ 0.24 $ (0.63)
Reconciliation of shares outstanding:        
Average shares outstanding - basic (in shares) 14,361 14,969 14,607 14,998
Dilutive effect of share equivalents (in shares) 0 0 77 0
Average shares outstanding - diluted (in shares) 14,361 14,969 14,684 14,998
XML 35 R37.htm IDEA: XBRL DOCUMENT v3.19.3
Taxes (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Taxes [Abstract]        
Effective federal tax rate on consolidated loss 30.60% 20.80% 19.60% 22.10%
XML 36 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Reinsurance (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Reinsurance [Abstract]        
Premiums ceded to reinsurers $ 29,957 $ 39,318 $ 92,556 $ 100,560
Losses and loss expenses ceded to reinsurers 27,228 44,015 86,876 92,651
Commissions from reinsurers $ 7,820 $ 5,986 $ 23,229 $ 20,309
XML 37 R10.htm IDEA: XBRL DOCUMENT v3.19.3
Reinsurance
 9 Months Ended
Sep. 30, 2019
Reinsurance [Abstract]  
Reinsurance
(3)  Reinsurance:

The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.

  
2019
  
2018
 
Three months ended September 30:
      
Premiums ceded to reinsurers
 
$
29,957
  
$
39,318
 
Losses and loss expenses ceded to reinsurers
  
27,228
   
44,015
 
Commissions from reinsurers
  
7,820
   
5,986
 
         
Nine months ended September 30:
        
Premiums ceded to reinsurers
 
$
92,556
  
$
100,560
 
Losses and loss expenses ceded to reinsurers
  
86,876
   
92,651
 
Commissions from reinsurers
  
23,229
   
20,309
 
         
XML 38 R14.htm IDEA: XBRL DOCUMENT v3.19.3
Taxes
 9 Months Ended
Sep. 30, 2019
Taxes [Abstract]  
Taxes
(7)  Taxes:

The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company’s best estimate of the effective tax rate expected for the full year based on projected annual taxable income (loss).  The effective tax rate can fluctuate throughout the year because estimates used in the quarterly tax provision are updated as more information becomes available throughout the year.

The effective federal tax rate on consolidated loss for the three months ended September 30, 2019 was 30.6% compared to 20.8% for the three months ended September 30, 2018.  The effective federal tax rate on consolidated income for the nine months ended September 30, 2019 was 19.6% compared to 22.1% on consolidated loss for the nine months ended September 30, 2018.  The lower pre-tax loss for the three months ended September 30, 2019 as well as the relatively low amount of pre-tax income for the nine months ended September 30, 2019 make these interim period effective tax rates less comparable year over year.  The difference in the effective federal income tax rate from the normal statutory rate was primarily related to the effects of tax-exempt investment income and the dividends received deduction. 

As of September 30, 2019, the Company's calendar years 2017 and 2016 remain subject to examination by the Internal Revenue Service.
XML 39 R18.htm IDEA: XBRL DOCUMENT v3.19.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2019
Shareholders' Equity [Abstract]  
Shareholders' Equity
(11)  Shareholders' Equity:

On August 31, 2017, the Company's Board of Directors authorized the reinstatement of its share repurchase program for up to 2,464,209 shares of the Company's Class A or Class B Common Stock.  On August 6, 2019, the Company's Board of Directors reaffirmed its share repurchase program, but also provided that the aggregate dollar amount of shares of the Company's common stock that may be repurchased under the share repurchase program between August 6, 2019 and August 6, 2020 may not exceed $25,000, including a limit of up to $6,250 per quarter.  Pursuant to this share repurchase program, the Company entered into a Rule 10b5-1 plan on September 23, 2019 (the "Rule 10b5-1 Plan"), which authorized the repurchase of up to $625 of the Company's outstanding common stock at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934.  The Rule 10b5-1 Plan expires on November 7, 2019.  No duration has been placed on the Company's share repurchase program, and the Company reserves the right to amend, suspend or discontinue it at any time.  The share repurchase program does not commit the Company to repurchase any shares of its common stock.

During the nine months ended September 30, 2019, the Company paid $10,283 to repurchase 6,520 shares of Class A and 595,326 shares of Class B Common Stock under the share repurchase program.

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2019:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2018
 
$
(1,139
)
 
$
(6,208
)
 
$
(7,347
)
             
Other comprehensive income before reclassifications
  
402
   
16,588
   
16,990
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
(49
)
  
(49
)
             
Net current-period other comprehensive income
  
402
   
16,539
   
16,941
 
             
Ending balance at September 30, 2019
 
$
(737
)
 
$
10,331
  
$
9,594
 

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2018:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2017
 
$
(309
)
 
$
46,700
  
$
46,391
 
             
Cumulative effect of adoption of ASU 2016-01, net of tax
  
–
   
(46,157
)
  
(46,157
)
             
Balance at January 1, 2018
  
(309
)
  
543
   
234
 
             
Cumulative effect of adoption of ASU 2018-02
  
–
   
117
   
117
 
Other comprehensive loss before reclassifications
  
(209
)
  
(4,815
)
  
(5,024
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
(1,483
)
  
(1,483
)
             
Net current-period other comprehensive loss
  
(209
)
  
(6,298
)
  
(6,507
)
             
Ending balance at September 30, 2018
 
$
(518
)
 
$
(5,638
)
 
$
(6,156
)
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.19.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2019
Shareholders' Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss) by Component
The following table illustrates changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2019:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2018
 
$
(1,139
)
 
$
(6,208
)
 
$
(7,347
)
             
Other comprehensive income before reclassifications
  
402
   
16,588
   
16,990
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
(49
)
  
(49
)
             
Net current-period other comprehensive income
  
402
   
16,539
   
16,941
 
             
Ending balance at September 30, 2019
 
$
(737
)
 
$
10,331
  
$
9,594
 

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2018:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2017
 
$
(309
)
 
$
46,700
  
$
46,391
 
             
Cumulative effect of adoption of ASU 2016-01, net of tax
  
–
   
(46,157
)
  
(46,157
)
             
Balance at January 1, 2018
  
(309
)
  
543
   
234
 
             
Cumulative effect of adoption of ASU 2018-02
  
–
   
117
   
117
 
Other comprehensive loss before reclassifications
  
(209
)
  
(4,815
)
  
(5,024
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
(1,483
)
  
(1,483
)
             
Net current-period other comprehensive loss
  
(209
)
  
(6,298
)
  
(6,507
)
             
Ending balance at September 30, 2018
 
$
(518
)
 
$
(5,638
)
 
$
(6,156
)
XML 41 R20.htm IDEA: XBRL DOCUMENT v3.19.3
Subsequent Events
 9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
(13)  Subsequent Events:

On November 5, 2019, the Company's Board of Directors declared a regular quarterly dividend of $0.10 per share on the Company's Class A and Class B Common Stock.  The dividend per share will be payable December 3, 2019 to shareholders of record on November 19, 2019.
XML 42 R24.htm IDEA: XBRL DOCUMENT v3.19.3
Loss and Loss Expense Reserves (Tables)
 9 Months Ended
Sep. 30, 2019
Loss and Loss Expense Reserves [Abstract]  
Activity in Reserves for Losses and Loss Expenses
Activity in the reserves for losses and loss expenses for the nine months ended September 30, 2019 and 2018 is summarized as follows.  All amounts are shown net of reinsurance, unless otherwise indicated.

  
Nine Months Ended
 
  
September 30
 
  
2019
  
2018
 
Reserves, gross of reinsurance recoverable, at the beginning of the year
 
$
865,339
  
$
680,274
 
Reinsurance recoverable on unpaid losses at the beginning of the year
  
375,935
   
308,143
 
Reserves at the beginning of the year
  
489,404
   
372,131
 
         
Provision for losses and loss expenses:
        
Claims occurring during the current period
  
263,925
   
229,644
 
Claims occurring during prior periods
  
(1,589
)
  
14,683
 
Total incurred
  
262,336
   
244,327
 
         
Loss and loss expense payments:
        
Claims occurring during the current period
  
53,836
   
49,510
 
Claims occurring during prior periods
  
133,196
   
123,167
 
Total paid
  
187,032
   
172,677
 
Reserves at the end of the period
  
564,708
   
443,781
 
         
Reinsurance recoverable on unpaid losses at the end of the period
  
395,987
   
334,056
 
Reserves, gross of reinsurance recoverable, at the end of the period
 
$
960,695
  
$
777,837
 
XML 43 R45.htm IDEA: XBRL DOCUMENT v3.19.3
Subsequent Events (Details) - Subsequent Event [Member]
Nov. 05, 2019
$ / shares
Subsequent Event [Abstract]  
Dividend payable, date declared Nov. 05, 2019
Dividend payable, date to be paid Dec. 03, 2019
Dividend payable, date of record Nov. 19, 2019
Class A [Member]  
Subsequent Event [Abstract]  
Dividend payable (in dollars per share) $ 0.10
Class B [Member]  
Subsequent Event [Abstract]  
Dividend payable (in dollars per share) $ 0.10
XML 44 R41.htm IDEA: XBRL DOCUMENT v3.19.3
Litigation, Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 6 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Dec. 31, 2018
Loss Contingency [Abstract]      
Estimated recoverable amount $ 418,031 $ 418,031 $ 392,436
Personnel Staffing Group d/b/a MVP Staffing [Member]      
Loss Contingency [Abstract]      
Per claim deductible amount   500  
Damages sought   $ 0  
Percentage of required collateral 110.00% 110.00%  
Deductible receivables $ 6,800 $ 6,800  
Average monthly deductible invoices 1,600    
Estimated recoverable amount 43,000 43,000  
Personnel Staffing Group d/b/a MVP Staffing [Member] | Minimum [Member]      
Loss Contingency [Abstract]      
Loss fund $ 4,000 $ 4,000  
XML 47 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Total
Class A [Member]
Common Stock [Member]
Class A [Member]
Class B [Member]
Common Stock [Member]
Class B [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Cumulative effect of adoption, net of tax | ASU 2016-01 [Member] $ 0 $ (46,157) $ 46,157 $ 0 $ 0   $ 0  
Cumulative effect of adoption, net of tax | ASU 2018-02 [Member] 0 117 (117) 0 0   0  
Beginning balance at Dec. 31, 2017 55,078 46,391 316,700 418,811 $ 112   $ 530  
Beginning balance (in shares) at Dec. 31, 2017         2,623,000   12,424,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 0 0 (9,508) (9,508) $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 (209) 0 (209) 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 (6,298) 0 (6,298) 0   0  
Common stock dividends 0 0 (12,652) (12,652) 0   0  
Repurchase of common stock (484) 0 (2,131) (2,620) 0   $ (5)  
Repurchase of common stock (in shares)             (112,000)  
Restricted stock grants 521 0 0 521 $ 0   $ 0  
Restricted stock grants (in shares)         0   13,000  
Ending balance at Sep. 30, 2018 55,115 (6,156) 338,449 388,045 $ 112   $ 525  
Ending balance (in shares) at Sep. 30, 2018         2,623,000   12,325,000  
Beginning balance at Jun. 30, 2018 55,745 (5,207) 356,057 407,235 $ 112   $ 528  
Beginning balance (in shares) at Jun. 30, 2018         2,623,000   12,380,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 0 0 (12,325) (12,325) $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 202 0 202 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 (1,151) 0 (1,151) 0   0  
Common stock dividends 0 0 (4,196) (4,196) 0   0  
Repurchase of common stock (250) 0 (1,087) (1,340) $ 0   $ (3)  
Repurchase of common stock (in shares)         0   (58,000)  
Restricted stock grants (380) 0 0 (380) $ 0   $ 0  
Restricted stock grants (in shares)         0   3,000  
Ending balance at Sep. 30, 2018 55,115 (6,156) 338,449 388,045 $ 112   $ 525  
Ending balance (in shares) at Sep. 30, 2018         2,623,000   12,325,000  
Beginning balance at Dec. 31, 2018 54,720 (7,347) 308,075 356,082 $ 112   $ 522  
Beginning balance (in shares) at Dec. 31, 2018         2,615,000   12,254,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 0 0 3,576 3,576 $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 402 0 402 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 16,539 0 16,539 0   0  
Common stock dividends 0 0 (4,429) (4,429) 0   0  
Repurchase of common stock (2,590) 0 (7,669) (10,283) $ 0   $ (24)  
Repurchase of common stock (in shares)         (6,000) (6,520) (595,000) (595,326)
Restricted stock grants 1,540 0 0 1,543 $ 0   $ 3  
Restricted stock grants (in shares)         0   80,000  
Ending balance at Sep. 30, 2019 53,670 9,594 299,553 363,430 $ 112   $ 501  
Ending balance (in shares) at Sep. 30, 2019         2,609,000   11,739,000  
Beginning balance at Jun. 30, 2019 54,065 8,217 304,513 367,416 $ 112   $ 509  
Beginning balance (in shares) at Jun. 30, 2019         2,612,000   11,932,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 0 0 (707) (707) $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 (189) 0 (189) 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 1,566 0 1,566 0   0  
Common stock dividends 0 0 (1,442) (1,442) 0   0  
Repurchase of common stock (976) 0 (2,811) (3,796) $ 0   $ (9)  
Repurchase of common stock (in shares)         (3,000)   (224,000)  
Restricted stock grants 581 0 0 582 $ 0   $ 1  
Restricted stock grants (in shares)         0   31,000  
Ending balance at Sep. 30, 2019 $ 53,670 $ 9,594 $ 299,553 $ 363,430 $ 112   $ 501  
Ending balance (in shares) at Sep. 30, 2019         2,609,000   11,739,000  
XML 48 R2.htm IDEA: XBRL DOCUMENT v3.19.3
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Investments:    
Fixed income securities $ 757,841 $ 592,645
Equity securities 72,837 66,422
Limited partnerships 22,645 55,044
Commercial mortgage loans 9,418 6,672
Short-term and other 1,000 1,000
Total Investments 863,741 721,783
Cash and cash equivalents 85,777 163,996
Restricted cash and cash equivalents 22,410 6,815
Accounts receivable 105,801 102,972
Reinsurance recoverable 418,031 392,436
Other assets 93,756 88,426
Current federal income taxes recoverable 4,267 7,441
Deferred federal income taxes 2,984 6,262
Total Assets 1,596,767 1,490,131
Liabilities and shareholders' equity    
Reserves for losses and loss expenses 960,695 865,339
Reserves for unearned premiums 76,329 71,625
Reinsurance payable 55,225 66,632
Short-term borrowings 20,000 20,000
Accounts payable and other liabilities 121,088 110,453
Total Liabilities 1,233,337 1,134,049
Shareholders' equity:    
Additional paid-in capital 53,670 54,720
Accumulated other comprehensive income (loss) 9,594 (7,347)
Retained earnings 299,553 308,075
Total Shareholders' Equity 363,430 356,082
Total Liabilities and Shareholders' Equity 1,596,767 1,490,131
Class A Voting [Member]    
Shareholders' equity:    
Common stock 112 112
Class B Non-voting [Member]    
Shareholders' equity:    
Common stock $ 501 $ 522
XML 49 R12.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information
 9 Months Ended
Sep. 30, 2019
Segment Information [Abstract]  
Segment Information
(5)  Segment Information:

The Company has one reportable business segment in its operations: Property and Casualty Insurance.  The property and casualty insurance segment provides multiple lines of insurance coverage primarily to commercial automobile companies, as well as to independent contractors who contract with commercial automobile companies.  In addition, the Company provides workers' compensation coverage for a variety of operations outside the transportation industry.

The following table summarizes segment revenues for the three and nine months ended September 30, 2019 and 2018:

  
Three Months Ended
September 30
  
Nine Months Ended
September 30
 
  
2019
  
2018
  
2019
  
2018
 
Revenues:
            
Net premiums earned
 
$
110,288
  
$
96,807
  
$
335,931
  
$
314,209
 
Net investment income
  
6,703
   
5,578
   
19,434
   
16,010
 
Net realized and unrealized gains (losses) on investments
  
125
   
2,373
   
9,041
   
(5,595
)
Commissions and other income
  
2,716
   
3,413
   
6,761
   
7,488
 
Total revenues
 
$
119,832
  
$
108,171
  
$
371,167
  
$
332,112
 
XML 50 R16.htm IDEA: XBRL DOCUMENT v3.19.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2019
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
(9)  Stock-Based Compensation:

The Company issues shares of restricted Class B Common Stock to the Company's outside directors as part of their annual retainer compensation.  The shares are distributed to the outside directors on the vesting date, which, with the exception of pro-rated annual retainers granted to outside directors, is one year following the date of grant.  On May 17, 2019, the Company granted shares of restricted Class B Common Stock in connection with the election of a new outside director, reflecting such director’s pro-rated annual retainer compensation, which shares will vest and be distributed on May 7, 2020.  Additionally, effective May 22, 2019, John D. Nichols, Jr. ceased serving as the Company's Interim Chief Executive Officer and principal executive officer, but continued to serve as Chairman of the Company's Board of Directors.  On May 22, 2019, the Company granted shares of restricted Class B Common Stock to Mr. Nichols in connection with this transition, reflecting his pro-rated annual retainer compensation, which shares will also vest and be distributed on May 7, 2020.  The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:

Grant Date
 
Number of
Shares Issued
 
Vesting Date
Service Period
 
Grant Date Fair
Value Per Share
 
5/9/2017
  
18,183
 
5/9/2018
7/1/2017 - 6/30/2018
 
$
24.20
 
           
8/31/2017
  
1,257
 
5/9/2018
8/31/2017 - 6/30/2018
 
$
21.90
 
           
2/9/2018
  
408
 
5/9/2018
2/9/2018 - 6/30/2018
 
$
24.20
 
           
5/8/2018
  
19,085
 
5/8/2019
7/1/2018 - 6/30/2019
 
$
23.05
 
           
5/7/2019
  
29,536
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/17/2019
  
3,591
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/22/2019
  
3,541
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 

Compensation expense related to the above stock grants is recognized over the period in which the directors render services.

In May 2017, the Company's Compensation Committee granted equity-based awards pursuant to the Company's Long-Term Incentive Plan (the "Long-Term Incentive Plan"), which was approved by the Company's shareholders at the 2017 Annual Meeting of Shareholders.  Certain participants under the Long-Term Incentive Plan were granted Value Creation Incentive Plan awards (the "2017 VCIP Awards").  The 2017 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income over a three-year performance period from January 1, 2017 through December 31, 2019 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2017.  For the purpose of the 2017 VCIP Awards, cumulative operating income is equal to income before taxes excluding net realized gains (losses) on investments.  Any 2017 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2020.  No shares are eligible to be issued under the 2017 VCIP Awards as of September 30, 2019.

In March 2018, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2018 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a measurement of the combined results of the Company's 2018 growth in gross premiums earned and the Company's 2018 combined ratio.  The combined ratio is calculated as a ratio of (A) losses and loss expenses incurred, plus other operating expenses, less commission and other income to (B) net premiums earned.  No 2018 LTIP Awards were earned based on the Company's performance in 2018, and therefore no shares were issued pursuant to the 2018 LTIP Awards.  In addition to the 2018 LTIP Awards, in March 2018 the Company's Compensation Committee also granted Value Creation Incentive Plan awards (the "2018 VCIP Awards") to certain participants under the Long-Term Incentive Plan.  The 2018 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income, as defined above, over a three-year performance period from January 1, 2018 through December 31, 2020 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2018.  Any 2018 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2021.  No shares are eligible to be issued under the 2018 VCIP Awards as of September 30, 2019.

On November 13, 2018, the Company entered into an employment agreement with its Interim Chief Executive Officer, John D. Nichols, Jr.  Pursuant to the terms of this employment agreement, on November 13, 2018, Mr. Nichols was granted 85,000 restricted shares of the Company's Class B Common Stock (the "Nichols Stock Grant"), of which 42,500 shares vested as of October 17, 2019; 21,250 shares will vest as of October 17, 2020, and 21,250 shares will vest as of October 17, 2021.  The Company recorded $844 of expense during the nine months ended September 30, 2019 related to the Nichols Stock Grant.

In March 2019, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2019 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a corporate performance component as well as a personal performance component.  The corporate performance component of the 2019 LTIP Awards will be determined based on the Company's achievement of 2019 underwriting income compared to the plan target.  The Company's underwriting income will be calculated as income (loss) before federal income tax expense (benefit), less net realized gains (losses) on investments, less net unrealized gains (losses) on equity securities and limited partnerships, less net investment income.  The personal performance component of the 2019 LTIP Awards will be determined based on the achievement of personal goals that align with departmental and corporate objectives for 2019.  Any 2019 LTIP Awards earned will be paid in shares of restricted Class B Common Stock in early 2020.  One-third of such shares will vest annually over the three-year period beginning one year from the date of issue.  The Company recorded $107 of expense during the nine months ended September 30, 2019 related to the 2019 LTIP Awards.

On May 22, 2019, the Company entered into an employment agreement with its new Chief Executive Officer, Jeremy D. Edgecliffe-Johnson.  Pursuant to the terms of this employment agreement, on May 22, 2019, Mr. Edgecliffe-Johnson was granted 70,000 restricted shares of the Company's Class B Common Stock (the "Edgecliffe-Johnson Stock Grant"), of which 35,000 shares will vest as of June 1, 2022, 21,000 shares will vest as of June 1, 2023, and 14,000 shares will vest as of June 1, 2024.  The Company recorded $122 of expense during the nine months ended September 30, 2019 related to the Edgecliffe-Johnson Stock Grant.
XML 51 R35.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Segment
Sep. 30, 2018
USD ($)
Segment Information [Abstract]        
Number of reportable segments | Segment     1  
Summary of Segment Revenue [Abstract]        
Net premiums earned $ 110,288 $ 96,807 $ 335,931 $ 314,209
Net investment income 6,703 5,578 19,434 16,010
Net realized and unrealized gains (losses) on investments 125 2,373 9,041 (5,595)
Commissions and other income 2,716 3,413 6,761 7,488
Total revenues 119,832 108,171 371,167 332,112
Property and Casualty Insurance [Member]        
Summary of Segment Revenue [Abstract]        
Net premiums earned 110,288 96,807 335,931 314,209
Net investment income 6,703 5,578 19,434 16,010
Net realized and unrealized gains (losses) on investments 125 2,373 9,041 (5,595)
Commissions and other income 2,716 3,413 6,761 7,488
Total revenues $ 119,832 $ 108,171 $ 371,167 $ 332,112
XML 52 R31.htm IDEA: XBRL DOCUMENT v3.19.3
Investments, Continuous Unrealized Loss Position (Details)
$ in Thousands
Sep. 30, 2019
USD ($)
Security
Dec. 31, 2018
USD ($)
Security
Available-for-sale Securities Continuous Unrealized Loss Positions [Abstract]    
Number of securities, 12 months or less | Security 97 275
Number of securities, Greater than 12 months | Security 86 217
Number of securities, total | Security 183 492
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract]    
Fair value, 12 months or less $ 106,943 $ 282,646
Fair value, Greater than 12 months 58,053 131,001
Fair value, total 164,996 413,647
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract]    
Gross unrealized loss, 12 months or less (2,097) (7,296)
Gross unrealized loss, Greater than 12 months (831) (3,497)
Gross unrealized loss, total (2,928) (10,793)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]    
One year or less, Fair Value 67,076  
Excess of one year to five years, Fair Value 336,640  
Excess of five years to ten years, Fair Value 129,362  
Excess of ten years, Fair Value 12,416  
Total contractual maturities, Fair Value 545,494  
Asset-backed securities, Fair Value 212,347  
Total, Fair Value 757,841 592,645
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]    
One year or less, Cost or Amortized Cost 67,008  
Excess of one year to five years, Cost or Amortized Cost 330,035  
Excess of five years to ten years, Cost or Amortized Cost 126,528  
Excess of ten years, Cost or Amortized Cost 11,645  
Total contractual maturities, Cost or Amortized Cost 535,216  
Asset-backed securities, Cost or Amortized Cost 209,546  
Cost or amortized cost $ 744,762 $ 600,504
XML 53 R39.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value, Balance Sheet Grouping (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Assets [Abstract]    
Limited partnerships $ 22,645 $ 55,044
Carrying Value [Member]    
Assets [Abstract]    
Limited partnerships 22,645 55,044
Commercial mortgage loans 9,418 6,672
Liabilities [Abstract]    
Short-term borrowings 20,000 20,000
Fair Value [Member]    
Assets [Abstract]    
Limited partnerships 22,645 55,044
Commercial mortgage loans 9,418 6,672
Liabilities [Abstract]    
Short-term borrowings 20,000 20,000
Fair Value [Member] | Level 1 [Member]    
Assets [Abstract]    
Limited partnerships 0 0
Commercial mortgage loans 0 0
Liabilities [Abstract]    
Short-term borrowings 0 0
Fair Value [Member] | Level 2 [Member]    
Assets [Abstract]    
Limited partnerships 0 0
Commercial mortgage loans 0 0
Liabilities [Abstract]    
Short-term borrowings 20,000 20,000
Fair Value [Member] | Level 3 [Member]    
Assets [Abstract]    
Limited partnerships 22,645 55,044
Commercial mortgage loans 9,418 6,672
Liabilities [Abstract]    
Short-term borrowings $ 0 $ 0
XML 54 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net income (loss) $ 3,576 $ (9,508)
Adjustments to reconcile net income (loss) to net cash provided by operating activities 58,746 69,878
Net cash provided by operating activities 62,322 60,370
Investing activities    
Purchases of fixed income and equity securities (342,299) (330,217)
Purchases of limited partnership interests 0 (450)
Distributions from limited partnerships 33,395 369
Proceeds from maturities 64,536 46,620
Proceeds from sales of fixed income securities 118,725 181,867
Proceeds from sales of equity securities 19,408 117,692
Purchase of insurance company-owned life insurance 0 (10,000)
Purchase of commercial mortgage loans (2,746) 0
Purchases of property and equipment (1,659) (4,360)
Proceeds from disposals of property and equipment 4 8
Net cash provided by (used in) investing activities (110,636) 1,529
Financing activities    
Dividends paid to shareholders (4,429) (12,652)
Repurchase of common shares (10,283) (2,620)
Net cash used in financing activities (14,712) (15,272)
Effect of foreign exchange rates on cash and cash equivalents 402 (209)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (62,624) 46,418
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 170,811 68,713
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 108,187 $ 115,131
XML 55 R3.htm IDEA: XBRL DOCUMENT v3.19.3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2019
Dec. 31, 2018
Class A Voting [Member]    
Shareholders' equity:    
Common stock, par value (in dollars per share) $ 0 $ 0
Common stock, shares authorized (in shares) 3,000,000 3,000,000
Common stock, shares outstanding (in shares) 2,608,819 2,615,339
Class B Non-voting [Member]    
Shareholders' equity:    
Common stock, par value (in dollars per share) $ 0 $ 0
Common stock, shares authorized (in shares) 20,000,000 20,000,000
Common stock, shares outstanding (in shares) 11,738,578 12,253,922
XML 56 R13.htm IDEA: XBRL DOCUMENT v3.19.3
Debt
 9 Months Ended
Sep. 30, 2019
Debt [Abstract]  
Debt
(6)  Debt:

On August 9, 2018, the Company entered into a credit agreement providing a revolving credit facility with a $40,000 limit, with the option for up to an additional $35,000 in incremental loans at the discretion of the lenders.  This credit agreement has an expiration date of August 9, 2022.  Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at the Company's option.  Outstanding drawings on this revolving credit facility were $20,000 as of September 30, 2019.  At September 30, 2019, the effective interest rate was 3.14%, and the Company had $20,000 remaining under the revolving credit facility.  The current outstanding borrowings were used to repay the Company's previous line of credit.  The Company's revolving credit facility has two financial covenants, each of which were met as of September 30, 2019.  These covenants require the Company to have a minimum U.S. generally accepted accounting principles net worth and a maximum consolidated leverage ratio of 0.35 to 1.00.
XML 57 R17.htm IDEA: XBRL DOCUMENT v3.19.3
Litigation, Commitments and Contingencies
 9 Months Ended
Sep. 30, 2019
Litigation, Commitments and Contingencies [Abstract]  
Litigation, Commitments and Contingencies
(10)  Litigation, Commitments and Contingencies:

In the ordinary, regular and routine course of their business, the Company and its Insurance Subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided.  No currently pending matter is deemed by management to be material to the Company, other than as noted below.

Personnel Staffing Group Litigation

In July 2019, Protective Insurance Company (“Protective”) was named as a defendant in an action brought by a former insured, Personnel Staffing Group d/b/a MVP Staffing (“PSG”), in the U.S. District Court for the Central District of California alleging that Protective had breached its workers’ compensation insurance policy and had breached the duties of good faith and fair dealing. Protective provided workers’ compensation insurance to PSG from January 1, 2017 through June 30, 2018, which was subject to a $500 per claim deductible to be paid by PSG.  No specific damages were included in the complaint.  In August 2019, Protective filed a motion to dismiss or stay the action, which is pending.  The Company intends to vigorously defend these claims; however, the ultimate outcome cannot be presently determined.

In August 2019, Protective filed a lawsuit against PSG in Marion County Superior Court, in Indianapolis, Indiana alleging breach of contract, breach of the parties' collateral agreement, breach of the parties' indemnity agreement, and seeking a declaratory judgment regarding PSG’s ongoing obligation to fund its ongoing claim deductible obligations and adequately collateralize Protective’s current and ongoing claims exposure pursuant to terms of the parties' agreements.  In October 2019, Protective amended the complaint to include allegations of misrepresentation as to source of coverage, negligent misrepresentation, fraud and racketeering and seeking injunctive relief.  Pursuant to the terms of the workers’ compensation policies, Protective has a duty to adjust and pay claims arising under the policies regardless of whether PSG makes payments to Protective for deductible obligations under the policies.  Under its contractual obligations to Protective, PSG is required to maintain a “loss fund” for the payment of claims, the balance of which is to remain at or above $4,000; in addition, PSG is required to provide collateral in an amount equal to 110% of Protective’s current open case reserves on workers’ compensation claims arising under the policies.

As of September 30, 2019, Protective had approximately $6,800 in deductible receivables on claims arising under PSG’s workers’ compensation policies and had exhausted all collateral provided by PSG.  Protective continues to pay claims settlements under the policies without reimbursement from PSG.  For the past six months, the average monthly deductible invoices have been $1,600.  PSG’s estimated ultimate obligation under the agreements is approximately $43,000 as of September 30, 2019 (inclusive of the $6,800 in deductible receivables noted above).  At September 30, 2019, based on the Company's assessment that PSG will continue to operate as a business and that the terms of the agreement with PSG will be legally enforceable, the Company believes that it will fully collect all current and future amounts due from PSG relating to this matter and, therefore, has not recorded a provision for any potential loss.  In the event that PSG files bankruptcy or that the agreements are found to be unenforceable, Protective will likely incur a charge up to the then-estimated amount of PSG’s ultimate obligation.

The Company will also include this matter when assessing the impact of adopting the accounting guidance under the new credit losses standard discussed in Note 1.
XML 58 R38.htm IDEA: XBRL DOCUMENT v3.19.3
Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Fixed income securities [Abstract]      
Total fixed income securities $ 757,841 $ 592,645  
Equity securities [Abstract]      
Total equity securities 72,837 66,422  
Transfers Between Levels [Abstract]      
Transfers of assets from Level 1 to Level 2 0   $ 0
Transfers of assets from Level 2 to Level 1 0   $ 0
Recurring [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 14,426 10,687  
Agency mortgage-backed securities 51,246 37,385  
Asset-backed securities 99,295 64,422  
Bank loans 14,625 9,750  
Certificates of deposit 2,835 2,835  
Collateralized mortgage obligations 5,718 5,423  
Corporate securities 262,656 186,651  
Options embedded in convertible securities 4,567 3,799  
Mortgage-backed securities 47,381 38,540  
Municipal obligations 32,986 29,155  
Non-U.S. government obligations 24,068 25,180  
U.S. government obligations 198,038 178,818  
Total fixed income securities 757,841 592,645  
Equity securities [Abstract]      
Consumer 15,387 17,945  
Energy 3,010 3,179  
Financial 29,829 25,253  
Industrial 4,488 6,920  
Technology 2,609 2,303  
Funds (e.g. mutual funds, closed end funds, ETFs) 9,438 5,489  
Other 8,076 5,333  
Total equity securities 72,837 66,422  
Short-term investments 1,000 1,000  
Cash equivalents 78,072 156,855  
Total 909,750 816,922  
Recurring [Member] | Level 1 [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 0 0  
Agency mortgage-backed securities 0 0  
Asset-backed securities 0 0  
Bank loans 0 0  
Certificates of deposit 2,835 2,835  
Collateralized mortgage obligations 0 0  
Corporate securities 0 0  
Options embedded in convertible securities 0 0  
Mortgage-backed securities 0 0  
Municipal obligations 0 0  
Non-U.S. government obligations 0 0  
U.S. government obligations 0 0  
Total fixed income securities 2,835 2,835  
Equity securities [Abstract]      
Consumer 15,387 17,945  
Energy 3,010 3,179  
Financial 29,829 25,253  
Industrial 4,488 6,920  
Technology 2,609 2,303  
Funds (e.g. mutual funds, closed end funds, ETFs) 9,438 5,489  
Other 8,076 5,333  
Total equity securities 72,837 66,422  
Short-term investments 1,000 1,000  
Cash equivalents 0 0  
Total 76,672 70,257  
Recurring [Member] | Level 2 [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 14,426 10,687  
Agency mortgage-backed securities 51,246 37,385  
Asset-backed securities 99,295 64,422  
Bank loans 14,625 9,750  
Certificates of deposit 0 0  
Collateralized mortgage obligations 5,718 5,423  
Corporate securities 262,656 186,651  
Options embedded in convertible securities 4,567 3,799  
Mortgage-backed securities 47,381 38,540  
Municipal obligations 32,986 29,155  
Non-U.S. government obligations 24,068 25,180  
U.S. government obligations 198,038 178,818  
Total fixed income securities 755,006 589,810  
Equity securities [Abstract]      
Consumer 0 0  
Energy 0 0  
Financial 0 0  
Industrial 0 0  
Technology 0 0  
Funds (e.g. mutual funds, closed end funds, ETFs) 0 0  
Other 0 0  
Total equity securities 0 0  
Short-term investments 0 0  
Cash equivalents 78,072 156,855  
Total 833,078 746,665  
Recurring [Member] | Level 3 [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 0 0  
Agency mortgage-backed securities 0 0  
Asset-backed securities 0 0  
Bank loans 0 0  
Certificates of deposit 0 0  
Collateralized mortgage obligations 0 0  
Corporate securities 0 0  
Options embedded in convertible securities 0 0  
Mortgage-backed securities 0 0  
Municipal obligations 0 0  
Non-U.S. government obligations 0 0  
U.S. government obligations 0 0  
Total fixed income securities 0 0  
Equity securities [Abstract]      
Consumer 0 0  
Energy 0 0  
Financial 0 0  
Industrial 0 0  
Technology 0 0  
Funds (e.g. mutual funds, closed end funds, ETFs) 0 0  
Other 0 0  
Total equity securities 0 0  
Short-term investments 0 0  
Cash equivalents 0 0  
Total $ 0 $ 0  
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Loss and Loss Expense Reserves (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Activity in the reserve for losses and loss expenses [Roll Forward]    
Reserves, gross of reinsurance recoverable, at the beginning of the year $ 865,339 $ 680,274
Reinsurance recoverable on unpaid losses at the beginning of the year 375,935 308,143
Reserves at the beginning of the year 489,404 372,131
Provision for losses and loss expenses [Abstract]    
Claims occurring during the current period 263,925 229,644
Claims occurring during prior periods (1,589) 14,683
Total incurred 262,336 244,327
Loss and loss expense payments [Abstract]    
Claims occurring during the current period 53,836 49,510
Claims occurring during prior periods 133,196 123,167
Total paid 187,032 172,677
Reserves at the end of the period 564,708 443,781
Reinsurance recoverable on unpaid losses at the end of the period 395,987 334,056
Reserves, gross of reinsurance recoverable, at the end of the period $ 960,695 $ 777,837
XML 61 R30.htm IDEA: XBRL DOCUMENT v3.19.3
Investments, Summary of Available-for-sale Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Available-for-sale Debt Securities [Abstract]    
Fair value $ 757,841 $ 592,645
Cost or amortized cost 744,762 600,504
Gross unrealized gains 16,007 2,934
Gross unrealized losses (2,928) (10,793)
Net unrealized gains (losses) 13,079 (7,859)
Agency Collateralized Mortgage Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 14,426 10,687
Cost or amortized cost 13,911 10,636
Gross unrealized gains 518 145
Gross unrealized losses (3) (94)
Net unrealized gains (losses) 515 51
Agency Mortgage-backed Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 51,246 37,385
Cost or amortized cost 49,567 37,168
Gross unrealized gains 1,691 371
Gross unrealized losses (12) (154)
Net unrealized gains (losses) 1,679 217
Asset-backed Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 99,295 64,422
Cost or amortized cost 99,834 66,241
Gross unrealized gains 580 14
Gross unrealized losses (1,119) (1,833)
Net unrealized gains (losses) (539) (1,819)
Bank Loans [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 14,625 9,750
Cost or amortized cost 14,871 10,208
Gross unrealized gains 54 27
Gross unrealized losses (300) (485)
Net unrealized gains (losses) (246) (458)
Certificates of Deposit [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 2,835 2,835
Cost or amortized cost 2,835 2,835
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Net unrealized gains (losses) 0 0
Collateralized Mortgage Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 5,718 5,423
Cost or amortized cost 5,234 5,095
Gross unrealized gains 571 376
Gross unrealized losses (87) (48)
Net unrealized gains (losses) 484 328
Corporate Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 267,223 190,450
Cost or amortized cost 261,191 196,925
Gross unrealized gains 6,858 127
Gross unrealized losses (826) (6,602)
Net unrealized gains (losses) 6,032 (6,475)
Mortgage-backed Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 47,381 38,540
Cost or amortized cost 46,235 38,586
Gross unrealized gains 1,290 377
Gross unrealized losses (144) (423)
Net unrealized gains (losses) 1,146 (46)
Municipal Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 32,986 29,155
Cost or amortized cost 32,280 29,102
Gross unrealized gains 755 239
Gross unrealized losses (49) (186)
Net unrealized gains (losses) 706 53
Non-U.S. Government Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 24,068 25,180
Cost or amortized cost 23,705 25,339
Gross unrealized gains 364 6
Gross unrealized losses (1) (165)
Net unrealized gains (losses) 363 (159)
U.S. Government Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 198,038 178,818
Cost or amortized cost 195,099 178,369
Gross unrealized gains 3,326 1,252
Gross unrealized losses (387) (803)
Net unrealized gains (losses) $ 2,939 $ 449
XML 62 R21.htm IDEA: XBRL DOCUMENT v3.19.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2019
Summary of Significant Accounting Policies [Abstract]  
Description of Business
Description of Business:  Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.  The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.
Basis of Presentation
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.  Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.  Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.
Investments
Investments: Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.  Equity securities are carried at quoted market prices (fair value).  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. There was no valuation allowance on the Company's commercial mortgage loans as of September 30, 2019.

The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.  To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.

Short-term and other investments are carried at cost, which approximates their fair values.

Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.  A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.  Realized gains and losses on disposals of fixed income securities are recorded on the trade date.  Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.

Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.  Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.  Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.

In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.   For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.

The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.  The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.
Recognition of Revenue and Costs
Recognition of Revenue and Costs:  Premiums are earned over the period for which insurance protection is provided.  A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.  Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.  The Company does not defer acquisition costs that are not directly variable with the production of premiums.  If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.  In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.  Anticipated investment income is considered in determining recoverability of deferred acquisition costs.  The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at September 30, 2019.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements:  In January 2016, the FASB issued Accounting Standards Update ("ASU") 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.  Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.  The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.  Unrealized gains or losses on equity securities are now recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU 2016-02. ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.  Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.  Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.  The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.  In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.   The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of September 30, 2019, each of approximately $210, which are included within other assets and accounts payable and other liabilities. 

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the reduced federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the new 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements:  In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect ASU 2018-13 to have a material impact on its consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.  In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses.  These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13.  ASU 2016-13 introduces a current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments held at the reporting date requiring significant judgment in application based on historical experience, current conditions and reasonable supportable forecasts, but is not prescriptive about certain aspects of estimating expected losses.  This update will have an impact on our available-for-sale fixed income portfolio, recoverable reinsurance balances, commercial mortgage loans and accounts receivable balances.  ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale fixed income securities to be recognized through an allowance for credit losses through which amounts can be reversed, rather than through an irreversible write-down of the cost, and provides for additional disclosure requirements.  ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018.  The guidance will be adopted using a modified retrospective approach through a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption and a prospective transition approach for fixed income securities for which an other-than-temporary impairment had been recognized before the adoption date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the date of adoption. The Company is currently gathering data and evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.
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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2019
Segment Information [Abstract]  
Segment Revenues
The following table summarizes segment revenues for the three and nine months ended September 30, 2019 and 2018:

  
Three Months Ended
September 30
  
Nine Months Ended
September 30
 
  
2019
  
2018
  
2019
  
2018
 
Revenues:
            
Net premiums earned
 
$
110,288
  
$
96,807
  
$
335,931
  
$
314,209
 
Net investment income
  
6,703
   
5,578
   
19,434
   
16,010
 
Net realized and unrealized gains (losses) on investments
  
125
   
2,373
   
9,041
   
(5,595
)
Commissions and other income
  
2,716
   
3,413
   
6,761
   
7,488
 
Total revenues
 
$
119,832
  
$
108,171
  
$
371,167
  
$
332,112
 
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Summary of Significant Accounting Policies (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2019
USD ($)
Segment
Dec. 31, 2017
USD ($)
Mar. 31, 2018
USD ($)
Description of Business [Abstract]      
Number of reportable segments | Segment 1    
Recently Adopted Accounting Pronouncements [Abstract]      
Corporate income tax rate 21.00% 35.00%  
ASU 2016-01 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   $ 0  
ASU 2016-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Right-of-use asset $ 210    
Lease liability $ 210    
ASU 2018-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   0  
Other Comprehensive Income (Loss) [Member] | ASU 2016-01 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax   (71,012)  
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   (46,157)  
Other Comprehensive Income (Loss) [Member] | ASU 2018-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   117 $ 117
Retained Earnings [Member] | ASU 2016-01 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax   71,012  
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   46,157  
Retained Earnings [Member] | ASU 2018-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   $ (117) $ (117)
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Related Parties (Details) - Investment Firm Services [Member]
$ in Thousands
 9 Months Ended
Sep. 30, 2019
USD ($)
Director
Sep. 30, 2018
USD ($)
Related Party [Abstract]    
Management fees and commissions $ 12 $ 81
Director [Member]    
Related Party [Abstract]    
Number of related parties | Director 1  
Market value of equity and fixed maturity securities portfolio $ 8,885  
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Stock-Based Compensation (Details) - Class B [Member] - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
May 22, 2019
Nov. 13, 2018
Sep. 30, 2019
Stock Based Compensation [Abstract]      
Shares distribution period from grant date     1 year
5/9/2017 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     18,183
Vesting date     May 09, 2018
Service period     7/1/2017 - 6/30/2018
Grant date fair value per share (in dollars per share)     $ 24.20
8/31/2017 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     1,257
Vesting date     May 09, 2018
Service period     8/31/2017 - 6/30/2018
Grant date fair value per share (in dollars per share)     $ 21.90
2/9/2018 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     408
Vesting date     May 09, 2018
Service period     2/9/2018 - 6/30/2018
Grant date fair value per share (in dollars per share)     $ 24.20
5/8/2018 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     19,085
Vesting date     May 08, 2019
Service period     7/1/2018 - 6/30/2019
Grant date fair value per share (in dollars per share)     $ 23.05
5/7/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     29,536
Vesting date     May 07, 2020
Service period     7/1/2019 - 6/30/2020
Grant date fair value per share (in dollars per share)     $ 16.25
5/17/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     3,591
Vesting date     May 07, 2020
Service period     7/1/2019 - 6/30/2019
Grant date fair value per share (in dollars per share)     $ 16.25
5/22/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     3,541
Vesting date     May 07, 2020
Service period     7/1/2019 - 6/30/2020
Grant date fair value per share (in dollars per share)     $ 16.25
Restricted [Member] | Chief Executive Officer [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)   85,000  
Stock based compensation expense     $ 844
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares)   42,500  
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2020 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares)   21,250  
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2021 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares)   21,250  
2017 VCIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     0
Performance period     3 years
Vesting period     3 years
2018 LTIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     0
2018 VCIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares)     0
Performance period     3 years
Vesting period     3 years
2019 LTIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Vesting period     3 years
Stock based compensation expense     $ 107
Annual vesting percentage of shares in year one     33.30%
Annual vesting percentage of shares in year two     33.30%
Annual vesting percentage of shares in year three     33.30%
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member]      
Summary of stock Issuances [Abstract]      
Number of shares issued (in shares) 70,000    
Stock based compensation expense     $ 122
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | 6/01/2022 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares) 35,000    
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | 6/01/2023 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares) 21,000    
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | 6/01/2024 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares) 14,000