Investments in debt and equity securities available-for-sale (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investments in debt securities

The total fair values of the Company's investments in debt and equity securities are detailed below:

	March 31, 2018	December 31, 2017
	($000 omitted)
Investments in:
Debt securities	645,768	671,441
Equity securities	33,645	37,914
	679,413	709,355

Investments in equity securities

The total fair values of the Company's investments in debt and equity securities are detailed below:

	March 31, 2018	December 31, 2017
	($000 omitted)
Investments in:
Debt securities	645,768	671,441
Equity securities	33,645	37,914
	679,413	709,355

Following the adoption of ASU 2016-01 discussed in Notes 1 and 3, the portion of net investment losses recognized during the three-month period ended March 31, 2018 related to investments in equity securities still held as of March 31, 2018 is calculated as follows ($000 omitted):

Total net investment losses recognized on equity securities during the period	(2,226	)
Less: Net realized losses on equity securities sold during the period	(23	)
Net unrealized investment losses recognized on equity securities still held	(2,203	)

Amortized costs and fair values

The amortized costs and fair values of investments in debt securities are as follows:

	March 31, 2018		December 31, 2017
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	63,187	63,123	71,581	72,669
Corporate	347,713	345,966	351,477	357,933
Foreign	226,683	224,217	229,750	228,237
U.S. Treasury Bonds	12,839	12,462	12,838	12,602
	650,422	645,768	665,646	671,441

Proceeds from sales of investments in securities are as follows:

	Three Months Ended   March 31,
	2018	2017
	($000 omitted)
Proceeds from sale of debt securities	13,146	15,050
Proceeds from sale of equity securities	2,220	793
Total proceeds from sale of investment in securities	15,366	15,843

Gross unrealized gains and losses

Gross unrealized gains and losses on investments in debt securities are as follows:

	March 31, 2018		December 31, 2017
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	440	504	1,263	175
Corporate	3,115	4,862	6,953	497
Foreign	1,390	3,856	1,742	3,255
U.S. Treasury Bonds	—	377	—	236
	4,945	9,599	9,958	4,163

Debt securities according to contractual terms

Debt securities as of March 31, 2018 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	45,924	45,914
After one year through five years	357,596	356,396
After five years through ten years	206,149	202,527
After ten years	40,753	40,931
	650,422	645,768

Gross unrealized losses on investments and fair values of related securities

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2018, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	234	25,959	270	5,612	504	31,571
Corporate	4,670	241,586	192	4,824	4,862	246,410
Foreign	2,052	122,531	1,804	38,663	3,856	161,194
U.S. Treasury Bonds	130	5,756	247	6,706	377	12,462
	7,086	395,832	2,513	55,805	9,599	451,637

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	58	17,023	117	5,784	175	22,807
Corporate	386	81,632	111	4,926	497	86,558
Foreign	1,528	116,130	1,727	39,031	3,255	155,161
U.S. Treasury Bonds	53	5,830	183	6,772	236	12,602
	2,025	220,615	2,138	56,513	4,163	277,128