XML 39 R23.htm IDEA: XBRL DOCUMENT

Investments in debt and equity securities (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

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



	September 30, 2019	December 31, 2018
	($000 omitted)
Investments in:
Debt securities	561,986	602,020
Equity securities	37,207	33,997
	599,193	636,017

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



	September 30, 2019		December 31, 2018
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	53,315	54,964	61,779	61,934
Corporate	299,355	311,148	333,289	328,495
Foreign	186,523	189,308	200,667	198,938
U.S. Treasury Bonds	6,541	6,566	12,951	12,653
	545,734	561,986	608,686	602,020

Proceeds from sales of investments in securities are as follows:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
	($000 omitted)
Proceeds from sales of debt securities	10,227	6,326	19,279	27,475
Proceeds from sales of equity securities	720	452	1,620	5,025
Total proceeds from sales of investments in securities	10,947	6,778	20,899	32,500

Investments in equity securities

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



	September 30, 2019	December 31, 2018
	($000 omitted)
Investments in:
Debt securities	561,986	602,020
Equity securities	37,207	33,997
	599,193	636,017

nvestment gains and losses recognized during the periods ended September 30, 2019 and 2018 related to investments in equity securities are as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
	2019		2018	2019	2018
	($000 omitted)
Net investment (losses) gains recognized on equity securities during the period	(171	)	2,775	3,222	2,161
Less: Net realized gains on equity securities sold during the period	123		598	280	359
Net unrealized investment (losses) gains recognized on equity securities still held at September 30	(294	)	2,177	2,942	1,802

Gross unrealized gains and losses

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



	September 30, 2019		December 31, 2018
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	1,650	1	482	327
Corporate	11,794	1	1,894	6,688
Foreign	3,325	540	1,402	3,131
U.S. Treasury Bonds	65	40	2	300
	16,834	582	3,780	10,446

Debt securities according to contractual terms

Debt securities as of September 30, 2019 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	53,152	53,176
After one year through five years	323,901	330,147
After five years through ten years	144,476	152,707
After ten years	24,205	25,956
	545,734	561,986

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 September 30, 2019, were:



	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	—	—	1	560	1	560
Corporate	1	992	—	—	1	992
Foreign	457	53,913	83	25,008	540	78,921
U.S. Treasury Bonds	40	2,334	—	—	40	2,334
	498	57,239	84	25,568	582	82,807



	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	91	13,366	236	11,645	327	25,011
Corporate	4,416	201,965	2,272	71,044	6,688	273,009
Foreign	158	11,424	2,973	137,793	3,131	149,217
U.S. Treasury Bonds	—	—	300	12,544	300	12,544
	4,665	226,755	5,781	233,026	10,446	459,781