Investments in debt and equity securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments in debt and equity securities

The total fair values of the Company's investments in debt and equity securities as of December 31 are detailed below:

	2019	2018
	($000 omitted)
Investments in:
Debt securities	605,721	602,020
Equity securities	39,318	33,997
	645,039	636,017

Net investment gains and losses recognized in 2019 and 2018 related to investments in equity securities (refer to Note 1-H) are calculated as follows:

	2019	2018
	($000 omitted)
Total net investment gains (losses) recognized on equity securities during the period	4,825	(2,538	)
Less: Net realized gains (losses) on equity securities sold during the period	783	(376	)
Net unrealized investment gains (losses) recognized on equity securities still held	4,042	(2,162	)

Amortized costs and fair values

The amortized costs and fair values of investments in debt securities as of December 31, are as follows:

	2019		2018
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	52,176	53,823	61,779	61,934
Corporate	299,074	309,142	333,289	328,495
Foreign	234,734	236,073	200,667	198,938
U.S. Treasury Bonds	6,664	6,683	12,951	12,653
	592,648	605,721	608,686	602,020

Proceeds from sales of investments in securities for the years ended December 31 are as follows:

	2019	2018	2017
	($000 omitted)
Proceeds from sales of debt securities	46,834	43,556	68,649
Proceeds from sales of equity securities	3,771	5,886	8,293
Total proceeds from sales of investments in securities	50,605	49,442	76,942

Gross unrealized gains and losses

Gross unrealized gains and losses on investments in debt securities at December 31, were:

	2019		2018
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	1,649	2	482	327
Corporate	10,091	23	1,894	6,688
Foreign	2,362	1,023	1,402	3,131
U.S. Treasury Bonds	60	41	2	300
	14,162	1,089	3,780	10,446

Debt securities according to contractual terms

Debt securities at December 31, 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	68,377	68,517
After one year through five years	336,402	341,773
After five years through ten years	157,147	162,778
After ten years	30,722	32,653
	592,648	605,721

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 December 31, 2019, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	2	53	—	—	2	53
Corporate	23	7,420	—	—	23	7,420
Foreign	318	92,108	705	55,875	1,023	147,983
U.S. Treasury Bonds	—	—	41	2,215	41	2,215
	343	99,581	746	58,090	1,089	157,671

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, 2018, were:

	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