Investments in debt and equity securities (Tables)

9 Months Ended

Sep. 30, 2020

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 as follows:

	September 30, 2020	December 31, 2019
	($000 omitted)
Investments in:
Debt securities	617,895	605,721
Equity securities	32,704	39,318
	650,599	645,039

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

	September 30, 2020		December 31, 2019
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	46,397	48,952	52,176	53,823
Corporate	301,297	320,348	299,074	309,142
Foreign	231,859	241,969	234,734	236,073
U.S. Treasury Bonds	6,562	6,626	6,664	6,683
	586,115	617,895	592,648	605,721

Proceeds from sales of investments in securities are as follows: 

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2020	2019	2020	2019
	($000 omitted)
Proceeds from sales of debt securities	10,218	10,227	24,990	19,279
Proceeds from sales of equity securities	56	720	782	1,620
Total proceeds from sales of investments in securities	10,274	10,947	25,772	20,899

Investments in equity securities

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

	September 30, 2020	December 31, 2019
	($000 omitted)
Investments in:
Debt securities	617,895	605,721
Equity securities	32,704	39,318
	650,599	645,039

Investment gains and losses recognized related to investments in equity securities are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2020	2019	2020	2019
	($000 omitted)
Net investment (losses) gains recognized on equity securities during the period	(41)	(171)	(7,136)	3,222
Less: Net realized (losses) gains on equity securities sold during the period	(2)	123	(908)	280
Net unrealized investment (losses) gains recognized on equity securities still held at September 30	(39)	(294)	(6,228)	2,942

Gross unrealized gains and losses

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

	September 30, 2020		December 31, 2019
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	2,555	—	1,649	2
Corporate	19,396	345	10,091	23
Foreign	10,131	21	2,362	1,023
U.S. Treasury Bonds	88	24	60	41
	32,170	390	14,162	1,089

Debt securities according to contractual terms

Debt securities as of September 30, 2020 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	68,394	69,164
After one year through five years	299,977	313,410
After five years through ten years	186,766	201,134
After ten years	30,978	34,187
	586,115	617,895

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, 2020, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	—	—	—	—	—	—
Corporate	345	22,781	—	—	345	22,781
Foreign	1	4,106	20	240	21	4,346
U.S. Treasury Bonds	—	—	24	1,022	24	1,022
	346	26,887	44	1,262	390	28,149

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