Investments in debt and equity securities (Tables)

12 Months Ended

Dec. 31, 2020

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:

	2020	2019
	(in $ thousands)
Investments in:
Debt securities	631,386	605,721
Equity securities	53,001	39,318
	684,387	645,039

Net investment gains and losses recognized for the years ended December 31 related to investments in equity securities are follows:

	2020	2019	2018
	(in $ thousands)
Total net investment (losses) gains recognized on equity securities during the period	(3,137)	4,825	(2,538)
Less: Net realized (losses) gains on equity securities sold during the period	(826)	783	(376)
Net unrealized investment (losses) gains recognized on equity securities still held at December 31	(2,311)	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:

	2020		2019
	Amortized costs	Fair values	Amortized costs	Fair values
	(in $ thousands)
Municipal	45,138	47,603	52,176	53,823
Corporate	285,962	305,450	299,074	309,142
Foreign	261,748	271,711	234,734	236,073
U.S. Treasury Bonds	6,564	6,622	6,664	6,683
	599,412	631,386	592,648	605,721

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

	2020	2019	2018
	(in $ thousands)
Proceeds from sales of debt securities	36,449	46,834	43,556
Proceeds from sales of equity securities	791	3,771	5,886
Total proceeds from sales of investments in securities	37,240	50,605	49,442

Gross unrealized gains and losses

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

	2020		2019
	Gains	Losses	Gains	Losses
	(in $ thousands)
Municipal	2,465	—	1,649	2
Corporate	19,594	106	10,091	23
Foreign	10,024	61	2,362	1,023
U.S. Treasury Bonds	82	24	60	41
	32,165	191	14,162	1,089

Debt securities according to contractual terms

Debt securities at December 31, 2020 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	(in $ thousands)
In one year or less	79,668	80,400
After one year through five years	304,610	317,567
After five years through ten years	184,215	198,443
After ten years	30,919	34,976
	599,412	631,386

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, 2020, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	—	—	—	—	—	—
Corporate	106	13,518	—	—	106	13,518
Foreign	40	2,912	21	254	61	3,166
U.S. Treasury Bonds	—	—	24	1,022	24	1,022
	146	16,430	45	1,276	191	17,706

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
	(in $ thousands)
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