Investments in debt and equity securities (Tables)

3 Months Ended

Mar. 31, 2021

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:

	March 31, 2021	December 31, 2020
	($000 omitted)
Investments in:
Debt securities	615,445	631,386
Equity securities	67,354	53,001
	682,799	684,387

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

	March 31, 2021		December 31, 2020
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	42,015	44,089	45,138	47,603
Corporate	276,870	289,159	285,962	305,450
Foreign	269,792	275,585	261,748	271,711
U.S. Treasury Bonds	6,567	6,612	6,564	6,622
	595,244	615,445	599,412	631,386

Proceeds from sales of investments in securities are as follows: 

		Three Months Ended   March 31,
		2021	2020
	($000 omitted)
Proceeds from sales of debt securities		115	11,503
Proceeds from sales of equity securities		2,936	293
Total proceeds from sales of investments in securities		3,051	11,796

Investments in equity securities

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

	March 31, 2021	December 31, 2020
	($000 omitted)
Investments in:
Debt securities	615,445	631,386
Equity securities	67,354	53,001
	682,799	684,387

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

		Three Months Ended   March 31,
		2021	2020
	($000 omitted)
Net investment gains (losses) recognized on equity securities during the period		5,582	(11,061)
Less: Net realized gains (losses) on equity securities sold during the period		9	(507)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period		5,573	(10,554)

Gross unrealized gains and losses

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

	March 31, 2021		December 31, 2020
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	2,077	3	2,465	—
Corporate	13,124	835	19,594	106
Foreign	6,572	779	10,024	61
U.S. Treasury Bonds	70	25	82	24
	21,843	1,642	32,165	191

Debt securities according to contractual terms

Debt securities as of March 31, 2021 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	58,344	59,145
After one year through five years	311,487	321,937
After five years through ten years	194,553	201,439
After ten years	30,860	32,924
	595,244	615,445

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, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	3	130	—	—	3	130
Corporate	835	27,208	—	—	835	27,208
Foreign	756	65,568	23	254	779	65,822
U.S. Treasury Bonds	1	109	24	1,022	25	1,131
	1,595	93,015	47	1,276	1,642	94,291

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
	($000 omitted)
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