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Investments in debt and equity securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

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


	June 30, 2021	December 31, 2020
	($000 omitted)
Investments in:
Debt securities	635,162	631,386
Equity securities	76,236	53,001
	711,398	684,387

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


	June 30, 2021		December 31, 2020
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	40,466	42,462	45,138	47,603
Corporate	291,413	305,229	285,962	305,450
Foreign	275,764	280,861	261,748	271,711
U.S. Treasury Bonds	6,570	6,610	6,564	6,622

	614,213	635,162	599,412	631,386

Proceeds from sales of investments in securities are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
	($000 omitted)
Proceeds from sales of debt securities	11,634	3,270	14,571	14,773
Proceeds from sales of equity securities	59	433	173	726
Total proceeds from sales of investments in securities	11,693	3,703	14,744	15,499

Investments in equity securities

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


	June 30, 2021	December 31, 2020
	($000 omitted)
Investments in:
Debt securities	635,162	631,386
Equity securities	76,236	53,001
	711,398	684,387

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
	($000 omitted)
Net investment gains (losses) recognized on equity securities during the period	3,780	3,966	9,361	(7,095)
Less: Net realized gains (losses) on equity securities sold during the period	35	(400)	43	(907)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period	3,745	4,366	9,318	(6,188)

Gross unrealized gains and losses

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


	June 30, 2021		December 31, 2020
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	1,997	1	2,465	—
Corporate	14,320	504	19,594	106
Foreign	5,767	670	10,024	61
U.S. Treasury Bonds	65	25	82	24

	22,149	1,200	32,165	191

Debt securities according to contractual terms

Debt securities as of June 30, 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	59,019	59,695
After one year through five years	375,721	385,551
After five years through ten years	148,716	156,299
After ten years	30,757	33,617
	614,213	635,162

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 June 30, 2021, were:


	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	96	—	—	1	96
Corporate	504	31,489	—	—	504	31,489
Foreign	645	74,153	25	254	670	74,407
U.S. Treasury Bonds	1	109	24	1,022	25	1,131

	1,151	105,847	49	1,276	1,200	107,123


	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