Investments in debt and equity securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments in equity securities

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

	September 30, 2021	December 31, 2020
	($000 omitted)
Investments in:
Debt securities	617,278	631,386
Equity securities	83,441	53,001
	700,719	684,387

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

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2021	2020	2021	2020
	($000 omitted)
Net investment gains (losses) recognized on equity securities during the period	345	(41)	9,706	(7,136)
Less: Net realized gains (losses) on equity securities sold during the period	26	(2)	69	(908)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period	319	(39)	9,637	(6,228)

Investments in debt securities

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

	September 30, 2021	December 31, 2020
	($000 omitted)
Investments in:
Debt securities	617,278	631,386
Equity securities	83,441	53,001
	700,719	684,387

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

	September 30, 2021		December 31, 2020
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	38,088	39,885	45,138	47,603
Corporate	280,090	292,119	285,962	305,450
Foreign	274,938	278,808	261,748	271,711
U.S. Treasury Bonds	6,426	6,466	6,564	6,622
	599,542	617,278	599,412	631,386

Proceeds from sales of investments in securities are as follows: 

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2021	2020	2021	2020
	($000 omitted)
Proceeds from sales of debt securities	4,854	10,218	19,425	24,990
Proceeds from sales of equity securities	128	56	301	782
Total proceeds from sales of investments in securities	4,982	10,274	19,726	25,772

Gross unrealized gains and losses

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

	September 30, 2021		December 31, 2020
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	1,798	1	2,465	—
Corporate	12,630	601	19,594	106
Foreign	4,784	914	10,024	61
U.S. Treasury Bonds	60	20	82	24
	19,272	1,536	32,165	191

Debt securities according to contractual terms

Debt securities as of September 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	64,866	65,678
After one year through five years	363,235	371,531
After five years through ten years	140,784	146,686
After ten years	30,657	33,383
	599,542	617,278

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, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	395	40,219	206	4,933	601	45,152
Foreign	888	83,259	26	246	914	83,505
U.S. Treasury Bonds	3	482	17	508	20	990
	1,287	124,090	249	5,687	1,536	129,777

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