XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Fixed Maturity Securities In An Unrealized Loss Position
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities In An Unrealized Loss Position Fixed Maturity Securities in an Unrealized Loss Position
        The following tables summarize all fixed maturity securities in an unrealized loss position at June 30, 2020 and December 31, 2019 by the length of time those securities have been continuously in an unrealized loss position:
  Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair
Value		Gross
Unrealized Losses		Fair
Value		Gross
Unrealized Losses		Fair
Value		Gross
Unrealized Losses
June 30, 2020
U.S. government and government agency$42,279  $49  $20  $—  $42,299  $49  
State and municipal237,515  2,444  24,899  798  262,414  3,242  
Mortgage-backed securities55,367  1,458  57,184  360  112,551  1,818  
Asset-backed securities1,290,764  32,060  653,128  51,212  1,943,892  83,272  
Corporate531,733  34,588  49,806  7,154  581,539  41,742  
Foreign government78,803  5,786  38,726  27,157  117,529  32,943  
Fixed maturity securities$2,236,461  $76,385  $823,763  $86,681  $3,060,224  $163,066  
December 31, 2019
U.S. government and government agency$83,837  $618  $53,089  $857  $136,926  $1,475  
State and municipal365,184  4,245  127,210  1,682  492,394  5,927  
Mortgage-backed securities301,358  2,281  180,148  3,220  481,506  5,501  
Asset-backed securities755,259  2,307  774,508  19,183  1,529,767  21,490  
Corporate307,367  3,148  121,470  5,172  428,837  8,320  
Foreign government164,536  32,028  107,266  61,645  271,802  93,673  
Fixed maturity securities$1,977,541  $44,627  $1,363,691  $91,759  $3,341,232  $136,386  
        Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. In general, fair value in all classifications were negatively affected by market disruptions caused by COVID-19. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates.  
        A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2020 is presented in the table below:
($ in thousands)Number of
Securities		Aggregate
Fair Value		Gross
Unrealized Loss
Foreign government14  $52,126  $32,429  
Corporate18  47,404  9,320  
Mortgage-backed securities12  6,348  340  
Asset-backed securities2  279  6  
Total46  $106,157  $42,095  
        For fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income.
  The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.