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Investments (Tables)
6 Months Ended
Jun. 30, 2016
Investments [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and OTTI
The following tables show the cost or amortized cost, gross unrealized gains and losses, fair value and other-than-temporary impairment (“OTTI”) of the Company's fixed maturity and equity securities as of the dates indicated: 
 
June 30, 2016
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
OTTI in
AOCI
(a)
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
165,841

 
$
7,158

 
$
(1
)
 
$
172,998

 
$

States, municipalities and political
  subdivisions
526,189

 
48,884

 

 
575,073

 

Foreign governments
504,131

 
92,848

 
(297
)
 
596,682

 

Asset-backed
2,877

 
1,245

 
(221
)
 
3,901

 
1,197

Commercial mortgage-backed
43,858

 
780

 

 
44,638

 

Residential mortgage-backed
878,548

 
69,198

 
(67
)
 
947,679

 
14,585

U.S. corporate
4,982,779

 
630,941

 
(13,220
)
 
5,600,500

 
15,060

Foreign corporate
1,605,221

 
202,343

 
(4,836
)
 
1,802,728

 
2,041

Total fixed maturity securities
$
8,709,444

 
$
1,053,397

 
$
(18,642
)
 
$
9,744,199

 
$
32,883

Equity securities:
 
 
 
 
 
 
 
 
 
Common stocks
$
12,329

 
$
7,794

 
$
(1
)
 
$
20,122

 
$

Non-redeemable preferred stocks
369,839

 
45,611

 
(1,066
)
 
414,384

 

Total equity securities
$
382,168

 
$
53,405

 
$
(1,067
)
 
$
434,506

 
$

 
 
December 31, 2015
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
OTTI in
AOCI
(a)
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
150,681

 
$
3,891

 
$
(537
)
 
$
154,035

 
$

States, municipalities and political
  subdivisions
647,335

 
48,389

 
(94
)
 
695,630

 

Foreign governments
497,785

 
65,188

 
(723
)
 
562,250

 

Asset-backed
3,499

 
1,367

 
(204
)
 
4,662

 
1,285

Commercial mortgage-backed
22,169

 
352

 

 
22,521

 

Residential mortgage-backed
953,247

 
48,676

 
(3,409
)
 
998,514

 
15,343

U.S. corporate
5,429,783

 
513,254

 
(73,344
)
 
5,869,693

 
15,705

Foreign corporate
1,766,296

 
164,295

 
(22,568
)
 
1,908,023

 
2,180

Total fixed maturity securities
$
9,470,795

 
$
845,412

 
$
(100,879
)
 
$
10,215,328

 
$
34,513

Equity securities:
 
 
 
 
 
 
 
 
 
Common stocks
$
13,048

 
$
6,623

 
$
(7
)
 
$
19,664

 
$

Non-redeemable preferred stocks
437,515

 
45,495

 
(2,617
)
 
480,393

 

Total equity securities
$
450,563

 
$
52,118

 
$
(2,624
)
 
$
500,057

 
$

 

(a)
Represents the amount of OTTI recognized in accumulated other comprehensive income (“AOCI”). Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date
Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity
The cost or amortized cost and fair value of fixed maturity securities at June 30, 2016 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Cost or
Amortized
Cost
 
Fair Value
Due in one year or less
$
424,041

 
$
429,125

Due after one year through five years
1,671,193

 
1,757,547

Due after five years through ten years
2,118,236

 
2,241,236

Due after ten years
3,570,691

 
4,320,073

Total
7,784,161

 
8,747,981

Asset-backed
2,877

 
3,901

Commercial mortgage-backed
43,858

 
44,638

Residential mortgage-backed
878,548

 
947,679

Total
$
8,709,444

 
$
9,744,199



Proceeds from Sales of Available-For-Sale Securities and the Gross Realized Gains and Gross Realized Losses
The following table summarizes the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been recognized in the statement of operations as a result of those sales:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2015
 
2016
 
2015
Proceeds from sales
$
606,531

 
$
804,476

 
$
2,874,248

 
$
1,356,989

Gross realized gains (a)
14,667

 
13,912

 
190,984

 
26,255

Gross realized losses (b)
5,110

 
5,844

 
31,571

 
11,443


(a)
Six months ended June 30, 2016 gross realized gains includes $150,701 related to the sale of Assurant Employee Benefits as described in Note 5.
Net Realized Gains (Losses), Including Other-Than-Temporary Impairments
The following table sets forth the net realized gains (losses), including OTTI, recognized in the statement of operations as follows: 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2015
 
2016
 
2015
Net realized gains related to sales and other:
 
 
 
 
 
 
 
Fixed maturity securities
$
6,625

 
$
6,746

 
$
145,774

 
$
12,259

Equity securities
3,337

 
1,080

 
13,143

 
1,954

Commercial mortgage loans on real estate
9,092

 

 
21,545

 

Other investments
2,625

 
4,173

 
3,583

 
4,311

Total net realized gains related to sales and other (a)
21,679

 
11,999

 
184,045

 
18,524

Net realized losses related to other-than-temporary
   impairments:
 
 
 
 
 
 
 
Fixed maturity securities
(53
)
 

 
(701
)
 
(2,570
)
Total net realized losses related to other-than-temporary impairments
(53
)
 

 
(701
)
 
(2,570
)
Total net realized gains
$
21,626

 
$
11,999

 
$
183,344

 
$
15,954


(a)
Six months ended June 30, 2016 net gains includes $146,727 related to the sale of Assurant Employee Benefits as described in Note 5.
Credit Loss Impairments Recognized
The following table sets forth the amount of credit loss impairments recognized within the results of operations on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts. 
 
Three Months Ended June 30,
 
2016
 
2015
Balance, March 31,
$
30,981

 
$
36,057

Reductions for increases in cash flows expected to be collected that are recognized over
  the remaining life of the security
(709
)
 
(603
)
Reductions for credit loss impairments previously recognized on securities which
  matured, paid down, prepaid or were sold during the period
(1,168
)
 
(1,146
)
Balance, June 30,
$
29,104

 
$
34,308

 
 
Six Months Ended June 30,
 
2016
 
2015
Balance, January 1,
$
32,377

 
$
35,424

Additions for credit loss impairments recognized in the current period on securities
  previously impaired
554

 

Additions for credit loss impairments recognized in the current period on securities not
  previously impaired

 
2,570

Reductions for increases in cash flows expected to be collected that are recognized over
  the remaining life of the security
(1,318
)
 
(1,075
)
Reductions for credit loss impairments previously recognized on securities which
  matured, paid down, prepaid or were sold during the period
(2,509
)
 
(2,611
)
Balance, June 30,
$
29,104

 
$
34,308

Investment Category and Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities and equity securities at June 30, 2016 and December 31, 2015 were as follows:
 
June 30, 2016
 
Less than 12 months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
2,176

 
$
(1
)
 
$

 
$

 
$
2,176

 
$
(1
)
Foreign governments

 

 
27,644

 
(297
)
 
27,644

 
(297
)
Asset-backed

 

 
991

 
(221
)
 
991

 
(221
)
Residential mortgage-backed
19,861

 
(58
)
 
812

 
(9
)
 
20,673

 
(67
)
U.S. corporate
235,238

 
(3,543
)
 
139,876

 
(9,677
)
 
375,114

 
(13,220
)
Foreign corporate
55,075

 
(1,479
)
 
39,037

 
(3,357
)
 
94,112

 
(4,836
)
Total fixed maturity securities
$
312,350

 
$
(5,081
)
 
$
208,360

 
$
(13,561
)
 
$
520,710

 
$
(18,642
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
$
339

 
$
(1
)
 
$

 
$

 
$
339

 
$
(1
)
Non-redeemable preferred stocks
13,531

 
(337
)
 
13,139

 
(729
)
 
26,670

 
(1,066
)
Total equity securities
$
13,870

 
$
(338
)
 
$
13,139

 
$
(729
)
 
$
27,009

 
$
(1,067
)
 
 
December 31, 2015
 
Less than 12 months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and government
  agencies and authorities
$
90,008

 
$
(465
)
 
$
5,564

 
$
(72
)
 
$
95,572

 
$
(537
)
States, municipalities and political
  subdivisions
6,881

 
(94
)
 

 

 
6,881

 
(94
)
Foreign governments
24,071

 
(347
)
 
22,239

 
(376
)
 
46,310

 
(723
)
Asset-backed

 

 
1,136

 
(204
)
 
1,136

 
(204
)
Residential mortgage-backed
260,620

 
(3,179
)
 
11,147

 
(230
)
 
271,767

 
(3,409
)
U.S. corporate
1,287,545

 
(65,631
)
 
38,224

 
(7,713
)
 
1,325,769

 
(73,344
)
Foreign corporate
348,912

 
(19,616
)
 
15,805

 
(2,952
)
 
364,717

 
(22,568
)
Total fixed maturity securities
$
2,018,037

 
$
(89,332
)
 
$
94,115

 
$
(11,547
)
 
$
2,112,152

 
$
(100,879
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
$
623

 
$
(7
)
 
$

 
$

 
$
623

 
$
(7
)
Non-redeemable preferred stocks
63,665

 
(1,632
)
 
13,806

 
(985
)
 
77,471

 
(2,617
)
Total equity securities
$
64,288

 
$
(1,639
)
 
$
13,806

 
$
(985
)
 
$
78,094

 
$
(2,624
)
Loan-To-Value and Average Debt-Service Coverage Ratios
The following summarizes the Company's loan-to-value and average debt-service coverage ratios as of the dates indicated:
 
June 30, 2016
Loan-to-Value
Carrying
Value
 
% of Gross
Mortgage
Loans
 
Debt-Service
Coverage Ratio
70% and less
$
592,516

 
95.1
%
 
1.88

71 – 80%
16,585

 
2.7
%
 
1.13

81 – 95%
8,850

 
1.4
%
 
1.26

Greater than 95%
4,816

 
0.8
%
 
3.52

Gross commercial mortgage loans
622,767

 
100
%
 
1.87

Less valuation allowance
(2,582
)
 
 
 
 
Net commercial mortgage loans
$
620,185

 
 
 
 
 
 
December 31, 2015
Loan-to-Value
Carrying
Value
 
% of Gross
Mortgage
Loans
 
Debt-Service
Coverage Ratio
70% and less
$
1,101,572

 
95.5
%
 
2.01

71 – 80%
39,080

 
3.4
%
 
1.19

81 – 95%
8,370

 
0.7
%
 
1.05

Greater than 95%
4,816

 
0.4
%
 
3.52

Gross commercial mortgage loans
1,153,838

 
100
%
 
1.98

Less valuation allowance
(2,582
)
 
 
 
 
Net commercial mortgage loans
$
1,151,256