Other Comprehensive Income

9 Months Ended

Sep. 30, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income

Other Comprehensive Income

The following table summarizes the components of other comprehensive income:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Unrealized gains arising during the period, before U.S. income taxes	$	6,274	$	10,531	$	54,722	$	54,937
U.S. income taxes	(881)		(690)		(6,441)		(4,045)
Unrealized gains arising during the period, net of U.S. income taxes	5,393		9,841		48,281		50,892
Less reclassification adjustment:
Net realized investment gains	386		436		905		539
U.S. income taxes	(32)		(52)		(57)		(96)
Reclassification adjustment for investment gains realized in net income	354		384		848		443
Other comprehensive income	$	5,039	$	9,457	$	47,433	$	50,449

In addition to the $386,000 and $905,000 of net realized investment gains on available-for-sale fixed maturities for the three and nine months ended September 30, 2020, respectively ($436,000 and $539,000 of net realized investment gains for the three and nine months ended September 30, 2019, respectively), the Company also recognized $6.3 million of net realized and unrealized investment gains and $21.8 million of net realized and unrealized investment losses in the respective periods on its investments in bank loan participations ($6.0 million and $8.8 million of net realized investment losses in the prior year respective periods) and $2.4 million of net realized and unrealized gains and $7.1 million of net realized and unrealized losses in the respective periods on its investments in equity securities ($3.2 million and $8.6 million of net realized and unrealized gains in the prior year respective periods).