INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Reconciliation of available-for-sale securities from cost basis to fair value

The amortized cost and estimated fair value of securities available-for-sale as of March 31, 2019 and December 31, 2018 are as follows.  All fixed maturity securities are classified as available-for-sale and are carried at fair value.

March 31, 2019	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	8,146	$	—	$	33	$	8,113
U.S. government-sponsored agencies	302,811		6,489		180		309,120
Obligations of states and political subdivisions	263,064		13,852		59		276,857
Commercial mortgage-backed	83,882		2,869		87		86,664
Residential mortgage-backed	163,955		6,233		1,423		168,765
Other asset-backed	17,892		301		474		17,719
Corporate	416,025		9,342		745		424,622
Total fixed maturity securities	$	1,255,775	$	39,086	$	3,001	$	1,291,860

December 31, 2018	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	8,139	$	—	$	118	$	8,021
U.S. government-sponsored agencies	303,198		2,799		1,518		304,479
Obligations of states and political subdivisions	273,727		10,375		451		283,651
Commercial mortgage-backed	83,854		1,287		762		84,379
Residential mortgage-backed	161,055		3,374		2,292		162,137
Other asset-backed	21,596		273		1,035		20,834
Corporate	421,563		2,605		4,760		419,408
Total fixed maturity securities	$	1,273,132	$	20,713	$	10,936	$	1,282,909

Estimated fair value and gross unrealized losses associated with investment securities

The following tables set forth the estimated fair values and gross unrealized losses associated with investment securities that were in an unrealized loss position recognized in accumulated other comprehensive income as of March 31, 2019 and December 31, 2018, listed by length of time the securities were consistently in an unrealized loss position.

March 31, 2019	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair values		Unrealized losses		Fair values		Unrealized losses		Fair values		Unrealized losses
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	—	$	—	$	8,113	$	33	$	8,113	$	33
U.S. government-sponsored agencies	—		—		47,961		180		47,961		180
Obligations of states and political subdivisions	—		—		12,372		59		12,372		59
Commercial mortgage-backed	—		—		11,140		87		11,140		87
Residential mortgage-backed	4,466		94		40,869		1,329		45,335		1,423
Other asset-backed	—		—		11,167		474		11,167		474
Corporate	7,901		349		36,514		396		44,415		745
Total fixed maturity securities	$	12,367	$	443	$	168,136	$	2,558	$	180,503	$	3,001

December 31, 2018	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair values		Unrealized losses		Fair values		Unrealized losses		Fair values		Unrealized losses
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	—	$	—	$	8,021	$	118	$	8,021	$	118
U.S. government-sponsored agencies	14,620		20		92,603		1,498		107,223		1,518
Obligations of states and political subdivisions	—		—		14,498		451		14,498		451
Commercial mortgage-backed	2,021		21		24,222		741		26,243		762
Residential mortgage-backed	16,852		145		45,597		2,147		62,449		2,292
Other asset-backed	4,810		147		11,691		888		16,501		1,035
Corporate	198,030		2,996		45,734		1,764		243,764		4,760
Total fixed maturity securities	$	236,333	$	3,329	$	242,366	$	7,607	$	478,699	$	10,936

Amortized cost and estimated fair value of fixed maturity securities

The amortized cost and estimated fair values of fixed maturity securities at March 31, 2019, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

($ in thousands)	Amortized cost		Estimated fair values
Securities available-for-sale:
Due in one year or less	$	23,719	$	23,824
Due after one year through five years	265,818		270,454
Due after five years through ten years	314,904		325,430
Due after ten years	402,224		415,475
Securities not due at a single maturity date	249,110		256,677
Totals	$	1,255,775	$	1,291,860

Summary of realized investment gains and (losses)

A summary of realized investment gains and (losses) and the change in unrealized gains on equity investments is as follows:

	Three months ended March 31,
($ in thousands)	2019			2018
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	—		$	234
Gross realized investment losses	(272		)	(478		)
Equity securities:
Net realized investment gains	4,097			2,716
Change in unrealized investment gains	19,829			(9,854		)
Other long-term investments, net	(1,011		)	1,989
Totals	$	22,643		$	(5,393	)