INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019 and December 31, 2018 are as follows.  All fixed maturity securities are classified as available-for-sale and are carried at fair value.

June 30, 2019	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	8,152	$	118	$	—	$	8,270
U.S. government-sponsored agencies	311,194		9,659		26		320,827
Obligations of states and political subdivisions	252,931		16,771		—		269,702
Commercial mortgage-backed	88,573		5,731		—		94,304
Residential mortgage-backed	184,680		10,895		1,131		194,444
Other asset-backed	17,315		492		163		17,644
Corporate	418,083		17,239		447		434,875
Total fixed maturity securities	$	1,280,928	$	60,905	$	1,767	$	1,340,066

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 June 30, 2019 and December 31, 2018, listed by length of time the securities were consistently in an unrealized loss position.

June 30, 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. government-sponsored agencies	$	4,987	$	14	$	4,404	$	12	$	9,391	$	26
Residential mortgage-backed	3,638		375		14,201		756		17,839		1,131
Other asset-backed	—		—		7,154		163		7,154		163
Corporate	—		—		16,538		447		16,538		447
Total fixed maturity securities	$	8,625	$	389	$	42,297	$	1,378	$	50,922	$	1,767

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 available-for-sale at June 30, 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
Fixed maturity securities available-for-sale:
Due in one year or less	$	15,670	$	15,732
Due after one year through five years	304,720		314,153
Due after five years through ten years	312,299		328,334
Due after ten years	373,887		392,008
Securities not due at a single maturity date	274,352		289,839
Totals	$	1,280,928	$	1,340,066

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 June 30,						Six months ended June 30,
($ in thousands)	2019			2018			2019			2018
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	51		$	—		$	51		$	234
Gross realized investment losses	(1		)	(5,490		)	(273		)	(5,968		)
Equity securities:
Net realized investment gains	9,652			1,479			13,749			4,195
Change in unrealized investment gains	(4,674		)	(447		)	15,155			(10,301		)
Other long-term investments, net	(770		)	(1,402		)	(1,781		)	587
Totals	$	4,258		$	(5,860	)	$	26,901		$	(11,253	)