XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
Investments (Tables)
9 Months Ended
Sep. 30, 2022
Investments Debt And Equity Securities [Abstract]  
Schedule of Disposition of Fixed Income and Equity Securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales

​

Proceeds

​

Gross Realized

​

Net Realized

(in thousands)

 

From Sales

 

Gains

 

Losses

 

Gain (Loss)

2022

​

​

​

​

​

​

​

​

​

​

​

​

Fixed income securities - available-for-sale

​

$

48,559

​

$

286

​

$

(2,481)

​

$

(2,195)

Equity securities

​

​

59,264

​

​

20,410

​

​

(609)

​

​

19,801

2021

​

​

​

​

​

​

​

​

​

​

​

​

Fixed income securities - available-for-sale

​

$

43,041

​

$

1,476

​

$

(107)

​

$

1,369

Equity securities

​

​

157,973

​

​

52,409

​

​

(1,787)

​

​

50,622

​

​

​

​

​

​

​

​

​

​

​

​

​

Calls/Maturities

​

​

​

​

Gross Realized

​

Net Realized

(in thousands)

 

Proceeds

 

Gains

 

Losses

 

Gain (Loss)

2022

​

​

​

​

​

​

​

​

​

​

​

​

Fixed income securities - available-for-sale

​

$

176,991

​

$

142

​

$

(55)

​

$

87

2021

​

​

​

​

​

​

​

​

​

​

​

​

Fixed income securities - available-for-sale

​

$

296,563

​

$

471

​

$

(109)

​

$

362

Fair Value, Assets Measured on Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2022

​

​

Quoted Prices in

​

Significant Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

(in thousands)

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Fixed income securities - available-for-sale

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government

​

$

—

​

$

340,442

​

$

—

​

$

340,442

U.S. agency

​

​

—

​

​

56,935

​

​

—

​

​

56,935

Non-U.S. government & agency

​

​

—

​

​

5,712

​

​

—

​

​

5,712

Agency MBS

​

​

—

​

​

317,029

​

​

—

​

​

317,029

ABS/CMBS/MBS*

​

​

—

​

​

241,512

​

​

—

​

​

241,512

Corporate

​

​

—

​

​

910,979

​

​

52,890

​

​

963,869

Municipal

​

​

—

​

​

526,540

​

​

—

​

​

526,540

Total fixed income securities - available-for-sale

​

$

—

​

$

2,399,149

​

$

52,890

​

$

2,452,039

Equity securities

​

​

461,392

​

​

49

​

​

1,547

​

​

462,988

Total

​

$

461,392

​

$

2,399,198

​

$

54,437

​

$

2,915,027

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2021

​

​

Quoted Prices in

​

Significant Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

(in thousands)

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Fixed income securities - available-for-sale

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government

​

$

—

​

$

134,554

​

$

—

​

$

134,554

U.S. agency

​

​

—

​

​

32,760

​

​

—

​

​

32,760

Non-U.S. government & agency

​

​

—

​

​

8,481

​

​

—

​

​

8,481

Agency MBS

​

​

—

​

​

367,187

​

​

—

​

​

367,187

ABS/CMBS/MBS*

​

​

—

​

​

264,054

​

​

—

​

​

264,054

Corporate

​

​

—

​

​

913,577

​

​

43,518

​

​

957,095

Municipal

​

​

—

​

​

645,756

​

​

—

​

​

645,756

Total fixed income securities - available-for-sale

​

$

—

​

$

2,366,369

​

$

43,518

​

$

2,409,887

Equity securities

​

​

613,712

​

​

64

​

​

—

​

​

613,776

Total

​

$

613,712

​

$

2,366,433

​

$

43,518

​

$

3,023,663

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Summary of Changes in Balance of Level 3 Securities

​

​

​

​

​

(in thousands)

 

Level 3 Securities

Balance as of January 1, 2022

​

$

43,518

Net realized and unrealized gains (losses)

​

​

​

Included in net earnings as a part of:

​

​

​

Net investment income

​

​

(662)

Net realized gains

​

​

(433)

Included in other comprehensive earnings (loss)

​

​

(8,350)

Total net realized and unrealized gains (losses)

​

$

(9,445)

Purchases

​

​

21,461

Transfers out of Level 3

​

​

(1,097)

Balance as of September 30, 2022

​

$

54,437

Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in net realized gains

​

$

(433)

Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss)

​

$

(8,350)

Schedule of Contractual Maturity of Securities

​

​

​

​

​

​

​

​

​

​

September 30, 2022

(in thousands)

 

Amortized Cost

 

Fair Value

Due in one year or less

​

$

206,921

​

$

206,327

Due after one year through five years

​

​

867,511

​

​

818,569

Due after five years through 10 years

​

​

515,276

​

​

457,011

Due after 10 years

​

​

526,093

​

​

411,591

ABS/CMBS/MBS*

​

​

637,830

​

​

558,541

Total available-for-sale

​

$

2,753,631

​

$

2,452,039

*

Asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Amortized Cost and Fair Value of Available-for-sale Securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

​

Cost or

​

Allowance

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

Fair

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Value

U.S. government

​

$

349,419

​

$

—

​

$

—

​

$

(8,977)

​

$

340,442

U.S. agency

​

​

59,048

​

​

—

​

​

9

​

​

(2,122)

​

​

56,935

Non-U.S. government & agency

​

​

6,798

​

​

—

​

​

—

​

​

(1,086)

​

​

5,712

Agency MBS

​

​

360,429

​

​

—

​

​

172

​

​

(43,572)

​

​

317,029

ABS/CMBS/MBS*

​

​

277,401

​

​

(9)

​

​

21

​

​

(35,901)

​

​

241,512

Corporate

​

​

1,067,473

​

​

(318)

​

​

47

​

​

(103,333)

​

​

963,869

Municipal

​

​

633,063

​

​

—

​

​

194

​

​

(106,717)

​

​

526,540

Total Fixed Income

​

$

2,753,631

​

$

(327)

​

$

443

​

$

(301,708)

​

$

2,452,039

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

Cost or

​

Allowance

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

Fair

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Value

U.S. government

​

$

127,752

​

$

—

​

$

6,846

​

$

(44)

​

$

134,554

U.S. agency

​

​

30,403

​

​

—

​

​

2,374

​

​

(17)

​

​

32,760

Non-U.S. government & agency

​

​

8,297

​

​

—

​

​

338

​

​

(154)

​

​

8,481

Agency MBS

​

​

362,861

​

​

—

​

​

9,277

​

​

(4,951)

​

​

367,187

ABS/CMBS/MBS*

​

​

264,273

​

​

—

​

​

2,120

​

​

(2,339)

​

​

264,054

Corporate

​

​

925,394

​

​

(441)

​

​

37,247

​

​

(5,105)

​

​

957,095

Municipal

​

​

627,287

​

​

—

​

​

22,750

​

​

(4,281)

​

​

645,756

Total Fixed Income

​

$

2,346,267

​

$

(441)

​

$

80,952

​

$

(16,891)

​

$

2,409,887

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Debt Securities Available-for-sale Allowance for Credit Loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

(in thousands)

 

2022

 

2021

 

2022

 

2021

Beginning balance

​

$

292

​

$

204

​

$

441

​

$

397

Increase to allowance from securities for which credit losses were not previously recorded

​

​

168

​

​

—

​

​

292

​

​

—

Reduction from securities sold during the period

​

​

(166)

​

​

—

​

​

(619)

​

​

​

Reductions from intent to sell securities

​

​

—

​

​

—

​

​

(17)

​

​

—

Net increase (decrease) from securities that had an allowance at the beginning of the period

​

​

33

​

​

22

​

​

230

​

​

(171)

Balance as of September 30,

​

$

327

​

$

226

​

$

327

​

$

226

Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

(in thousands)

 

< 12 Mos.

 

12 Mos. &
Greater

 

Total

 

< 12 Mos.

 

12 Mos. &
Greater

 

Total

U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

285,302

​

$

5,315

​

$

290,617

​

$

2,942

​

$

—

​

$

2,942

Amortized cost

​

​

293,829

​

​

5,765

​

​

299,594

​

​

2,986

​

​

—

​

​

2,986

Unrealized loss

​

$

(8,527)

​

$

(450)

​

$

(8,977)

​

$

(44)

​

$

—

​

$

(44)

U.S. agency

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

30,089

​

$

—

​

$

30,089

​

$

1,498

​

$

—

​

$

1,498

Amortized cost

​

​

32,211

​

​

—

​

​

32,211

​

​

1,515

​

​

—

​

​

1,515

Unrealized loss

​

$

(2,122)

​

$

—

​

$

(2,122)

​

$

(17)

​

$

—

​

$

(17)

Non-U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

3,594

​

$

2,118

​

$

5,712

​

$

4,346

​

$

—

​

$

4,346

Amortized cost

​

​

3,798

​

​

3,000

​

​

6,798

​

​

4,500

​

​

—

​

​

4,500

Unrealized Loss

​

$

(204)

​

$

(882)

​

$

(1,086)

​

$

(154)

​

$

—

​

$

(154)

Agency MBS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

192,947

​

$

112,457

​

$

305,404

​

$

102,145

​

$

62,669

​

$

164,814

Amortized cost

​

​

210,448

​

​

138,528

​

​

348,976

​

​

104,336

​

​

65,429

​

​

169,765

Unrealized loss

​

$

(17,501)

​

$

(26,071)

​

$

(43,572)

​

$

(2,191)

​

$

(2,760)

​

$

(4,951)

ABS/CMBS/MBS*

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

148,272

​

$

89,792

​

$

238,064

​

$

150,997

​

$

3,935

​

$

154,932

Amortized cost

​

​

165,163

​

​

108,802

​

​

273,965

​

​

153,235

​

​

4,036

​

​

157,271

Unrealized loss

​

$

(16,891)

​

$

(19,010)

​

$

(35,901)

​

$

(2,238)

​

$

(101)

​

$

(2,339)

Corporate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

773,433

​

$

184,317

​

$

957,750

​

$

217,791

​

$

53,818

​

$

271,609

Amortized cost

​

​

844,169

​

​

216,914

​

​

1,061,083

​

​

221,010

​

​

55,704

​

​

276,714

Unrealized loss

​

$

(70,736)

​

$

(32,597)

​

$

(103,333)

​

$

(3,219)

​

$

(1,886)

​

$

(5,105)

Municipal

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

418,864

​

$

76,783

​

$

495,647

​

$

162,998

​

$

15,037

​

$

178,035

Amortized cost

​

​

493,485

​

​

108,879

​

​

602,364

​

​

166,602

​

​

15,714

​

​

182,316

Unrealized loss

​

$

(74,621)

​

$

(32,096)

​

$

(106,717)

​

$

(3,604)

​

$

(677)

​

$

(4,281)

Total fixed income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

1,852,501

​

$

470,782

​

$

2,323,283

​

$

642,717

​

$

135,459

​

$

778,176

Amortized cost

​

​

2,043,103

​

​

581,888

​

​

2,624,991

​

​

654,184

​

​

140,883

​

​

795,067

Unrealized loss

​

$

(190,602)

​

$

(111,106)

​

$

(301,708)

​

$

(11,467)

​

$

(5,424)

​

$

(16,891)

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Credit Quality Indicators for Investments in Unrealized Loss Positions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equivalent

​

Equivalent

​

(dollars in thousands)

​

​

​

NAIC

 

S&P

 

Moody’s

​

Amortized

​

​

​

​

Unrealized

​

Percent

​

Rating

 

Rating

 

Rating

 

Cost

 

Fair Value

 

Loss

 

to Total

​

1

​

AAA/AA/A

​

Aaa/Aa/A

​

$

2,084,118

​

$

1,840,726

​

$

(243,392)

​

80.7

%

2

​

BBB

​

Baa

​

​

399,832

​

​

353,124

​

​

(46,708)

​

15.5

%

3

​

BB

​

Ba

​

​

75,146

​

​

67,738

​

​

(7,408)

​

2.5

%

4

​

B

​

B

​

​

65,238

​

​

61,152

​

​

(4,086)

​

1.3

%

5

​

CCC

​

Caa

​

​

657

​

​

543

​

​

(114)

​

0.0

%

6

​

CC or lower

​

Ca or lower

​

​

—

​

​

—

​

​

—

​

0.0

%

​

​

​

​

Total

​

$

2,624,991

​

$

2,323,283

​

$

(301,708)

​

100.0

%