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Investments (Tables)
12 Months Ended
Dec. 31, 2022
Investments Debt And Equity Securities [Abstract]  
Schedule of Net Investment Income

(in thousands)

 

2022

 

2021

 

2020

Interest on fixed income securities

 

$

77,164

 

$

60,624

 

$

59,755

Dividends on equity securities

11,912

11,787

9,728

Interest on cash, short-term investments and other invested assets

2,467

2,639

3,379

Gross investment income

$

91,543

$

75,050

$

72,862

Less investment expenses

(5,465)

(6,188)

(4,969)

Net investment income

 

$

86,078

$

68,862

$

67,893

Schedule of Pretax Net Realized Investment Gains (Losses) and Net Changes in Unrealized Gains (Losses) on Investments

(in thousands)

 

2022

 

2021

 

2020

Net realized gains (losses):

Fixed income:

Available-for-sale

$

(2,997)

$

1,859

$

3,872

Equity securities

20,287

62,512

15,796

Investment in unconsolidated investees

570,952

(61)

(187)

Other

273

(88)

(1,596)

Total net realized gains (losses)

$

588,515

$

64,222

$

17,885

Net changes in unrealized gains (losses) on investments:

Equity securities

$

(118,912)

$

58,459

$

32,317

Other invested assets

(2,125)

6,799

(216)

Total unrealized gains (losses) on equity securities recognized in net earnings

$

(121,037)

$

65,258

$

32,101

Fixed income:

Available-for-sale

$

(341,944)

$

(71,538)

$

67,350

Investment in unconsolidated investees

(10,994)

(3,047)

3,444

Other

(102)

44

369

Total unrealized gains (losses) recognized in other comprehensive earnings

$

(353,040)

$

(74,541)

$

71,163

Net realized gains (losses) and changes in unrealized gains (losses) on investments

$

114,438

$

54,939

$

121,149

Schedule of Disposition of Fixed Income and Equity Securities

SALES

Gross Realized

Net Realized

(in thousands)

 

Proceeds

 

Gains

 

Losses

 

Gain (Loss)

2022

Available-for-sale

$

51,355

$

287

$

(2,849)

$

(2,562)

Equities

62,212

21,623

(1,336)

20,287

2021

Available-for-sale

$

65,262

$

2,161

$

(815)

$

1,346

Equities

180,256

64,298

(1,786)

62,512

2020

Available-for-sale

$

84,697

$

5,454

$

(1,777)

$

3,677

Equities

79,368

25,338

(9,542)

15,796

CALLS/MATURITIES

Gross Realized

Net Realized

(in thousands)

 

Proceeds

 

Gains

 

Losses

 

Gain (Loss)

2022

Available-for-sale

$

1,393,704

$

196

$

(55)

$

141

2021

Available-for-sale

$

376,751

$

638

$

(125)

$

513

2020

Available-for-sale

$

283,107

$

821

$

(27)

$

794

Fair Value, Assets Measured on Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2022 and 2021, are summarized below:

2022

Quoted in Active

Significant Other

Significant

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

$

$

454,021

$

$

454,021

U.S. agency

73,063

73,063

Non-U.S. government & agency

5,847

5,847

Agency MBS

331,806

331,806

ABS/CMBS/MBS*

240,736

240,736

Corporate

980,676

53,654

1,034,330

Municipal

527,147

527,147

Total fixed income securities - available-for-sale

$

$

2,613,296

$

53,654

$

2,666,950

Equity securities

496,731

39

1,612

498,382

Total

$

496,731

$

2,613,335

$

55,266

$

3,165,332

*

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

2021

Quoted in Active

Significant Other

Significant

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

(693)

Net realized gains

(432)

Included in other comprehensive earnings

(7,291)

Total net realized and unrealized gains (losses)

$

(8,416)

Purchases

21,261

Transfers out of Level 3

(1,097)

Balance as of December 31, 2022

$

55,266

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

$

(432)

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

$

(7,291)

Schedule of Contractual Maturity of Securities

(in thousands)

 

Amortized Cost

 

Fair Value

Due in one year or less 

$

332,951

$

331,761

Due after one year through five years

916,676

873,530

Due after five years through 10 years

522,104

474,025

Due after 10 years

523,729

415,092

ABS/CMBS/MBS*

649,813

572,542

Total available-for-sale

$

2,945,273

$

2,666,950

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

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

2022

Allowance

 

Gross

 

Gross

Amortized

for Credit

Unrealized

Unrealized

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Fair Value

U.S. government

$

462,884

$

$

8

$

(8,871)

$

454,021

U.S. agency

75,074

26

(2,037)

73,063

Non-U.S. government & agency

6,798

(951)

5,847

Agency MBS

373,687

336

(42,217)

331,806

ABS/CMBS/MBS*

276,126

(8)

62

(35,444)

240,736

Corporate

1,122,097

(331)

541

(87,977)

1,034,330

Municipal

628,607

1,265

(102,725)

527,147

Total fixed income

$

2,945,273

$

(339)

$

2,238

$

(280,222)

$

2,666,950

2021

Allowance

 

Gross

 

Gross

Amortized

for Credit

Unrealized

Unrealized

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Fair 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

(in thousands)

 

2022

 

2021

Beginning balance

$

441

$

397

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

337

4

Reduction from securities sold during the period

(671)

(4)

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

232

44

Ending balance

$

339

$

441

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

December 31, 2022

December 31, 2021

 

 

12 Mos.

 

 

 

12 Mos.

 

(in thousands)

 

< 12 Mos.

 

& Greater

 

Total

 

< 12 Mos.

 

& Greater

 

Total

U.S. government

Fair value

$

399,361

$

8,828

$

408,189

$

2,942

$

$

2,942

Amortized cost

407,340

9,720

417,060

2,986

2,986

Unrealized loss

$

(7,979)

$

(892)

$

(8,871)

$

(44)

$

$

(44)

U.S. agency

Fair value

$

32,987

$

2,170

$

35,157

$

1,498

$

$

1,498

Amortized cost

34,627

2,567

37,194

1,515

1,515

Unrealized loss

$

(1,640)

$

(397)

$

(2,037)

$

(17)

$

$

(17)

Non-U.S. government & agency

Fair value

$

3,626

$

2,221

$

5,847

$

4,346

$

$

4,346

Amortized cost

3,798

3,000

6,798

4,500

4,500

Unrealized loss

$

(172)

$

(779)

$

(951)

$

(154)

$

$

(154)

Agency MBS

Fair value

$

197,252

$

117,851

$

315,103

$

102,145

$

62,669

$

164,814

Amortized cost

212,776

144,544

357,320

104,336

65,429

169,765

Unrealized loss

$

(15,524)

$

(26,693)

$

(42,217)

$

(2,191)

$

(2,760)

$

(4,951)

ABS/CMBS/MBS*

Fair value

$

96,754

$

136,149

$

232,903

$

150,997

$

3,935

$

154,932

Amortized cost

104,724

163,623

268,347

153,235

4,036

157,271

Unrealized loss

$

(7,970)

$

(27,474)

$

(35,444)

$

(2,238)

$

(101)

$

(2,339)

Corporate

Fair value

$

660,830

$

323,337

$

984,167

$

217,791

$

53,818

$

271,609

Amortized cost

697,437

374,707

1,072,144

221,010

55,704

276,714

Unrealized loss

$

(36,607)

$

(51,370)

$

(87,977)

$

(3,219)

$

(1,886)

$

(5,105)

Municipal

Fair value

$

228,827

$

204,324

$

433,151

$

162,998

$

15,037

$

178,035

Amortized cost

255,240

280,636

535,876

166,602

15,714

182,316

Unrealized loss

$

(26,413)

$

(76,312)

$

(102,725)

$

(3,604)

$

(677)

$

(4,281)

Total fixed income

Fair value

$

1,619,637

$

794,880

$

2,414,517

$

642,717

$

135,459

$

778,176

Amortized cost

1,715,942

978,797

2,694,739

654,184

140,883

795,067

Unrealized loss

$

(96,305)

$

(183,917)

$

(280,222)

$

(11,467)

$

(5,424)

$

(16,891)

*

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