Note 5 - Investments (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Securities Financing Transactions [Table Text Block]

Key components of our securities lending agreements at March 31, 2018 and December 31, 2017 consisted of the following:



(In thousands)	March 31, 2018		December 31, 2017
Loaned securities (1):
U.S. government and agency securities	$	975	$	—
Corporate bonds and notes	15,508		13,862
Foreign government and agency securities	904		867
Equity securities	27,009		13,235
Total loaned securities, at fair value	$	44,396	$	27,964

Total loaned securities, at amortized cost	$	45,266	$	27,846
Securities collateral on deposit from Borrowers (2)	6,345		9,342
Reinvested cash collateral, at estimated fair value (3)	39,077		19,357

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(1)	Our securities loaned under securities lending agreements are reported at fair value within other assets in our condensed consolidated balance sheets. All of our securities lending agreements are classified as overnight and revolving. None of the amounts are subject to offsetting.


(2)	Securities collateral on deposit with us from Borrowers may not be transferred or re-pledged unless the Borrower is in default, and is therefore not reflected in our condensed consolidated financial statements.


(3)	All cash collateral received has been reinvested in accordance with the securities lending agreements and is included in short-term investments in our condensed consolidated balance sheets. Amounts payable on the return of cash collateral under securities lending agreements are included within other liabilities in our condensed consolidated balance sheets.

Unrealized Gain (Loss) on Investments [Table Text Block]

Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated:



	March 31, 2018
(In thousands)	Amortized Cost		Fair Value			Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	65,278	$	63,656	(1)	$	—	$	1,622
State and municipal obligations	157,176		159,329			3,882		1,729
Corporate bonds and notes	1,910,482		1,881,117			10,525		39,890
RMBS	233,144		228,040		(2)	128		5,232
CMBS	476,601		470,834			1,085		6,852
Other ABS	736,967		736,518			1,819		2,268
Foreign government and agency securities	32,412		32,396			257		273
Total fixed-maturities available for sale	$	3,612,060	$	3,571,890	(3)	$	17,696	$	57,866

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(1)	Includes securities with a fair value of $4.8 million serving as collateral for FHLB advances.


(2)	Includes securities with a fair value of $23.3 million serving as collateral for FHLB advances.


(3)	Includes $17.2 million of fixed maturity securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our condensed consolidated balance sheets, as further described below.



	December 31, 2017
(In thousands)	Amortized Cost		Fair Value			Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	69,667	$	69,396		$	96	$	367
State and municipal obligations	156,587		161,722			5,834		699
Corporate bonds and notes	1,869,318		1,894,886			33,620		8,052
RMBS	189,455		187,229			636		2,862
CMBS	451,595		453,394			3,409		1,610
Other ABS	672,715		674,548			2,655		822
Foreign government and agency securities	31,417		32,207			823		33
Total fixed-maturities available for sale	3,440,754		3,473,382		(1)	47,073		14,445
Equity securities available for sale (2)	176,349		176,065		(1)	1,705		1,989
Total debt and equity securities	$	3,617,103	$	3,649,447		$	48,778	$	16,434

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(1)	Includes $14.7 million of fixed maturity securities and $13.2 million of equity securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our condensed consolidated balance sheets, as further described below.


(2)	Primarily consists of investments in fixed-income and equity exchange-traded funds and publicly-traded business development company equities.

Schedule Of Unrealized Losses [Table Text Block]

the following tables show the gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of March 31, 2018 and December 31, 2017, are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.



	March 31, 2018
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	7	$	41,246	$	1,116	3	$	9,520	$	506	10	$	50,766	$	1,622
State and municipal obligations	28	79,897		1,729		—	—		—		28	79,897		1,729
Corporate bonds and notes	344	1,348,488		32,623		28	127,265		7,267		372	1,475,753		39,890
RMBS	20	112,041		1,606		27	79,087		3,626		47	191,128		5,232
CMBS	67	375,353		6,592		5	2,814		260		72	378,167		6,852
Other ABS	127	439,883		2,228		5	4,649		40		132	444,532		2,268
Foreign government and agency securities	19	20,800		273		—	—		—		19	20,800		273
Total	612	$	2,417,708	$	46,167	68	$	223,335	$	11,699	680	$	2,641,043	$	57,866



	December 31, 2017
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	6	$	23,309	$	129	3	$	9,799	$	238	9	$	33,108	$	367
State and municipal obligations	21	65,898		699		—	—		—		21	65,898		699
Corporate bonds and notes	152	672,318		4,601		32	139,105		3,451		184	811,423		8,052
RMBS	8	19,943		204		26	101,812		2,658		34	121,755		2,862
CMBS	35	139,353		1,395		4	3,518		215		39	142,871		1,610
Other ABS	92	260,864		777		7	8,297		45		99	269,161		822
Foreign government and agency securities	5	7,397		33		—	—		—		5	7,397		33
Equity securities	13	149,785		1,989		—	—		—		13	149,785		1,989
Total	332	$	1,338,867	$	9,827	72	$	262,531	$	6,607	404	$	1,601,398	$	16,434

Trading Securities (and Certain Trading Assets) [Table Text Block]

The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated:



(In thousands)	March 31, 2018		December 31, 2017
Trading securities:
State and municipal obligations	$	203,188	$	214,841
Corporate bonds and notes	280,323		307,271
RMBS	26,084		29,520
CMBS	49,634		50,561
Foreign government and agency securities	4,180		4,241
Total (1)	$	563,409	$	606,434

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(1)	Includes a de minimis amount of loaned securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below.

Gain (Loss) on Investments [Table Text Block]

Net realized and unrealized gains (losses) on investments and other financial instruments consisted of:



	Three Months Ended March 31,
(In thousands)	2018			2017
Net realized gains (losses):
Fixed-maturities available for sale	$	(3,120	)	$	(2,509	)
Equity securities	142			—
Trading securities	(538		)	(5,694		)
Short-term investments	—			6
Other invested assets	62			—
Other gains (losses)	12			18
Net realized gains (losses) on investments	(3,442		)	(8,179		)
Other-than-temporary impairment losses	(844		)	—
Unrealized gains (losses) on investment securities (1)	(12,804		)	5,226
Total net gains (losses) on investments	(17,090		)	(2,953		)
Net gains (losses) on other financial instruments	(1,797		)	102
Net gains (losses) on investments and other financial instruments	$	(18,887	)	$	(2,851	)

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(1)

These amounts include unrealized gains (losses) on investment securities other than securities available for sale. For the three months ended March 31, 2017, the amount excludes the net change in unrealized gains and losses on equity securities. Prior to the implementation of the update to the standard for the accounting of financial instruments effective January 1, 2018, the unrealized losses associated with equity securities were classified in accumulated other comprehensive income.

Investments Classified by Contractual Maturity Date [Table Text Block]

The contractual maturities of fixed-maturity investments available for sale were as follows:



	March 31, 2018
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less (1)	$	35,241	$	35,146
Due after one year through five years (1)	745,894		735,622
Due after five years through 10 years (1)	1,016,043		989,756
Due after 10 years (1)	368,170		375,974
RMBS (2)	233,144		228,040
CMBS (2)	476,601		470,834
Other ABS (2)	736,967		736,518
Total (3)	$	3,612,060	$	3,571,890

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(1)	Actual maturities may differ as a result of calls before scheduled maturity.


(2)	RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date.


(3)	Includes securities loaned under securities lending agreements.

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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