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Note 6 - Investments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2018
Investments [Abstract]  
Available-for-sale Securities [Table Text Block] Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated:
 
December 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
$
85,532

 
$
84,070

(1)
$
46

 
$
1,508

State and municipal obligations
138,022

 
138,313

 
2,191

 
1,900

Corporate bonds and notes
2,288,720

 
2,229,885

 
5,053

 
63,888

RMBS
334,843

 
332,142

(2)
1,785

 
4,486

CMBS
546,729

 
539,915

 
544

 
7,358

Other ABS
712,748

 
704,662

 
814

 
8,900

Total securities available for sale
4,106,594

 
4,028,987

(3)
10,433

 
88,040

______________________
(1)
Includes securities with a fair value of $10.7 million serving as collateral for FHLB advances.
(2)
Includes securities with a fair value of $77.7 million serving as collateral for FHLB advances.
(3)
Includes $7.4 million of fixed maturity securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our 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

 
47,073

 
14,445

Equity securities available for sale (2) 
176,349

 
176,065

 
1,705

 
1,989

Total debt and equity securities
$
3,617,103

 
$
3,649,447

(1)
$
48,778

 
$
16,434


______________________
(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 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 Securities Financing Transactions [Table Text Block] Key balances related to our securities lending agreements at December 31, 2018, consisted of the following:
(In thousands)
December 31, 2018
 
December 31, 2017
Loaned securities: (1) 
 
 
 
U.S. government and agency securities
$
9,987

 
$
—

Corporate bonds and notes
7,818

 
13,862

Foreign government and agency securities
—

 
867

Equity securities
10,055

 
13,235

Total loaned securities, at fair value
$
27,860

 
$
27,964

 
 
 
 
Total loaned securities, at amortized cost
$
28,992

 
27,846

Securities collateral on deposit from Borrowers (2) 
16,815

 
9,342

Reinvested cash collateral, at estimated fair value (3) 
11,699

 
19,357

______________________
(1)
Our securities loaned under securities lending agreements are reported at fair value within other assets in our 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 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 consolidated balance sheets. Amounts payable on the return of cash collateral under securities lending agreements are included within other liabilities in our consolidated balance sheets.
Change in Unrealized Gain (Loss) Recorded in AOCI [Table Text Block] The change in unrealized gains (losses) recorded in accumulated other comprehensive income (loss) consisted of the following:
 
Year Ended December 31,
(In thousands)
2018
 
2017
 
2016
Fixed-maturities:
 
 
 
 
 
Unrealized holding gains (losses) arising during the period, net of tax
$
(97,356
)
 
$
32,147

 
$
8,822

Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax
(10,270
)
 
(2,556
)
 
2,361

Net unrealized gains (losses) on investments, net of tax
$
(87,086
)
 
$
34,703

 
$
6,461

 
 
 
 
 
 
Equities (1):
 

 
 

 
 

Unrealized holding gains (losses) arising during the period, net of tax
$
—

 
$
(244
)
 
$
(40
)
Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax
—

 
(86
)
 
(110
)
Net unrealized gains (losses) on investments, net of tax
$
—

 
$
(158
)
 
$
70


______________________
(1)
Prior to our 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. Effective January 1, 2018, we measure our equity investments at fair value, with changes in fair value recognized in net income.
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 December 31, 2018, are loaned
securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below.
 
 
December 31, 2018
($ in thousands)
Description of Securities
 
Less Than 12 Months
 
12 Months or Greater
 
Total
 
# of
securities
 
Fair Value
 
Unrealized
Losses
 
# of
securities
 
Fair Value
 
Unrealized
Losses
 
# of
securities
 
Fair Value
 
Unrealized
Losses
U.S. government and agency securities
 
2

 
$
27,415

 
$
796

 
8

 
$
23,476

 
$
712

 
10

 
$
50,891

 
$
1,508

State and municipal obligations
 
12

 
41,263

 
955

 
16

 
39,982

 
945

 
28

 
81,245

 
1,900

Corporate bonds and notes
 
330

 
1,208,430

 
36,284

 
126

 
601,533

 
27,604

 
456

 
1,809,963

 
63,888

RMBS
 
15

 
92,315

 
782

 
28

 
77,395

 
3,704

 
43

 
169,710

 
4,486

CMBS
 
62

 
328,696

 
3,973

 
33

 
125,728

 
3,385

 
95

 
454,424

 
7,358

Other ABS
 
129

 
503,109

 
7,917

 
26

 
89,628

 
983

 
155

 
592,737

 
8,900

Total
 
550

 
$
2,201,228

 
$
50,707

 
237

 
$
957,742

 
$
37,333

 
787

 
$
3,158,970

 
$
88,040

 
 
December 31, 2017
($ in thousands)
Description of Securities
 
Less Than 12 Months
 
12 Months or Greater
 
Total
 
# 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 [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:
 
December 31,
 
(In thousands)
2018
 
2017
 
Trading securities:
 
 
 
 
State and municipal obligations
$
168,359

 
$
214,841

 
Corporate bonds and notes
228,151

 
307,271

 
RMBS
21,083

 
29,520

 
CMBS
51,478

 
50,561

 
Foreign government and agency securities
—

 
4,241

 
Total
$
469,071


$
606,434

(1)

______________________
(1)
At December 31, 2017, 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.
Investment Income [Table Text Block] Net investment income consisted of:
 
Year Ended December 31,
(In thousands)
2018
 
2017
 
2016
Investment income:
 
 
 
 
 
Fixed-maturities
$
141,552

 
$
122,890

 
$
115,880

Equity securities
7,157

 
4,318

 
86

Short-term investments
10,270

 
5,453

 
3,086

Other
976

 
987

 
1,161

Gross investment income
159,955

 
133,648

 
120,213

Investment expenses
(7,480
)
 
(6,400
)
 
(6,747
)
Net investment income
$
152,475

 
$
127,248

 
$
113,466
Gain (Loss) on Securities [Table Text Block] Net realized and unrealized gains (losses), including impairment losses, on investments and other financial instruments consisted of:
 
Year Ended December 31,
(In thousands)
2018

2017

2016
Net realized gains (losses) on investments:
 
 
 
 
 
Fixed-maturities available for sale (1) 
$
(11,256
)
 
$
(3,014
)
 
$
4,160

Trading securities
(1,840
)
 
(5,995
)
 
(237
)
Equity securities
532

 
368

 
(170
)
Short-term investments
(10
)
 
(16
)
 
(135
)
Other invested assets
414

 
22

 
631

Other gains (losses)
66

 
32

 
64

Net realized gains (losses) on investments
(12,094
)
 
(8,603
)
 
4,313

Other-than-temporary impairment losses
(1,744
)
 
(1,420
)
 
(526
)
Net unrealized gains (losses) on investment securities (2) 
(27,287
)
 
13,230

 
27,217

Total net gains (losses) on investments
(41,125
)
 
3,207

 
31,004

Net gains (losses) on other financial instruments
(1,351
)
 
414

 
(253
)
Net gains (losses) on investments and other financial instruments
$
(42,476
)
 
$
3,621

 
$
30,751


______________________
(1)Components of net realized gains (losses) on fixed-maturities available for sale include:
 
Year Ended December 31,
(In thousands)
2018
 
2017
 
2016
Gross investment gains from sales and redemptions
$
1,986

 
$
6,052

 
$
10,326

Gross investment losses from sales and redemptions
(13,242
)
 
(9,066
)
 
(6,166
)

(2)
These amounts include unrealized gains (losses) on investment securities other than securities available for sale. For 2017 and 2016, the unrealized gains (losses) on investments exclude 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 gains (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 as follows:
 
December 31, 2018
(In thousands)
Amortized
Cost
 
Fair
Value
Due in one year or less
$
56,350

 
$
56,067

Due after one year through five years (1) 
933,807

 
920,173

Due after five years through ten years (1) 
1,142,145

 
1,107,129

Due after ten years (1) 
379,972

 
368,899

RMBS (2) 
334,843

 
332,142

CMBS (2) 
546,729

 
539,915

Other ABS (2) 
712,748

 
704,662

Total (3) 
$
4,106,594

 
$
4,028,987

______________________
(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)
Available for sale includes securities loaned under securities lending agreements with a fair value of $7.4 million.