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Note 5 - Investments (Tables)
 3 Months Ended
Mar. 31, 2019
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:
 
March 31, 2019
(In thousands)
Amortized
Cost
 
Fair Value
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
Fixed-maturities available for sale:
 
 
 
 
 
 
 
U.S. government and agency securities
$
94,441

 
$
94,098

(1)
$
185

 
$
528

State and municipal obligations
88,598

 
92,718

 
4,421

 
301

Corporate bonds and notes
2,159,040

 
2,175,975

 
31,450

 
14,515

RMBS
348,746

 
350,238

(2)
4,242

 
2,750

CMBS
512,190

 
515,604

 
4,873

 
1,459

Other ABS
679,444

 
675,477

 
1,021

 
4,988

Total securities available for sale
$
3,882,459

 
$
3,904,110

(3)
$
46,192

 
$
24,541


______________________
(1)
Includes securities with a fair value of $10.9 million serving as collateral for FHLB advances.
(2)
Includes securities with a fair value of $103.7 million serving as collateral for FHLB advances.
(3)
Includes $6.5 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, 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 condensed consolidated balance sheets, as further described below.
Gross Unrealized Losses and Fair Value of Available for Sale Securities [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, 2019 and December 31, 2018 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, 2019
($ 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
 
—

 
$
—

 
$
—

 
9

 
$
38,177

 
$
528

 
9

 
$
38,177

 
$
528

State and municipal obligations
 
1

 
6,487

 
27

 
3

 
10,983

 
274

 
4

 
17,470

 
301

Corporate bonds and notes
 
54

 
220,831

 
2,676

 
148

 
656,876

 
11,839

 
202

 
877,707

 
14,515

RMBS
 
9

 
60,465

 
124

 
24

 
67,863

 
2,626

 
33

 
128,328

 
2,750

CMBS
 
33

 
138,708

 
621

 
19

 
41,516

 
838

 
52

 
180,224

 
1,459

Other ABS
 
71

 
321,040

 
2,958

 
41

 
179,398

 
2,030

 
112

 
500,438

 
4,988

Total
 
168

 
$
747,531

 
$
6,406

 
244

 
$
994,813

 
$
18,135

 
412

 
$
1,742,344

 
$
24,541

 
 
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
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:
(In thousands)
March 31,
2019
 
December 31,
2018
Trading securities:
 
 
 
State and municipal obligations
$
128,339

 
$
168,359

Corporate bonds and notes
203,014

 
228,151

RMBS
18,257

 
21,083

CMBS
34,382

 
51,478

Total
$
383,992

 
$
469,071
Securities Lending Agreements Balances [Table Text Block] Key balances related to our securities lending agreements consisted of the following as of the dates indicated:
(In thousands)
March 31,
2019
 
December 31,
2018
Loaned securities (1):
 
 
 
U.S. government and agency securities
$
—

 
$
9,987

Corporate bonds and notes
6,526

 
7,818

Equity securities
16,080

 
10,055

Total loaned securities, at fair value
$
22,606

 
$
27,860

 
 
 
 
Total loaned securities, at amortized cost
$
22,537

 
$
28,992

Securities collateral on deposit from Borrowers (2) 
17,372

 
16,815

Reinvested cash collateral, at estimated fair value (3) 
6,233

 
11,699

______________________
(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.
Net Gains (Losses) on Investments and Other Financial Instruments [Table Text Block] Net gains (losses) on investments and other financial instruments consisted of:
 
Three Months Ended
March 31,
(In thousands)
2019
 
2018
Net realized gains (losses):
 
 
 
Fixed-maturities available for sale (1) 
$
(495
)
 
$
(3,120
)
Equity securities
(680
)
 
142

Trading securities
(684
)
 
(538
)
Other invested assets
87

 
62

Other gains (losses)
85

 
12

Net realized gains (losses) on investments
(1,687
)
 
(3,442
)
Other-than-temporary impairment losses
—

 
(844
)
Net unrealized gains (losses) on investment securities
19,469

 
(12,804
)
Total net gains (losses) on investments
17,782

 
(17,090
)
Net gains (losses) on other financial instruments
4,131

 
(1,797
)
Net gains (losses) on investments and other financial instruments
$
21,913

 
$
(18,887
)

______________________
(1)Components of net realized gains (losses) on fixed-maturities available for sale include:
 
Three Months Ended
March 31,
(In thousands)
2019
 
2018
Gross investment gains from sales and redemptions
$
4,165

 
$
598

Gross investment losses from sales and redemptions
(4,660
)
 
(3,718
)
Net Unrealized Gains (Losses) on Investment Securities [Table Text Block] The net changes in unrealized gains (losses) on trading securities and equity securities that were still held at each period end were as follows:
 
Three Months Ended
March 31,
(In thousands)
2019
 
2018
Net changes in unrealized gains (losses):
 
 
 
Trading securities
$
8,587

 
$
(11,420
)
Equity securities
7,919

 
(1,806
)
Net changes in unrealized gains (losses) on investment securities
$
16,506

 
$
(13,226
)
Contractual Maturities [Table Text Block] The contractual maturities of fixed-maturity investments available for sale were as follows:
 
March 31, 2019
 
Available for Sale
(In thousands)
Amortized
Cost
 
Fair
Value
Due in one year or less (1) 
$
93,413

 
$
93,208

Due after one year through five years (1) 
828,387

 
832,653

Due after five years through 10 years (1) 
1,051,235

 
1,060,529

Due after 10 years (1) 
369,044

 
376,401

RMBS (2) 
348,746

 
350,238

CMBS (2) 
512,190

 
515,604

Other ABS (2) 
679,444

 
675,477

Total (3) 
$
3,882,459

 
$
3,904,110

______________________
(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 with a fair value of $6.5 million.