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Note 5 - Investments (Tables)

9 Months Ended

Sep. 30, 2019

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:



	September 30, 2019
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	176,682	$	182,415	$	5,839	$	106
State and municipal obligations	100,070		110,981		10,911		—
Corporate bonds and notes	2,254,627		2,362,004		108,541		1,164
RMBS	605,687		619,935		15,286		1,038
CMBS	542,284		563,338		21,966		912
Other ABS	718,854		717,986		2,394		3,262
Foreign government and agency securities	5,089		5,182		93		—
Total securities available for sale, including loaned securities	4,403,293		4,561,841		$	165,030	$	6,482
Less: loaned securities	34,020		34,618
Total fixed-maturities available for sale	$	4,369,273	$	4,527,223



	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	$	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		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, including loaned securities	4,106,594		4,028,987		$	10,433	$	88,040
Less: loaned securities	7,632		7,412
Total fixed-maturities available for sale	$	4,098,962	$	4,021,575

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 September 30, 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.



	September 30, 2019
($ 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	4	$	68,719	$	89	3	$	9,051	$	17	7	$	77,770	$	106
Corporate bonds and notes	28	126,732		1,145		4	8,543		19		32	135,275		1,164
RMBS	5	30,478		52		23	44,649		986		28	75,127		1,038
CMBS	18	32,861		724		10	9,120		188		28	41,981		912
Other ABS	60	257,688		1,003		40	155,904		2,259		100	413,592		3,262
Total	115	$	516,478	$	3,013	80	$	227,267	$	3,469	195	$	743,745	$	6,482



	December 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	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

Net Gains (Losses) on Investments and Other Financial Instruments [Table Text Block]

Net gains (losses) on investments consisted of:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2019			2018			2019			2018
Net realized gains (losses):
Fixed-maturities available for sale (1)	$	4,401		$	(4,219	)	$	5,209		$	(9,030	)
Trading securities	19			(260		)	(391		)	(910		)
Equity securities	(28		)	(69		)	(708		)	571
Other investments	205			101			521			392
Net realized gains (losses) on investments	4,597			(4,447		)	4,631			(8,977		)
Other-than-temporary impairment losses	—			(900		)	—			(1,744		)
Net unrealized gains (losses) on investments	4,419			1,405			33,005			(17,132		)
Total net gains (losses) on investments	$	9,016		$	(3,942	)	$	37,636		$	(27,853	)

______________________

(1)Components of net realized gains (losses) on fixed-maturities available for sale include:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2019			2018			2019			2018
Gross investment gains from sales and redemptions	$	4,697		$	814		$	10,926		$	1,831
Gross investment losses from sales and redemptions	(296		)	(5,033		)	(5,717		)	(10,861		)

Net Changes in Unrealized Gains (Losses) Recognized in Earnings [Table Text Block]

The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands)	2019		2018			2019			2018
Net unrealized gains (losses) on investments still held:
Trading securities	$	4,132	$	(2,581	)	$	18,962		$	(18,431	)
Equity securities	563		2,971			9,170			2,238
Other investments	47		430			(64		)	655
Net unrealized gains (losses) on investments still held	$	4,742	$	820		$	28,068		$	(15,538	)

Contractual Maturities [Table Text Block]

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



	September 30, 2019
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less (1)	$	132,819	$	132,897
Due after one year through five years (1)	885,660		903,546
Due after five years through 10 years (1)	1,108,946		1,168,298
Due after 10 years (1)	409,043		455,841
RMBS (2)	605,687		619,935
CMBS (2)	542,284		563,338
Other ABS (2)	718,854		717,986
Total	4,403,293		4,561,841
Less: loaned securities	34,020		34,618
Total fixed-maturities available for sale	$	4,369,273	$	4,527,223

______________________


(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.