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Note 5 - Investments (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	148,382	$	159,240	$	10,858	$	—
State and municipal obligations	111,831		116,975		5,462		318
Corporate bonds and notes	2,239,543		2,268,850		77,884		48,577
RMBS	747,271		779,590		33,122		803
CMBS	609,518		610,877		13,356		11,997
Other ABS	708,357		666,918		1,251		42,690
Foreign government and agency securities	5,093		4,947		—		146
Total securities available for sale, including loaned securities	4,569,995		4,607,397		$	141,933	$	104,531
Less: loaned securities	5,379		3,784
Total fixed-maturities available for sale	$	4,564,616	$	4,603,613



	December 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	$	198,613	$	199,928	$	2,048	$	733
State and municipal obligations	112,003		119,994		8,032		41
Corporate bonds and notes	2,136,819		2,241,280		106,189		1,728
RMBS	766,429		779,354		14,452		1,527
CMBS	593,647		608,015		14,993		625
Other ABS	760,785		759,129		2,018		3,674
Foreign government and agency securities	5,091		5,224		133		—
Total securities available for sale, including loaned securities	4,573,387		4,712,924		$	147,865	$	8,328
Less: loaned securities	23,853		24,013
Total fixed-maturities available for sale	$	4,549,534	$	4,688,911

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, 2020 and December 31, 2019 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, 2020
($ 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
State and municipal obligations	6	$	19,560	$	318	—	$	—	$	—	6	$	19,560	$	318
Corporate bonds and notes	174	763,279		48,577		—	—		—		174	763,279		48,577
RMBS	3	19,874		656		4	22,323		147		7	42,197		803
CMBS	60	201,504		11,534		8	7,052		463		68	208,556		11,997
Other ABS	151	483,803		29,259		26	122,186		13,431		177	605,989		42,690
Foreign government and agency securities	1	4,947		146		—	—		—		1	4,947		146
Total	395	$	1,492,967	$	90,490	38	$	151,561	$	14,041	433	$	1,644,528	$	104,531



	December 31, 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	2	$	26,142	$	731	2	$	2,529	$	2	4	$	28,671	$	733
State and municipal obligations	1	3,959		41		—	—		—		1	3,959		41
Corporate bonds and notes	25	110,871		1,728		—	—		—		25	110,871		1,728
RMBS	27	184,378		535		16	36,192		992		43	220,570		1,527
CMBS	36	109,589		478		8	6,346		147		44	115,935		625
Other ABS	63	225,944		670		44	209,661		3,004		107	435,605		3,674
Total	154	$	660,883	$	4,183	70	$	254,728	$	4,145	224	$	915,611	$	8,328

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

Net gains (losses) on investments consisted of:



	Three Months Ended March 31,
(In thousands)	2020			2019
Net realized gains (losses):
Fixed-maturities available for sale (1)	$	11,247		$	(495	)
Trading securities	49			(684		)
Equity securities	310			(680		)
Other investments	33			172
Net realized gains (losses) on investments	11,639			(1,687		)
Impairment losses	(622		)	—
Net unrealized gains (losses) on investments	(26,845		)	19,469
Total net gains (losses) on investments	$	(15,828	)	$	17,782

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



	Three Months Ended March 31,
(In thousands)	2020			2019
Gross investment gains from sales and redemptions	$	11,899		$	4,165
Gross investment losses from sales and redemptions	(652		)	(4,660		)

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 March 31,
(In thousands)	2020			2019
Net unrealized gains (losses) on investments still held:
Trading securities	$	(2,034	)	$	8,587
Equity securities	(24,020		)	7,919
Other investments	804			—
Net unrealized gains (losses) on investments still held	$	(25,250	)	$	16,506

Contractual Maturities [Table Text Block]

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



	March 31, 2020
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less (1)	$	105,520	$	104,855
Due after one year through five years (1)	823,582		829,134
Due after five years through 10 years (1)	1,082,394		1,089,685
Due after 10 years (1)	493,353		526,338
RMBS (2)	747,271		779,590
CMBS (2)	609,518		610,877
Other ABS (2)	708,357		666,918
Total	4,569,995		4,607,397
Less: loaned securities	5,379		3,784
Total fixed-maturities available for sale	$	4,564,616	$	4,603,613

______________________


(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.