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Note 5 - Investments (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2020
(In thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	122,956	$	—	$	10,087	$	—	$	133,043
State and municipal obligations	109,106		—		14,102		(91)		123,117
Corporate bonds and notes	2,455,572		(2,476)		201,051		(3,572)		2,650,575
RMBS	798,750		—		37,101		(82)		835,769
CMBS	614,556		—		31,600		(8,665)		637,491
Other ABS	700,412		—		1,962		(15,499)		686,875
Foreign government and agency securities	5,096		—		244		—		5,340

Total securities available for sale, including loaned securities	4,806,448		$	(2,476)	$	296,147	$	(27,909)	5,072,210
Less: loaned securities	1,995								2,119
Total fixed-maturities available for sale	$	4,804,453							$	5,070,091


	December 31, 2019
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	198,613	$	2,048	$	(733)	$	199,928
State and municipal obligations	112,003		8,032		(41)		119,994
Corporate bonds and notes	2,136,819		106,189		(1,728)		2,241,280
RMBS	766,429		14,452		(1,527)		779,354
CMBS	593,647		14,993		(625)		608,015
Other ABS	760,785		2,018		(3,674)		759,129
Foreign government and agency securities	5,091		133		—		5,224

Total securities available for sale, including loaned securities	4,573,387		$	147,865	$	(8,328)	4,712,924
Less: loaned securities	23,853						24,013
Total fixed-maturities available for sale	$	4,549,534					$	4,688,911

Rollforward of Allowance for Credit Losses

The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated:


(In thousands)	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Beginning balance	$	—	$	—
Current provision for securities without prior allowance	2,782		2,782
Reduction for securities sold	(306)		(306)
Ending balance	$	2,476	$	2,476

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 June 30, 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.


	June 30, 2020
($ 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

State and municipal obligations	3		$	8,540		$	(91)		—		$	—		$	—		3		$	8,540		$	(91)
Corporate bonds and notes	56		181,498			(3,572)			—		—			—			56		181,498			(3,572)
RMBS	2		3,776			(2)			3		10,220			(80)			5		13,996			(82)
CMBS	47		130,339			(8,353)			5		6,965			(312)			52		137,304			(8,665)
Other ABS	124		405,147			(10,100)			26		129,216			(5,399)			150		534,363			(15,499)

Total	232		$	729,300		$	(22,118)		34		$	146,401		$	(5,791)		266		$	875,701		$	(27,909)


	December 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	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 June 30,						Six Months Ended June 30,
(In thousands)	2020		2019		2020		2019
Net realized gains (losses):
Fixed-maturities available for sale (1)	$	6,974	$	1,303	$	18,221	$	808
Trading securities	(45)		274		4		(410)
Equity securities	51		—		361		(680)
Other investments	44		144		77		316
Net realized gains (losses) on investments	7,024		1,721		18,663		34
Impairment losses due to intent to sell	(779)		—		(1,401)		—
Net decrease (increase) in expected credit losses	(2,782)		—		(2,782)		—
Net unrealized gains (losses) on investments	24,948		9,117		(1,897)		28,586
Total net gains (losses) on investments	$	28,411	$	10,838	$	12,583	$	28,620

______________________

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


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2020		2019		2020		2019
Gross investment gains from sales and redemptions	$	8,304	$	2,064	$	20,203	$	6,229
Gross investment losses from sales and redemptions	(1,330)		(761)		(1,982)		(5,421)

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 June 30,						Six Months Ended June 30,
(In thousands)	2020		2019		2020		2019
Net unrealized gains (losses) on investments still held:
Trading securities	$	13,790	$	7,608	$	11,131	$	15,027
Equity securities	10,443		1,404		(12,612)		8,600
Other investments	(201)		138		471		7
Net unrealized gains (losses) on investments still held	$	24,032	$	9,150	$	(1,010)	$	23,634

Contractual Maturities [Table Text Block]

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


	June 30, 2020
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less (1)	$	92,098	$	92,628
Due after one year through five years (1)	871,081		915,497
Due after five years through 10 years (1)	1,134,440		1,234,602
Due after 10 years (1)	595,111		669,348
Asset-backed and other mortgage-backed securities (2)	2,113,718		2,160,135
Total	4,806,448		5,072,210
Less: loaned securities	1,995		2,119
Total fixed-maturities available for sale	$	4,804,453	$	5,070,091

______________________

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

(2)Includes RMBS, CMBS and Other ABS, which are not due at a single maturity date.