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Note 6 - Investments Level 3 (Tables)

12 Months Ended

Dec. 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.


	December 31, 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	$	176,033	$	—	$	1,677	$	(3,611)	$	174,099
State and municipal obligations	149,258		—		16,113		(100)		165,271
Corporate bonds and notes	2,832,350		(948)		250,771		(3,758)		3,078,415
RMBS	799,814		—		34,439		(314)		833,939
CMBS	645,071		—		39,495		(3,301)		681,265
CLO	569,173		—		2,026		(2,641)		568,558
Other ABS	249,988		—		2,901		(432)		252,457
Foreign government and agency securities	5,100		—		338		—		5,438
Total securities available for sale, including loaned securities	5,426,787		$	(948)	$	347,760	$	(14,157)	5,759,442
Less: loaned securities (1)	33,164								36,102
Total fixed-maturities available for sale	$	5,393,623							$	5,723,340

(1)Included in Other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements.


	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	574,037		14,993		(610)		588,420
CLO	465,449		229		(3,117)		462,561
Other ABS	314,946		1,789		(572)		316,163
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 (1)	23,853						24,013
Total fixed-maturities available for sale	$	4,549,534					$	4,688,911

(1)Included in Other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements.

Gross Unrealized Losses and Related Fair Values 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 December 31, 2020 and 2019, are loaned securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below.


	December 31, 2020
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
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	$	90,591	$	(3,611)	—	$	—	$	—	4	$	90,591	$	(3,611)
State and municipal obligations	4	9,626		(100)		—	—		—		4	9,626		(100)
Corporate bonds and notes	60	174,848		(3,758)		—	—		—		60	174,848		(3,758)
RMBS	5	42,003		(305)		2	915		(9)		7	42,918		(314)
CMBS	43	118,345		(3,035)		6	8,312		(266)		49	126,657		(3,301)
CLO	52	173,459		(970)		25	137,506		(1,671)		77	310,965		(2,641)
Other ABS	26	70,759		(322)		3	12,119		(110)		29	82,878		(432)

Total	194	$	679,631	$	(12,101)	36	$	158,852	$	(2,056)	230	$	838,483	$	(14,157)


	December 31, 2019
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
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	33	89,994		(463)		8	6,346		(147)		41	96,340		(610)
CLO	34	170,806		(327)		36	184,483		(2,790)		70	355,289		(3,117)
Other ABS	32	74,733		(358)		8	25,178		(214)		40	99,911		(572)


Total	154	$	660,883	$	(4,183)	70	$	254,728	$	(4,145)	224	$	915,611	$	(8,328)

Net Investment Income [Table Text Block]

Net investment income consisted of the following.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Investment income:
Fixed-maturities	$	148,127	$	155,104	$	141,552
Equity securities	6,378		7,028		7,157
Short-term investments	5,774		17,255		10,270
Other	354		545		976
Gross investment income	160,633		179,932		159,955
Investment expenses	(6,596)		(8,136)		(7,480)
Net investment income	$	154,037	$	171,796	$	152,475

Net Gains (Losses) on Investments [Table Text Block]

Net gains (losses) on investments consisted of the following.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net realized gains (losses):
Fixed-maturities available for sale (1)	$	34,869	$	11,262	$	(11,256)
Trading securities	4		(303)		(1,840)
Equity securities	353		(719)		532
Other investments	600		603		470
Net realized gains (losses) on investments	35,826		10,843		(12,094)
Impairment losses due to intent to sell	(1,401)		—		(1,744)
Net decrease (increase) in expected credit losses	(1,254)		—		—
Net unrealized gains (losses) on investments	10,960		33,220		(27,287)
Total net gains (losses) on investments	$	44,131	$	44,063	$	(41,125)

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Gross investment gains from sales and redemptions	$	37,431	$	17,663	$	1,986
Gross investment losses from sales and redemptions	(2,562)		(6,401)		(13,242)

Net Unrealized Gains (Losses) on Investment Securities [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.


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net unrealized gains (losses) on investments still held:
Trading securities	$	10,583	$	16,346	$	(16,281)
Equity securities	1,759		11,906		(8,886)
Other investments	248		(174)		447
Net unrealized gains (losses) on investments still held	$	12,590	$	28,078	$	(24,720)

Contractual Maturities [Table Text Block]

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


	December 31, 2020
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	125,361	$	126,414
Due after one year through five years (1)	1,002,786		1,062,579
Due after five years through 10 years (1)	1,225,712		1,338,147
Due after 10 years (1)	808,882		896,083
Asset-backed and mortgage-backed securities (2)	2,264,046		2,336,219
Total	5,426,787		5,759,442
Less: loaned securities	33,164		36,102
Total fixed-maturities available for sale	$	5,393,623	$	5,723,340

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

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