0000009346-19-000081.txt : 20190807 0000009346-19-000081.hdr.sgml : 20190807 20190807165728 ACCESSION NUMBER: 0000009346-19-000081 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190807 DATE AS OF CHANGE: 20190807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Protective Insurance Corp CENTRAL INDEX KEY: 0000009346 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 350160330 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05534 FILM NUMBER: 191006260 BUSINESS ADDRESS: STREET 1: 111 CONGRESSIONAL BLVD STREET 2: STE 500 CITY: CARMEL STATE: IN ZIP: 46032 BUSINESS PHONE: 317-452-7426 MAIL ADDRESS: STREET 1: 111 CONGRESSIONAL BLVD STREET 2: STE 500 CITY: CARMEL STATE: IN ZIP: 46032 FORMER COMPANY: FORMER CONFORMED NAME: BALDWIN & LYONS INC DATE OF NAME CHANGE: 19930908 FORMER COMPANY: FORMER CONFORMED NAME: BALDWIN H C AGENCY INC DATE OF NAME CHANGE: 19720309 10-Q 1 form10q.htm FORM 10-Q  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
Form 10-Q

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2019

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 0-5534


PROTECTIVE INSURANCE CORPORATION
(Exact name of registrant as specified in its charter)

INDIANA
  
35-0160330
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification Number)
     
111 Congressional Boulevard, Carmel, Indiana
  
46032
(Address of principal executive offices)
  
(Zip Code)

Registrant's telephone number, including area code:  (317) 636-9800

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
    
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, No Par Value
PTVCA
The Nasdaq Stock Market LLC
Class B Common Stock, No Par Value
PTVCB
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    ✓       No ____

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   ✓    No ____

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ____   Accelerated filer   ✓     Non-accelerated filer ____  Smaller reporting company ____                 Emerging growth company ____

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ____

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ____  No    ✓_

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of August 6, 2019:

Common Stock, No Par Value:
Class A (voting)
  
2,612,288
  
 
Class B (non-voting)
  
11,779,483
  
     
14,391,771
  

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share data)

   
June 30
2019
    
December 31
2018
  
Assets
            
Investments:
            
Fixed income securities
  
$
737,148
    
$
592,645
  
Equity securities
    
74,555
      
66,422
  
Limited partnerships
    
35,535
      
55,044
  
Commercial mortgage loans
    
8,884
      
6,672
  
Short-term and other
    
1,000
      
1,000
  
     
857,122
      
721,783
  
                 
Cash and cash equivalents
    
80,772
      
163,996
  
Restricted cash and cash equivalents
    
16,333
      
6,815
  
Accounts receivable
    
111,573
      
102,972
  
Reinsurance recoverable
    
410,445
      
392,436
  
Other assets
    
87,425
      
88,426
  
Current federal income taxes recoverable
    
4,599
      
7,441
  
Deferred federal income taxes
    
2,757
      
6,262
  
   
$
1,571,026
    
$
1,490,131
  
                 
Liabilities and shareholders' equity
                
Reserves for losses and loss expenses
  
$
933,463
    
$
865,339
  
Reserves for unearned premiums
    
79,429
      
71,625
  
Reinsurance payable
    
59,313
      
66,632
  
Short-term borrowings
    
20,000
      
20,000
  
Accounts payable and other liabilities
    
111,405
      
110,453
  
     
1,203,610
      
1,134,049
  
Shareholders' equity:
                
Common stock-no par value:
                
Class A voting -- authorized 3,000,000 shares; outstanding -- 2019 - 2,612,446; 2018 - 2,615,339
    
112
      
112
  
Class B non-voting -- authorized 20,000,000 shares; outstanding -- 2019 - 11,932,076; 2018 - 12,253,922
    
509
      
522
  
Additional paid-in capital
    
54,065
      
54,720
  
Accumulated other comprehensive income (loss)
    
8,217
      
(7,347
)
Retained earnings
    
304,513
      
308,075
  
     
367,416
      
356,082
  
   
$
1,571,026
    
$
1,490,131
  

See notes to condensed consolidated financial statements.

- 2 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)

   
Three Months Ended
June 30
    
Six Months Ended
June 30
  
   
2019
    
2018
    
2019
    
2018
  
Revenues
                        
Net premiums earned
  
$
115,631
    
$
111,940
    
$
225,644
    
$
217,402
  
Net investment income
    
6,500
      
5,796
      
12,732
      
10,432
  
Commissions and other income
    
1,978
      
2,263
      
4,043
      
4,076
  
Net realized gains on investments, excluding impairment losses
    
713
      
915
      
673
      
1,290
  
Other-than-temporary impairment losses on investments
    
(86
)
    
–
      
(346
)
    
–
  
Net unrealized gains (losses) on equity securities and limited partnership investments
    
2,262
      
(4,350
)
    
8,589
      
(9,258
)
Net realized and unrealized gains (losses) on investments
    
2,889
      
(3,435
)
    
8,916
      
(7,968
)
     
126,998
      
116,564
      
251,335
      
223,942
  
                                 
Expenses
                                
Losses and loss expenses incurred
    
90,433
      
77,488
      
177,555
      
149,787
  
Other operating expenses
    
34,615
      
36,019
      
68,316
      
70,784
  
     
125,048
      
113,507
      
245,871
      
220,571
  
Income before federal income tax expense
    
1,950
      
3,057
      
5,464
      
3,371
  
Federal income tax expense
    
415
      
570
      
1,181
      
554
  
Net income
  
$
1,535
    
$
2,487
    
$
4,283
    
$
2,817
  
                                 
Per share data:
                                
Basic and diluted earnings
  
$
.11
    
$
.17
    
$
.28
    
$
.19
  
                                 
Dividends paid to shareholders
  
$
.10
    
$
.28
    
$
.20
    
$
.56
  
                                 
Reconciliation of shares outstanding:
                                
Average shares outstanding - basic
    
14,616
      
15,014
      
14,731
      
15,012
  
Dilutive effect of share equivalents
    
63
      
9
      
60
      
9
  
Average shares outstanding - diluted
    
14,679
      
15,023
      
14,791
      
15,021
  

See notes to condensed consolidated financial statements.

- 3 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)

   
Three Months Ended
June 30
    
Six Months Ended
June 30
  
   
2019
    
2018
    
2019
    
2018
  
Net income
  
$
1,535
    
$
2,487
    
$
4,283
    
$
2,817
  
                                 
Other comprehensive income (loss), net of tax:
                                
   Unrealized net gains (losses) on fixed income securities
    
6,517
      
(2,026
)
    
14,973
      
(5,147
)
                                 
Foreign currency translation adjustments
    
284
      
(188
)
    
591
      
(411
)
                                 
Other comprehensive income (loss)
    
6,801
      
(2,214
)
    
15,564
      
(5,558
)
                                 
Comprehensive income (loss)
  
$
8,336
    
$
273
    
$
19,847
    
$
(2,741
)

See notes to condensed consolidated financial statements.

- 4 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Shareholders' Equity
(in thousands)

 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Income (Loss)
    
Earnings
    
Equity
  
Balance at December 31, 2018
    
2,615
    
$
112
      
12,254
    
$
522
    
$
54,720
    
$
(7,347
)
  
$
308,075
    
$
356,082
  
Net income
    
–
      
–
      
–
      
–
      
–
      
–
      
4,283
      
4,283
  
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
591
      
–
      
591
  
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
14,973
      
–
      
14,973
  
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(2,987
)
    
(2,987
)
Repurchase of common stock
    
(3
)
    
–
      
(371
)
    
(15
)
    
(1,614
)
    
–
      
(4,858
)
    
(6,487
)
Restricted stock grants
    
–
      
–
      
49
      
2
      
959
      
––
      
–
      
961
  
Balance at June 30, 2019
    
2,612
    
$
112
      
11,932
    
$
509
    
$
54,065
    
$
8,217
    
$
304,513
    
$
367,416
  


 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Income
    
Earnings
    
Equity
  
Balance at March 31, 2019
    
2,615
    
$
112
      
12,249
    
$
522
    
$
55,049
    
$
1,416
    
$
308,971
    
$
366,070
  
Net income
    
–
      
–
      
–
      
–
      
–
      
–
      
1,535
      
1,535
  
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
284
      
–
      
284
  
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
6,517
      
–
      
6,517
  
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(1,494
)
    
(1,494
)
Repurchase of common stock
    
(3
)
    
–
      
(346
)
    
(15
)
    
(1,506
)
    
–
      
(4,499
)
    
(6,020
)
Restricted stock grants
    
–
      
–
      
29
      
2
      
522
      
–
      
–
      
524
  
Balance at June 30, 2019
    
2,612
    
$
112
      
11,932
    
$
509
    
$
54,065
    
$
8,217
    
$
304,513
    
$
367,416
  


See notes to condensed consolidated financial statements.

- 5 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Shareholders' Equity
(in thousands)

 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Income (Loss)
    
Earnings
    
Equity
  
Balance at December 31, 2017
    
2,623
    
$
112
      
12,424
    
$
530
    
$
55,078
    
$
46,391
    
$
316,700
    
$
418,811
  
Cumulative effect of adoption of ASU 2016-01, net of tax (Note 1)
    
–
      
–
      
–
      
–
      
–
      
(46,157
)
    
46,157
      
–
  
Cumulative effect of adoption of ASU 2018-02 (Note 1)
    
–
      
–
      
–
      
–
      
–
      
117
      
(117
)
    
–
  
Net income
    
–
      
–
      
–
      
–
      
–
      
–
      
2,817
      
2,817
  
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
(411
)
    
–
      
(411
)
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
(5,147
)
    
–
      
(5,147
)
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(8,456
)
    
(8,456
)
Repurchase of common stock
    
–
      
–
      
(54
)
    
(2
)
    
(234
)
    
–
      
(1,044
)
    
(1,280
)
Restricted stock grants
    
–
      
–
      
10
      
–
      
901
      
–
      
–
      
901
  
Balance at June 30, 2018
    
2,623
    
$
112
      
12,380
    
$
528
    
$
55,745
    
$
(5,207
)
  
$
356,057
    
$
407,235
  


 
  
Common Stock
    
Additional
    
Accumulated Other
              
 
  
Class A
    
Class B
    
Paid-in
    
Comprehensive
    
Retained
    
Total
 
Description
  
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Loss
    
Earnings
    
Equity
  
Balance at March 31, 2018
    
2,623
    
$
112
      
12,418
    
$
530
    
$
55,511
    
$
(2,993
)
  
$
358,651
    
$
411,811
  
Net income
    
–
      
–
      
–
      
–
      
–
      
–
      
2,487
      
2,487
  
Foreign currency translation adjustment, net of tax
    
–
      
–
      
–
      
–
      
–
      
(188
)
    
–
      
(188
)
Change in unrealized gain (loss) on investments, net of tax
    
–
      
–
      
–
      
–
      
–
      
(2,026
)
    
–
      
(2,026
)
Common stock dividends
    
–
      
–
      
–
      
–
      
–
      
–
      
(4,227
)
    
(4,227
)
Repurchase of common stock
    
–
      
–
      
(43
)
    
(2
)
    
(188
)
    
–
      
(854
)
    
(1,044
)
Restricted stock grants
    
–
      
–
      
5
      
–
      
422
      
–
      
–
      
422
  
Balance at June 30, 2018
    
2,623
    
$
112
      
12,380
    
$
528
    
$
55,745
    
$
(5,207
)
  
$
356,057
    
$
407,235
  


See notes to condensed consolidated financial statements.

- 6 -

Protective Insurance Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

   
Six Months Ended
June 30
  
   
2019
    
2018
  
Operating activities
            
Net income
  
$
4,283
    
$
2,817
  
Adjustments to reconcile net income to net cash provided by operating activities
    
34,113
      
21,857
  
Net cash provided by operating activities
    
38,396
      
24,674
  
                 
Investing activities
                
Purchases of fixed income and equity securities
    
(245,099
)
    
(215,226
)
Purchases of limited partnership interests
    
–
      
(450
)
Distributions from limited partnerships
    
20,231
      
369
  
Proceeds from maturities
    
38,917
      
37,590
  
Proceeds from sales of fixed income securities
    
71,839
      
102,408
  
Proceeds from sales of equity securities
    
14,449
      
87,557
  
Purchase of insurance company-owned life insurance
    
–
      
(10,000
)
Purchase of commercial mortgage loans
    
(2,213
)
    
–
  
Purchases of property and equipment
    
(1,346
)
    
(2,691
)
Proceeds from disposals of property and equipment
    
3
      
8
  
Net cash used in investing activities
    
(103,219
)
    
(435
)
                 
Financing activities
                
Dividends paid to shareholders
    
(2,987
)
    
(8,456
)
Repurchase of common shares
    
(6,487
)
    
(1,280
)
Net cash used in financing activities
    
(9,474
)
    
(9,736
)
                 
Effect of foreign exchange rates on cash and cash equivalents
    
591
      
(411
)
                 
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
    
(73,706
)
    
14,092
  
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
    
170,811
      
68,713
  
Cash, cash equivalents and restricted cash and cash equivalents at end of period
  
$
97,105
    
$
82,805
  

See notes to condensed consolidated financial statements.

- 7 -

Notes to Unaudited Condensed Consolidated Financial Statements
(All dollar amounts presented in these notes are in thousands, except share and per share data)

(1)  Summary of Significant Accounting Policies:

Description of Business:  Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.  The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.

Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.  Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.  Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.

Investments: Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.  Equity securities are carried at quoted market prices (fair value).  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. There was no valuation allowance on the Company's commercial mortgage loans as of June 30, 2019.

The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.  To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.

Short-term and other investments are carried at cost, which approximates their fair values.

Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.  A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.  Realized gains and losses on disposals of fixed income securities are recorded on the trade date.  Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.

Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.  Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.  Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.

In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.   For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.

- 8 -
The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.  The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.

Recognition of Revenue and Costs:  Premiums are earned over the period for which insurance protection is provided.  A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.  Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.  The Company does not defer acquisition costs that are not directly variable with the production of premiums.  If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.  In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.  Anticipated investment income is considered in determining recoverability of deferred acquisition costs.  The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at June 30, 2019.

Recently Adopted Accounting Pronouncements:  In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.  Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.  The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.  Going forward, unrealized gains or losses on equity securities will be recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.

In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), or ASU 2016-02. ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.  Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.  Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.  The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.  In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.   The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of June 30, 2019 of approximately $300, which are included within other assets and accounts payable and other liabilities. 

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the newly enacted federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017 (the "U.S. Tax Act"), which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.


- 9 -

Recently Issued Accounting Pronouncements:  In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. ASU 2016-13 introduces a current expected credit loss model for measuring expected credit losses for certain types of financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale debt securities to be recognized through an allowance for credit losses rather than as reductions in the amortized cost of the securities, and provides for additional disclosure requirements. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.

- 10 -
(2)  Investments:

The following is a summary of available-for-sale securities at June 30, 2019 and December 31, 2018:

   
Fair
Value
    
Cost or
Amortized Cost
    
Gross
Unrealized Gains
    
Gross
Unrealized Losses
    
Net Unrealized
Gains (Losses)
  
June 30, 2019
                              
Fixed income securities
                              
Agency collateralized mortgage obligations
  
$
15,730
    
$
15,384
    
$
352
    
$
(6
)
  
$
346
  
Agency mortgage-backed securities
    
41,031
      
39,609
      
1,438
      
(16
)
    
1,422
  
Asset-backed securities
    
94,880
      
94,847
      
539
      
(506
)
    
33
  
Bank loans
    
16,074
      
16,279
      
60
      
(265
)
    
(205
)
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
      
–
  
Collateralized mortgage obligations
    
6,165
      
5,686
      
549
      
(70
)
    
479
  
Corporate securities
    
256,318
      
251,977
      
5,185
      
(844
)
    
4,341
  
Mortgage-backed securities
    
42,506
      
41,706
      
946
      
(146
)
    
800
  
Municipal obligations
    
32,834
      
32,177
      
688
      
(31
)
    
657
  
Non-U.S. government obligations
    
31,378
      
31,064
      
326
      
(12
)
    
314
  
U.S. government obligations
    
197,397
      
194,489
      
3,092
      
(184
)
    
2,908
  
Total fixed income securities
  
$
737,148
    
$
726,053
    
$
13,175
    
$
(2,080
)
  
$
11,095
  

   
Fair
Value
    
Cost or
Amortized Cost
    
Gross
Unrealized Gains
    
Gross
Unrealized Losses
    
Net Unrealized
Gains (Losses)
  
December 31, 2018
                              
Fixed income securities
                              
Agency collateralized mortgage obligations
  
$
10,687
    
$
10,636
    
$
145
    
$
(94
)
  
$
51
  
Agency mortgage-backed securities
    
37,385
      
37,168
      
371
      
(154
)
    
217
  
Asset-backed securities
    
64,422
      
66,241
      
14
      
(1,833
)
    
(1,819
)
Bank loans
    
9,750
      
10,208
      
27
      
(485
)
    
(458
)
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
      
–
  
Collateralized mortgage obligations
    
5,423
      
5,095
      
376
      
(48
)
    
328
  
Corporate securities
    
190,450
      
196,925
      
127
      
(6,602
)
    
(6,475
)
Mortgage-backed securities
    
38,540
      
38,586
      
377
      
(423
)
    
(46
)
Municipal obligations
    
29,155
      
29,102
      
239
      
(186
)
    
53
  
Non-U.S. government obligations
    
25,180
      
25,339
      
6
      
(165
)
    
(159
)
U.S. government obligations
    
178,818
      
178,369
      
1,252
      
(803
)
    
449
  
Total fixed income securities
  
$
592,645
    
$
600,504
    
$
2,934
    
$
(10,793
)
  
$
(7,859
)

The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at June 30, 2019 and  December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

   
June 30, 2019
    
December 31, 2018
  
   
Number of
Securities
    
Fair
Value
    
Gross
Unrealized Loss
    
Number of
Securities
    
Fair
Value
    
Gross
Unrealized Loss
  
Fixed income securities:
                                    
12 months or less
    
81
    
$
76,363
    
$
(1,166
)
    
275
    
$
282,646
    
$
(7,296
)
Greater than 12 months
    
149
      
95,614
      
(914
)
    
217
      
131,001
      
(3,497
)
Total fixed income securities
    
230
    
$
171,977
    
$
(2,080
)
    
492
    
$
413,647
    
$
(10,793
)
                                                 


- 11 -

The fair value and the cost or amortized costs of fixed income investments at June 30, 2019, organized by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

   
Fair
Value
    
Cost or
Amortized Cost
  
One year or less
  
$
99,531
    
$
99,574
  
Excess of one year to five years
    
342,358
      
336,988
  
Excess of five years to ten years
    
89,596
      
87,051
  
Excess of ten years
    
11,517
      
10,894
  
Contractual maturities
    
543,002
      
534,507
  
Asset-backed securities
    
194,146
      
191,546
  
Total
  
$
737,148
    
$
726,053
  

Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

   
Three Months Ended
June 30
    
Six Months Ended
June 30
  
   
2019
    
2018
    
2019
    
2018
  
Gross gains on available-for-sale fixed income securities sold during the period
  
$
4,132
    
$
3,691
    
$
7,303
    
$
6,134
  
Gross losses on available-for-sale fixed income securities sold during the period
    
(3,154
)
    
(3,088
)
    
(6,681
)
    
(5,796
)
                                 
Other-than-temporary impairments
    
(86
)
    
–
      
(346
)
    
–
  
                                 
Change in value of limited partnership investments
    
314
      
(2,842
)
    
722
      
(5,445
)
                                 
Gains (losses) on equity securities:
                                
Realized gains (losses) on equity securities sold during the period
    
(265
)
    
312
      
51
      
953
  
Unrealized gains (losses) on equity securities held at the end of the period
    
1,948
      
(1,508
)
    
7,867
      
(3,814
)
Realized and unrealized gains (losses) on equity securities during the period
    
1,683
      
(1,196
)
    
7,918
      
(2,861
)
                                 
Net realized and unrealized gains (losses) on investments
  
$
2,889
    
$
(3,435
)
  
$
8,916
    
$
(7,968
)

Shareholders' equity at June 30, 2019 included approximately $25,071, net of federal income tax expense, of reported earnings that remain undistributed by limited partnerships.


(3)  Reinsurance:

The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.

   
2019
    
2018
  
Three months ended June 30:
            
Premiums ceded to reinsurers
  
$
32,425
    
$
28,800
  
Losses and loss expenses ceded to reinsurers
    
28,859
      
21,975
  
Commissions from reinsurers
    
8,176
      
6,443
  
                 
Six months ended June 30:
                
Premiums ceded to reinsurers
  
$
62,598
    
$
61,241
  
Losses and loss expenses ceded to reinsurers
    
59,648
      
48,636
  
Commissions from reinsurers
    
15,410
      
14,323
  
                 

- 12 -
(4)  Loss and Loss Expense Reserves:

Activity in the reserves for losses and loss expenses for the six months ended June 30, 2019 and 2018 is summarized as follows.  All amounts are shown net of reinsurance, unless otherwise indicated.

   
Six Months Ended
  
   
June 30
  
   
2019
    
2018
  
Reserves, gross of reinsurance recoverable, at the beginning of the year
  
$
865,339
    
$
680,274
  
Reinsurance recoverable on unpaid losses at the beginning of the year
    
375,935
      
308,143
  
Reserves at the beginning of the year
    
489,404
      
372,131
  
                 
Provision for losses and loss expenses:
                
Claims occurring during the current period
    
179,211
      
151,462
  
Claims occurring during prior periods
    
(1,656
)
    
(1,675
)
Total incurred
    
177,555
      
149,787
  
                 
Loss and loss expense payments:
                
Claims occurring during the current period
    
30,573
      
28,903
  
Claims occurring during prior periods
    
92,822
      
88,965
  
Total paid
    
123,395
      
117,868
  
Reserves at the end of the period
    
543,564
      
404,050
  
                 
Reinsurance recoverable on unpaid losses at the end of the period
    
389,899
      
312,231
  
Reserves, gross of reinsurance recoverable, at the end of the period
  
$
933,463
    
$
716,281
  

The table above shows a reserve savings of $1,656 that developed during the six months ended June 30, 2019 in the settlement of claims occurring on or before December 31, 2018.  Losses incurred from claims occurring during prior years reflect the development from prior accident years, composed of individual claim savings and deficiencies which, in the aggregate, have resulted from the settlement of claims at amounts higher or lower than previously reserved and from changes in estimates of losses incurred but not reported.

The $1,656 prior accident year savings that developed during the six months ended June 30, 2019 was primarily due to favorable loss development in workers' compensation and independent contractor coverages.  This savings compares to a savings of $1,675 for the six months ended June 30, 2018, which was also related to favorable loss development from workers' compensation and independent contractor coverages.


(5)  Segment Information:

The Company has one reportable business segment in its operations: Property and Casualty Insurance.  The property and casualty insurance segment provides multiple lines of insurance coverage primarily to commercial automobile companies, as well as to independent contractors who contract with commercial automobile companies.  In addition, the Company provides workers' compensation coverage for a variety of operations outside the transportation industry.

The following table summarizes segment revenues for the three and six months ended June 30, 2019 and 2018:

   
Three Months Ended
June 30
    
Six Months Ended
June 30
  
   
2019
    
2018
    
2019
    
2018
  
Revenues:
                        
Net premiums earned
  
$
115,631
    
$
111,940
    
$
225,644
    
$
217,402
  
Net investment income
    
6,500
      
5,796
      
12,732
      
10,432
  
Net realized and unrealized gains (losses) on investments
    
2,889
      
(3,435
)
    
8,916
      
(7,968
)
Commissions and other income
    
1,978
      
2,263
      
4,043
      
4,076
  
Total revenues
  
$
126,998
    
$
116,564
    
$
251,335
    
$
223,942
  

- 13 -
(6)  Debt:

On August 9, 2018, the Company entered into a credit agreement providing a revolving credit facility with a $40,000 limit, with the option for up to an additional $35,000 in incremental loans at the discretion of the lenders.  This credit agreement has an expiration date of August 9, 2022.  Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at the Company's option.  Outstanding drawings on this revolving credit facility were $20,000 as of June 30, 2019.  At June 30, 2019, the effective interest rate was 3.50% and the Company had $20,000 remaining under the revolving credit facility.  The current outstanding borrowings were used to repay the Company's previous line of credit.  The Company's revolving credit facility has two financial covenants, each of which were met as of June 30, 2019.  These covenants require the Company to have a minimum U.S. generally accepted accounting principles net worth and a maximum consolidated leverage ratio of 0.35 to 1.00.


(7)  Taxes:

The effective federal tax rate on consolidated income for the three months ended June 30, 2019 was 21.3% compared to 18.6% for the three months ended June 30, 2018.  The effective federal tax rate on consolidated income for the six months ended June 30, 2019 was 21.6% compared to 16.4% for the six months ended June 30, 2018.  The effective federal income tax rate differs from the normal statutory rate primarily as a result of tax-exempt investment income.  For the three and six months ended June 30, 2019, the Company had lower tax-exempt income when compared to the same periods in 2018, primarily due to the reduction of tax exempt municipal securities within the Company's investment portfolio in the current year as well as a decrease in dividend income, which provides a deduction for taxes, related to the reallocation of equity securities to fixed income securities within the Company’s investment portfolio throughout 2018.

As of June 30, 2019, the Company's calendar years 2017, 2016 and 2015 remain subject to examination by the Internal Revenue Service.

- 14 -
(8)  Fair Value:

Assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of June 30, 2019:

Description
  
Total
    
Level 1
    
Level 2
    
Level 3
  
Fixed income securities:
                        
Agency collateralized mortgage obligations
  
$
15,730
    
$
–
    
$
15,730
    
$
–
  
Agency mortgage-backed securities
    
41,031
      
–
      
41,031
      
–
  
Asset-backed securities
    
94,880
      
–
      
94,880
      
–
  
Bank loans
    
16,074
      
–
      
16,074
      
–
  
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
  
Collateralized mortgage obligations
    
6,165
      
–
      
6,165
      
–
  
Corporate securities
    
251,394
      
–
      
251,394
      
–
  
Options embedded in convertible securities
    
4,924
      
–
      
4,924
      
–
  
Mortgage-backed securities
    
42,506
      
–
      
42,506
      
–
  
Municipal obligations
    
32,834
      
–
      
32,834
      
–
  
Non-U.S. government obligations
    
31,378
      
–
      
31,378
      
–
  
U.S. government obligations
    
197,397
      
–
      
197,397
      
–
  
Total fixed income securities
    
737,148
      
2,835
      
734,313
      
–
  
Equity securities:
                                
Consumer
    
17,125
      
17,125
      
–
      
–
  
Energy
    
3,340
      
3,340
      
–
      
–
  
Financial
    
29,117
      
29,117
      
–
      
–
  
Industrial
    
4,176
      
4,176
      
–
      
–
  
Technology
    
2,414
      
2,414
      
–
      
–
  
Funds (e.g. mutual funds, closed end funds, ETFs)
    
9,796
      
9,796
      
–
      
–
  
Other
    
8,587
      
8,587
      
–
      
–
  
Total equity securities
    
74,555
      
74,555
      
–
      
–
  
Short-term
    
1,000
      
1,000
      
–
      
–
  
Cash equivalents
    
76,967
      
–
      
76,967
      
–
  
Total
  
$
889,670
    
$
78,390
    
$
811,280
    
$
–
  

- 15 -
As of December 31, 2018:

Description
  
Total
    
Level 1
    
Level 2
    
Level 3
  
Fixed income securities:
                        
Agency collateralized mortgage obligations
  
$
10,687
    
$
–
    
$
10,687
    
$
–
  
Agency mortgage-backed securities
    
37,385
      
–
      
37,385
      
–
  
Asset-backed securities
    
64,422
      
–
      
64,422
      
–
  
Bank loans
    
9,750
      
–
      
9,750
      
–
  
Certificates of deposit
    
2,835
      
2,835
      
–
      
–
  
Collateralized mortgage obligations
    
5,423
      
–
      
5,423
      
–
  
Corporate securities
    
186,651
      
–
      
186,651
      
–
  
Options embedded in convertible securities
    
3,799
      
–
      
3,799
      
–
  
Mortgage-backed securities
    
38,540
      
–
      
38,540
      
–
  
Municipal obligations
    
29,155
      
–
      
29,155
      
–
  
Non-U.S. government obligations
    
25,180
      
–
      
25,180
      
–
  
U.S. government obligations
    
178,818
      
–
      
178,818
      
–
  
Total fixed income securities
    
592,645
      
2,835
      
589,810
      
–
  
Equity securities:
                                
Consumer
    
17,945
      
17,945
      
–
      
–
  
Energy
    
3,179
      
3,179
      
–
      
–
  
Financial
    
25,253
      
25,253
      
–
      
–
  
Industrial
    
6,920
      
6,920
      
–
      
–
  
Technology
    
2,303
      
2,303
      
–
      
–
  
Funds (e.g. mutual funds, closed end funds, ETFs)
    
5,489
      
5,489
      
–
      
–
  
Other
    
5,333
      
5,333
      
–
      
–
  
Total equity securities
    
66,422
      
66,422
      
–
      
–
  
Short-term
    
1,000
      
1,000
      
–
      
–
  
Cash equivalents
    
156,855
      
–
      
156,855
      
–
  
Total
  
$
816,922
    
$
70,257
    
$
746,665
    
$
–
  

Level inputs, as defined by the FASB guidance, are as follows:

Level Input:
  
Input Definition:
     
Level 1
  
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
     
Level 2
  
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.
     
Level 3
  
Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The Company did not have any Level 3 assets at June 30, 2019 or December 31, 2018.  Level 3 assets, when present, are valued using various unobservable inputs including extrapolated data, proprietary models and indicative quotes. 

Quoted market prices are obtained whenever possible.  Where quoted market prices are not available, fair values are estimated using broker/dealer quotes for specific securities.  These techniques are significantly affected by the Company's assumptions, including discount rates and estimates of future cash flows.  Potential taxes and other transaction costs have not been considered in estimating fair values.

Transfers between levels, if any, are recorded as of the beginning of the reporting period.  There were no significant transfers of assets between Level 1 and Level 2 during the six months ended June 30, 2019 and 2018.

In addition to the preceding disclosures on assets recorded at fair value in the condensed consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the condensed consolidated balance sheets.

Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as policy reserve liabilities are excluded from the fair value disclosures.  Therefore, the fair value amounts cannot be aggregated to determine the underlying economic value of the Company.  The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument:

- 16 -
Limited partnerships: The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to carry the investment at its proportionate share of the limited partnership's equity.   The underlying assets of the Company's investments in limited partnerships are carried primarily at fair value; therefore, the Company's carrying value of limited partnerships approximates fair value.  As these investments are not actively traded and the corresponding inputs are based on data provided by the investees, they are classified as Level 3.

Commercial mortgage loans:  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans.  The fair value of the Company’s investment in these commercial mortgage loans is based on expected future cash flows discounted at the current interest rate for origination of similar quality loans, adjusted for specific loan risk.  These investments are classified as Level 3.

Short-term borrowings: The fair value of the Company's short-term borrowings is based on quoted market prices for the same or similar debt, or, if no quoted market prices are available, on the current market interest rates available to the Company for debt of similar terms and remaining maturities.

A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 is as follows:

   
Carrying
    
Fair Value
  
   
Value
    
Level 1
    
Level 2
    
Level 3
    
Total
  
June 30, 2019
                              
Assets:  
                              
Limited partnerships
  
$
35,535
    
$
–
    
$
–
    
$
35,535
    
$
35,535
  
Commercial mortgage loans
    
8,884
      
–
      
–
      
8,884
      
8,884
  
Liabilities:  
                                        
Short-term borrowings
    
20,000
      
–
      
20,000
      
–
      
20,000
  
                                         
December 31, 2018
                                        
Assets:  
                                        
Limited partnerships
  
$
55,044
    
$
–
    
$
–
    
$
55,044
    
$
55,044
  
Commercial mortgage loans
    
6,672
      
–
      
–
      
6,672
      
6,672
  
Liabilities:  
                                        
Short-term borrowings
    
20,000
      
–
      
20,000
      
–
      
20,000
  


(9)  Stock-Based Compensation:

The Company issues shares of restricted Class B Common Stock to the Company's outside directors as their annual retainer compensation.  The shares are distributed to the outside directors on the vesting date, which, with the exception of pro-rated annual retainers granted to outside directors, is one year following the date of grant.  On May 17, 2019, the Company granted shares of restricted Class B Common Stock in connection with the election of a new outside director, reflecting such director’s pro-rated annual retainer compensation, which shares will vest and be distributed on May 7, 2020.  Additionally, effective May 22, 2019, John D. Nichols, Jr. ceased serving as the Company's Interim Chief Executive Officer and principal executive officer, but continued to serve as Chairman of the Company's Board of Directors.  On May 22, 2019, the Company granted shares of restricted Class B Common Stock to Mr. Nichols in connection with this transition, reflecting his pro-rated annual retainer compensation, which shares will also vest and be distributed on May 7, 2020.  The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:

Grant Date
  
Number of
Shares Issued
  
Vesting Date
Service Period
  
Grant Date Fair
Value Per Share
  
5/9/2017
    
18,183
  
5/9/2018
7/1/2017 - 6/30/2018
  
$
24.20
  
                     
8/31/2017
    
1,257
  
5/9/2018
8/31/2017 - 6/30/2018
  
$
21.90
  
                     
2/9/2018
    
408
  
5/9/2018
2/9/2018 - 6/30/2018
  
$
24.20
  
                     
5/8/2018
    
19,085
  
5/8/2019
7/1/2018 - 6/30/2019
  
$
23.05
  
                     
5/7/2019
    
29,536
  
5/7/2020
7/1/2019 - 6/30/2020
  
$
16.25
  
                     
5/17/2019
    
3,591
  
5/7/2020
7/1/2019 - 6/30/2020
  
$
16.25
  
                     
5/22/2019
    
3,541
  
5/7/2020
7/1/2019 - 6/30/2020
  
$
16.25
  

- 17 -
Compensation expense related to the above stock grants is recognized over the period in which the directors render services.

In May 2017, the Company's Compensation Committee granted equity-based awards pursuant to the Company's Long-Term Incentive Plan (the "Long-Term Incentive Plan"), which was approved by the Company's shareholders at the 2017 Annual Meeting of Shareholders.  Certain participants under the Long-Term Incentive Plan were granted Value Creation Incentive Plan awards (the "2017 VCIP Awards").  The 2017 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income over a three-year performance period from January 1, 2017 through December 31, 2019 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2017.  For the purpose of the 2017 VCIP Awards, cumulative operating income is equal to income before taxes excluding net realized gains (losses) on investments.  Any 2017 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2020.  No shares are eligible to be issued under the 2017 VCIP Awards as of June 30, 2019.

In March 2018, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2018 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a measurement of the combined results of the Company's 2018 growth in gross premiums earned and the Company's 2018 combined ratio.  The combined ratio is calculated as a ratio of (A) losses and loss expenses incurred, plus other operating expenses, less commission and other income to (B) net premiums earned.  No 2018 LTIP Awards were earned based on the Company's performance in 2018, and therefore no shares were issued pursuant to the 2018 LTIP Awards.  In addition to the 2018 LTIP Awards, in March 2018 the Company's Compensation Committee also granted Value Creation Incentive Plan awards (the "2018 VCIP Awards") to certain participants under the Long-Term Incentive Plan.  The 2018 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income, as defined above, over a three-year performance period from January 1, 2018 through December 31, 2020 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2018.  Any 2018 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2021.  No shares are eligible to be issued under the 2018 VCIP Awards as of June 30, 2019.

On November 13, 2018, the Company entered into an employment agreement with its Interim Chief Executive Officer, John D. Nichols, Jr.  Pursuant to the terms of this employment agreement, on November 13, 2018, Mr. Nichols was granted 85,000 restricted shares of the Company's Class B Common Stock (the "Nichols Stock Grant"), of which 42,500 shares will vest as of October 17, 2019; 21,250 shares will vest as of October 17, 2020, and 21,250 shares will vest as of October 17, 2021.  The Company recorded $559 of expense during the six months ended June 30, 2019 related to the Nichols Stock Grant.


In March 2019, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2019 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a corporate performance component as well as a personal performance component.  The corporate performance component of the 2019 LTIP Awards will be determined based on the Company's achievement of 2019 underwriting income compared to the plan target.  The Company's underwriting income will be calculated as income (loss) before federal income tax expense (benefit), less net realized gains (losses) on investments, less net unrealized gains (losses) on equity securities and limited partnerships, less net investment income.  The personal performance component of the 2019 LTIP Awards will be determined based on the achievement of personal goals that align with departmental and corporate objectives for 2019.  Any 2019 LTIP Awards earned will be paid in shares of restricted Class B Common Stock in early 2020.  One-third of such shares will vest annually over the three-year period beginning one year from the date of issue.  The Company recorded $51 of expense during the six months ended June 30, 2019 related to the 2019 LTIP Awards.

On May 22, 2019, the Company entered into an employment agreement with its new Chief Executive Officer, Jeremy D. Edgecliffe-Johnson.  Pursuant to the terms of this employment agreement, on May 22, 2019, Mr. Edgecliffe-Johnson was granted 70,000 restricted shares of the Company's Class B Common Stock (the "Edgecliffe-Johnson Stock Grant"), of which 35,000 shares will vest as of June 1, 2022, 21,000 shares will vest as of June 1, 2023, and 14,000 shares will vest as of June 1, 2024.  The Company recorded $36 of expense during the six months ended June 30, 2019 related to the Edgecliffe-Johnson Stock Grant.


- 18 -
(10)  Litigation, Commitments and Contingencies:

In the ordinary, regular and routine course of their business, the Company and its Insurance Subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided.  No currently pending matter is deemed by management to be material to the Company.

Personnel Staffing Group Litigation

In July 2019, Protective Insurance Company (“PIC”) was named as a defendant in a California action brought by former insured, Personnel Staffing Group d/b/a MVP Staffing (“PSG”) alleging breach of PIC’s workers’ compensation insurance policy and breach of the duties of good faith and fair dealing.  PIC provided workers’ compensation insurance to PSG from January 1, 2017 through June 30, 2018, which was subject to a $500 per claim deductible to be paid by PSG.  No specific damages were included in the complaint.   The Company intends to vigorously defend these claims; however, the ultimate outcome cannot be presently determined.

In August 2019, PIC filed its own lawsuit against PSG in Marion County, Indiana alleging breach of contract, breach of the parties collateral agreement, breach of the parties indemnity agreement, and seeking declaratory judgment regarding PSG’s ongoing obligation to fund its ongoing claims deductible obligations and adequately collateralize PIC’s current and ongoing claims exposure, pursuant to the parties agreements.  Pursuant to the terms of the workers’ compensation policies, PIC has a duty to adjust and pay claims arising under the policies as they develop regardless of whether PSG fulfills its deductible obligations.  Under its contractual obligations to PIC, PSG is required to maintain a “loss fund” for the payment of claims, the balance of which is to remain at or above $4,000; in addition, PSG is required to provide collateral in an amount equal to 110% of PIC’s current open case reserves on workers’ compensation claims arising under PSG’s policies.

As of June 30, 2019, PIC had approximately $20,000 in open case reserves within PSG’s $500 deductible, in addition to $1,800 in deductible receivables on claims arising under PSG’s workers’ compensation policies and had exhausted all collateral provided by PSG.  Continued claims development is anticipated to be consistent with similar lines of workers’ compensation as described in the Company’s 2018 Annual Report on Form 10-K and therefore, PSG’s ultimate obligations to PIC under the agreements is estimated to be approximately $40,000 as of June 30, 2019 (inclusive of the $20,000 in open case reserves and $1,800 in deductible receivable amounts noted above).  At June 30, 2019, the Company believes that it will fully collect all future amounts due from PSG relating to this contingency and therefore has not recorded a provision for any potential asset impairment.


(11)  Shareholders' Equity:

On August 31, 2017, the Company's Board of Directors authorized the reinstatement of its share repurchase program for up to 2,464,209 shares of the Company's Class A or Class B Common Stock.  On August 7, 2018, the Company's Board of Directors reaffirmed its share repurchase program, but also provided that the aggregate dollar amount of shares of the Company's Common Stock that may be repurchased under the share repurchase program through August 8, 2019 may not exceed $25,000.  As of June 30, 2019, the Company has repurchased $9,293 under the share repurchase program.  Pursuant to this share repurchase program, the Company entered into a Rule 10b5-1 plan on June 21, 2019, which authorized the repurchase of up to $4,000 of the Company's outstanding Common Stock at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934.  The Rule 10b5-1 plan expires on August 8, 2019.  No duration has been placed on the Company's share repurchase program, and the Company reserves the right to amend, suspend or discontinue it at any time.  The share repurchase program does not commit the Company to repurchase any shares of its Common Stock.

During the six months ended June 30, 2019, the Company paid $6,487 to repurchase 2,893 shares of Class A and 371,188 shares of Class B Common Stock under the share repurchase program.

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2019:

   
Foreign
Currency
    
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
    
Total
  
Beginning balance at December 31, 2018
  
$
(1,139
)
  
$
(6,208
)
  
$
(7,347
)
                         
Other comprehensive income before reclassifications
    
591
      
14,758
      
15,349
  
Amounts reclassified from accumulated other comprehensive income (loss)
    
–
      
215
      
215
  
                         
Net current-period other comprehensive income
    
591
      
14,973
      
15,564
  
                         
Ending balance at June 30, 2019
  
$
(548
)
  
$
8,765
    
$
8,217
  


- 19 -
The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2018:

   
Foreign
Currency
    
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
    
Total
  
Beginning balance at December 31, 2017
  
$
(309
)
  
$
46,700
    
$
46,391
  
                         
Cumulative effect of adoption of ASU 2016-01, net of tax
    
–
      
(46,157
)
    
(46,157
)
                         
Balance at January 1, 2018
    
(309
)
    
543
      
234
  
                         
Cumulative effect of adoption of ASU 2018-02
    
–
      
117
      
117
  
Other comprehensive loss before reclassifications
    
(411
)
    
(4,050
)
    
(4,461
)
Amounts reclassified from accumulated other comprehensive income (loss)
    
–
      
(1,097
)
    
(1,097
)
                         
Net current-period other comprehensive loss
    
(411
)
    
(5,147
)
    
(5,558
)
                         
Ending balance at June 30, 2018
  
$
(720
)
  
$
(4,487
)
  
$
(5,207
)


(12)  Related Parties:

At June 30, 2019, the Company was invested in one limited partnership, the New Vernon India Fund, with an aggregate estimated value of $17,489, that is managed by an organization in which one director of the Company is an executive officer and owner.  The Company's ownership interest in this limited partnership at June 30, 2019 was 4%.  For the six months ended June 30, 2019 and 2018, the Company recorded $125 and $275 of fees related to the management of this limited partnership investment.

The Company utilizes the services of an investment firm of which one director of the Company is a partial owner.  This investment firm manages equity securities and fixed income portfolios held by the Company with an aggregate market value of approximately $8,601 at June 30, 2019.  Total commissions and net fees earned by this investment firm and its affiliates on these portfolios were $12 and $54 for the six months ended June 30, 2019 and 2018.


(13)  Subsequent Events:

In July 2019, the Company withdrew $11,127 from the Arbiter Partners LP, a limited partnership, which liquidated the Company's investment in this limited partnership.

On August 6, 2019, the Company's Board of Directors declared a regular quarterly dividend of $0.10 per share on the Company's Class A and Class B Common Stock.  The dividend per share will be payable September 3, 2019 to shareholders of record on August 20, 2019.

Pursuant to the Rule 10b5-1 plan entered into on June 21, 2019, the Company paid $2,565 to repurchase 158 shares of Class A and 152,593 shares of Class B Common Stock between July 1, 2019 and the date of this Quarterly Report on Form 10-Q.


- 20 -
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Protective Insurance Corporation is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  Additionally, we offer workers' compensation coverage for a variety of operations outside the transportation industry.  We operate as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Protective,” as used throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), refers to Protective Insurance Corporation, the parent company.  The terms the “Company,” “we,” “us” and “our,” as used throughout this MD&A, refer to Protective and all of its subsidiaries, unless the context clearly indicates otherwise.  The term “Insurance Subsidiaries,” as used throughout this MD&A, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.

Liquidity and Capital Resources

The primary sources of our liquidity are (1) funds generated from insurance operations, including net investment income, (2) proceeds from the sale of investments, and (3) proceeds from maturing investments.

We generally experience positive cash flow from operations.  Premiums are collected on insurance policies in advance of the disbursement of funds for payment of claims.  Operating costs of our property/casualty Insurance Subsidiaries, other than loss and loss expense payments and commissions paid to related agency companies, average less than one-third of net premiums earned on a consolidated basis and the remaining amount is available for investment for varying periods of time depending on the type of insurance coverage provided and the timing of the claim payments. Because losses are often settled in periods subsequent to when they are incurred, operating cash flows may, at times, become negative as loss settlements on claim reserves established in prior years exceed current revenues.  Our cash flow relating to premiums is significantly affected by reinsurance programs in effect, whereby we cede both premium and risk to other insurance and reinsurance companies.  These programs vary significantly among products, and certain contracts call for reinsurance payment patterns, which do not coincide with the collection of premiums by us from our insureds.

On August 31, 2017, our Board of Directors authorized the reinstatement of our share repurchase program for up to 2,464,209 shares of our Class A or Class B Common Stock.  On August 7, 2018, our Board of Directors reaffirmed our share repurchase program, but also provided that the aggregate dollar amount of shares of our common stock that may be repurchased under the share repurchase program through August 8, 2019 may not exceed $25.0 million.  As of June 30, 2019 we have repurchased $9.3 million under the share repurchase program reaffirmed on August 7, 2018.  The repurchases may be made in the open market or through privately negotiated transactions, from time-to-time, and in accordance with applicable laws, rules and regulations. On June 21, 2019, we entered into a stock repurchase plan for the purpose of repurchasing up to $4.0 million of shares of our common stock, at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Rule 10b5-1 Plan"). The Rule 10b5-1 Plan was established pursuant to, and as part of, our share repurchase program and permits shares to be repurchased in accordance with pre-determined criteria when repurchases would otherwise be prohibited, such as during self-imposed blackout periods, or under insider trading laws. The Rule 10b5-1 plan expires on August 8, 2019.  Pursuant to the Rule 10b5-1 plan, we paid $2.6 million to repurchase 158 shares of Class A and 152,593 shares of Class B Common Stock between July 1, 2019 and the date of this Quarterly Report on Form 10-Q.  The share repurchase program may be amended, suspended or discontinued at any time and does not commit us to repurchase any shares of our common stock. We have funded, and intend to continue to fund, the share repurchase program from cash on hand. The actual number and value of the shares to be purchased will depend on the performance of our stock price, market volume and other market conditions.  During the six months ended June 30, 2019, we paid $6.5 million to repurchase 2,893 shares of Class A and 371,188 shares of Class B Common Stock under the share repurchase program.

For several years, our investment philosophy has emphasized the purchase of short-term bonds with high quality and liquidity.  Our fixed income investment portfolio continues to emphasize shorter-duration instruments.  If there was a hypothetical increase in interest rates of 100 basis points, the price of our fixed income portfolio, including cash, at June 30, 2019 would be expected to fall by approximately 2.2%.  The credit quality of our fixed income securities remains high with a weighted average rating of AA-, including cash.  The average contractual life of our fixed income and short-term investment portfolio was 5.9 years at June 30, 2019 and 5.5 years at December 31, 2018.  The average duration of our fixed income portfolio remains shorter than the average duration of our liabilities.  We also remain an active participant in the equity securities market, using capital in excess of amounts considered necessary to fund our current operations.  The long-term horizon for our equity investments allows us to invest in positions where ultimate value, and not short-term market fluctuation, is the primary focus.  Investments made by our domestic property/casualty Insurance Subsidiaries are regulated by guidelines promulgated by the National Association of Insurance Commissioners (the "NAIC"), which are designed to provide protection for both policyholders and shareholders.

- 21 -

Net cash flows from operations increased $13.7 million to $38.4 million during the six months ended June 30, 2019 compared to $24.7 million for the six months ended June 30, 2018.  The increase in operating cash flows was primarily related to higher premium volume and higher investment income during the six months ended June 30, 2019 compared to the same period in 2018.

Net cash used in investing activities was $103.2 million for the six months ended June 30, 2019 compared to $0.4 million for the six months ended June 30, 2018.  The $102.8 million increase in cash used in investing activities in the six months ended June 30, 2019 was primarily the result of a decrease in proceeds from sales of our equity and fixed income securities of $103.7 million compared to the six months ended June 30, 2018, when we reallocated our equity portfolio to fixed income securities.  We also had higher purchases of equity and fixed income securities of $29.9 million and an additional investment of $2.2 million in commercial mortgage loans in the first half of 2019, partially offset by $19.9 million of higher distributions received from limited partnerships during the first half of 2019 and a $1.3 million reduction in purchases of property and equipment. Additionally, the first half of 2018 included the purchase of $10.0 million of company-owned life insurance, which did not recur in the first half of 2019.

Net cash used in financing activities for the six months ended June 30, 2019 consisted of regular cash dividend payments to shareholders of $3.0 million ($0.20 per share) and $6.5 million to repurchase shares of our Class A and B Common Stock.  Financing activities for the six months ended June 30, 2018 consisted of regular cash dividend payments to shareholders of $8.5 million ($0.56 per share) and $1.3 million to repurchase shares of our Class B Common Stock.

Our assets at June 30, 2019 included $77.0 million of investments included within cash and cash equivalents on the condensed consolidated balance sheet that are readily convertible to cash without market penalty and an additional $99.5 million of fixed income investments maturing in less than one year.  We believe these liquid investments, plus the expected cash flow from premium collections, are sufficient to provide for projected claim payments and operating cost demands.  In the event competitive conditions produce inadequate premium rates and we choose to further restrict volume, the liquidity of our investment portfolio would permit us to continue to pay claims as settlements are reached without requiring the disposal of investments at a loss, regardless of interest rates in effect at the time.  In addition, our reinsurance program is structured to avoid significant cash outlays that accompany large losses.

We maintain a revolving credit facility with a $40.0 million limit, with the option for up to an additional $35.0 million in incremental loans at the discretion of the lenders, which has an expiration date of August 9, 2022.  Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at our option.  Outstanding drawings on this revolving credit facility were $20.0 million as of June 30, 2019.  At June 30, 2019, the effective interest rate was 3.50% and we had $20.0 million remaining under the revolving credit facility.  The current outstanding borrowings were used to repay our previous line of credit.  Our revolving credit facility has two financial covenants, each of which were met as of June 30, 2019.  These covenants require us to have a minimum U.S. generally accepted accounting principles ("GAAP") net worth and a maximum consolidated leverage ratio of 0.35 to 1.00.

Annualized net premiums written by our Insurance Subsidiaries for the second quarter of 2019 equaled approximately 124% of the combined statutory surplus of these subsidiaries, a level consistent with higher premiums written.  Premium writings of up to 100% and in some cases up to 200% of surplus are generally considered acceptable by regulatory authorities.  Further, the statutory capital of each of our Insurance Subsidiaries substantially exceeded minimum risk-based capital requirements set by the NAIC as of June 30, 2019.  Accordingly, we have the ability to significantly increase our business without seeking additional capital to meet regulatory guidelines.

Consolidated shareholders' equity is composed largely of GAAP shareholders' equity of our Insurance Subsidiaries.  As such, there are statutory restrictions on the transfer of substantial portions of this equity to Protective.  At June 30, 2019, $37.1 million may be transferred by dividend or loan to Protective during the remainder of 2019 without approval by, or prior notification to, regulatory authorities.  An additional $216.2 million of shareholders' equity of our Insurance Subsidiaries could be advanced or loaned to Protective with prior notification to, and approval from, regulatory authorities, although transfers of this size would not be practical.  We believe these restrictions pose no material liquidity concerns for us.  We also believe the financial strength and stability of our Insurance Subsidiaries would permit access by Protective to short-term and long-term sources of credit when needed.  Protective had cash and marketable securities valued at $12.1 million at June 30, 2019.


- 22 -

Non-GAAP Measures

We believe investors’ understanding of our performance is enhanced by our disclosure of underwriting income (loss), which is a measure that is not calculated in accordance with GAAP. Underwriting income (loss) represents the pre-tax profitability of our insurance operations and is derived by subtracting net realized and unrealized gains (losses) on investments and net investment income from income before federal income tax expense (benefit). We use underwriting income (loss) as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations, our underlying business performance and our ongoing operating trends. Underwriting income (loss) should not be viewed as a substitute for income before federal income tax expense (benefit) calculated in accordance with GAAP, and other companies may define underwriting income (loss) differently.

The ratio of consolidated other operating expenses, less commissions and other income, to net premiums earned, or our expense ratio, and the ratio of losses and loss expenses incurred, plus other operating expenses, less commissions and other income, to net premiums earned, or our combined ratio, are measures of our profitability that we believe increase the period-to-period comparability of our operational results.  Our management uses these ratios to evaluate performance, allocate resources and forecast future operating periods.  While expense ratios and combined ratios are widely used within our industry, our use of such ratios may not be directly comparable to similarly titled measures reported by other companies.

   
Three Months Ended
    
Six Months Ended
  
   
June 30
    
June 30
  
   
2019
    
2018
    
2019
    
2018
  
Income before federal income tax expense
  
$
1,950
    
$
3,057
    
$
5,464
    
$
3,371
  
Less: Net realized and unrealized gains (losses) on investments
    
2,889
      
(3,435
)
    
8,916
      
(7,968
)
Less: Net investment income
    
6,500
      
5,796
      
12,732
      
10,432
  
Underwriting income (loss)
  
$
(7,439
)
  
$
696
    
$
(16,184
)
  
$
907
  
                                 
                                 
Ratios
                                
Losses and loss expenses incurred
  
$
90,433
    
$
77,488
    
$
177,555
    
$
149,787
  
Net premiums earned
    
115,631
      
111,940
      
225,644
      
217,402
  
Loss ratio
    
78.2
%
    
69.2
%
    
78.7
%
    
68.9
%
                                 
Other operating expenses
  
$
34,615
    
$
36,019
    
$
68,316
    
$
70,784
  
Less: Commissions and other income
    
1,978
      
2,263
      
4,043
      
4,076
  
Other operating expenses, less commissions and other income
    
32,637
      
33,756
      
64,273
      
66,708
  
Net premiums earned
    
115,631
      
111,940
      
225,644
      
217,402
  
Expense ratio
    
28.2
%
    
30.2
%
    
28.5
%
    
30.7
%
                                 
Combined ratio
    
106.4
%
    
99.4
%
    
107.2
%
    
99.6
%


- 23 -

Results of Operations

Comparison of Second Quarter 2019 to Second Quarter 2018

   
2019
    
2018
    
Change
    
% Change
  
Gross premiums written
  
$
147,152
    
$
142,270
    
$
4,882
      
3.4
%
Ceded premiums written
    
(31,457
)
    
(28,016
)
    
(3,441
)
    
12.3
%
Net premiums written
  
$
115,695
    
$
114,254
    
$
1,441
      
1.3
%
                                 
Net premiums earned
  
$
115,631
    
$
111,940
    
$
3,691
      
3.3
%
Net investment income
    
6,500
      
5,796
      
704
      
12.1
%
Commissions and other income
    
1,978
      
2,263
      
(285
)
    
(12.6
)%
Net realized and unrealized gains (losses) on investments
    
2,889
      
(3,435
)
    
6,324
      
184.1
%
Total revenue
    
126,998
      
116,564
                  
Losses and loss expenses incurred
    
90,433
      
77,488
      
12,945
      
16.7
%
Other operating expenses
    
34,615
      
36,019
      
(1,404
)
    
(3.9
)%
Total expenses
    
125,048
      
113,507
                  
Income before federal income tax expense
    
1,950
      
3,057
      
(1,107
)
        
Federal income tax expense
    
415
      
570
      
(155
)
        
Net income
  
$
1,535
    
$
2,487
    
$
(952
)
        
                                 

Gross premiums written during the second quarter of 2019 increased $4.9 million (3.4%), while net premiums earned increased $3.7 million (3.3%), as compared to the second quarter of 2018.  The higher net premiums earned were the result of growth in workers' compensation business.

Premiums ceded to reinsurers on our insurance business averaged 21.4% of gross premiums written for the second quarter of 2019 compared to 19.7% in the second quarter of 2018.  The increase in premiums ceded reflected the differences in reinsurance ceding rates on the mix of our business in-force.  During the second quarter of 2019, we had higher gross premiums written in our workers' compensation coverages, which carry a higher reinsurance ceding rate.

Losses and loss expenses incurred during the second quarter of 2019 increased $12.9 million (16.7%) compared to the second quarter of 2018, resulting in a loss ratio of 78.2% during the second quarter of 2019 compared to a loss ratio of 69.2% during the second quarter of 2018.  The loss ratio is calculated as the percentage of losses and loss expenses incurred to net premiums earned.  The increased losses and loss expenses and the higher loss ratio in the second quarter of 2019 reflected an increase in current accident year losses driven by severe commercial automobile claims, including continued emergence of severity.  This current accident year development was partially offset by prior accident year net savings of $0.6 million that developed during the three months ended June 30, 2019, primarily due to favorable loss development in workers' compensation and independent contractor coverages.

Net investment income for the second quarter of 2019 increased 12.1% to $6.5 million compared to $5.8 million for the second quarter of 2018. The increase reflected an increase in average funds invested resulting from positive cash flow, as well as a reallocation from equity investments held in limited partnerships into short-duration, high-quality bonds.  After-tax investment income increased by 10.6% to $5.2 million during the second quarter of 2019, compared to $4.7 million during the second quarter of 2018, reflecting the aforementioned increase in average funds invested and reallocation from limited partnerships to short-duration, high- quality bonds.

Net realized and unrealized gains on investments of $2.9 million during the second quarter of 2019 were primarily driven by $2.0 million in unrealized gains on equity securities during the period, net realized gains on sales of securities, excluding impairment losses, of $0.7 million and a $0.3 million increase in the value of our limited partnership investments, partially offset by other-than-temporary impairments on our fixed income securities of $0.1 million recognized during the period.  Comparative second quarter 2018 net realized and unrealized losses on investments of $3.4 million were driven by a $2.8 million decrease in the value of our limited partnership investments and $1.5 million in unrealized losses on equity securities during the period, partially offset by net realized gains on sales of securities, excluding impairment losses, of $0.9 million.  Realized investment gains and losses result from decisions regarding overall portfolio realignment as well as the sale of individual securities, including the change in the aggregate value of limited partnerships and, as such, should not be expected to be consistent from period to period.

Other operating expenses for the second quarter of 2019 decreased $1.4 million, or 3.9%, to $34.6 million compared to the second quarter of 2018.  The decrease was driven primarily by lower salary and benefit expense in addition to lower other operating expenses, partially offset by higher commission expenses as a result of the mix of premium written in the second quarter of 2019.  The ratio of consolidated other operating expenses, less commissions and other income, to net premiums earned (the “expense ratio”) was 28.2% during the second quarter of 2019 compared to 30.2% for the second quarter of 2018.  The decrease in the expense ratio was primarily related to the leveraging effect of higher net premiums earned in the second quarter of 2019 compared to the second quarter of 2018.

- 24 -
Federal income tax expense was $0.4 million for the second quarter of 2019 compared to federal income tax expense of $0.6 million for the second quarter of 2018.  The effective tax rate for the second quarter of 2019 was 21.3% compared to 18.6% in the second quarter of 2018.  The effective federal income tax rate in the current year differed from the normal statutory rate primarily as a result of tax-exempt investment income.  For the three months ended June 30, 2019, we had lower tax-exempt income when compared to the same period in 2018, primarily due to the reduction of tax exempt municipal securities within our investment portfolio in the current year as well as a decrease in dividend income, which provides a deduction for taxes, related to the reallocation of equity securities to fixed income securities within our investment portfolio throughout 2018.

As a result of the factors mentioned above, net income decreased $1.0 million to $1.5 million during the second quarter of 2019 compared to net income of $2.5 million during the second quarter of 2018.



Comparison of Six Months Ended June 30, 2019 to Six Months Ended June 30, 2018

   
2019
    
2018
    
Change
    
% Change
  
Gross premiums written
  
$
296,045
    
$
291,093
    
$
4,952
      
1.7
%
Ceded premiums written
    
(65,028
)
    
(63,405
)
    
(1,623
)
    
2.6
%
Net premiums written
  
$
231,017
    
$
227,688
    
$
3,329
      
1.5
%
                                 
Net premiums earned
  
$
225,644
    
$
217,402
    
$
8,242
      
3.8
%
Net investment income
    
12,732
      
10,432
      
2,300
      
22.0
%
Commissions and other income
    
4,043
      
4,076
      
(33
)
    
(0.8
)%
Net realized and unrealized gains (losses) on investments
    
8,916
      
(7,968
)
    
16,884
      
211.9
%
Total revenue
    
251,335
      
223,942
                  
Losses and loss expenses incurred
    
177,555
      
149,787
      
27,768
      
18.5
%
Other operating expenses
    
68,316
      
70,784
      
(2,468
)
    
(3.5
)%
Total expenses
    
245,871
      
220,571
                  
Income before federal income tax expense
    
5,464
      
3,371
      
2,093
          
Federal income tax expense
    
1,181
      
554
      
627
          
Net income
  
$
4,283
    
$
2,817
    
$
1,466
          
                                 

Gross premiums written during the six months ended June 30, 2019 increased $5.0 million (1.7%), while net premiums earned increased $8.2 million (3.8%), as compared to the same period in 2018.  The higher net premiums earned were the result of the changes in our reinsurance structure discussed below in addition to growth in workers' compensation business.  The difference in the percentage change for premiums written compared to earned was reflective of the normal differences in the financial statement recognition of earned premiums compared to written, as well as differences in reinsurance ceding rates on the mix of business in-force described below.

Premiums ceded to reinsurers on our insurance business averaged 22.0% of gross premiums written for the six months ended June 30, 2019 compared to 21.8% for the same period of 2018.  The increase for the 2019 period reflected the ceding of an additional $1.6 million in commercial automobile premium from prior treaty years related to variable premium adjustment provisions in our historical reinsurance treaties.  Additionally, during the first half of 2019, we had higher gross premiums written in workers' compensation coverages, which carry a higher reinsurance ceding rate.  These increases were offset by changes made to our reinsurance structure in the third quarter of 2017, when we lowered the quota share rate on our workers' compensation premiums to reflect growing profitability and confidence in this book of business.  We also restructured our commercial automobile reinsurance treaty, moving away from variable premium ceded rates (based on loss performance) to a flat ceding arrangement with no material changes to the economic risks taken for these products (i.e. ceded losses will decrease by a similar amount as ceded premiums).

Losses and loss expenses incurred during the six months ended June 30, 2019 increased $27.8 million (18.5%) compared to the same period of 2018, resulting in a loss ratio of 78.7% for the period.   This compares to a loss ratio of 68.9% during the same period of 2018.  The loss ratio is calculated as the percentage of losses and loss expenses incurred to net premiums earned.  The increased losses and loss expenses and the higher loss ratio in the six months ended June 30, 2019 reflected an increase in current accident year losses driven by severe commercial automobile claims, including continued emergence of severity.  This current accident year development was partially offset by prior accident year net savings of $1.7 million that developed during the six months ended June 30, 2019, primarily due to favorable loss development in workers' compensation and independent contractor coverages.  Including the impact of additional ceded premium discussed above, the total prior accident year impacts were favorable by $0.1 million for the six months ended June 30, 2019.

Net investment income for the six months ended June 30, 2019 increased 22.0% to $12.7 million compared to $10.4 million in the same period of 2018. The increase reflected an increase in average funds invested resulting from positive cash flow, as well as a reallocation from equity investments held in limited partnerships into short-duration, high-quality bonds.  After-tax investment income increased by 21.4% to $10.2 million during the six months ended June 30, 2019, compared to $8.4 million during the same period of 2018, reflecting the aforementioned increase in average funds invested and reallocation from limited partnerships to short-duration, high-quality bonds.

- 25 -
Net realized and unrealized gains on investments of $8.9 million during the six months ended June 30, 2019 were primarily driven by $7.9 million in unrealized gains on equity securities during the period, a $0.7 million increase in the value of our limited partnership investments and net realized gains on sales of securities, excluding impairment losses, of $0.6 million, partially offset by other-than-temporary impairments on our fixed income securities of $0.3 million recognized during the period.  Comparative six months ended June 30, 2018 net realized and unrealized losses on investments of $8.0 million were driven by a $5.5 million decrease in the value of our limited partnership investments and $3.8 million in unrealized losses on equity securities, excluding impairment losses, during the period, partially offset by net realized gains on sales of securities of $1.3 million.  Realized investment gains and losses result from decisions regarding overall portfolio realignment as well as the sale of individual securities, including the change in the aggregate value of limited partnerships and, as such, should not be expected to be consistent from period to period.

Other operating expenses for the six months ended June 30, 2019 decreased $2.5 million, or 3.5%, to $68.3 million compared to $70.8 million for the same period of 2018.  The decrease was driven primarily by lower salary and benefit expense in addition to lower other operating expenses, partially offset by higher commission expenses as a result of the mix of premium written in the six months ended June 30, 2019.  The expense ratio was 28.5% during the six months ended June 30, 2019 compared to 30.7% for the same period of 2018.  The decrease in the expense ratio was primarily related to the leveraging effect of higher net premiums earned in the six months ended June 30, 2019 compared to the same period of 2018.

Federal income tax expense was $1.2 million for the six months ended June 30, 2019 compared to $0.6 million for the same period of 2018.  The effective tax rate for the six months ended June 30, 2019 was 21.6% compared to 16.4% in the same period of 2018.  The effective federal income tax rate in the current year differed from the normal statutory rate primarily as a result of tax-exempt investment income.  For the six months ended June 30, 2019, we had lower tax-exempt income when compared to the same period in 2018, primarily due to the reduction of tax exempt municipal securities within our investment portfolio in the current year as well as a decrease in dividend income, which provides a deduction for taxes, related to the reallocation of equity securities to fixed income securities within our investment portfolio throughout 2018.

As a result of the factors mentioned above, net income increased $1.5 million to $4.3 million during the six months ended June 30, 2019 compared to net income of $2.8 million during the same period of 2018.



Sensitivity Analysis

Management is aware of the potential for variation from the reserves established at any particular point in time. Savings or deficiencies could develop in future valuations of the currently established loss and loss expense reserve estimates under a variety of reasonably possible scenarios. The majority of our reserves for losses and loss expenses, on a net of reinsurance basis, relate to our commercial automobile products. Perhaps the most significant example of sensitivity to variation in the key assumptions is the loss ratio selection for our commercial automobile products for policies subject to certain major reinsurance treaties.

Commercial automobile products covered by our reinsurance treaties from July-2013 through June-2019 are subject to an aggregate stop-loss provision.  Once this aggregate stop-loss level is reached, for every $100 of additional loss, we are responsible only for our $25 retention.  The following table illustrates the benefit of these reinsurance treaties, as the net financial loss to us of a further increase in ultimate losses for each of the six most recent reinsurance treaty years (2013-2018) covering these commercial automobile products, is only about 25% of the gross loss:

   
5% Increase in
Ultimate Loss Ratio
    
10% Increase in
Ultimate Loss Ratio
  
Gross loss expense from further strengthening current reserve position
  
$
42.6
    
$
85.2
  
Net financial loss
    
10.7
      
21.3
  
                 
$/share (after tax)
  
$
0.57
    
$
1.14
  

Commercial automobile products covered by our reinsurance treaty from July-2019 through June-2020 are also subject to an aggregate stop-loss provision.  Once the aggregate stop-loss level is reached, for every $100 of additional loss, we are responsible for our $65 retention.  This increase in our retention compared to recent years, reflects both: (1) our decision to buy less reinsurance, due to a higher cost of reinsurance for the 2019 treaty-year, and (2) our confidence in profitability improvements given rate increases we are receiving on our commercial automobile products.

- 26 -
Forward-Looking Information

The disclosures in this Form 10-Q contain "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995). All statements, trend analyses and other information contained in this Form 10-Q relative to markets for our products and trends in our operations or financial results, as well as other statements including words such as "may," "target," "anticipate," "believe," "plan," "estimate," "expect," "intend," "project," and other similar expressions, constitute forward-looking statements.

Investors are cautioned that such forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, many of which are difficult to predict and generally beyond our control.  Investors are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.  Investors are also urged to carefully review and consider the various disclosures made by us, which attempt to advise interested parties of the factors that affect our business, including "Risk Factors" set forth in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and our reports filed with the U.S. Securities and Exchange Commission from time to time.  Except to the extent otherwise required by federal securities laws, we do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof.

Factors that could contribute to these differences include, among other things:

●
general economic conditions, including weakness of the financial markets, prevailing interest rate levels and stock and credit market performance, which may affect or continue to affect (among other things) our ability to sell our products and to collect amounts due to us, our ability to access capital resources and the costs associated with such access to capital and the market value of our investments;

●
our ability to obtain adequate premium rates and manage our operating strategies;

●
increasing competition in the sale of our insurance products and services resulting from the entrance of new competitors into, or the expansion of the operations of existing competitors in, our markets and our ability to retain existing customers;

●
other changes in the markets for our insurance products;

●
the impact of technological advances, including those specific to the transportation industry;

●
changes in the legal or regulatory environment, which may affect the manner in which claims are adjusted or litigated, including loss and loss adjustment expense;

●
legal or regulatory changes or actions, including those relating to the regulation of the sale, underwriting and pricing of insurance products and services and capital requirements;

●
the impact of a downgrade in our financial strength rating;

●
technology or network security disruptions or breaches;

●
adequacy of insurance reserves;

●
availability of reinsurance and ability of reinsurers to pay their obligations;

●
our ability to attract and retain qualified employees and to successfully complete our executive officer transition;

●
tax law and accounting changes; and

●
legal actions brought against us.

Some of the significant risks and uncertainties that could cause actual results to differ materially from our expectations and projections are described more fully in Part II, Item 1A, "Risk Factors," of this Quarterly Report on Form 10-Q and Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.  You should read that information in conjunction with this "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our unaudited condensed consolidated financial statements and related notes in Part I, Item 1 of this Quarterly Report on Form 10-Q.

- 27 -

Critical Accounting Policies

There have been no changes in our critical accounting policies as disclosed in our Annual Report on Form 10-K filed for the year ended December 31, 2018.


Concentrations of Credit Risk

Our Insurance Subsidiaries cede portions of their gross premiums to numerous reinsurers under quota share and excess of loss treaties, as well as facultative placements.  These reinsurers assume commensurate portions of the risk of loss covered by the contracts.  As losses are reported and reserved, portions of the gross losses attributable to reinsurers are established as receivable assets and losses incurred are reduced.  At June 30, 2019, amounts due from reinsurers on paid and unpaid losses were estimated to total approximately $390 million.  Because of the large policy limits reinsured by us, the ultimate amount of incurred but not reported losses and loss adjustment expenses attributable to reinsurers could vary significantly from the estimate; provided, however, absent the inability to collect from reinsurers, such variance would not result in changes in net claim losses incurred by us.


Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

- 28 -
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Other than as set forth below, there have been no material changes in the Company's exposure to market risk since the disclosure in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

Interest Rate Risk
We are exposed to interest rate risk on our fixed income investments. Given the anticipated duration of our liabilities (principally insurance loss and loss expense reserves) relative to investment maturities, a 100 to 200 basis point increase in interest rates would not have a material impact on our ability to conduct daily operations or to meet our obligations and could result in significantly higher investment income in a relatively short period of time, as short-term investments and maturing bonds could be reinvested in higher yielding securities.

The table below summarizes our interest rate risk by illustrating the sensitivity of the fair value of our fixed income investments as of June 30, 2019 to selected hypothetical changes in interest rates (dollars in thousands).

   
Fair Value
    
Estimated Change
in Fair Value
  
200 basis point increase
  
$
702,383
    
$
(34,765
)
100 basis point increase
    
719,203
      
(17,945
)
Current fair value
    
737,148
      
–
  
100 basis point decrease
    
755,094
      
17,946
  
200 basis point decrease
    
771,913
      
34,765
  

Our selection of the range of values chosen to represent changes in interest rates should not be construed as our prediction of future market events, but rather as an illustration of the impact of such events should they occur.  Several other factors, including but not limited to the financial strength of the issuer, prepayment options, relative values of alternative investments, liquidity of the investment, currency fluctuations for non-U.S. debt holdings and other general market conditions, can impact the fair values of fixed income investments and, therefore, significant variations in market interest rates could produce quite different results from the hypothetical estimates presented above.


ITEM 4. CONTROLS AND PROCEDURES

The Company carried out an evaluation as of June 30, 2019 under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures as defined in Rule 13a-15(e) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, or the "Exchange Act". Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded the disclosure controls and procedures were effective in ensuring that information required to be disclosed in reports that the Company files or submits under the Exchange Act is: (a) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms; and (b) accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. The Company noted no change in its internal control over financial reporting that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

- 29 -
PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information required with respect to this item can be found in Note 10 - Litigation, Commitments and Contingencies of Notes to Unaudited Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated by reference into this Part II, Item 1.


ITEM 1A. RISK FACTORS

In addition to the information set forth in this Quarterly Report on Form 10-Q and before deciding to invest in, or retain, shares of the Company's common stock, you should carefully review and consider the information contained in the Company's other reports and periodic filings that it makes with the Securities and Exchange Commission, including, without limitation, the information contained under the caption Part I, Item 1A "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2018. Those risk factors could materially affect the Company's business, financial condition and results of operations. There have been no material changes from the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

   
Total Number of
Shares Purchased
    
Average Price
Paid per Share
    
Total Number of
Shares Purchased
Under the Program (1)
    
Remaining Shares
Available to be Purchased
Under the Program (1)
  
April 1 – April 30
    
172,439
    
$
17.52
      
172,439
      
1,982,184
  
May 1 – May 31
    
86,082
      
16.60
      
86,082
      
1,896,102
  
June 1 – June 30
    
90,602
      
17.33
      
90,602
      
1,805,500
  
Total
    
349,123
              
349,123
          

(1)
On August 31, 2017, our Board of Directors authorized the reinstatement of our share repurchase program for up to 2,464,209 shares of our Class A or Class B Common Stock.  On August 7, 2018, our Board of Directors reaffirmed our share repurchase program, but also provided that the aggregate dollar amount of shares of our Common Stock that may be repurchased under the share repurchase program through August 8, 2019 may not exceed $25.0 million.  Pursuant to this share repurchase program, we entered into a Rule 10b5-1 plan on June 21, 2019, which authorizes the repurchase of up to $4.0 million of our outstanding common stock, at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Exchange Act. The Rule 10b5-1 plan expires on August 8, 2019.  No duration has been placed on our share repurchase program, and we reserve the right to amend, suspend or discontinue it at any time.   The share repurchase program does not commit us to repurchase any shares of our Common Stock.  We have funded, and intend to continue to fund, the share repurchase program from cash on hand.

- 30 -
ITEM 6. EXHIBITS

INDEX TO EXHIBITS

Exhibit No.
  
Description
 
Amended and Restated Articles of Incorporation of Protective Insurance Corporation, incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed August 8, 2018.
     
 
Code of By-Laws of Protective Insurance Corporation, as amended effective May 17, 2019.
     
 
Employment Agreement, effective as of May 22, 2019, by and between the Company and Jeremy D. Edgecliffe-Johnson, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed May 22, 2019.
     
 
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
 
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
 
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101
  
The following materials from Protective Insurance Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in XBRL (eXtensible Business Reporting Language): (1) the Condensed Consolidated Balance Sheets, (2) the Condensed Consolidated Statements of Operations, (3) the Condensed Consolidated Statements of Comprehensive Income (Loss), (4) the Condensed Consolidated Statements of Shareholders' Equity, (5) the Condensed Consolidated Statements of Cash Flows, and (6) the Notes to Unaudited Condensed Consolidated Financial Statements.

- 31 -
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PROTECTIVE INSURANCE CORPORATION


Date August 7, 2019


By:
/s/ Jeremy D. Edgecliffe-Johnson
  
 
Jeremy D. Edgecliffe-Johnson
  
 
Chief Executive Officer
  



Date August 7, 2019

By:
/s/ William C. Vens
  
 
William C. Vens
  
 
Chief Financial Officer
  







                                                                                                                                                                                                                                           - 32 -


 EX-3.2 2 exh32.htm

CODE OF BY-LAWS
OF
PROTECTIVE INSURANCE CORPORATION


Adopted:   May 17, 2019


ARTICLE 1


Identification
Section 1.1. Name.  The name of the Corporation is Protective Insurance Corporation (hereinafter referred to as the “Corporation”).
ARTICLE 2


Capital Stock
Section 2.1. Consideration for Shares.  The Board of Directors of the Corporation may authorize shares to be issued for consideration consisting of any tangible or intangible property or benefit to the Corporation, including cash, promissory notes, services performed, contracts for services to be performed, or other securities of the Corporation.
Section 2.2. Certificates for Shares.  The shares of the Corporation shall be represented in the form of stock certificates unless the Board of Directors shall by resolution provide that some or all of any class or series of stock shall be comprised of uncertificated shares.  Any such resolution shall not apply to shares already represented by a stock certificate unless and until the stock certificate is surrendered to the Corporation.  Notwithstanding the adoption of any resolution providing for uncertificated shares, all stock certificates of the Corporation shall be signed by the Chairman, Chief Executive Officer, President, Chief Operating Officer or an Executive Vice President and attested by the Secretary or an Assistant Secretary, certifying the number of shares owned by such shareholder and such other information as may be required by law.  Where any such certificate is also signed by a transfer agent or a registrar, or both, the signatures of the officers of the Corporation may be facsimiles. The Corporation may issue and deliver any such certificate notwithstanding that any such officer who shall have signed, or whose facsimile signature shall have been imprinted on, such certificate shall have ceased to be such officer. The form of the stock certificate shall be prescribed by resolution of the Board of Directors.
Section 2.3. Record Holders.  The Corporation has two classes of common shares, Class A (voting) and Class B (non-voting) shares, which shares are identical except for voting rights.  The Corporation shall be entitled to treat the person in whose name any share of stock of the Corporation, or any warrant, right or option to acquire stock of the Corporation, is registered in the records of the Corporation as the owner thereof for all purposes, including, but not limited to, receiving dividends, and (as to Class A Stock only) vote as such owner, and shall not be bound to recognize any equitable or other claim to, or interest in, such share, warrant, right or option on the part of any other person, whether or not the Corporation shall have notice thereof, except as may be expressly provided otherwise by law, the Articles of Incorporation, or this Code of By-Laws.  In no event shall any transferee of shares of the Corporation become a shareholder of the Corporation until express notice of the transfer shall have been received by the Corporation.

- 1 -
Section 2.4. Transfer of Shares.  Except as otherwise provided by law, transfers of shares of the capital stock of the Corporation shall be made only on the books of the Corporation by the record owner thereof in person, or by such owner’s legal guardian or personal representative, or by such owner’s attorney-in-fact thereunto authorized by power of attorney duly executed and filed with the Secretary of the Corporation or the Corporation’s transfer agent, upon payment of any and all taxes thereon and, in the case of certificated shares, on surrender for cancellation to the Secretary of the Corporation of the certificate or certificates for such shares (except as hereinafter provided in the case of lost, destroyed or stolen certificates), properly endorsed by the holder thereof, or if such shares are uncertificated, upon receipt of proper transfer instructions from the registered owner of such shares, in each case accompanied by the proper evidence of succession, assignment or authority to transfer satisfactory to the Corporation.  No restriction on the transfer or registration of transfer of shares of stock of the Corporation shall be enforceable against a holder or transferee of such shares who has no knowledge of such restriction, unless such restriction (i) is permitted by the Act and all other applicable laws, and (ii) is noted conspicuously on the front or back of the certificates for such shares, or is contained in the information statement required by the Act with respect to any shares issued without certificates.
Section 2.5. Lost, Destroyed and Stolen Certificates.  The holder of any shares shall immediately notify the Corporation if a certificate therefor shall be lost, stolen, destroyed, or mutilated beyond recognition, and the Corporation may issue a new certificate or uncertificated shares in the place of any certificate theretofore issued by it which is alleged to have been lost, stolen, destroyed or mutilated beyond recognition; provided, however, that the Chief Financial Officer or Secretary may, in his discretion, require the owner of the certificate which is alleged to have been lost, stolen, destroyed or mutilated beyond recognition, or such owner’s legal representative, to (i) furnish an affidavit as to such loss, theft or destruction, (ii) give the Corporation a bond with such surety or sureties, and in such sum, as it may direct, to indemnify the Corporation and its Directors and officers against any claim that may be made against it or any of them on account of the issuance of such new certificate or uncertificated shares in place of the allegedly lost, stolen, destroyed or mutilated certificate, and/or (iii) satisfy other reasonable requirements imposed by the Board of Directors.  The Chief Financial Officer or Secretary may, however, if he so chooses, refuse to issue any such new certificate or uncertificated shares except pursuant to the order of a court having jurisdiction in such matter.
ARTICLE 3


Meetings of Shareholders
Section 3.1. Annual Meeting.  The annual meeting of the shareholders for the election of Directors and for the transaction of such other business as may properly come before the meeting shall be held on the first Tuesday in May of each year, or on such other date twelve (12) business days prior to or following this date as may be designated by the Board of Directors.  Failure to hold the annual meeting at the designated time shall not affect the validity of any corporate action.

- 2 -
Section 3.2. Special Meetings.  Special meetings of the shareholders may be called by the Chief Executive Officer, Chairman, the Board of Directors, or by the holders of at least twenty-five percent (25%) of all votes entitled to be cast on any issue proposed to be considered at the proposed special meeting upon delivery to the Corporation's Secretary of one or more written demands, signed and dated, describing the purpose or purposes for which it is to be held.
Section 3.3. Place of Meetings.  As provided in the Articles of Incorporation, meetings of shareholders of the Corporation shall be held at such place, within or without the State of Indiana, as may be specified in the respective calls, notice of the meeting, or waiver of notice thereof.
Section 3.4. Notice of Meetings.  Written or electronic notice of each shareholders' meeting stating the date, time, and place and, for a special meeting, the purpose(s) for which the meeting is called, shall be given by the Corporation not less than ten (10) (unless a greater period of notice is required by law in a particular case) nor more than sixty (60) days prior to the date of the meeting, to each shareholder of record, to the shareholder's address as it appears on the current record of shareholders of the Corporation.
Section 3.5. Business of Shareholder Meetings. At each annual meeting, the shareholders shall elect the Directors and shall conduct only such other business as shall have been properly brought before the meeting. To be properly brought before an annual meeting, all business, including nominations of candidates for and the election of Directors, must be (a) specified in the notice of the meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (b) otherwise properly brought before the meeting by or at the direction of the Board of Directors, or (c) otherwise properly brought before the meeting by a shareholder of the Corporation who (i) was a shareholder of record at the time of giving the notice provided for in this Section 3.5 or in Section 3.6 of this Code of By-Laws, as applicable, (ii) is entitled to vote at the meeting, and (iii) complied with the notice procedures set forth in this Section 3.5 or in Section 3.6 of this Code of By-Laws, as applicable.
For business other than nominations of candidates for and the election of Directors to be properly brought before an annual meeting by a shareholder pursuant to clause (c) of the preceding paragraph, the shareholder must have given timely notice thereof in writing to the Secretary of the Corporation at the principal executive office of the Corporation. To be timely, a shareholder’s notice shall be delivered not less than ninety (90) days nor more than one hundred twenty (120) days prior to the first anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the annual meeting is advanced by more than thirty (30) days or delayed by more than sixty (60) days from such anniversary date, notice by the shareholder, to be timely, must be so delivered not earlier than the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such annual meeting or the 10th day following the day on which public announcement (as defined herein) of the date of such meeting is first made.
Such shareholder’s notice shall set forth as to each matter the shareholder proposes to bring before the annual meeting (a) a brief description of the business desired to be brought before the meeting and the reasons for conducting such business at the meeting and any material interest in such business of such shareholder and any Shareholder Associated Person (as defined below) covered by clause (b)(iii) below or on whose behalf the proposal is made; (b) as to the shareholder giving the notice and any Shareholder Associated Person covered by clause (b)(iii) below or on whose behalf the proposal is made (i) the name and address of such shareholder, as they appear on the Corporation’s books, and the name and address of any Shareholder Associated Person, (ii) the class and number of shares of the Corporation which are owned beneficially or of record by such shareholder and by any Shareholder Associated Person as of the date such notice is given, (iii) any derivative positions held or beneficially held by the shareholder and by any Shareholder Associated Person and whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate loss to or manage risk or benefit of share price changes for, or to increase or decrease the voting power of, such shareholder or any Shareholder Associated Person with respect to the Corporation’s securities, and (iv) a representation that such shareholder intends to appear in person or by proxy at the meeting to propose such business; (c) in the event that such business includes a proposal to amend either the Articles of Incorporation or this Code of By-Laws of the Corporation, the language of the proposed amendment; and (d) if the shareholder intends to solicit proxies in support of such shareholder’s proposal, a representation to that effect.

- 3 -
Notwithstanding anything in this Code of By-Laws to the contrary and not including nominations of candidates for and the election of Directors, which are governed by Section 3.6 of this Code of By-Laws, no business shall be conducted at any annual meeting except in accordance with this Section 3.5, and the Chairman or other person presiding at an annual meeting of shareholders may refuse to permit any business to be brought before an annual meeting without compliance with the foregoing procedures or if the shareholder solicits proxies in support of such shareholder’s proposal without such shareholder having made the representation required by clause (d) of the preceding paragraph of this Section 3.5. If a shareholder does not appear or send a qualified representative to present his or her proposal at such annual meeting, the Corporation need not present such proposal for a vote at such meeting, notwithstanding that proxies in respect of such vote may have been received by the Corporation.
For the purposes of this Section 3.5, “public announcement” shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). “Shareholder Associated Person” of any shareholder means (i) any person controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such shareholder and (iii) any person controlling, controlled by or under common control with such Shareholder Associated Person.
Notwithstanding the foregoing provisions of this Section 3.5, a shareholder seeking to include a proposal in a proxy statement that has been prepared by the Corporation to solicit proxies for an annual meeting shall comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 3.5.
In no event shall the adjournment of a meeting commence a new time period for the giving of a shareholder’s notice as described above.
Section 3.6.  Notice of Shareholder Nominations. Nominations of persons for election as Directors may be made by the Board of Directors or by any shareholder who is a shareholder of record at the time of giving the notice of nomination provided for in this Section 3.6 and who is entitled to vote in the election of Directors. Any shareholder of record entitled to vote in the election of Directors at a meeting may nominate a person or persons for election as Directors only if timely written notice of such shareholder’s intent to make such nomination is given to the Secretary of the Corporation at the principal executive office of the Corporation in accordance with the procedures for bringing nominations before an annual meeting set forth in this Section 3.6. To be timely, a shareholder’s notice shall be delivered (a) with respect to an election to be held at an annual meeting of shareholders, not less than ninety (90) days nor more than one hundred twenty (120) days prior to the first anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the annual meeting is advanced by more than thirty (30) days or delayed by more than sixty (60) days from such anniversary date, notice by the shareholder, to be timely, must be so delivered not earlier than the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such annual meeting or the 10th day following the day on which public announcement (as defined in Section 3.5 of this Code of By-Laws) is first made of the date of such meeting, and (b) with respect to an election to be held at a special meeting of shareholders, not earlier than the 120th day prior to such special meeting and not later than the close of business on the later of the 90th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees to be elected at such meeting.

- 4 -
Such shareholder’s notice shall set forth: (a) the name and address of the shareholder who intends to make the nomination as they appear on the Corporation’s books, the person or persons to be nominated and the name and address of any Shareholder Associated Person (as defined in Section 3.5 of this Code of By-Laws) covered by clause (c) below or on whose behalf the nomination is made; (b) a representation that the shareholder is a holder of record of stock of the Corporation entitled to vote at such meeting in such election and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (c) (i) the class and number of shares of the Corporation which are owned beneficially or of record by such shareholder and by any Shareholder Associated Person as of the date such notice is given and (ii) any derivative positions held or beneficially held by the shareholder and by any Shareholder Associated Person and whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate loss to or manage risk or benefit of share price changes for, or to increase or decrease the voting power of, such shareholder or any Shareholder Associated Person as of the date such notice is given with respect to the Corporation’s securities; (d) a description of all arrangements or understandings between or among the shareholder, any Shareholder Associated Person, each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by the shareholder; (e) such other information regarding each nominee proposed by such shareholder as would have been required to be disclosed in solicitations of proxies for election of Directors in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder; (f) the consent of each nominee to serve as a Director if so elected; and (g) if the shareholder intends to solicit proxies in support of such shareholder’s nominee(s), a representation to that effect. The Corporation may require any person or persons to be nominated to furnish such other information as it may reasonably require to determine the eligibility of such person or persons to serve as a Director of the Corporation.
The Chairman or other person presiding at any meeting of shareholders to elect Directors and the Board of Directors may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedure or if the shareholder solicits proxies in support of such shareholder’s nominee(s) without such shareholder having made the representation required by clause (g) of the preceding paragraph. If a shareholder does not appear or send a qualified representative to present his or her nomination at such meeting, the Corporation need not present such nomination for a vote at such meeting, notwithstanding that proxies in respect of such nomination may have been received by the Corporation.
Notwithstanding anything in this Section 3.6 to the contrary, in the event that the number of Directors to be elected to the Board of Directors of the Corporation at an annual meeting is increased and there is no public announcement naming all of the nominees for Directors or specifying the size of the increased Board of Directors made by the Corporation at least ninety (90) days prior to the first anniversary of the preceding year’s annual meeting, a shareholder’s notice required by this Section 3.6 shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered not later than the close of business on the 10th day following the day on which such public announcement is first made of the date of such meeting.
Section 3.7. Addresses of Shareholders.  The address of any shareholder appearing upon the records of the Corporation shall be deemed to be the same address as the latest address of such shareholder appearing on the records maintained by the transfer agent for the class of stock held by such shareholder.
Section 3.8. Waiver of Notice.  Notice of any meeting may be waived in writing by any shareholder if the waiver is signed by the shareholder entitled to the notice and delivered to the Corporation for inclusion in the minutes or filing with the Corporation’s records.  Attendance at any meeting, in person or by proxy, if the proxy sets forth in reasonable detail the purposes of such meeting, or participation in a meeting by remote communication in accordance with the Act (a) waives objection to lack of notice or defective notice of the meeting, unless the shareholder or his proxy at the beginning of the meeting objects to holding the meeting or transacting business at the meeting, and (b) waives objection to consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice, unless the shareholder or his proxy objects to considering the matter when it is presented.  Each shareholder who has, in the manner above provided, waived notice or objection to notice of a shareholders’ meeting shall be conclusively presumed to have been given due notice of such meeting, including the purpose or purposes thereof.

- 5 -
Section 3.9. Voting at Meetings.
(a) Voting Rights.  Except as may be otherwise provided in the Articles of Incorporation, every shareholder of Class A shares shall have the right at all meetings of the shareholders to one vote for each share standing in his name on the books of the Corporation on the record date for such meetings.  Class B shares shall have no voting rights except as required by the Act.  Only such persons shall be entitled to notice of or to vote, in person or by proxy, at any shareholders’ meeting as shall appear as shareholders upon the books of the Corporation as of such record date as the Board of Directors shall determine, which date may not be earlier than the date seventy (70) days immediately preceding the meeting. In the absence of such determination, the record date shall be the fiftieth (50th) day immediately preceding the date of such meeting. Unless otherwise provided by the Board of Directors, shareholders of record shall be determined as of the close of business on the record date.
(b) Quorum and Action.  The persons owning a majority of the stock of this Corporation entitled to vote at such meeting shall constitute a quorum at any meeting of shareholders, and be capable of transacting any business thereof, except as otherwise provided by law or by the Articles of Incorporation; but if, at any meeting of the shareholders, there be less than a quorum present, a majority in interest of the shareholders present in person or by proxy may adjourn from time to time without notice other than by announcement at the meeting until the holders of the amount of stock requisite to constitute a quorum shall attend.  At any such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified. If a quorum exists as to a matter to be considered at a meeting of shareholders, action on such matter (other than the election of Directors) is approved if the votes properly cast favoring the action exceed the votes properly cast opposing the action, except as the Articles of Incorporation or the Act require a greater number of affirmative votes. Directors shall be elected by a plurality of the votes properly cast.
(c) Proxies.  A shareholder entitled to vote at any meeting of shareholders may vote either in person or by proxy, executed in writing by the shareholder or a duly authorized officer, Director, employee, agent or attorney-in-fact of such shareholder.  (For purposes of this section, a proxy granted by any means acceptable to the Corporation, including, but not limited to, electronic means, shall be deemed “executed in writing by the shareholder”.)  No proxy shall be voted at any meeting of shareholders unless the same shall be filed with the Secretary of the meeting at the commencement thereof.  The general proxy of a fiduciary shall be given the same effect as the general proxy of any other shareholder.  No proxies shall be valid after eleven (11) months from the date or execution unless a longer term is expressly provided therein.
Voting List.  The Secretary shall make, at least five (5) business days before each meeting of shareholders, a complete list of the shareholders entitled to vote at such meeting, arranged in alphabetical order, with the address of each and the number of shares held by each, which list, for the period of five (5) business days prior to such meeting, shall be kept on file at the principal office of the Corporation and shall be subject to inspection by any shareholder at any time during usual business hours.  Such a list shall also be produced and kept open at the time and place of the meeting and shall be subject to inspection by any shareholder during the whole time of the meeting.

- 6 -
Section 3.10. Conduct of Meetings.  Shareholder’s meetings, including the order of business, shall be conducted in accordance with Roberts’ Rules of Order, Revised, except insofar as the Articles of Incorporation, this Code of By-Laws, or any rule adopted by the Board of Directors or shareholders may otherwise provide.  The shareholders may, by affirmative vote of a majority of the shareholders in attendance at any given meeting, waive the requirement of this section.  Such waiver shall not preclude any shareholder from invoking the requirements of this section at any subsequent meeting.
ARTICLE 4


The Board of Directors
Section 4.1. Duties and Qualifications. The business and affairs of the Corporation shall be managed by a Board of Directors, none of whom need be shareholders of the Corporation.
Section 4.2. Number and Terms of Office.  There shall be no less than six (6) but no more than eleven (11) Directors of the Corporation, who shall be elected at each annual meeting of the shareholders, to serve for a term of one (1) year and until their successors shall be chosen and qualified, or until removal, resignation or death.  If the annual meeting of the shareholders is not held at the time designated in this Code of By-Laws, such failure shall not cause any defect in the existence of the Corporation, and the Directors then in office shall hold over until their successors shall be chosen and qualified.
Section 4.3. Management and Committees.
(a) All corporate powers shall be exercised by or under the authority of, and the business and affairs of the Corporation managed under the direction of, its Board of Directors, subject to any limitations set forth in the Articles of Incorporation.
(b) The Board of Directors may appoint a Chairman.  The Chairman shall preside, or designate a delegate to preside, at all meetings of the Board and shareholders and shall have such other powers and duties as this Code of By-Laws or the Board of Directors may prescribe.
(c) If the Chairman of the Board is not an Independent Director, the independent members of the Board of Directors shall appoint a Lead Director from among the independent members of the Board of Directors.   The Lead Director shall ensure that the Board of Directors is able to carry out its responsibilities effectively and independently of both management and shareholders and shall have such other powers and duties as this Code of By-Laws or the Board of Directors may prescribe. The Lead Director shall preside at all executive sessions of independent directors.  The Lead Director may also serve as Chairman of the Corporation’s Nominating and Governance Committee.

- 7 -
(d) The Board of Directors may appoint one or more committees from among its members as it determines to be necessary.  Each committee may have one (1) or more members, who shall serve at the pleasure of the Board of Directors.  The creation of a committee and the appointment of members to it must be approved by the greater of a majority of all of the Directors in office when the action is taken, or the number of Directors required by the Articles of Incorporation or this Code of By-Laws to take action under the Act.  Committees shall have such authority and duties as are specified in the charter establishing such committee, as specifically adopted by the Board of Directors.
(e) Except to the extent inconsistent with the foregoing provisions of this Section or with the resolutions of the Board of Directors creating a committee, the provisions of this Code of By-Laws which govern meetings, action without meetings, notice and waiver of notice, and voting requirements of the Board of Directors apply to each committee and its members, as if the committee constituted the full Board of Directors.
(f) One third (1/3) of the members of a committee (but in no case less than two (2) Directors) shall be necessary to constitute a quorum for the transaction of any business of the committee and the act of the majority of the Directors present at a committee meeting at which a quorum is present shall be the act of the committee, unless the act of a greater number is required by law, the Articles of Incorporation, this Code of By-Laws, or the committee’s charter.
Section 4.4. Annual and Regular Meetings.  Unless otherwise agreed upon, the Board of Directors shall meet each year, immediately following the annual meeting of the shareholders, at the place where such meeting of shareholders was held, for consideration of any other business which may be brought before the meeting.  No notice shall be necessary for the holding of this annual meeting.
Section 4.5. Special Meetings.  Other meetings of the Board of Directors may be held regularly pursuant to a resolution of the Board to such effect or may be held upon the call of the Chief Executive Officer, the Chairman, the Lead Director, or of any two (2) members of the Board and upon twenty-four (24) hours’ notice specifying the time, place and general purposes of the meeting, given to each Director, either personally or by mail, facsimile, telephone or electronic transmission.  No notice shall be necessary for any regular meeting and notice of any other meeting may be waived in writing, signed by the Director entitled to the notice and filed with the minutes or the Corporation’s records.  Attendance at any such meeting shall constitute waiver of notice of such meeting.  Pursuant to Indiana law, the Board of Directors is authorized to conduct meetings by any means of communication by which all Directors participating may simultaneously hear each other during the meeting.  A Director participating in a meeting by this means is deemed to be present in person at the meeting.
Section 4.6. Action Without a Meeting.  Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is taken by all members of the Board.  The action must be evidenced by one or more written consents, in one or more counterparts, describing the action taken, signed by each Director, and included in the minutes or filed with the corporate records reflecting the action taken.  Electronic signatures, in accordance with the Uniform Electronic Transactions Act (IC 26-2-8), and facsimile signatures shall have the same validity and effect as original signatures.  Action taken under this Section 4.6 is effective when the last Director signs the consent, unless the consent specifies a different prior or subsequent effective date, in which case the action is effective on or as of the specified date.  A consent signed under this Section 4.6 shall have the same effect as a unanimous vote of all members of the Board and may be described as such in any document.

- 8 -
Section 4.7. Quorum and Action.  A majority of the whole Board of Directors (but in no case less than two (2) Directors) shall be necessary to constitute a quorum for the transaction of any business, except the filing of vacancies, and the act of the majority of the Directors present at a meeting at which a quorum is present shall be the act of the Board of Directors, unless the act of a greater number is required by law, the Articles of Incorporation, or this Code of By-Laws.
Section 4.8. Vacancies. Any vacancy in the Board of Directors, including a vacancy resulting from an increase in the number of Directors, may be filled by a majority vote of all the remaining members of the Board of Directors, even if less than a quorum.  The term of any Director so elected by the Board of Directors shall expire at the end of the term for which such Director’s predecessor was elected, or if the vacancy arises because of an increase in the size of the Board of Directors, at the end of the term specified at the time of election or selection.
Section 4.9. Resignation and Removal.  A Director may resign at any time by delivering written notice to the Board of Directors, Chairman, Lead Director, Chief Executive Officer, or Secretary of the Corporation, which resignation shall be effective when such notice is delivered, unless such notice specifies a later effective date.  Except as otherwise provided in the Act, a Director may be removed, with or without cause, by the shareholders of the Corporation as provided in the Articles of Incorporation only at a meeting of the shareholders called for the purpose of removing the Director, the notice of which shall state that the purpose or one of the purposes of the meeting shall be to remove the specified Director.
Section 4.10.  Compensation of Directors.  The Board of Directors is empowered and authorized to fix and determine the compensation of the Directors.  Except as determined by the Board of Directors, members of the Board of Directors shall receive no compensation for acting in such capacity.
Section 4.11. Indemnification.
(a) To the extent not inconsistent with applicable law, every Eligible Person shall be indemnified by the Corporation against all Liability and reasonable Expense that may be incurred by him in connection with or resulting from any Claim, (i) if such Eligible Person is Wholly Successful with respect to the Claim, or (ii) if not Wholly Successful, then if such Eligible Person is determined, as provided in either Section 4.11(f) or 4.11(g), to have acted in good faith, in what he reasonably believed to be the best interests of the Corporation or at least not opposed to its best interests and, in addition, with respect to any criminal claim is determined to have had reasonable cause to believe that his conduct was lawful or had no reasonable cause to believe that his conduct was unlawful. The termination of any Claim, by judgment, order, settlement (whether with or without court approval), or conviction or upon a plea of guilty or of nolo contendere, or its equivalent, shall not create a presumption that an Eligible Person did not meet the standards of conduct set forth in clause (ii) of this subsection (a). The actions of an Eligible Person with respect to an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 shall be deemed to have been taken in what the Eligible Person reasonably believed to be the best interests of the Corporation or at least not opposed to its best interests if the Eligible Person reasonably believed he was acting in conformity with the requirements of such Act or he reasonably believed his actions to be in the interests of the participants in or beneficiaries of the plan.

- 9 -
(b) The term “Claim” as used in this Section 4.11 shall include every pending, threatened, or completed claim, action, suit, or proceeding and all appeals thereof (whether brought by or in the right of this Corporation or any other corporation or otherwise), civil, criminal, administrative, or investigative, formal or informal, in which an Eligible Person may become involved, as a party or otherwise:

 (i)
by reason of his being or having been an Eligible Person, or

(ii)
by reason of any action taken or not taken by him in his capacity as an Eligible Person, whether or not he continued in such capacity at the time such Liability or Expense shall have been incurred.
(c) The term “Eligible Person” as used in this Section 4.11 shall mean every person (and the estate, heirs, and personal representatives of such person) who is or was a Director, officer, employee, or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee, agent, or fiduciary of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan, or other organization or entity, whether for profit or not. An Eligible Person shall also be considered to have been serving an employee benefit plan at the request of the Corporation if his duties to the Corporation also imposed duties on, or otherwise involved services by, him to the plan or to participants in or beneficiaries of the plan.
(d) The terms “Liability” and “Expense” as used in this Section 4.11 shall include, but shall not be limited to, counsel fees and disbursements and amounts of judgments, fines, or penalties against (including excise taxes assessed with respect to an employee benefit plan), and amounts paid in settlement by or on behalf of an Eligible Person.
(e) The term “Wholly Successful” as used in this Section 4.11 shall mean (i) termination of any claim against the Eligible Person in question without any finding of liability or guilt against him, (ii) approval by a court, with knowledge of the indemnity herein provided, of a settlement of any Claim, or (iii) the expiration of a reasonable period of time after the making or threatened making of any Claim without the institution of the same, without any payment or promise made to induce a settlement.
(f) Every Eligible Person claiming indemnification hereunder (other than one who has been Wholly Successful with respect to any Claim) shall be entitled to indemnification (i) if special independent legal counsel, which may be regular counsel of the Corporation, or other disinterested person or persons, in either case selected by the Board of Directors, whether or not a disinterested quorum exists (such counsel or person or persons being hereinafter called the “Referee”), shall deliver to the Corporation a written finding that such Eligible Person has met the standards of conduct set forth in Section 4.11(a)(ii), and (ii) if the Board of Directors, acting upon such written finding, so determines. The Board of Directors shall, if an Eligible Person is found to be entitled to indemnification pursuant to the preceding sentence, also determine the reasonableness of the Eligible Person’s Expenses. The Eligible Person claiming indemnification shall, if requested, appear before the Referee, answer questions that the Referee deems relevant and shall be given ample opportunity to present to the Referee evidence upon which the Eligible Person relies for indemnification. The Corporation shall, at the request of the Referee, make available facts, opinions, or other evidence in any way relevant to the Referee’s findings that are within the possession or control of the Corporation.

- 10 -
(g) If an Eligible Person claiming indemnification pursuant to Section 4.11(f) is found not to be entitled thereto, or if the Board of Directors fails to select a Referee under Section 4.11(f) within a reasonable amount of time following a written request of an Eligible Person for the selection of a Referee, or if the Referee or the Board of Directors fails to make a determination under Section 4.11(f) within a reasonable amount of time following the selection of a Referee, the Eligible Person may apply for indemnification with respect to a Claim to a court of competent jurisdiction, including a court in which the Claim is pending against the Eligible Person. On receipt of an application, the court, after giving notice to the Corporation and giving the Corporation ample opportunity to present to the court any information or evidence relating to the claim for indemnification that the Corporation deems appropriate, may order indemnification if it determines that the Eligible Person is entitled to indemnification with respect to the Claim because such Eligible Person met the standards of conduct set forth in Section 4.11(a)(ii). If the court determines that the Eligible Person is entitled to indemnification, the court shall also determine the reasonableness of the Eligible Person’s Expenses.
(h) The rights of indemnification provided in this Section 4.11 shall be in addition to any rights to which any Eligible Person may otherwise be entitled. Irrespective of the provisions of this Section 4.11, the Board of Directors may, at any time and from time to time, (i) approve indemnification of any Eligible Person to the full extent permitted by the provisions of applicable law at the time in effect, whether on account of past or future transactions, and (ii) authorize the Corporation to purchase and maintain insurance on behalf of any Eligible Person against any Liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability.
(i) Expenses incurred by an Eligible Person with respect to any Claim may be advanced by the Corporation (by action of the Board of Directors, whether or not a disinterested quorum exists) prior to the final disposition thereof upon receipt of an undertaking by or on behalf of the Eligible Person to repay such amount unless he is determined to be entitled to indemnification.
(j) The provisions of this Section 4.11 shall be deemed to be a contract between the Corporation and each Eligible Person, and an Eligible Person’s rights hereunder shall not be diminished or otherwise adversely affected by any repeal, amendment, or modification of this Section 4.11 that occurs subsequent to such person becoming an Eligible Person.
(k) The provisions of this Section 4.11 shall be applicable to Claims made or commenced after the adoption hereof, whether arising from acts or omissions to act occurring before or after the adoption hereof.

- 11 -
ARTICLE 5


Officers of the Corporation
Section 5.1.   Election, Qualification and Term of Office.  The officers of the Corporation shall consist of a Chief Executive Officer (also “CEO” herein), a Chief Financial Officer (also “CFO” herein), a Secretary, and a Treasurer.   The Corporation may, at the discretion of the CEO and as otherwise required by Indiana law or other required regulatory requirements or best practices, have the following officers: Chief Operating Officer (also “COO” herein), a President, one (1) or more Executive Vice Presidents, one (1) or more Senior Vice Presidents, one (1) or more Vice Presidents, and such assistant officers as the CEO shall designate.  The CEO will be appointed by the Board of Directors. The CFO will be appointed jointly by both the CEO and the Board of Directors. All other officers will be appointed by the CEO. Any two (2) or more offices may be held by the same person, except the duties of the President and the Secretary shall not be performed by the same person.  If required to do so by law, at the Board meeting following action by the CEO, the Board of Directors will elect each officer (other than assistant officers), as appointed by the CEO.
Section 5.2.   Vacancies.  Whenever any vacancies shall occur in any of the offices of the Corporation (other than CEO or CFO) for any reason, the same may be filled by the CEO.
Section 5.3.  Resignation and Removal.  Any officer, other than the CEO, may resign at any time by delivering notice to the Board of Directors, the Chairman, the CEO or the Secretary of the Corporation, and such resignation shall be effective upon delivery or such later date, as specified in the resignation, upon the condition that the Corporation concurs with the delayed resignation.  The CEO may resign by providing notice to the Board of Directors, the Chairman, the Lead Director, or the Secretary of the Corporation.  The CEO may be removed, either with or without cause, at any time by majority vote of the entire Board of Directors.  Any other officer may be removed, with or without cause, at the discretion of the CEO. The resignation or removal of an officer does not affect the Corporation’s contract rights, if any, with the officer.
Section 5.4.  Compensation.  Each executive officer shall receive such compensation for his service as set by the Compensation Committee of the Board of Directors.
Section 5.5 The Chief Executive Officer.  Subject to the general control of the Board of Directors, the Chief Executive Officer shall manage and supervise all the affairs and personnel of the Corporation and shall discharge all the usual functions of the Chief Executive Officer of a Corporation.
Section 5.6. The President:    Shall perform the duties as outlined and as defined by the  Board of Directors or CEO. The President shall perform the duties of the CEO in the CEO’s absence or disability, such powers granted by the CEO, or in the case of disability, as granted by the Board of Directors.
Section 5.7 Chief Operating Officer.  Shall perform the duties as outlined by the Board of Directors or CEO.
Section 5.8 Chief Financial Officer.  The Chief Financial Officer shall be the principal financial officer of the Corporation and shall have such powers and perform such duties as the Board of Directors or CEO may prescribe.  The Chief Financial Officer is also responsible for financial planning and record keeping as well as financial reporting to the Board of Directors, Committees of the Board of Directors, senior management and various regulatory authorities.

- 12 -
Section 5.9   Executive Vice Presidents.  The Executive Vice Presidents shall, in the order determined by the CEO, have all the powers of and perform all the duties incumbent upon the President and/or COO during any absence or disability, assist the Board of Directors, CEO, COO and/or President in supervising the operations of the Corporation and, subject to the direction of the CEO, COO and/or President, shall manage and supervise certain operations of the Corporation.
Section 5.10   Senior Vice Presidents and Vice Presidents.  The Senior Vice Presidents and Vice Presidents shall have all such other powers and duties as the CEO may prescribe.
Section 5.11 The Secretary.  The Secretary shall serve at the direction of the CEO and/or President, attend all meetings of the shareholders and of the Board of Directors, and keep, or cause to be kept, in a book provided for the purpose, a true and complete record of the proceedings of such meeting, and he shall perform a like duty, when required, and/or when necessary, for all standing committees appointed by the Board of Directors.  He shall attest the execution of all deeds, leases, agreements and other official documents and shall affix the corporate seal thereto.  He shall attend to the giving and serving of all notices of the Corporation required by this Code of By-Laws, shall have custody of the books (except books of account), records and corporate seal of the Corporation, and in general shall perform all duties pertaining to the office of Secretary and such other duties as the CEO and/or President shall prescribe and as this Code of By-Laws or the Board of Directors may prescribe.
Section 5.12 The Treasurer.  The Treasurer shall serve at the direction of the CEO and CFO and keep correct and complete records of accounts, showing accurately at all times the financial condition of the Corporation.  He shall have charge and custody of, and be responsible for, all funds, notes, securities and other valuables which may from time to time come into the possession of the Corporation.  He shall deposit, or cause to be deposited, all funds of the Corporation with such depositories as the CEO, President and CFO requires, or whenever required, provide a statement of the financial condition of the Corporation, and in general shall perform all duties pertaining to the office of Treasurer and such other duties as the CEO, President and CFO or this Code of By-Laws or the Board of Directors may prescribe.
Section 5.13 Assistant Officers.  Such assistant officers as the officers shall from time to time designate shall have such powers and duties as the officers whom they are designated to assist shall specify and delegate to them, and such other powers and duties the CEO may prescribe.  An Assistant Secretary may, in the absence or disability of the Secretary, attest the execution of all documents by the Corporation and affix the corporate seal thereto.
Section 5.14  Delegation of Authority.  In case of the absence or inability to act of any officer of the Corporation, other than the CEO, the CEO may delegate for the time being the duties of such officer to any other officer or to any Director.  In case of the absence or inability to act of the CEO, the Board of Directors may delegate for the time being the duties of such officer to any other officer or to any Director.

- 13 -
ARTICLE 6


Execution of Documents and Other Actions on
Behalf of the Corporation
Section 6.1 Execution of Documents in the Ordinary Course of Business.  Unless otherwise required by law or otherwise directed by the Board of Directors, all written contracts and agreements into which the Corporation enters in the ordinary course of its business shall be executed on behalf of the Corporation by any officer of the Corporation or by any other employee or agent of the Corporation expressly authorized by the Chairman, CEO. or the Board of Directors to execute any such documents.
Section 6.2 Execution of Documents Outside the Ordinary Course of Business.  Unless otherwise required by law or otherwise directed by the Board of Directors, all deeds, mortgages, deeds of trust, notes, assignments and other instruments made by the Corporation and all written contracts and agreements entered into by the Corporation, other than those contracts and agreements entered into in the ordinary course of its business, shall be executed on behalf of the Corporation by the CEO or the CFO and, when required, attested by the Secretary or an Assistant Secretary of the Corporation. However, the Board of Directors may expressly authorize by resolution any officer, employee, or agent of the Corporation to execute any such deed, mortgage, assignment, instrument, contract or agreement on behalf of the Corporation singly and without the necessity of any additional execution or attestation by any other officer of the Corporation.
Section 6.3  Execution and Endorsement of Checks and Drafts.  Unless otherwise required by law, all checks, drafts, bills of exchange and other orders for the payment of money (other than notes) by or to the Corporation shall be executed or endorsed on behalf of the Corporation by any two of the following duly elected officers of the Corporation: CEO, President, COO, CFO, Executive Vice President, Treasurer or Secretary.  However, the CEO or CFO may expressly authorize in writing any one or more officers or other employees of the Corporation to execute or endorse any checks, drafts, or other orders for the payment of money on behalf of the Corporation, singly and without any additional signature, endorsement or attestation by any other officer of the Corporation.
Section 6.4   Voting of Shares Owned by the Corporation.  The Board of Directors is empowered and authorized to appoint any person to vote in person or by proxy any shares of another corporation standing in the name of the Corporation at any meeting of the shareholders of such other corporation.  If the Board of Directors makes no such appointment with respect to any such meeting, the shares may be voted in person or by proxy by the Chairman, or, in the absence of the Chairman, by the CEO, President, COO, any Executive Vice President, the Secretary or the Treasurer of the Corporation.

- 14 -
ARTICLE 7


Miscellaneous
Section 7.1 Amendments.  Subject to law and the Articles of Incorporation, the power to make, alter, amend or repeal all or any part of this Code of By-Laws is vested in the Board of Directors.  The affirmative vote of a majority of all the Directors shall be necessary to affect any such changes in this Code of By-Laws.
Section 7.2 Corporate Seal.  The seal of the Corporation shall be circular in form with the name of the Corporation around the top of its periphery, the word “Indiana” around the bottom of its periphery, and the word “Seal” through the center. The absence of the impression of the corporate seal from any document shall not affect in any way the validity or effect of such document.
Section 7.3 Fiscal Year.  The fiscal year of the Corporation commences on the first (1st) day of January and ends on the thirty-first (31st) day of December of each year.
Section 7.4    Definitions.  When used in this Code of By-Laws, the following terms shall have the meanings set forth below:
“Act” means the Indiana Business Corporation Law, as then in effect and as amended from time to time.
“Articles of Incorporation” means the Articles of Incorporation of the Corporation as then in effect and as amended from time to time.
Section 7.5 Conflicts and Inconsistencies with the Act.  This Code of By-Laws constitutes “bylaws” within the meaning of, and as subject to and governed by, the Act.  In the event that any provision of this Code of By-Laws is prohibited by any provision of the Act or is in direct conflict or inconsistent with any provision of the Articles of Incorporation, such provision of the Act or the Articles of Incorporation, as the case may be, shall be controlling, but such conflict or inconsistency shall not impair, nullify or otherwise affect the remaining terms and provisions of this Code of By-Laws, which shall remain in full force and effect.  If any provision of this Code of By-Laws is inconsistent with, or different than, any non-mandatory provision of the Act, the provision of this Code of By-Laws shall be controlling.
Section 7.6 Construction.  The headings of Articles, Sections and paragraphs in this Code of By-Laws are for descriptive purposes only and shall not control, alter, or otherwise affect the meaning, scope or intent or any provision of this Code of By-Laws.  Except as expressly provided otherwise in this Code of By-Laws, any reference to an Article or Section shall mean and refer to an Article or Section of this Code of By-Laws.  Except where the context of their use clearly requires a different interpretation, singular terms shall include the plural, and masculine terms shall include the feminine or neuter, and vice versa, to the extent necessary to give the defined terms or other terms used in this Code of By-Laws their proper meanings.  The terms, “herein,” “hereof,” “hereunder,” “hereto,” “hereinafter,” “hereinbefore,” and similar words, wherever they appear in this Code of By-Laws, shall mean and refer to this Code of By-Laws in its entirety and not to any specific Article, Section, or paragraph of this Code of By-Laws, unless the context of their use clearly requires a different interpretation.
Section 7.7 Severability.  Any provision of this Code of By-Laws, or any amendment or alteration hereof, which is determined to be in violation of the Act shall in no way render any of the remaining provisions invalid.





- 15 -




 EX-31.1 3 exhibit311.htm
Exhibit 31.1

CERTIFICATION
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, Jeremy D. Edgecliffe-Johnson, certify that:


 1.
I have reviewed this Quarterly Report on Form 10-Q of Protective Insurance Corporation;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):


a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 7, 2019


/s/ Jeremy D. Edgecliffe-Johnson
  
Jeremy D. Edgecliffe-Johnson
  
Chief Executive Officer
  

EX-31.2 4 exhibit312.htm
Exhibit 31.2

CERTIFICATION
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, William C. Vens, certify that:


 1.
I have reviewed this Quarterly Report on Form 10-Q of Protective Insurance Corporation;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):


a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 7, 2019


/s/ William C. Vens
  
William C. Vens
  
Chief Financial Officer
  

EX-32 5 exhibit32.htm
Exhibit 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Protective Insurance Corporation (the "Company") on Form 10-Q for the quarterly period ending June 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Jeremy D. Edgecliffe-Johnson, Chief Executive Officer of the Company, and William C. Vens, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 7, 2019


/s/ Jeremy D. Edgecliffe-Johnson
  
Jeremy D. Edgecliffe-Johnson
  
Chief Executive Officer
 
 
 
  
   
   
/s/ William C. Vens
  
William C. Vens
  
Chief Financial Officer
  



EX-101.INS 6 ptvc-20190630.xml XBRL INSTANCE DOCUMENT 0000009346 2019-01-01 2019-06-30 0000009346 us-gaap:CommonClassAMember 2019-08-01 0000009346 us-gaap:CommonClassBMember 2019-08-01 0000009346 2019-08-01 0000009346 2018-12-31 0000009346 2019-06-30 0000009346 us-gaap:CommonClassAMember 2018-12-31 0000009346 us-gaap:CommonClassAMember 2019-06-30 0000009346 us-gaap:CommonClassBMember 2018-12-31 0000009346 us-gaap:CommonClassBMember 2019-06-30 0000009346 2019-04-01 2019-06-30 0000009346 2018-04-01 2018-06-30 0000009346 2018-01-01 2018-06-30 0000009346 us-gaap:RetainedEarningsMember 2017-12-31 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-03-31 0000009346 2017-12-31 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-12-31 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000009346 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2017-12-31 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000009346 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2018-03-31 0000009346 us-gaap:RetainedEarningsMember 2019-03-31 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-03-31 0000009346 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2019-03-31 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000009346 us-gaap:RetainedEarningsMember 2018-12-31 0000009346 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2017-12-31 0000009346 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000009346 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000009346 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-12-31 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000009346 us-gaap:RetainedEarningsMember 2018-03-31 0000009346 2019-03-31 0000009346 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000009346 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000009346 2018-03-31 0000009346 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2018-04-01 2018-06-30 0000009346 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000009346 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2018-04-01 2018-06-30 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000009346 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000009346 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000009346 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-01-01 2018-06-30 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-01-01 2018-06-30 0000009346 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000009346 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-01-01 2019-06-30 0000009346 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0000009346 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-01-01 2019-06-30 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000009346 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000009346 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000009346 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000009346 us-gaap:AccountingStandardsUpdate201802Member 2017-12-31 0000009346 us-gaap:AdditionalPaidInCapitalMember us-gaap:AccountingStandardsUpdate201601Member 2017-12-31 0000009346 us-gaap:RetainedEarningsMember us-gaap:AccountingStandardsUpdate201601Member 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201601Member us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-12-31 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember us-gaap:AccountingStandardsUpdate201802Member 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201802Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000009346 us-gaap:RetainedEarningsMember us-gaap:AccountingStandardsUpdate201802Member 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201601Member us-gaap:CommonStockMember us-gaap:CommonClassBMember 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201601Member 2017-12-31 0000009346 us-gaap:AdditionalPaidInCapitalMember us-gaap:AccountingStandardsUpdate201802Member 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000009346 us-gaap:CommonClassBMember us-gaap:CommonStockMember us-gaap:AccountingStandardsUpdate201802Member 2017-12-31 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000009346 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000009346 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-06-30 0000009346 us-gaap:RetainedEarningsMember 2018-06-30 0000009346 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-06-30 0000009346 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2018-06-30 0000009346 us-gaap:RetainedEarningsMember 2019-06-30 0000009346 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000009346 2018-06-30 0000009346 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-06-30 0000009346 us-gaap:AccountingStandardsUpdate201802Member us-gaap:RetainedEarningsMember 2018-03-31 0000009346 us-gaap:AccumulatedOtherComprehensiveIncomeMember us-gaap:AccountingStandardsUpdate201802Member 2018-03-31 0000009346 2017-01-01 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201602Member 2019-06-30 0000009346 us-gaap:MortgageBackedSecuritiesMember 2018-12-31 0000009346 us-gaap:CertificatesOfDepositMember 2019-06-30 0000009346 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-06-30 0000009346 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0000009346 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2018-12-31 0000009346 us-gaap:CollateralizedMortgageObligationsMember 2019-06-30 0000009346 us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000009346 us-gaap:USTreasuryAndGovernmentMember 2019-06-30 0000009346 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-06-30 0000009346 us-gaap:AssetBackedSecuritiesMember 2018-12-31 0000009346 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-12-31 0000009346 us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-06-30 0000009346 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2019-06-30 0000009346 us-gaap:CollateralizedMortgageObligationsMember 2018-12-31 0000009346 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000009346 us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000009346 us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0000009346 us-gaap:ForeignGovernmentDebtSecuritiesMember 2018-12-31 0000009346 us-gaap:MortgageBackedSecuritiesMember 2019-06-30 0000009346 us-gaap:AssetBackedSecuritiesMember 2019-06-30 0000009346 us-gaap:CertificatesOfDepositMember 2018-12-31 0000009346 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-06-30 0000009346 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2019-04-01 2019-06-30 0000009346 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2019-01-01 2019-06-30 0000009346 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2018-04-01 2018-06-30 0000009346 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2018-01-01 2018-06-30 0000009346 us-gaap:RevolvingCreditFacilityMember 2018-08-09 0000009346 us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-06-30 0000009346 us-gaap:RevolvingCreditFacilityMember 2019-06-30 0000009346 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000009346 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-06-30 0000009346 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000009346 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000009346 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000009346 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000009346 us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000009346 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0000009346 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000009346 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0000009346 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000009346 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000009346 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000009346 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000009346 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0000009346 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000009346 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000009346 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000009346 us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 us-gaap:PerformanceSharesMember ptvc:LongTermIncentivePlan2018Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 ptvc:AwardDate20190522Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember ptvc:EdgecliffeJohnsonStockGrantMember 2019-05-22 2019-05-22 0000009346 ptvc:LongTermIncentivePlan2019Member us-gaap:CommonClassBMember us-gaap:PerformanceSharesMember 2019-01-01 2019-06-30 0000009346 us-gaap:CommonClassBMember srt:ChiefExecutiveOfficerMember us-gaap:RestrictedStockUnitsRSUMember 2018-11-13 2018-11-13 0000009346 ptvc:AwardDate20180209Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 ptvc:AwardDate20180508Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 ptvc:AwardDate20190517Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 us-gaap:PerformanceSharesMember ptvc:ValueCreationIncentivePlan2018Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 ptvc:AwardDate20170831Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 us-gaap:CommonClassBMember ptvc:AwardDate20190507Member 2019-01-01 2019-06-30 0000009346 us-gaap:PerformanceSharesMember ptvc:ValueCreationIncentivePlan2017Member us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 us-gaap:CommonClassBMember ptvc:AwardDate20170509Member 2019-01-01 2019-06-30 0000009346 us-gaap:CommonClassBMember srt:ChiefExecutiveOfficerMember ptvc:AwardVestDate20191017Member us-gaap:RestrictedStockUnitsRSUMember 2018-11-13 2018-11-13 0000009346 us-gaap:CommonClassBMember srt:ChiefExecutiveOfficerMember ptvc:AwardVestDate20201017Member us-gaap:RestrictedStockUnitsRSUMember 2018-11-13 2018-11-13 0000009346 us-gaap:RestrictedStockUnitsRSUMember ptvc:EdgecliffeJohnsonStockGrantMember us-gaap:CommonClassBMember ptvc:AwardVestDate20240601Member 2019-05-22 2019-05-22 0000009346 ptvc:AwardVestDate20230601Member ptvc:EdgecliffeJohnsonStockGrantMember us-gaap:CommonClassBMember us-gaap:RestrictedStockUnitsRSUMember 2019-05-22 2019-05-22 0000009346 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember ptvc:AwardVestDate20211017Member srt:ChiefExecutiveOfficerMember 2018-11-13 2018-11-13 0000009346 us-gaap:RestrictedStockUnitsRSUMember ptvc:AwardVestDate20220601Member ptvc:EdgecliffeJohnsonStockGrantMember us-gaap:CommonClassBMember 2019-05-22 2019-05-22 0000009346 srt:ChiefExecutiveOfficerMember us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 ptvc:EdgecliffeJohnsonStockGrantMember us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonClassBMember 2019-01-01 2019-06-30 0000009346 ptvc:PersonnelStaffingGroupDBAMVPStaffingMember 2019-01-01 2019-06-30 0000009346 ptvc:PersonnelStaffingGroupDBAMVPStaffingMember us-gaap:SubsequentEventMember 2019-07-31 2019-07-31 0000009346 ptvc:PersonnelStaffingGroupDBAMVPStaffingMember 2019-06-30 0000009346 ptvc:PersonnelStaffingGroupDBAMVPStaffingMember srt:MinimumMember 2019-06-30 0000009346 ptvc:ShareRepurchasePlanRule10b51Member 2019-06-30 0000009346 us-gaap:CommonClassAMember 2019-01-01 2019-06-30 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0000009346 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0000009346 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000009346 us-gaap:AccountingStandardsUpdate201802Member us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember us-gaap:AccountingStandardsUpdate201601Member 2017-12-31 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember us-gaap:AccountingStandardsUpdate201802Member 2017-12-31 0000009346 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-06-30 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-06-30 0000009346 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-06-30 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-06-30 0000009346 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-06-30 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-30 0000009346 us-gaap:AccumulatedTranslationAdjustmentMember 2018-06-30 0000009346 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-06-30 0000009346 ptvc:NewVernonIndiaFundMember srt:DirectorMember 2019-01-01 2019-06-30 0000009346 ptvc:RelatedPartyTransactionsInvestmentFirmServicesMember srt:DirectorMember 2019-01-01 2019-06-30 0000009346 ptvc:NewVernonIndiaFundMember 2019-06-30 0000009346 ptvc:NewVernonIndiaFundMember 2019-01-01 2019-06-30 0000009346 ptvc:RelatedPartyTransactionsInvestmentFirmServicesMember 2019-01-01 2019-06-30 0000009346 ptvc:RelatedPartyTransactionsInvestmentFirmServicesMember 2018-01-01 2018-06-30 0000009346 ptvc:NewVernonIndiaFundMember 2018-01-01 2018-06-30 0000009346 ptvc:RelatedPartyTransactionsInvestmentFirmServicesMember srt:DirectorMember 2019-06-30 0000009346 ptvc:ArbiterPartnersLimitedMember 2019-07-31 2019-07-31 0000009346 us-gaap:SubsequentEventMember 2019-08-06 2019-08-06 0000009346 us-gaap:CommonClassBMember us-gaap:SubsequentEventMember 2019-08-06 0000009346 us-gaap:CommonClassAMember us-gaap:SubsequentEventMember 2019-08-06 0000009346 us-gaap:SubsequentEventMember 2019-07-01 2019-08-07 0000009346 us-gaap:SubsequentEventMember us-gaap:CommonClassBMember 2019-07-01 2019-08-07 0000009346 us-gaap:SubsequentEventMember us-gaap:CommonClassAMember 2019-07-01 2019-08-07 xbrli:shares iso4217:USD iso4217:USD xbrli:shares ptvc:Segment xbrli:pure ptvc:Security ptvc:Covenant ptvc:Partnership ptvc:Director false --12-31 2019-06-30 IN Yes Accelerated Filer Protective Insurance Corp 0000009346 2612288 11779483 14391771 2019 Q2 10-Q Yes false false false 492 230 217 149 110453000 111405000 102972000 111573000 8217000 -7347000 54065000 54720000 34113000 21857000 816922000 70257000 811280000 78390000 746665000 0 0 889670000 1490131000 1571026000 688000 2934000 326000 3092000 239000 376000 27000 549000 6000 539000 1438000 0 377000 14000 1252000 5185000 946000 13175000 127000 352000 145000 60000 0 371000 2835000 37168000 16279000 178369000 5095000 31064000 94847000 194489000 29102000 196925000 5686000 2835000 600504000 32177000 251977000 38586000 726053000 15384000 10636000 41706000 25339000 10208000 39609000 66241000 10793000 2080000 914000 3497000 803000 423000 6000 165000 31000 94000 146000 2080000 506000 70000 184000 48000 12000 6602000 186000 154000 16000 0 485000 10793000 1833000 265000 844000 0 275 81 7296000 1166000 534507000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The following is a summary of available-for-sale securities at June 30, 2019 and December 31, 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Cost or</div><div style="text-align: center;">Amortized Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Gains</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Losses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Net Unrealized</div><div style="text-align: center;">Gains (Losses)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">June 30, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div>Fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,384</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">352</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">39,609</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,438</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,847</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">33</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,074</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(205</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">5,686</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">549</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">479</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">256,318</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,977</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">5,185</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(844</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">4,341</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">42,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,706</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">946</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(146</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">32,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">32,177</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">688</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">657</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">31,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">31,064</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">326</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">314</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">197,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">194,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">3,092</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(184</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,908</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">737,148</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">726,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">13,175</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(2,080</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">11,095</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Cost or</div><div style="text-align: center;">Amortized Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Gains</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Losses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Net Unrealized</div><div style="text-align: center;">Gains (Losses)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div>Fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,687</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,636</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>145</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(94</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>51</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,168</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>371</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>217</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>64,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>66,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>14</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,833</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,819</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>9,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>10,208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>27</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(485</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(458</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,095</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>376</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>328</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>190,450</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>196,925</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>127</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(6,602</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(6,475</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>38,586</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>377</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(46</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>29,102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>239</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(186</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>25,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(159</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>178,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>178,369</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>1,252</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(803</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>449</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>592,645</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>600,504</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>2,934</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(10,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(7,859</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>)</div></td></tr></table></div> 543002000 99531000 10894000 171977000 413647000 99574000 95614000 131001000 11517000 76363000 282646000 87051000 191546000 336988000 89596000 342358000 3088000 3154000 6681000 5796000 4132000 6134000 3691000 7303000 194146000 38540000 2835000 15730000 10687000 37385000 6165000 737148000 190450000 197397000 32834000 64422000 9750000 592645000 31378000 41031000 5423000 29155000 256318000 178818000 25180000 42506000 94880000 2835000 16074000 125048000 245871000 220571000 113507000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Description of Business:&#160; </font>Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.&#160; In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.&#160; The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.</div><div><br /></div><div style="text-align: justify;">The term &#8220;Insurance Subsidiaries,&#8221; as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&amp;L Insurance, Ltd.</div></div> 673000 1290000 915000 713000 68713000 170811000 82805000 97105000 80772000 163996000 -73706000 14092000 156855000 0 0 76967000 156855000 0 0 76967000 28800000 32425000 62598000 61241000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(10)&#160; Litigation, Commitments and Contingencies:</div><div><br /></div><div style="text-align: justify;">In the ordinary, regular and routine course of their business, the Company and its Insurance Subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided.&#160; No currently pending matter is deemed by management to be material to the Company.</div><div><br /></div><div style="text-align: justify;"><u>Personnel Staffing Group Litigation</u></div><div><br /></div><div style="text-align: justify;">In July 2019, Protective Insurance Company (&#8220;PIC&#8221;) was named as a defendant in a California action brought by former insured, Personnel Staffing Group d/b/a MVP Staffing (&#8220;PSG&#8221;) alleging breach of PIC&#8217;s workers&#8217; compensation insurance policy and breach of the duties of good faith and fair dealing.&#160; PIC provided workers&#8217; compensation insurance to PSG from January 1, 2017 through June 30, 2018, which was subject to a $500 per claim deductible to be paid by PSG.&#160; No specific damages were included in the complaint.&#160;&#160; The Company intends to vigorously defend these claims; however, the ultimate outcome cannot be presently determined.</div><div><br /></div><div style="text-align: justify;">In August 2019, PIC filed its own lawsuit against PSG in Marion County, Indiana alleging breach of contract, breach of the parties collateral agreement, breach of the parties indemnity agreement, and seeking declaratory judgment regarding PSG&#8217;s ongoing obligation to fund its ongoing claims deductible obligations and adequately collateralize PIC&#8217;s current and ongoing claims exposure, pursuant to the parties agreements.&#160; Pursuant to the terms of the workers&#8217; compensation policies, PIC has a duty to adjust and pay claims arising under the policies as they develop regardless of whether PSG fulfills its deductible obligations.&#160; Under its contractual obligations to PIC, PSG is required to maintain a &#8220;loss fund&#8221; for the payment of claims, the balance of which is to remain at or above $4,000; in addition, PSG is required to provide collateral in an amount equal to 110% of PIC&#8217;s current open case reserves on workers&#8217; compensation claims arising under PSG&#8217;s policies.</div><div><br /></div><div style="text-align: justify;">As of June 30, 2019, PIC had approximately $20,000 in open case reserves within PSG&#8217;s $500 deductible, in addition to $1,800 in deductible receivables on claims arising under PSG&#8217;s workers&#8217; compensation policies and had exhausted all collateral provided by PSG.&#160; Continued claims development is anticipated to be consistent with similar lines of workers&#8217; compensation as described in the Company&#8217;s 2018 Annual Report on Form 10-K and therefore, PSG&#8217;s ultimate obligations to PIC under the agreements is estimated to be approximately $40,000 as of June 30, 2019 (inclusive of the $20,000 in open case reserves and $1,800 in deductible receivable amounts noted above).&#160; At June 30, 2019, the Company believes that it will fully collect all future amounts due from PSG relating to this contingency and therefore has not recorded a provision for any potential asset impairment.</div></div> 0.28 0.56 0.20 0.10 0 0 0 0 20000000 20000000 3000000 3000000 2612446 11932076 12253922 2615339 112000 112000 522000 509000 8336000 273000 -2741000 19847000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Basis of Presentation:</font> The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.&#160; In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.&#160; Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.&#160; Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.</div></div> 0 0 46157000 0 0 117000 -117000 0 0 0 -46157000 0 -117000 117000 -46157000 117000 0 0 -205000 449000 1422000 657000 33000 53000 -458000 800000 0 51000 2908000 -6475000 4341000 217000 314000 -1819000 328000 0 479000 -159000 -7859000 -46000 346000 11095000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(6)&#160; Debt:</div><div><br /></div><div style="text-align: justify;">On August 9, 2018, the Company entered into a credit agreement providing a revolving credit facility with a $40,000 limit, with the option for up to an additional $35,000 in incremental loans at the discretion of the lenders.&#160; This credit agreement has an expiration date of August 9, 2022.&#160; Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at the Company's option.&#160; Outstanding drawings on this revolving credit facility were $20,000 as of June 30, 2019.&#160; At June 30, 2019, the effective interest rate was 3.50% and the Company had $20,000 remaining under the revolving credit facility.&#160; The current outstanding borrowings were used to repay the Company's previous line of credit.&#160; The Company's revolving credit facility has two financial covenants, each of which were met as of June 30, 2019.&#160; These covenants require the Company to have a minimum U.S. generally accepted accounting principles net worth and a maximum consolidated leverage ratio of 0.35 to 1.00.</div></div> 2757000 6262000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; font-style: italic; font-weight: bold;">(9)&#160; Stock-Based Compensation:</div><div><br /></div><div style="text-align: justify;">The Company issues shares of restricted Class B Common Stock to the Company's outside directors as their annual retainer compensation.&#160; The shares are distributed to the outside directors on the vesting date, which, with the exception of pro-rated annual retainers granted to outside directors, is one year following the date of grant.&#160; On May 17, 2019, the Company granted shares of restricted Class B Common Stock in connection with the election of a new outside director, reflecting such director&#8217;s pro-rated annual retainer compensation, which shares will vest and be distributed on May 7, 2020.&#160; Additionally, effective May 22, 2019, John D. Nichols, Jr. ceased serving as the Company's Interim Chief Executive Officer and principal executive officer, but continued to serve as Chairman of the Company's Board of Directors.&#160; On May 22, 2019, the Company granted shares of restricted Class B Common Stock to Mr. Nichols in connection with this transition, reflecting his pro-rated annual retainer compensation, which shares will also vest and be distributed on May 7, 2020. &#160;The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Grant Date</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Number of</div><div style="text-align: center;">Shares Issued</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Vesting Date</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Service Period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Grant Date Fair</div><div style="text-align: center;">Value Per Share</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">18,183</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2018</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2017 - 6/30/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">24.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">8/31/2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">1,257</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2018</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">8/31/2017 - 6/30/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">21.90</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">2/9/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">408</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2018</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">2/9/2018 - 6/30/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">24.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/8/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">19,085</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/8/2019</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2018 - 6/30/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">23.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">29,536</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2020</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2019 - 6/30/2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">16.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/17/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">3,591</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2020</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2019 - 6/30/2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">16.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/22/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">3,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2020</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2019 - 6/30/2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">16.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;">Compensation expense related to the above stock grants is recognized over the period in which the directors render services.</div><div><br /></div><div style="text-align: justify;">In May 2017, the Company's Compensation Committee granted equity-based awards pursuant to the Company's Long-Term Incentive Plan (the "Long-Term Incentive Plan"), which was approved by the Company's shareholders at the 2017 Annual Meeting of Shareholders.&#160; Certain participants under the Long-Term Incentive Plan were granted Value Creation Incentive Plan awards (the "2017 VCIP Awards").&#160; The 2017 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income over a three-year performance period from January 1, 2017 through December 31, 2019 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2017.&#160; For the purpose of the 2017 VCIP Awards, cumulative operating income is equal to income before taxes excluding net realized gains (losses) on investments.&#160; Any 2017 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2020.&#160; No shares are eligible to be issued under the 2017 VCIP Awards as of June 30, 2019.</div><div><br /></div><div style="text-align: justify;">In March 2018, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.&#160; Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2018 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a measurement of the combined results of the Company's 2018 growth in gross premiums earned and the Company's 2018 combined ratio.&#160; The combined ratio is calculated as a ratio of (A) losses and loss expenses incurred, plus other operating expenses, less commission and other income to (B) net premiums earned.<font style="background-color: rgb(255, 255, 255);">&#160; No 2018 LTIP Awards were earned based on the Company's performance in 2018, and therefore no shares were issued pursuant to the 2018 LTIP Awards.&#160; I</font>n addition to the 2018 LTIP Awards, in March 2018 the Company's Compensation Committee also granted Value Creation Incentive Plan awards (the "2018 VCIP Awards") to certain participants under the Long-Term Incentive Plan.&#160; The 2018 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income, as defined above, over a three-year performance period from January 1, 2018 through December 31, 2020 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2018.&#160; Any 2018 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2021.&#160; No shares are eligible to be issued under the 2018 VCIP Awards as of June 30, 2019.</div><div><br /></div><div style="text-align: justify;">On November 13, 2018, the Company entered into an employment agreement with its Interim Chief Executive Officer, John D. Nichols, Jr.&#160; Pursuant to the terms of this employment agreement, on November 13, 2018, Mr. Nichols was granted 85,000 restricted shares of the Company's Class B Common Stock (the "Nichols Stock Grant"), of which 42,500 shares will vest as of October 17, 2019; 21,250 shares will vest as of October 17, 2020, and 21,250 shares will vest as of October 17, 2021.&#160; The Company recorded $559 of expense during the six months ended June 30, 2019 related to the Nichols Stock Grant.</div><div><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">In March 2019, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.&#160; Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2019 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a corporate performance component as well as a personal performance component.&#160; The corporate performance component of the 2019 LTIP Awards will be determined based on the Company's achievement of 2019 underwriting income compared to the plan target.&#160; The Company's underwriting income will be calculated as income (loss) before federal income tax expense (benefit), less net realized gains (losses) on investments, less net unrealized gains (losses) on equity securities and limited partnerships, less net investment income.&#160; The personal performance component of the 2019 LTIP Awards will be determined based on the achievement of personal goals that align with departmental and corporate objectives for 2019.&#160; Any 2019 LTIP Awards earned will be paid in shares of restricted Class B Common Stock in early 2020.&#160; One-third of such shares will vest annually over the three-year period beginning one year from the date of issue.&#160; The Company recorded $51 of expense during the six months ended June 30, 2019 related to the 2019 LTIP Awards.</font></div><div><br /></div><div style="text-align: justify;">On May 22, 2019, the Company entered into an employment agreement with its new Chief Executive Officer, Jeremy D. Edgecliffe-Johnson.&#160; Pursuant to the terms of this employment agreement, on May 22, 2019, Mr. Edgecliffe-Johnson was granted 70,000 restricted shares of the Company's Class B Common Stock (the "Edgecliffe-Johnson Stock Grant"), of which 35,000 shares will vest as of June 1, 2022, 21,000 shares will vest as of June 1, 2023, and 14,000 shares will vest as of June 1, 2024.&#160; The Company recorded $36 of expense during the six months ended June 30, 2019 related to the Edgecliffe-Johnson Stock Grant.</div></div> 2019-09-03 0.10 0.10 2019-08-06 0 4227000 2987000 8456000 8456000 0 0 0 0 2987000 0 0 0 0 0 1494000 1494000 0 0 0 0 0 0 4227000 2019-08-20 0.17 0.28 0.19 0.11 -411000 591000 0.21 0.35 0.216 0.164 0.186 0.213 312000 -265000 51000 953000 74555000 66422000 74555000 0 66422000 0 74555000 0 0 66422000 -2861000 -1196000 7918000 1683000 1948000 -1508000 -3814000 7867000 35535000 55044000 0 35535000 55044000 55044000 35535000 0 55044000 0 0 35535000 0 0 0 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(8)&#160; Fair Value:</div><div><br /></div><div style="text-align: justify;">Assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:</div><div><br /></div><div style="text-align: left; font-weight: bold;">As of June 30, 2019:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Description</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fixed income securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="margin-left: 8.85pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,074</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,074</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Options embedded in convertible securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,924</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,924</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">42,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">42,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">32,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">32,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">31,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">31,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">197,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">197,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">737,148</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">734,313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Equity securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Consumer</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">17,125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">17,125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Energy</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Financial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">29,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">29,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Industrial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Technology</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,414</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,414</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Funds (e.g. mutual funds, closed end funds, ETFs)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">9,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">9,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,587</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,587</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div>Total equity securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">74,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">74,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Short-term</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">76,967</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">76,967</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">889,670</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">78,390</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">811,280</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table><div><br /></div><div style="text-align: left;">As of December 31, 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Description</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fixed income securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,687</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,687</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>64,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>64,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>9,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>9,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>186,651</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>186,651</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Options embedded in convertible securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,799</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,799</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>178,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>178,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>592,645</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>589,810</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Equity securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Consumer</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>17,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>17,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Energy</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,179</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,179</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Financial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,253</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,253</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Industrial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6,920</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6,920</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Technology</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Funds (e.g. mutual funds, closed end funds, ETFs)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>5,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>5,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total equity securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>66,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>66,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Short-term</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>156,855</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>156,855</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>816,922</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>70,257</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>746,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table><div><br /></div><div style="text-align: left;">Level inputs, as defined by the FASB guidance, are as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"><tr><td style="width: 9.91%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Level Input:</div></td><td style="width: 1.37%; vertical-align: bottom;">&#160;</td><td style="width: 88.72%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Input Definition:</div></td></tr><tr><td style="width: 9.91%; vertical-align: bottom;">&#160;</td><td style="width: 1.37%; vertical-align: bottom;">&#160;</td><td style="width: 88.72%; vertical-align: bottom;">&#160;</td></tr><tr><td style="width: 9.91%; vertical-align: top;"><div style="margin-left: 9.1pt;">Level 1</div></td><td style="width: 1.37%; vertical-align: bottom;">&#160;</td><td style="width: 88.72%; vertical-align: bottom;"><div style="text-align: justify;">Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.</div></td></tr><tr><td style="width: 9.91%; vertical-align: top;">&#160;</td><td style="width: 1.37%; vertical-align: bottom;">&#160;</td><td style="width: 88.72%; vertical-align: bottom;">&#160;</td></tr><tr><td style="width: 9.91%; vertical-align: top;"><div style="margin-left: 9.1pt;">Level 2</div></td><td style="width: 1.37%; vertical-align: bottom;">&#160;</td><td style="width: 88.72%; vertical-align: bottom;"><div style="text-align: justify;">Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.</div></td></tr><tr><td style="width: 9.91%; vertical-align: top;">&#160;</td><td style="width: 1.37%; vertical-align: bottom;">&#160;</td><td style="width: 88.72%; vertical-align: bottom;">&#160;</td></tr><tr><td style="width: 9.91%; vertical-align: top;"><div style="margin-left: 9.1pt;">Level 3</div></td><td style="width: 1.37%; vertical-align: bottom;">&#160;</td><td style="width: 88.72%; vertical-align: bottom;"><div style="text-align: justify;">Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.</div></td></tr></table><div><br /></div><div style="text-align: justify;">The Company did not have any Level 3 assets at June 30, 2019 or December 31, 2018.&#160; Level 3 assets, when present, are valued using various unobservable inputs including extrapolated data, proprietary models and indicative quotes.&#160;</div><div><br /></div><div style="text-align: justify;">Quoted market prices are obtained whenever possible.&#160; Where quoted market prices are not available, fair values are estimated using broker/dealer quotes for specific securities.&#160; These techniques are significantly affected by the Company's assumptions, including discount rates and estimates of future cash flows.&#160; Potential taxes and other transaction costs have not been considered in estimating fair values.</div><div><br /></div><div style="text-align: justify;">Transfers between levels, if any, are recorded as of the beginning of the reporting period.&#160; There were no significant transfers of assets between Level 1 and Level 2 during the six months ended June 30, 2019 and 2018.</div><div><br /></div><div style="text-align: justify;">In addition to the preceding disclosures on assets recorded at fair value in the condensed consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the condensed consolidated balance sheets.</div><div><br /></div><div style="text-align: justify;">Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as policy reserve liabilities are excluded from the fair value disclosures.&#160; Therefore, the fair value amounts cannot be aggregated to determine the underlying economic value of the Company.&#160; The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument:</div><div><br /></div><div style="text-align: justify;">Limited partnerships: The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to carry the investment at its proportionate share of the limited partnership's equity.&#160;&#160; The underlying assets of the Company's investments in limited partnerships are carried primarily at fair value; therefore, the Company's carrying value of limited partnerships approximates fair value.&#160; As these investments are not actively traded and the corresponding inputs are based on data provided by the investees, they are classified as Level 3.</div><div><br /></div><div style="text-align: justify;">Commercial mortgage loans:&#160; Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial&#160;mortgage&#160;loans&#160;originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying&#160;mortgage&#160;loans.&#160; The fair value of the Company&#8217;s investment in these commercial mortgage loans is based on expected future cash flows discounted at the current interest rate for origination of similar quality loans, adjusted for specific loan risk.&#160; These investments are classified as Level 3.</div><div><br /></div><div style="text-align: justify;">Short-term borrowings: The fair value of the Company's short-term borrowings is based on quoted market prices for the same or similar debt, or, if no quoted market prices are available, on the current market interest rates available to the Company for debt of similar terms and remaining maturities.</div><div><br /></div><div style="text-align: justify;">A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-weight: bold;">Carrying</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="14" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Fair Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">June 30, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Assets:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="margin-left: 36pt;">Limited partnerships</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">35,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">35,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">35,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="margin-left: 36pt;">Commercial mortgage loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,884</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,884</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,884</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Liabilities:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="margin-left: 36pt;">Short-term borrowings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Assets:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="margin-left: 36pt;">Limited partnerships</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="margin-left: 36pt;">Commercial mortgage loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Liabilities:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="margin-left: 36pt;">Short-term borrowings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-weight: bold;">Carrying</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="14" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Fair Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">June 30, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Assets:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="margin-left: 36pt;">Limited partnerships</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">35,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">35,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">35,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="margin-left: 36pt;">Commercial mortgage loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,884</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,884</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,884</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Liabilities:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250); font-weight: bold;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="margin-left: 36pt;">Short-term borrowings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Assets:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="margin-left: 36pt;">Limited partnerships</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>55,044</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="margin-left: 36pt;">Commercial mortgage loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,672</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Liabilities:&#160;&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="margin-left: 36pt;">Short-term borrowings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> 25071000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Three Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Six Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);"><div>Gross gains on available-for-sale fixed income securities sold during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">4,132</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>3,691</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">7,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,134</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div>Gross losses on available-for-sale fixed income securities sold during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(3,154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(3,088</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(6,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(5,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other-than-temporary impairments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(86</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Change in value of limited partnership investments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">314</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(2,842</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">722</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(5,445</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gains (losses) on equity securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Realized gains (losses) on equity securities sold during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>312</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">51</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>953</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Unrealized gains (losses) on equity securities held at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(1,508</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(3,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Realized and unrealized gains (losses) on equity securities during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">1,683</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,196</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">7,918</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(2,861</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Net realized and unrealized gains (losses) on investments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,889</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(3,435</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(7,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr></table></div> -3435000 -7968000 8916000 2889000 -7968000 8916000 -3435000 2889000 0 86000 0 346000 3057000 1950000 3371000 5464000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(7)&#160; Taxes:</div><div><br /></div><div style="text-align: justify;">The effective federal tax rate on consolidated income for the three months ended June 30, 2019 was 21.3% compared to 18.6% for the three months ended June 30, 2018.&#160; The effective federal tax rate on consolidated income for the six months ended June 30, 2019 was 21.6% compared to 16.4% for the six months ended June 30, 2018.&#160; The effective federal income tax rate differs from the normal statutory rate primarily as a result of tax-exempt investment income.&#160; For the three and six months ended June 30, 2019, the Company had lower tax-exempt income when compared to the same periods in 2018, primarily due to the reduction of tax exempt municipal securities within the Company's investment portfolio in the current year as well as a decrease in dividend income, which provides a deduction for taxes, related to the reallocation of equity securities to fixed income securities within the Company&#8217;s investment portfolio throughout 2018.</div><div><br /></div><div style="text-align: justify;">As of June 30, 2019, the Company's calendar years<font style="background-color: rgb(255, 255, 255);"> 2017, 2016 and 2015 r</font>emain subject to examination by the Internal Revenue Service.</div></div> 415000 570000 1181000 554000 7441000 4599000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(4)&#160; Loss and Loss Expense Reserves:</div><div><br /></div><div style="text-align: justify;">Activity in the reserves for losses and loss expenses for the six months ended June 30, 2019 and 2018 is summarized as follows.&#160; All amounts are shown net of reinsurance, unless otherwise indicated.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center;">Six Months Ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div>Reserves, gross of reinsurance recoverable, at the beginning of the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">865,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>680,274</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reinsurance recoverable on unpaid losses at the beginning of the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">375,935</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>308,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reserves at the beginning of the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">489,404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>372,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Provision for losses and loss expenses:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during the current period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">179,211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>151,462</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during prior periods</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(1,656</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(1,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total incurred</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">177,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>149,787</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Loss and loss expense payments:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during the current period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">30,573</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>28,903</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during prior periods</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">92,822</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>88,965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total paid</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">123,395</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>117,868</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reserves at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">543,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>404,050</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reinsurance recoverable on unpaid losses at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">389,899</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>312,231</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reserves, gross of reinsurance recoverable, at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">933,463</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>716,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;">The table above shows a reserve savings of $1,656 that developed during the six months ended June 30, 2019 in the settlement of claims occurring on or before December 31, 2018.&#160; Losses incurred from claims occurring during prior years reflect the development from prior accident years, composed of individual claim savings and deficiencies which, in the aggregate, have resulted from the settlement of claims at amounts higher or lower than previously reserved and from changes in estimates of losses incurred but not reported.</div><div><br /></div><div style="text-align: justify;">The $1,656 prior accident year savings that developed during the six months ended June 30, 2019 was primarily<font style="background-color: rgb(255, 255, 255);"> due to favorable loss development in workers' compensation and independent contractor coverages.&#160; </font>This savings compares to a savings of $1,675 for the six months ended June 30, 2018, which was also related to favorable loss development from workers' compensation and independent contractor coverages.</div></div> 14323000 8176000 15410000 6443000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Investments</font><font style="font-weight: bold;">:</font> Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.&#160; Equity securities are carried at quoted market prices (fair value).&#160; Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial&#160;mortgage&#160;loans&#160;originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying&#160;mortgage&#160;loans. There was no valuation allowance on the Company's commercial mortgage loans as of June 30, 2019.</div><div><br /></div><div style="text-align: justify;">The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.&#160; To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.</div><div><br /></div><div style="text-align: justify;">Short-term and other investments are carried at cost, which approximates their fair values.</div><div><br /></div><div style="text-align: justify;">Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.&#160; A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.&#160; Realized gains and losses on disposals of fixed income securities are recorded on the trade date.&#160; Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.</div><div><br /></div><div style="text-align: justify;">Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.&#160; Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.&#160; Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders&#8217; equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.</div><div><br /></div><div style="text-align: justify;">In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.&#160;&#160; For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.</div><div><br /></div><div style="text-align: justify;">The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.&#160; The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">(2)&#160; Investments:</div><div><br /></div><div>The following is a summary of available-for-sale securities at June 30, 2019 and December 31, 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Cost or</div><div style="text-align: center;">Amortized Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Gains</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Losses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Net Unrealized</div><div style="text-align: center;">Gains (Losses)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">June 30, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div>Fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,384</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">352</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">39,609</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,438</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,847</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">33</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,074</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(205</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">5,686</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">549</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">479</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">256,318</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,977</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">5,185</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(844</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">4,341</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">42,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,706</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">946</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(146</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">32,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">32,177</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">688</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">657</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">31,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">31,064</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">326</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">314</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.6pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">197,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">194,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">3,092</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(184</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,908</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">737,148</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">726,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">13,175</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(2,080</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">11,095</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Cost or</div><div style="text-align: center;">Amortized Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Gains</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Losses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Net Unrealized</div><div style="text-align: center;">Gains (Losses)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div>Fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,687</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,636</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>145</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(94</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>51</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,168</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>371</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>217</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>64,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>66,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>14</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,833</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,819</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>9,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>10,208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>27</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(485</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(458</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,095</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>376</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>328</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>190,450</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>196,925</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>127</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(6,602</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(6,475</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>38,586</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>377</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(46</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>29,102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>239</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(186</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>25,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(159</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>178,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>178,369</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>1,252</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(803</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>449</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>592,645</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>600,504</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>2,934</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(10,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(7,859</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>)</div></td></tr></table><div><br /></div><div style="text-align: justify;">The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at June 30, 2019 and&#160; December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">June 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Number of</div><div style="text-align: center;">Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Loss</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Number of</div><div style="text-align: center;">Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Loss</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div>Fixed income securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">12 months or less</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">81</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">76,363</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(1,166</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>282,646</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(7,296</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Greater than 12 months</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">149</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">95,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(914</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>217</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131,001</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(3,497</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">171,977</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(2,080</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>413,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(10,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;">The fair value and the cost or amortized costs of fixed income investments at June 30, 2019, organized by contractual maturity, are shown below.&#160; Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Cost or</div><div style="text-align: center;">Amortized Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">One year or less</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>99,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>99,574</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Excess of one year to five years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>342,358</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>336,988</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Excess of five years to ten years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>89,596</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>87,051</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Excess of ten years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>11,517</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>10,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Contractual maturities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>543,002</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>534,507</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>194,146</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>191,546</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>737,148</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>726,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;">Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Three Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Six Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);"><div>Gross gains on available-for-sale fixed income securities sold during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">4,132</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>3,691</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">7,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,134</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div>Gross losses on available-for-sale fixed income securities sold during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(3,154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(3,088</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(6,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(5,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other-than-temporary impairments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(86</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Change in value of limited partnership investments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">314</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(2,842</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">722</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(5,445</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gains (losses) on equity securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Realized gains (losses) on equity securities sold during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>312</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">51</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>953</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Unrealized gains (losses) on equity securities held at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(1,508</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(3,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Realized and unrealized gains (losses) on equity securities during the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">1,683</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,196</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">7,918</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(2,861</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Net realized and unrealized gains (losses) on investments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,889</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(3,435</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(7,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr></table><div><br /></div><div style="text-align: justify;">Shareholders' equity at June 30, 2019 included approximately $25,071, net of federal income tax expense, of reported earnings that remain undistributed by limited partnerships.</div><div><br /></div></div> 721783000 857122000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">The fair value and the cost or amortized costs of fixed income investments at June 30, 2019, organized by contractual maturity, are shown below.&#160; Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Cost or</div><div style="text-align: center;">Amortized Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">One year or less</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>99,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>99,574</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Excess of one year to five years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>342,358</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>336,988</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Excess of five years to ten years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>89,596</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>87,051</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Excess of ten years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>11,517</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>10,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Contractual maturities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>543,002</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>534,507</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>194,146</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>191,546</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>737,148</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>726,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> 1203610000 1134049000 1490131000 1571026000 177555000 149787000 92822000 88965000 30573000 28903000 865339000 933463000 372131000 489404000 543564000 404050000 375935000 308143000 312231000 389899000 20000000 2022-08-09 0.0350 40000000 20000000 16074000 0 9750000 9750000 0 0 0 16074000 0 0 38540000 0 0 42506000 42506000 38540000 0 0 8884000 0 8884000 0 6672000 6672000 8884000 0 6672000 24674000 38396000 -435000 -103219000 -9736000 -9474000 2817000 2487000 4283000 1535000 0 0 0 0 4283000 0 1535000 0 0 0 0 0 0 2817000 0 0 2487000 0 0 0 6500000 5796000 10432000 12732000 10432000 6500000 12732000 5796000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Recently Issued Accounting Pronouncements:&#160; </font>In August&#160;2018, the FASB issued&#160;ASU No.&#160;2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13.&#160;This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.</div><div><br /></div><div style="text-align: justify;">In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. ASU 2016-13 introduces a current expected credit loss model for measuring expected credit losses for certain types of financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale debt securities to be recognized through an allowance for credit losses rather than as reductions in the amortized cost of the securities, and provides for additional disclosure requirements. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.</div></div> 8884000 6672000 1 -4461000 14758000 591000 -4050000 15349000 -411000 300000 300000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-style: italic; font-weight: bold;">(1)&#160; Summary of Significant Accounting Policies:</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Description of Business:&#160; </font>Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.&#160; In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.&#160; The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.</div><div><br /></div><div style="text-align: justify;">The term &#8220;Insurance Subsidiaries,&#8221; as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&amp;L Insurance, Ltd.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Basis of Presentation:</font> The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.&#160; In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.&#160; Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.&#160; Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Investments</font><font style="font-weight: bold;">:</font> Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.&#160; Equity securities are carried at quoted market prices (fair value).&#160; Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial&#160;mortgage&#160;loans&#160;originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying&#160;mortgage&#160;loans. There was no valuation allowance on the Company's commercial mortgage loans as of June 30, 2019.</div><div><br /></div><div style="text-align: justify;">The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.&#160; To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.</div><div><br /></div><div style="text-align: justify;">Short-term and other investments are carried at cost, which approximates their fair values.</div><div><br /></div><div style="text-align: justify;">Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.&#160; A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.&#160; Realized gains and losses on disposals of fixed income securities are recorded on the trade date.&#160; Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.</div><div><br /></div><div style="text-align: justify;">Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.&#160; Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.&#160; Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders&#8217; equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.</div><div><br /></div><div style="text-align: justify;">In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.&#160;&#160; For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.</div><div><br /></div><div style="text-align: justify;">The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.&#160; The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.</div><div><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-style: italic;">Recognition of Revenue and Costs:&#160; </font><font style="background-color: rgb(255, 255, 255);">Premiums are earned over the period for which insurance protection is provided.&#160; A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.&#160; Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.&#160; The Company does not defer acquisition costs that are not directly variable with the production of premiums.&#160; If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.&#160; In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.&#160; Anticipated investment income is considered in determining recoverability of deferred acquisition costs.&#160; The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at June 30, 2019.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Recently Adopted Accounting Pronouncements:</font><font style="font-weight: bold;">&#160; </font>In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.&#160; Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.&#160; The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.&#160; Going forward, unrealized gains or losses on equity securities will be recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.</div><div><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), or ASU 2016-02.&#160;ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.&#160; Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.&#160; Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.&#160; The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.&#160; In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.&#160;&#160; The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of June 30, 2019 of approximately&#160;$300, which are included within other assets and accounts payable and other liabilities.&#160;</font></div><div><br /></div><div style="text-align: justify;">In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the newly enacted federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017 (the "U.S. Tax Act"), which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.</div><div><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">In July&#160;2018, the FASB issued&#160;ASU No. 2018-09, Codification Improvements.&#160;This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Recently Issued Accounting Pronouncements:&#160; </font>In August&#160;2018, the FASB issued&#160;ASU No.&#160;2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13.&#160;This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.</div><div><br /></div><div style="text-align: justify;">In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. ASU 2016-13 introduces a current expected credit loss model for measuring expected credit losses for certain types of financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale debt securities to be recognized through an allowance for credit losses rather than as reductions in the amortized cost of the securities, and provides for additional disclosure requirements. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.</div></div> 86000 346000 0 0 87425000 88426000 68316000 70784000 34615000 36019000 1000000 1000000 -2214000 -5558000 15564000 6801000 591000 14973000 -5147000 -411000 15564000 -5558000 -2026000 6517000 0 0 6517000 0 0 0 0 0 14973000 -5147000 0 0 0 0 0 0 -5147000 0 -2026000 0 0 14973000 284000 591000 -411000 -188000 0 0 0 0 591000 0 -188000 0 0 0 0 0 0 -411000 0 0 0 0 284000 0 117868000 123395000 6487000 1280000 2565000 2987000 8456000 10000000 0 2691000 1346000 215226000 245099000 2213000 0 450000 0 90433000 177555000 77488000 149787000 225644000 115631000 111940000 217402000 115631000 225644000 111940000 217402000 87557000 14449000 102408000 71839000 38917000 37590000 8000 3000 20231000 369000 11127000 0.35 0 -215000 1097000 1097000 0 -215000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">The following table summarizes segment revenues for the three and six months ended June 30, 2019 and 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Three Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Six Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">Revenues:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net premiums earned</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">115,631</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>111,940</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">225,644</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>217,402</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net investment income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">12,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>10,432</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net realized and unrealized gains (losses) on investments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,889</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(3,435</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(7,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Commissions and other income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>2,263</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,043</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>4,076</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">126,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>116,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,335</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>223,942</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> 410445000 392436000 40000000 59313000 66632000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(3)&#160; Reinsurance:</div><div><br /></div><div style="text-align: justify;">The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-style: italic;">Three months ended June 30:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Premiums ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">32,425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>28,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Losses and loss expenses ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">28,859</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>21,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Commissions from reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,443</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="font-style: italic;">Six months ended June 30:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Premiums ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">62,598</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>61,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Losses and loss expenses ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">59,648</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>48,636</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Commissions from reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">15,410</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>14,323</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> 17489000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(12)&#160; Related Parties:</div><div><br /></div><div style="text-align: justify;">At June 30, 2019, the Company was invested in one limited partnership, the New Vernon India Fund, with an aggregate estimated value of $17,489, that is managed by an organization in which one director of the Company is an executive officer and owner.&#160; The Company's ownership interest in this limited partnership at June 30, 2019 was 4%.&#160; For the six months ended June 30, 2019 and 2018, the Company recorded $125 and $275 of fees related to the management of this limited partnership investment.</div><div><br /></div><div style="text-align: justify;">The Company utilizes the services of an investment firm of which one director of the Company is a partial owner.&#160; This investment firm manages equity securities and fixed income portfolios held by the Company with an aggregate market value of approximately $8,601 at June 30, 2019.&#160; Total commissions and net fees earned by this investment firm and its affiliates on these portfolios were $12 and $54 for the six months ended June 30, 2019 and 2018.</div></div> 275000 12000 54000 125000 6815000 16333000 308075000 304513000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-style: italic;">Recognition of Revenue and Costs:&#160; </font><font style="background-color: rgb(255, 255, 255);">Premiums are earned over the period for which insurance protection is provided.&#160; A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.&#160; Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.&#160; The Company does not defer acquisition costs that are not directly variable with the production of premiums.&#160; If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.&#160; In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.&#160; Anticipated investment income is considered in determining recoverability of deferred acquisition costs.&#160; The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at June 30, 2019.</font></div></div> 251335000 223942000 116564000 126998000 251335000 223942000 126998000 116564000 20000000 20000000 0 0 20000000 20000000 0 20000000 20000000 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at June 30, 2019 and&#160; December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">June 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Number of</div><div style="text-align: center;">Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Loss</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Number of</div><div style="text-align: center;">Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Fair</div><div style="text-align: center;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Gross</div><div style="text-align: center;">Unrealized Loss</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div>Fixed income securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">12 months or less</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">81</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">76,363</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(1,166</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>282,646</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(7,296</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Greater than 12 months</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">149</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">95,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(914</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>217</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131,001</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(3,497</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">171,977</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(2,080</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>413,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(10,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:</div><div><br /></div><div style="text-align: left; font-weight: bold;">As of June 30, 2019:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Description</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fixed income securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="margin-left: 8.85pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">15,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">41,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">94,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,074</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">16,074</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Options embedded in convertible securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,924</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,924</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">42,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">42,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">32,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">32,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">31,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">31,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">197,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">197,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">737,148</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">734,313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Equity securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Consumer</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">17,125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">17,125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Energy</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Financial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">29,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">29,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Industrial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Technology</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,414</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,414</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Funds (e.g. mutual funds, closed end funds, ETFs)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">9,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">9,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,587</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,587</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div>Total equity securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">74,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">74,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Short-term</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">76,967</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">76,967</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">889,670</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">78,390</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">811,280</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table><div><br /></div><div style="text-align: left;">As of December 31, 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Description</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Level 3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fixed income securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,687</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>10,687</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Agency mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>37,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Asset-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>64,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>64,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>9,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>9,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Certificates of deposit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Collateralized mortgage obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Corporate securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>186,651</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>186,651</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Options embedded in convertible securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,799</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,799</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mortgage-backed securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>38,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Municipal obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Non-U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">U.S. government obligations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>178,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>178,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total fixed income securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>592,645</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,835</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>589,810</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Equity securities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Consumer</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>17,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>17,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Energy</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,179</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3,179</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Financial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,253</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>25,253</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Industrial</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6,920</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6,920</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Technology</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>2,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Funds (e.g. mutual funds, closed end funds, ETFs)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>5,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>5,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total equity securities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>66,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>66,422</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Short-term</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>1,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>156,855</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>156,855</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>816,922</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>70,257</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>746,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left;">The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2019:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Foreign</div><div style="text-align: center;">Currency</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Unrealized Holding Gains (Losses) on</div><div style="text-align: center;">Available-for-sale Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Beginning balance at December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(6,208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(7,347</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div>Other comprehensive income before reclassifications</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>591</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>14,758</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>15,349</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>Amounts reclassified from accumulated other comprehensive income (loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net current-period other comprehensive income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>591</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>14,973</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>15,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Ending balance at June 30, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(548</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>8,765</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>8,217</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;">The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Foreign</div><div style="text-align: center;">Currency</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Unrealized Holding Gains (Losses) on</div><div style="text-align: center;">Available-for-sale Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Beginning balance at December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(309</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>46,700</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>46,391</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cumulative effect of adoption of ASU 2016-01, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(46,157</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(46,157</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance at January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(309</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>543</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>234</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cumulative effect of adoption of ASU 2018-02</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div>Other comprehensive loss before reclassifications</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(411</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(4,050</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(4,461</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>Amounts reclassified from accumulated other comprehensive income (loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(1,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(1,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net current-period other comprehensive loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(411</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(5,147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(5,558</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Ending balance at June 30, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(4,487</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(5,207</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-style: italic;">Three months ended June 30:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Premiums ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">32,425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>28,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Losses and loss expenses ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">28,859</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>21,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Commissions from reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>6,443</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="font-style: italic;">Six months ended June 30:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Premiums ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">62,598</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>61,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Losses and loss expenses ceded to reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">59,648</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>48,636</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Commissions from reinsurers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">15,410</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>14,323</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">Activity in the reserves for losses and loss expenses for the six months ended June 30, 2019 and 2018 is summarized as follows.&#160; All amounts are shown net of reinsurance, unless otherwise indicated.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center;">Six Months Ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div>Reserves, gross of reinsurance recoverable, at the beginning of the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">865,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>680,274</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reinsurance recoverable on unpaid losses at the beginning of the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">375,935</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>308,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reserves at the beginning of the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">489,404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>372,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Provision for losses and loss expenses:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during the current period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">179,211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>151,462</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during prior periods</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">(1,656</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(1,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total incurred</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">177,555</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>149,787</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Loss and loss expense payments:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during the current period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">30,573</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>28,903</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Claims occurring during prior periods</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">92,822</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>88,965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total paid</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">123,395</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>117,868</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reserves at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">543,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>404,050</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reinsurance recoverable on unpaid losses at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">389,899</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>312,231</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reserves, gross of reinsurance recoverable, at the end of the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">933,463</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>716,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(5)&#160; Segment Information:</div><div><br /></div><div style="text-align: justify;">The Company has one reportable business segment in its operations: Property and Casualty Insurance.&#160; The property and casualty insurance segment provides multiple lines of insurance coverage primarily to commercial automobile companies, as well as to independent contractors who contract with commercial automobile companies.&#160; In addition, the Company provides workers' compensation coverage for a variety of operations outside the transportation industry.</div><div><br /></div><div style="text-align: justify;">The following table summarizes segment revenues for the three and six months ended June 30, 2019 and 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Three Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Six Months Ended</div><div style="text-align: center;">June 30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">Revenues:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net premiums earned</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">115,631</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>111,940</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">225,644</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>217,402</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net investment income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">12,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>10,432</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net realized and unrealized gains (losses) on investments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">2,889</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(3,435</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">8,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(7,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Commissions and other income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>2,263</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">4,043</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>4,076</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">126,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>116,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div style="font-weight: bold;">251,335</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>223,942</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> 559000 51000 36000 P3Y P3Y P3Y 0 3541 70000 0 85000 408 19085 3591 0 1257 29536 0 18183 42500 21250 14000 21000 21250 35000 16.25 24.20 16.25 16.25 23.05 24.20 21.90 12249000 2623000 2615000 12418000 2615000 12424000 2623000 12254000 12380000 11932000 2623000 2612000 20000000 20000000 1000000 1000000 1000000 0 0 0 0 1000000 2464209 49000 0 10000 29000 5000 0 0 0 4000000 25000000 0 0 961000 0 0 0 422000 0 422000 0 0 0 522000 2000 524000 0 0 0 0 901000 901000 959000 0 2000 346000 3000 371000 43000 3000 0 54000 2893 371188 152593 158 1280000 0 2000 4858000 6020000 15000 0 1044000 0 188000 0 6487000 0 2000 234000 0 1044000 854000 0 1614000 4499000 1506000 0 15000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">(11)&#160; Shareholders' Equity:</div><div><br /></div><div style="text-align: justify;">On August 31, 2017, the Company's Board of Directors authorized the reinstatement of its share repurchase program for up to 2,464,209 shares of the Company's Class A or Class B Common Stock.&#160; On August 7, 2018, the Company's Board of Directors reaffirmed its share repurchase program, but also provided that the aggregate dollar amount of shares of the Company's Common Stock that may be repurchased under the share repurchase program through August 8, 2019 may not exceed $25,000.&#160; As of June 30, 2019, the Company has repurchased $9,293 under the share repurchase program.&#160; Pursuant to this share repurchase program, the Company entered into a Rule 10b5-1 plan on June 21, 2019, which authorized the repurchase of up to $4,000 of the Company's outstanding Common Stock at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934.&#160; The Rule 10b5-1 plan expires on August 8, 2019.&#160; No duration has been placed on the Company's share repurchase program, and the Company reserves the right to amend, suspend or discontinue it at any time.&#160; The share repurchase program does not commit the Company to repurchase any shares of its Common Stock.</div><div><br /></div><div style="text-align: justify;">During the six months ended June 30, 2019, the Company paid $6,487 to repurchase 2,893 shares of Class A and 371,188 shares of Class B Common Stock under the share repurchase program.</div><div><br /></div><div style="text-align: left;">The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2019:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Foreign</div><div style="text-align: center;">Currency</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Unrealized Holding Gains (Losses) on</div><div style="text-align: center;">Available-for-sale Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Beginning balance at December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(1,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(6,208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(7,347</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div>Other comprehensive income before reclassifications</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>591</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>14,758</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>15,349</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div>Amounts reclassified from accumulated other comprehensive income (loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net current-period other comprehensive income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>591</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>14,973</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>15,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Ending balance at June 30, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(548</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>8,765</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>8,217</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;">The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2018:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Foreign</div><div style="text-align: center;">Currency</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Unrealized Holding Gains (Losses) on</div><div style="text-align: center;">Available-for-sale Securities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Beginning balance at December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(309</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>46,700</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>46,391</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cumulative effect of adoption of ASU 2016-01, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(46,157</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(46,157</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance at January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>(309</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>543</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>234</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cumulative effect of adoption of ASU 2018-02</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div>117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div>Other comprehensive loss before reclassifications</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(411</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(4,050</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>(4,461</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>Amounts reclassified from accumulated other comprehensive income (loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>&#8211;</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(1,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(1,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net current-period other comprehensive loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(411</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(5,147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(5,558</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Ending balance at June 30, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(4,487</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(199, 240, 250);"><div>(5,207</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(199, 240, 250);"><div>)</div></td></tr></table></div> 543000 -309000 234000 367416000 356082000 316700000 112000 418811000 112000 -2993000 530000 1416000 530000 308971000 112000 522000 -7347000 308075000 112000 55078000 54720000 522000 46391000 358651000 366070000 55049000 55511000 411811000 8217000 -5207000 54065000 509000 356057000 528000 112000 304513000 55745000 407235000 112000 -1139000 -6208000 -309000 46700000 -4487000 -548000 -720000 8765000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">(<font style="font-weight: bold; font-style: italic;">13)&#160; Subsequent Events:</font></div><div><br /></div><div style="text-align: justify;">In July 2019, the Company withdrew $11,127 from the Arbiter Partners LP, a limited partnership, which liquidated the Company's investment in this limited partnership.</div><div><br /></div><div style="text-align: justify;">On August 6, 2019, the Company's Board of Directors declared a regular quarterly dividend of $0.10 per share on the Company's Class A and Class B Common Stock.&#160; The dividend per share will be payable September 3, 2019 to shareholders of record on August 20, 2019.</div><div><br /></div><div style="text-align: justify;">Pursuant to the Rule 10b5-1 plan entered into on June 21, 2019, the Company paid $2,565 to repurchase 158 shares of Class A and 152,593 shares of Class B Common Stock between July 1, 2019 and the date of this Quarterly Report on Form 10-Q.</div></div> -1656000 -1675000 151462000 179211000 8601000 592645000 737148000 0 589810000 737148000 734313000 0 2835000 2835000 592645000 79429000 71625000 -4350000 2262000 8589000 -9258000 63000 9000 9000 60000 15014000 14616000 15012000 14731000 15021000 14679000 15023000 14791000 1.1 4000000 1800000 500000 20000000 0.333 P1Y 0.333 7/1/2017 - 6/30/2018 7/1/2019 - 6/30/2020 8/31/2017 - 6/30/2018 2/9/2018 - 6/30/2018 7/1/2019 - 6/30/2019 7/1/2019 - 6/30/2020 7/1/2018 - 6/30/2019 0.333 2020-05-07 2018-05-09 2018-05-09 2020-05-07 2018-05-09 2019-05-08 2020-05-07 P3Y P3Y <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Grant Date</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Number of</div><div style="text-align: center;">Shares Issued</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Vesting Date</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Service Period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Grant Date Fair</div><div style="text-align: center;">Value Per Share</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">18,183</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2018</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2017 - 6/30/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">24.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">8/31/2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">1,257</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2018</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">8/31/2017 - 6/30/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">21.90</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">2/9/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">408</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/9/2018</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">2/9/2018 - 6/30/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">24.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/8/2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">19,085</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/8/2019</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2018 - 6/30/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">23.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">29,536</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2020</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2019 - 6/30/2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">16.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/17/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">3,591</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2020</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2019 - 6/30/2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">16.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/22/2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">3,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">5/7/2020</div></td><td valign="bottom" style="vertical-align: bottom; width: 25.3333%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">7/1/2019 - 6/30/2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(199, 240, 250);"><div style="text-align: center;">16.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(199, 240, 250);">&#160;</td></tr></table></div> 2263000 1978000 4076000 4043000 1978000 2263000 4076000 4043000 0 17125000 17945000 17945000 0 17125000 0 0 0 2414000 2303000 0 0 0 2303000 2414000 0 3340000 3179000 0 3179000 3340000 0 0 0 0 0 5489000 9796000 9796000 0 5489000 0 29117000 25253000 0 0 25253000 0 29117000 5333000 5333000 0 0 8587000 0 8587000 0 64422000 94880000 0 0 0 0 64422000 94880000 0 178818000 178818000 0 0 0 197397000 197397000 0 0 2835000 0 2835000 0 2835000 2835000 0 0 29155000 0 0 29155000 32834000 32834000 41031000 0 0 41031000 37385000 37385000 0 0 0 0 10687000 15730000 0 10687000 15730000 0 25180000 25180000 0 0 0 0 31378000 31378000 4924000 3799000 0 0 0 3799000 4924000 0 0 0 251394000 0 186651000 0 186651000 251394000 6165000 0 0 0 5423000 6165000 0 5423000 6920000 0 6920000 0 4176000 0 0 4176000 21975000 59648000 28859000 48636000 71012000 -71012000 680274000 865339000 933463000 716281000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Recently Adopted Accounting Pronouncements:</font><font style="font-weight: bold;">&#160; </font>In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.&#160; Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.&#160; The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.&#160; Going forward, unrealized gains or losses on equity securities will be recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.</div><div><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), or ASU 2016-02.&#160;ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.&#160; Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.&#160; Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.&#160; The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.&#160; In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.&#160;&#160; The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of June 30, 2019 of approximately&#160;$300, which are included within other assets and accounts payable and other liabilities.&#160;</font></div><div><br /></div><div style="text-align: justify;">In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the newly enacted federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017 (the "U.S. Tax Act"), which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.</div><div><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">In July&#160;2018, the FASB issued&#160;ASU No. 2018-09, Codification Improvements.&#160;This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.</font></div></div> 35000000 2 P1Y 9293000 1 0.04 1 1 5445000 2842000 -722000 -314000 EX-101.SCH 7 ptvc-20190630.xsd XBRL TAXONOMY EXTENSION SCHEMA 000100 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 010000 - Statement - Unaudited Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 010100 - Statement - Unaudited Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 020000 - Statement - Unaudited Condensed Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 030000 - Statement - Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) link:presentationLink link:calculationLink link:definitionLink 040000 - Statement - Unaudited Condensed Consolidated Statements of Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 050000 - Statement - Unaudited Condensed Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 060100 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 060200 - Disclosure - Investments link:presentationLink link:calculationLink link:definitionLink 060300 - Disclosure - Reinsurance link:presentationLink link:calculationLink link:definitionLink 060400 - Disclosure - Loss and Loss Expense Reserves link:presentationLink link:calculationLink link:definitionLink 060500 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 060600 - Disclosure - Debt link:presentationLink link:calculationLink link:definitionLink 060700 - Disclosure - Taxes link:presentationLink link:calculationLink link:definitionLink 060800 - Disclosure - Fair Value link:presentationLink link:calculationLink link:definitionLink 060900 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 061000 - Disclosure - Litigation, Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 061100 - Disclosure - Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 061200 - Disclosure - Related Parties link:presentationLink link:calculationLink link:definitionLink 061300 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 070100 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 080200 - Disclosure - Investments (Tables) link:presentationLink link:calculationLink link:definitionLink 080300 - Disclosure - Reinsurance (Tables) link:presentationLink link:calculationLink link:definitionLink 080400 - Disclosure - Loss and Loss Expense Reserves (Tables) link:presentationLink link:calculationLink link:definitionLink 080500 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 080800 - Disclosure - Fair Value (Tables) link:presentationLink link:calculationLink link:definitionLink 080900 - Disclosure - Stock-Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 081100 - Disclosure - Shareholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 090100 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 090200 - Disclosure - Investments, Summary of Available-for-sale Securities (Details) link:presentationLink link:calculationLink link:definitionLink 090202 - Disclosure - Investments, Continuous Unrealized Loss Position (Details) link:presentationLink link:calculationLink link:definitionLink 090204 - Disclosure - Investments, Continuous Unrealized Loss Position (Details)1 link:presentationLink link:calculationLink link:definitionLink 090204 - Disclosure - Investments, Net Realized and Unrealized Gains (Losses) on Investments (Details) link:presentationLink link:calculationLink link:definitionLink 090300 - Disclosure - Reinsurance (Details) link:presentationLink link:calculationLink link:definitionLink 090400 - Disclosure - Loss and Loss Expense Reserves (Details) link:presentationLink link:calculationLink link:definitionLink 090500 - Disclosure - Segment Information (Details) link:presentationLink link:calculationLink link:definitionLink 090600 - Disclosure - Debt (Details) link:presentationLink link:calculationLink link:definitionLink 090700 - Disclosure - Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 090800 - Disclosure - Fair Value (Details) link:presentationLink link:calculationLink link:definitionLink 090804 - Disclosure - Fair Value, Balance Sheet Grouping (Details) link:presentationLink link:calculationLink link:definitionLink 090900 - Disclosure - Stock-Based Compensation (Details) link:presentationLink link:calculationLink link:definitionLink 091000 - Disclosure - Litigation, Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 091100 - Disclosure - Shareholders' Equity (Details) link:presentationLink link:calculationLink link:definitionLink 091102 - Disclosure - Shareholders' Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) link:presentationLink link:calculationLink link:definitionLink 091200 - Disclosure - Related Parties (Details) link:presentationLink link:calculationLink link:definitionLink 091300 - Disclosure - Subsequent Events (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 ptvc-20190630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 ptvc-20190630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 ptvc-20190630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Amendment Flag City Area Code Entity Address, City or Town Entity Address, Country Current Fiscal Year End Date Document Period End Date Entities [Table] Entity Incorporation, State or Country Code Entity Information, Former Legal or Registered Name Entity Information [Line Items] Local Phone Number Entity Address, Postal Zip Code Entity Address, State or Province No Trading Symbol Flag Trading Symbol Security Exchange Name Entity Current Reporting Status Entity Filer Category Entity Registrant Name Entity Central Index Key Entity Tax Identification Number Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus Document Type Document Quarterly Report Document Transition Report Entity Interactive Data Current Entity File Number Entity Shell Company Entity Emerging Growth Company Entity Small Business AOCI Attributable to Parent, Net of Tax [Roll Forward] Award Date [Axis] Award Date [Domain] Award Type [Axis] Number of securities, total Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions Number of securities, Greater than 12 months Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year ASU 2016-01 [Member] ASU 2016-01 [Member] Summary of Significant Accounting Policies [Abstract] ASU 2018-02 [Member] Accounting Standards Update 2018-02 [Member] ASU 2016-02 [Member] Accounts payable and other liabilities Accounts receivable Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member] Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Line Items] Accumulated other comprehensive income (loss) Accumulated Other Comprehensive Income (Loss), Net of Tax Foreign Currency [Member] Other Comprehensive Income (Loss) [Member] Accumulated Other Comprehensive Income (Loss) [Member] Additional Paid-in Capital [Member] Additional Paid-in Capital [Member] Additional paid-in capital Adjustments to reconcile net income to net cash provided by operating activities Adjustments for New Accounting Pronouncements [Axis] Asset-backed Securities [Member] Total Assets, Fair Value Disclosure Assets Assets [Abstract] Total Assets Assets Gross unrealized gains Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax Cost or amortized cost Debt Securities, Available-for-sale, Amortized Cost Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract] Gross unrealized loss, total Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss Available-for-sale Debt Securities [Abstract] Debt Securities, Available-for-sale [Abstract] Gross unrealized loss, Greater than 12 months Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss Gross unrealized losses Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax Number of securities, 12 months or less Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year Gross unrealized loss, 12 months or less Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss Total contractual maturities, Cost or Amortized Cost Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost Available-for-Sale Securities Available-for-sale Securities [Table Text Block] Total contractual maturities, Fair Value Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value One year or less, Fair Value Excess of ten years, Cost or Amortized Cost Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost Fair value, total Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract] Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract] Available-for-sale Securities Debt Maturities Fair Value [Abstract] One year or less, Cost or Amortized Cost Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost Fair value, Greater than 12 months Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value Excess of ten years, Fair Value Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value Fair value, 12 months or less Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value Excess of five years to ten years, Cost or Amortized Cost Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost Asset-backed securities, Cost or Amortized Cost Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost Excess of one year to five years, Cost or Amortized Cost Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost Excess of five years to ten years, Fair Value Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value Excess of one year to five years, Fair Value Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value Gross losses on available-for-sale fixed income securities sold during the period Available-for-sale Securities, Gross Realized Losses Gross gains on available-for-sale fixed income securities sold during the period Available-for-sale Securities, Gross Realized Gains Asset-backed securities, Fair Value Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value Fair value Total, Fair Value Expenses Total expenses Benefits, Losses and Expenses Description of Business Net realized gains on investments, excluding impairment losses Cost-method Investments, Realized Gain (Loss), Excluding Other than Temporary Impairments Carrying Value [Member] Cash, cash equivalents and restricted cash and cash equivalents at beginning of period Cash, cash equivalents and restricted cash and cash equivalents at end of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash equivalents Cash Equivalents, at Carrying Value Premiums ceded to reinsurers Certificates of Deposit [Member] Class of Treasury Stock [Table] Class of Stock [Domain] Collateralized Mortgage Obligations [Member] Litigation, Commitments and Contingencies [Abstract] Litigation, Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Class B Non-voting [Member] Class B [Member] Common Class B (non-voting) [Member] Common Stock [Member] Dividends paid to shareholders (in dollars per share) Common Stock, Dividends, Per Share, Cash Paid Common stock, par value (in dollars per share) Class A Voting [Member] Common Class A (voting) [Member] Class A [Member] Common stock, shares authorized (in shares) Common stock, shares outstanding (in shares) Common stock Comprehensive income (loss) Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Basis of Presentation Consolidation, Policy [Policy Text Block] Corporate Securities [Member] Corporate Debt Securities [Member] Credit Facility [Domain] Credit Facility [Axis] Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax Cumulative effect of adoption, net of tax Net unrealized gains (losses) Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax Debt [Abstract] Debt Debt Disclosure [Text Block] Fixed Income Securities [Member] Debt Securities [Member] Deferred federal income taxes Deferred Tax Assets, Net Stock-Based Compensation [Abstract] Stock-Based Compensation Share-based Payment Arrangement [Text Block] Dividend payable, date to be paid Dividend payable (in dollars per share) Dividend payable, date declared Common stock dividends Dividends, Common Stock, Cash Dividend payable, date of record Subsequent Event [Abstract] Dividends, Common Stock [Abstract] Basic and diluted earnings (in dollars per share) Per share data: Earnings Per Share [Abstract] Reconciliation of shares outstanding: Effect of foreign exchange rates on cash and cash equivalents Corporate income tax rate Effective federal tax rate on consolidated loss Effective Income Tax Rate Reconciliation, Percent Realized gains (losses) on equity securities sold during the period Equity Securities, FV-NI, Realized Gain (Loss) Equity securities Total equity securities Realized and unrealized gains (losses) on equity securities during the period Equity Securities, FV-NI, Gain (Loss) Gains (losses) on equity securities [Abstract] Equity Securities, FV-NI, Gain (Loss), Alternative [Abstract] Equity Component [Domain] Unrealized gains (losses) on equity securities held at the end of the period Equity Securities, FV-NI, Unrealized Gain (Loss) Limited partnerships Limited partnerships Equity, Class of Treasury Stock [Line Items] Equity, Class of Treasury Stock [Line Items] Fair Value [Member] Estimate of Fair Value Measurement [Member] Transfers of assets from Level 1 to Level 2 Fair Value [Abstract] Transfers of assets from Level 2 to Level 1 Transfers Between Levels [Abstract] Fair Value, Transfers Between Level 1 and Level 2, Description and Policy [Abstract] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Recurring [Member] Fair Value, Recurring [Member] Fair Value, Measurement Frequency [Domain] Fair Value Hierarchy and NAV [Domain] Fair Value Hierarchy and NAV [Axis] Measurement Frequency [Axis] Measurement Basis [Axis] Fair Value Fair Value Disclosures [Text Block] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Fair Value, by Balance Sheet Grouping [Table] Carrying Value and Fair Value by Level of Financial Instruments Fair Value Measurement [Domain] Level 1 [Member] Fair Value, Inputs, Level 1 [Member] Level 3 [Member] Fair Value, Inputs, Level 3 [Member] Level 2 [Member] Fair Value, Inputs, Level 2 [Member] Federal income taxes Financial Instrument [Axis] Liabilities [Abstract] Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] Assets [Abstract] Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] Non-U.S. Government Obligations [Member] Debt Security, Government, Non-US [Member] Net Realized and Unrealized Gains (Losses) on Investments Net realized and unrealized gains (losses) on investments Net realized and unrealized gains (losses) on investments Gain (Loss) on Investments Other-than-temporary impairment losses on investments Other than Temporary Impairment Losses, Investments Taxes [Abstract] Income before federal income tax expense Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Unaudited Condensed Consolidated Statements of Operations [Abstract] Taxes Income Tax Disclosure [Text Block] Federal income tax expense Income Tax Expense (Benefit) Current federal income taxes recoverable Income Taxes Receivable Increase (Decrease) in Stockholders' Equity [Roll Forward] Loss and Loss Expense Reserves Insurance Disclosure [Text Block] Commissions from reinsurers Insurance Commissions and Fees Loss and Loss Expense Reserves [Abstract] Investments Investment, Policy [Policy Text Block] Investments Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Total Investments Investments Fair Value and Cost or Amortized Cost of Fixed Maturity Investments by Contractual Maturity Investments [Abstract] Investments: Liabilities and shareholders' equity Total Liabilities Liabilities Total liabilities and shareholders' equity Liabilities and Equity Total incurred Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims Claims occurring during prior periods Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years Claims occurring during the current period Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year Reserves for losses and loss expenses Liability for Claims and Claims Adjustment Expense Loss and loss expense payments [Abstract] Provision for losses and loss expenses [Abstract] Reserves at the beginning of the year Reserves at the end of the period Liability for Unpaid Claims and Claims Adjustment Expense, Net Reinsurance recoverable on unpaid losses at the end of the period Reinsurance recoverable on unpaid losses at the beginning of the year Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount Activity in the reserve for losses and loss expenses [Roll Forward] Line of Credit Facility [Table] Line of Credit Facility [Line Items] Outstanding drawings Long-term Line of Credit Expiration date Line of Credit Facility, Expiration Date Effective interest rate Line of Credit Facility, Interest Rate at Period End Maximum credit limit Line of Credit Facility, Maximum Borrowing Capacity Amount remaining under credit facility Line of Credit Facility, Remaining Borrowing Capacity Bank loans Loans Receivable, Fair Value Disclosure Loss Contingency [Abstract] Loss Contingency [Abstract] Damages sought Loss Contingency, Damages Sought, Value Loss Contingencies [Line Items] Loss Contingencies [Table] Mortgage-backed Securities [Member] Collateralized Mortgage Backed Securities [Member] Bank Loans [Member] Mortgage-backed Securities, Issued by Private Enterprises [Member] Commercial mortgage loans Mortgage-backed securities Mortgage-backed Securities Available-for-sale, Fair Value Disclosure Agency Mortgage-backed Securities [Member] Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Operating activities Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Net income Net income Net investment income Financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Recently Issued Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Adjustments for New Accounting Pronouncement [Member] Recently Adopted Accounting Pronouncements [Abstract] New Accounting Pronouncements and Changes in Accounting Principles [Abstract] New Accounting Pronouncements or Change in Accounting Principle [Table] Commercial mortgage loans Number of reportable segments Other comprehensive income before reclassifications OCI, before Reclassifications, Net of Tax, Attributable to Parent Right-of-use asset Lease liability Summary of Significant Accounting Policies Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Other-than-temporary impairments Other than Temporary Impairment Losses, Investments, Available-for-sale Securities Other assets Other comprehensive income (loss), net of tax: Other operating expenses Short-term and other Other comprehensive income (loss) Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Unrealized net gains (losses) on fixed income securities Change in unrealized gain (loss) on investments, net of tax Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent Foreign currency translation adjustments Foreign currency translation adjustment, net of tax Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent Total paid Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid Repurchase of common shares Repurchase of common shares Repurchase of common shares Payments for Repurchase of Common Stock Dividends paid to shareholders Payments of Ordinary Dividends, Common Stock Purchase of insurance company-owned life insurance Payment to Acquire Life Insurance Policy, Investing Activities Purchases of property and equipment Payments to Acquire Property, Plant, and Equipment Purchases of fixed income and equity securities Payments to Acquire Marketable Securities Purchase of commercial mortgage loans Payments to Acquire Mortgage-backed Securities (MBS), Available-for-sale Purchases of limited partnership interests Payments to Acquire Limited Partnership Interests Performance Based Equity Award [Member] Performance Shares [Member] Plan Name [Axis] Plan Name [Domain] Losses and loss expenses incurred Portion at Fair Value Measurement [Member] Net premiums earned Proceeds from sales of equity securities Proceeds from Sale of Available-for-sale Securities, Equity Proceeds from sales of fixed income securities Proceeds from Sale of Debt Securities, Available-for-sale Proceeds from maturities Proceeds from disposals of property and equipment Distributions from limited partnerships Amount withdrawn from partnership Property and Casualty Insurance [Member] Property, Liability and Casualty Insurance Product Line [Member] Net worth and maximum consolidated leverage ratio Ratio of Indebtedness to Net Capital Amounts reclassified from accumulated other comprehensive income (loss) Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent Summary of Segment Revenue [Abstract] Segment Reconciliation [Abstract] Segment Revenues Reconciliation of Revenue from Segments to Consolidated [Table] Reinsurance [Abstract] Reinsurance recoverable Estimated recoverable amount Reinsurance payable Reinsurance Reinsurance [Text Block] Related Parties [Abstract] Related Party Transaction [Line Items] Related Party [Axis] Estimated aggregate value of investment in limited partnerships Related Party Transaction, Amounts of Transaction Related Parties Related Party [Domain] Related Party Transaction [Axis] Management fees and commissions Related Party Transaction [Domain] Restricted [Member] Restricted Stock Units (RSUs) [Member] Restricted cash and cash equivalents Retained Earnings [Member] Retained earnings Retained Earnings (Accumulated Deficit) Recognition of Revenue and Costs Revenues Revenues [Abstract] Total revenues Revenues Revolving Credit Facility [Member] Short-term borrowings Short-term Debt, Fair Value Fixed Maturity and Equity Security Investments in Unrealized Loss Position Fair Value Measurements by Level for Assets Measured at Fair Value on Recurring Basis Changes in Accumulated Other Comprehensive Income (Loss) by Component Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Reinsurance Ceded Credit Risk [Table Text Block] Debt Securities, Available-for-sale [Line Items] Schedule of Available-for-Sale Securities [Table] Activity in Reserves for Losses and Loss Expenses Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Related Party Transactions, by Related Party [Table] Segment Information Segment Reporting Disclosure [Text Block] Segment [Domain] Segment Information [Abstract] Segment Reporting, Revenue Reconciling Item [Line Items] Share Repurchase Program [Axis] Share Repurchase Program [Domain] Stock based compensation expense Vesting period Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Stock Based Compensation [Abstract] Share-based Payment Arrangement, Disclosure [Abstract] Number of shares granted (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Number of shares vested (in shares) Grant date fair value per share (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Equity Award [Domain] Beginning balance (in shares) Ending balance (in shares) Shares, Outstanding Short-term borrowings Short-term Short-term Investments Unaudited Condensed Consolidated Balance Sheets [Abstract] Class of Stock [Axis] Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] Equity Components [Axis] Statement [Line Items] Statement [Table] Segments [Axis] Segments [Axis] Unaudited Condensed Consolidated Statements of Cash Flows [Abstract] Unaudited Condensed Consolidated Statements of Shareholders' Equity [Abstract] Stock repurchase program, shares authorized (in shares) Restricted stock grants (in shares) Stock Issued During Period, Shares, Restricted Stock Award, Gross Stock repurchase program, authorized amount Restricted stock grants Repurchase of common stock (in shares) Repurchase of common stock (in shares) Repurchase of common stock Stock Repurchased During Period, Value Shareholders' Equity Adjusted beginning balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance Shareholders' equity Ending balance Beginning balance Stockholders' Equity Attributable to Parent Shareholders' equity: Shareholders' Equity [Abstract] Subsequent Event [Table] Subsequent Events Subsequent Events [Text Block] Subsequent Event [Member] Subsequent Event Type [Domain] Subsequent Event [Line Items] Subsequent Events [Abstract] Subsequent Event Type [Axis] Claims occurring during prior periods Claims occurring during the current period Market value of equity and fixed maturity securities portfolio Debt Securities, Trading, and Equity Securities, FV-NI Fixed income securities Total fixed income securities Financial Instruments [Domain] Type of Adoption [Domain] Reserves for unearned premiums Net unrealized gains (losses) on equity securities and limited partnership investments Agency Collateralized Mortgage Obligations [Member] US Government Agencies Debt Securities [Member] Municipal Obligations [Member] U.S. Government Obligations [Member] US Treasury and Government [Member] Dilutive effect of share equivalents (in shares) Average shares outstanding - basic (in shares) Average shares outstanding - diluted (in shares) Weighted Average Number of Shares Outstanding, Diluted Chief Executive Officer [Member] Director [Member] Litigation Case [Axis] Litigation Case [Domain] Minimum [Member] Ownership [Axis] Ownership [Domain] Statistical Measurement [Domain] Statistical Measurement [Domain] Statistical Measurement [Axis] Statistical Measurement [Axis] Relationship to Entity [Domain] Title of Individual [Axis] The percentage of open case reserves required as collateral. Open Case Reserves, Collateral Percentage Percentage of required collateral The amount of a loss fund held for the payment of claims. Reinsurance Loss Fund Loss fund Deductible receivables for open case reserves. Deductible Receivables, Open Case Reserves Deductible receivables The per claim deductible amount required for workers compensation insurance. Workers Compensation Insurance, Per Claim Deductible Amount Per claim deductible amount The reserve held to pay deductible obligations for open cases. Liability, Unpaid Claims Reserves Open case reserves Judicial proceeding, alternative dispute resolution or claim. For example, but not limited to, name of case, category of litigation, or other differentiating information. Personnel Staffing Group d/b/a MVP Staffing [Member] Personnel Staffing Group d/b/a MVP Staffing [Member] Represents percentage of vesting in year three after date of grant. Percentages of Vesting Shares in Year Three Annual vesting percentage of shares in year three Period for distributing shares following the grant date of the shares. Shares distribution period from grant date Shares distribution period from grant date Represents percentage of vesting in year two after date of grant. Percentages Of Vesting Shares in Year Two Annual vesting percentage of shares in year two Summary of stock Issuances [Abstract] Period which an executive's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition. Share Based Compensation Arrangement by Share Based Payment, Share vesting period Service period Represents percentage of vesting in one year after date of grant. Percentages of Vesting Shares in Year One Annual vesting percentage of shares in year one Date the equity-based award vests, in CCYY-MM-DD format. Share Based Compensation Arrangement By Share Based Payment Award Vesting Date Vesting date Date or year of grant of shares. Award Date 2019-05-17 [Member] 5/17/2019 [Member] Date or year of grant of shares. Award Date 2017-05-09 [Member] 5/9/2017 [Member] Date or year of grant of shares. Award Date 2019-05-07 [Member] 5/7/2019 [Member] Date or year of grant of shares. Award Date 2018-05-08 [Member] 5/8/2018 [Member] Date or year of vest of shares. Award Vest Date 2020-10-17 [Member] 10/17/2020 [Member] Date or year of grant of shares. Award Date 2019-05-22 [Member] 5/22/2019 [Member] Date or year of vest of shares. Award Vest Date 2019-10-17 [Member] 10/17/2019 [Member] Date or year of grant of shares. Award Date 2018-02-09 [Member] 2/9/2018 [Member] Date or year of vest of shares. Award Vest Date 2024-06-01 [Member] 6/01/2024 [Member] Date or year of grant of shares. Award Date 2017-08-31 [Member] 8/31/2017 [Member] Date or year of vest of shares. Award Vest Date 2022-06-01 [Member] 6/01/2022 [Member] Information about 2017 Value Creation Incentive Plan pertaining to equity-based compensation arrangements. Value Creation Incentive Plan 2017 [Member] 2017 VCIP Awards [Member] Information about 2018 Value Creation Incentive Plan pertaining to equity-based compensation arrangements. Value Creation Incentive Plan 2018 [Member] 2018 VCIP Awards [Member] Information about 2018 Long-Term Incentive Plan pertaining to equity-based compensation arrangements. Long-Term Incentive Plan 2018 [Member] 2018 LTIP Awards [Member] Information about Edgecliffe-Johnson Stock Grant pertaining to equity-based compensation arrangements. Edgecliffe-Johnson Stock Grant [Member] Edgecliffe-Johnson Stock Grant [Member] Information about 2019 Long-Term Incentive Plan pertaining to equity-based compensation arrangements. Long-Term Incentive Plan 2019 [Member] 2019 LTIP Awards [Member] Date or year of vest of shares. Award Vest Date 2023-06-01 [Member] 6/01/2023 [Member] Period over which certain results must be met in accordance with a established performance matrix for employee to earn the right to receive performance-based equity awards. Share-based Compensation Arrangement by Share-based Payment Award, Performance Period Performance period Date or year of vest of shares. Award Vest Date 2021-10-17 [Member] 10/17/2021 [Member] Tabular disclosure of the summary of stock issuances during the period. Summary of Stock Issuances [Table Text Block] Detail of Restricted Stock Issuances Amount of fees and commissions from financial services and banking activities and correspondent clearing. Includes fees from depositor accounts, credit cards, merchant discounts, and fiduciary and trust activities, guarantee fees, investment advisory, management, and administrative fees, transfer agent fees, insurance commissions, and income classified as other. Commissions and Other Income Commissions and other income Commissions and other income Equity Securities [Abstract] Equity securities [Abstract] This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents consumer. Consumer Fair Value Disclosure Consumer This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents technology. Technology Fair Value Disclosure Technology This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents energy. Energy Fair Value Disclosure Energy This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents mutual fund. Mutual fund Fair Value Disclosure Funds (e.g. mutual funds, closed end funds, ETFs) This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents financial. Financial Fair Value Disclosure Financial This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents other. Other Fair Value Disclosure Other Fixed Maturities [Abstract] Fixed income securities [Abstract] This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents asset-backed securities. Asset Backed Securities Fair Value Disclosure Asset-backed securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents US government obligations. US Government Obligations Fair Value Disclosure U.S. government obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents certificates of deposit. Certificates of deposit fair value disclosure Certificates of deposit This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents states and political subdivision obligations. States And Municipal Obligations Fair Value Disclosure Municipal obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents agency mortgage-backed securities. Agency mortgage-backed securities fair value disclosure Agency mortgage-backed securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents agency collateralized mortgage obligations. Agency collateralized mortgage obligations fair value disclosure Agency collateralized mortgage obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents non-u.s. government obligations. Non-U.S. government obligations fair value disclosure Non-U.S. government obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents options embedded in convertible securities. Options Embedded In Convertible Securities Fair Value Disclosure Options embedded in convertible securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents corporate securities. Corporate Securities Fair Value Disclosure Corporate securities This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents collateralized mortgage obligations. Collateralized mortgage obligations fair value disclosure Collateralized mortgage obligations This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents industrial. Industrial Fair Value Disclosure Industrial Amounts for the processing of insurance claims, such as legal fees and estimator fees that have been assumed by and are receivable from the identified reinsurer with respect to disclosure of a concentration of credit risk. Ceded Credit Risk Claims Loss And Expense Incurred Losses and loss expenses ceded to reinsurers Amount before tax of increase (decrease) to equity or (increase) decrease to net assets, resulting from the cumulative effect adjustment of a new accounting principle applied in the period of adoption. Cumulative Effect of New Accounting Principle in Period of Adoption Before Tax Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax Description of Business [Abstract] Description of Business [Abstract] Gross liability as of the balance sheet date for amounts representing estimated cost of settling unpaid claims under the terms of the underlying insurance policies, less estimated reinsurance recoveries on such claims. This includes an estimate for claims which have been incurred but not reported. Claim adjustment expenses represent the costs estimated to be incurred in the settlement of unpaid claims. Liability for Unpaid Claims and Claims Adjustment Expense Reserves, gross of reinsurance recoverable, at the beginning of the year Reserves, gross of reinsurance recoverable, at the end of the period Disclosure of accounting policy pertaining to new accounting pronouncements adopted that impact the entity's financial reporting. New Accounting Pronouncements Adopted [Policy Text Block] Recently Adopted Accounting Pronouncements Credit Agreement [Abstract] Additional maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed at the discretion of the lender. Line of Credit Facility, Additional Maximum Borrowing Capacity Additional incremental loans limit Number of financial debt covenants. Number of Financial Covenants Number of financial covenants This element represents the period of fixed interest on line of credit referenced to LIBOR. Period of fixed interest on line of credit at Entity options Optional period of fixed interest Stock Repurchase Program [Abstract] The cumulative amount paid to repurchase the entities shares under a repurchase plan. Stock Repurchase Program, Shares Repurchased, Cumulative Amount Repurchase of common shares amount paid A share repurchase plan under the Securities and Exchange Commissions' Rule 10b5-1. Share Repurchase Plan, Rule 10b5-1 [Member] Rule 10b5-1 [Member] A limited partnership business who has limited liability. Arbiter Partners Limited [Member] Arbiter Partners LP [Member] The services of investment firms of which two directors of the Company are employees or partial owners. Related Party Transactions, Investment Firm Services [Member] Investment Firm Services [Member] This element represent the number of related party investments. Related Party, Number of Investments Number of investments The equity interest of partners or other equity holders in a limited partnership. Ownership Interest in Limited Partnership Ownership interest in limited partnership Refers to a limited partnership business who has limited liability. New Vernon India Fund [Member] New Vernon India Fund [Member] Number of the Company's directors that are executive officers, directors, and owners of organizations outside of the Company. Number of Related Parties that are Managers of Outside Entity Number of related parties Related Party [Abstract] Related Party [Abstract] Available-for-sale Securities, Continuous Unrealized Loss Positions [Abstract] Available-for-sale Securities Continuous Unrealized Loss Positions [Abstract] Components of net realized and unrealized gains (losses) on investments [Abstract] Components of net realized and unrealized gains (losses) on investments [Abstract] Amount of realized gain (loss) from a change in the value of investments in limited partnerships. Investments in Limited Partnership, Realized Gain Loss Change in value of limited partnership investments EX-101.PRE 11 ptvc-20190630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 13 image1.jpg begin 644 image1.jpg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�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end XML 14 R1.htm IDEA: XBRL DOCUMENT v3.19.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2019
Aug. 01, 2019
Entity Information [Line Items]    
Entity Registrant Name Protective Insurance Corp  
Entity Central Index Key 0000009346  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   14,391,771
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Entity Address, State or Province IN  
Common Class A (voting) [Member]    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,612,288
Common Class B (non-voting) [Member]    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   11,779,483
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Investments:    
Fixed income securities $ 737,148 $ 592,645
Equity securities 74,555 66,422
Limited partnerships 35,535 55,044
Commercial mortgage loans 8,884 6,672
Short-term and other 1,000 1,000
Total Investments 857,122 721,783
Cash and cash equivalents 80,772 163,996
Restricted cash and cash equivalents 16,333 6,815
Accounts receivable 111,573 102,972
Reinsurance recoverable 410,445 392,436
Other assets 87,425 88,426
Current federal income taxes recoverable 4,599 7,441
Deferred federal income taxes 2,757 6,262
Total Assets 1,571,026 1,490,131
Liabilities and shareholders' equity    
Reserves for losses and loss expenses 933,463 865,339
Reserves for unearned premiums 79,429 71,625
Reinsurance payable 59,313 66,632
Short-term borrowings 20,000 20,000
Accounts payable and other liabilities 111,405 110,453
Total Liabilities 1,203,610 1,134,049
Shareholders' equity:    
Additional paid-in capital 54,065 54,720
Accumulated other comprehensive income (loss) 8,217 (7,347)
Retained earnings 304,513 308,075
Shareholders' equity 367,416 356,082
Total liabilities and shareholders' equity 1,571,026 1,490,131
Class A Voting [Member]    
Shareholders' equity:    
Common stock 112 112
Class B Non-voting [Member]    
Shareholders' equity:    
Common stock $ 509 $ 522
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.19.2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2019
Dec. 31, 2018
Class A Voting [Member]    
Shareholders' equity:    
Common stock, par value (in dollars per share) $ 0 $ 0
Common stock, shares authorized (in shares) 3,000,000 3,000,000
Common stock, shares outstanding (in shares) 2,612,446 2,615,339
Class B Non-voting [Member]    
Shareholders' equity:    
Common stock, par value (in dollars per share) $ 0 $ 0
Common stock, shares authorized (in shares) 20,000,000 20,000,000
Common stock, shares outstanding (in shares) 11,932,076 12,253,922
XML 17 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Unaudited Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net premiums earned $ 115,631 $ 111,940 $ 225,644 $ 217,402
Net investment income 6,500 5,796 12,732 10,432
Commissions and other income 1,978 2,263 4,043 4,076
Net realized gains on investments, excluding impairment losses 713 915 673 1,290
Other-than-temporary impairment losses on investments (86) 0 (346) 0
Net unrealized gains (losses) on equity securities and limited partnership investments 2,262 (4,350) 8,589 (9,258)
Net realized and unrealized gains (losses) on investments 2,889 (3,435) 8,916 (7,968)
Total revenues 126,998 116,564 251,335 223,942
Expenses        
Losses and loss expenses incurred 90,433 77,488 177,555 149,787
Other operating expenses 34,615 36,019 68,316 70,784
Total expenses 125,048 113,507 245,871 220,571
Income before federal income tax expense 1,950 3,057 5,464 3,371
Federal income tax expense 415 570 1,181 554
Net income $ 1,535 $ 2,487 $ 4,283 $ 2,817
Per share data:        
Basic and diluted earnings (in dollars per share) $ 0.11 $ 0.17 $ 0.28 $ 0.19
Dividends paid to shareholders (in dollars per share) $ 0.10 $ 0.28 $ 0.20 $ 0.56
Reconciliation of shares outstanding:        
Average shares outstanding - basic (in shares) 14,616 15,014 14,731 15,012
Dilutive effect of share equivalents (in shares) 63 9 60 9
Average shares outstanding - diluted (in shares) 14,679 15,023 14,791 15,021
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]        
Net income $ 1,535 $ 2,487 $ 4,283 $ 2,817
Other comprehensive income (loss), net of tax:        
Unrealized net gains (losses) on fixed income securities 6,517 (2,026) 14,973 (5,147)
Foreign currency translation adjustments 284 (188) 591 (411)
Other comprehensive income (loss) 6,801 (2,214) 15,564 (5,558)
Comprehensive income (loss) $ 8,336 $ 273 $ 19,847 $ (2,741)
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Total
Class A [Member]
Common Stock [Member]
Class A [Member]
Class B [Member]
Common Stock [Member]
Class B [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Cumulative effect of adoption, net of tax | ASU 2016-01 [Member] $ 0 $ (46,157) $ 46,157 $ 0 $ 0   $ 0  
Cumulative effect of adoption, net of tax | ASU 2018-02 [Member] 0 117 (117) 0 0   0  
Beginning balance at Dec. 31, 2017 55,078 46,391 316,700 418,811 $ 112   $ 530  
Beginning balance (in shares) at Dec. 31, 2017         2,623,000   12,424,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 0 0 2,817 2,817 $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 (411) 0 (411) 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 (5,147) 0 (5,147) 0   0  
Common stock dividends 0 0 (8,456) (8,456) 0   0  
Repurchase of common stock (234) 0 (1,044) (1,280) 0   $ (2)  
Repurchase of common stock (in shares)             (54,000)  
Restricted stock grants 901 0 0 901 $ 0   $ 0  
Restricted stock grants (in shares)         0   10,000  
Ending balance at Jun. 30, 2018 55,745 (5,207) 356,057 407,235 $ 112   $ 528  
Ending balance (in shares) at Jun. 30, 2018         2,623,000   12,380,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Cumulative effect of adoption, net of tax | ASU 2018-02 [Member]   117 (117)          
Beginning balance at Mar. 31, 2018 55,511 (2,993) 358,651 411,811 $ 112   $ 530  
Beginning balance (in shares) at Mar. 31, 2018         2,623,000   12,418,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 0 0 2,487 2,487 $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 (188) 0 (188) 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 (2,026) 0 (2,026) 0   0  
Common stock dividends 0 0 (4,227) (4,227) 0   0  
Repurchase of common stock (188) 0 (854) (1,044) $ 0   $ (2)  
Repurchase of common stock (in shares)         0   (43,000)  
Restricted stock grants 422 0 0 422 $ 0   $ 0  
Restricted stock grants (in shares)         0   5,000  
Ending balance at Jun. 30, 2018 55,745 (5,207) 356,057 407,235 $ 112   $ 528  
Ending balance (in shares) at Jun. 30, 2018         2,623,000   12,380,000  
Beginning balance at Dec. 31, 2018 54,720 (7,347) 308,075 356,082 $ 112   $ 522  
Beginning balance (in shares) at Dec. 31, 2018         2,615,000   12,254,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 0 0 4,283 4,283 $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 591 0 591 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 14,973 0 14,973 0   0  
Common stock dividends 0 0 (2,987) (2,987) 0   0  
Repurchase of common stock (1,614) 0 (4,858) (6,487) $ 0   $ (15)  
Repurchase of common stock (in shares)         (3,000) (2,893) (371,000) (371,188)
Restricted stock grants 959 0 0 961 $ 0   $ 2  
Restricted stock grants (in shares)         0   49,000  
Ending balance at Jun. 30, 2019 54,065 8,217 304,513 367,416 $ 112   $ 509  
Ending balance (in shares) at Jun. 30, 2019         2,612,000   11,932,000  
Beginning balance at Mar. 31, 2019 55,049 1,416 308,971 366,070 $ 112   $ 522  
Beginning balance (in shares) at Mar. 31, 2019         2,615,000   12,249,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 0 0 1,535 1,535 $ 0   $ 0  
Foreign currency translation adjustment, net of tax 0 284 0 284 0   0  
Change in unrealized gain (loss) on investments, net of tax 0 6,517 0 6,517 0   0  
Common stock dividends 0 0 (1,494) (1,494) 0   0  
Repurchase of common stock (1,506) 0 (4,499) (6,020) $ 0   $ (15)  
Repurchase of common stock (in shares)         (3,000)   (346,000)  
Restricted stock grants 522 0 0 524 $ 0   $ 2  
Restricted stock grants (in shares)         0   29,000  
Ending balance at Jun. 30, 2019 $ 54,065 $ 8,217 $ 304,513 $ 367,416 $ 112   $ 509  
Ending balance (in shares) at Jun. 30, 2019         2,612,000   11,932,000  
XML 20 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities    
Net income $ 4,283 $ 2,817
Adjustments to reconcile net income to net cash provided by operating activities 34,113 21,857
Net cash provided by operating activities 38,396 24,674
Investing activities    
Purchases of fixed income and equity securities (245,099) (215,226)
Purchases of limited partnership interests 0 (450)
Distributions from limited partnerships 20,231 369
Proceeds from maturities 38,917 37,590
Proceeds from sales of fixed income securities 71,839 102,408
Proceeds from sales of equity securities 14,449 87,557
Purchase of insurance company-owned life insurance 0 (10,000)
Purchase of commercial mortgage loans (2,213) 0
Purchases of property and equipment (1,346) (2,691)
Proceeds from disposals of property and equipment 3 8
Net cash used in investing activities (103,219) (435)
Financing activities    
Dividends paid to shareholders (2,987) (8,456)
Repurchase of common shares (6,487) (1,280)
Net cash used in financing activities (9,474) (9,736)
Effect of foreign exchange rates on cash and cash equivalents 591 (411)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (73,706) 14,092
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 170,811 68,713
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 97,105 $ 82,805
XML 21 R8.htm IDEA: XBRL DOCUMENT v3.19.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2019
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
(1)  Summary of Significant Accounting Policies:

Description of Business:  Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.  The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.

Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.  Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.  Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.

Investments: Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.  Equity securities are carried at quoted market prices (fair value).  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. There was no valuation allowance on the Company's commercial mortgage loans as of June 30, 2019.

The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.  To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.

Short-term and other investments are carried at cost, which approximates their fair values.

Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.  A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.  Realized gains and losses on disposals of fixed income securities are recorded on the trade date.  Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.

Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.  Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.  Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.

In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.   For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.

The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.  The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.

Recognition of Revenue and Costs:  Premiums are earned over the period for which insurance protection is provided.  A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.  Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.  The Company does not defer acquisition costs that are not directly variable with the production of premiums.  If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.  In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.  Anticipated investment income is considered in determining recoverability of deferred acquisition costs.  The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at June 30, 2019.

Recently Adopted Accounting Pronouncements:  In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.  Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.  The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.  Going forward, unrealized gains or losses on equity securities will be recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.

In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), or ASU 2016-02. ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.  Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.  Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.  The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.  In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.   The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of June 30, 2019 of approximately $300, which are included within other assets and accounts payable and other liabilities. 

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the newly enacted federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017 (the "U.S. Tax Act"), which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Recently Issued Accounting Pronouncements:  In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. ASU 2016-13 introduces a current expected credit loss model for measuring expected credit losses for certain types of financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale debt securities to be recognized through an allowance for credit losses rather than as reductions in the amortized cost of the securities, and provides for additional disclosure requirements. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.
XML 22 R9.htm IDEA: XBRL DOCUMENT v3.19.2
Investments
 6 Months Ended
Jun. 30, 2019
Investments [Abstract]  
Investments
(2)  Investments:

The following is a summary of available-for-sale securities at June 30, 2019 and December 31, 2018:

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
June 30, 2019
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
15,730
  
$
15,384
  
$
352
  
$
(6
)
 
$
346
 
Agency mortgage-backed securities
  
41,031
   
39,609
   
1,438
   
(16
)
  
1,422
 
Asset-backed securities
  
94,880
   
94,847
   
539
   
(506
)
  
33
 
Bank loans
  
16,074
   
16,279
   
60
   
(265
)
  
(205
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
6,165
   
5,686
   
549
   
(70
)
  
479
 
Corporate securities
  
256,318
   
251,977
   
5,185
   
(844
)
  
4,341
 
Mortgage-backed securities
  
42,506
   
41,706
   
946
   
(146
)
  
800
 
Municipal obligations
  
32,834
   
32,177
   
688
   
(31
)
  
657
 
Non-U.S. government obligations
  
31,378
   
31,064
   
326
   
(12
)
  
314
 
U.S. government obligations
  
197,397
   
194,489
   
3,092
   
(184
)
  
2,908
 
Total fixed income securities
 
$
737,148
  
$
726,053
  
$
13,175
  
$
(2,080
)
 
$
11,095
 

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
December 31, 2018
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
10,687
  
$
10,636
  
$
145
  
$
(94
)
 
$
51
 
Agency mortgage-backed securities
  
37,385
   
37,168
   
371
   
(154
)
  
217
 
Asset-backed securities
  
64,422
   
66,241
   
14
   
(1,833
)
  
(1,819
)
Bank loans
  
9,750
   
10,208
   
27
   
(485
)
  
(458
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
5,095
   
376
   
(48
)
  
328
 
Corporate securities
  
190,450
   
196,925
   
127
   
(6,602
)
  
(6,475
)
Mortgage-backed securities
  
38,540
   
38,586
   
377
   
(423
)
  
(46
)
Municipal obligations
  
29,155
   
29,102
   
239
   
(186
)
  
53
 
Non-U.S. government obligations
  
25,180
   
25,339
   
6
   
(165
)
  
(159
)
U.S. government obligations
  
178,818
   
178,369
   
1,252
   
(803
)
  
449
 
Total fixed income securities
 
$
592,645
  
$
600,504
  
$
2,934
  
$
(10,793
)
 
$
(7,859
)

The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at June 30, 2019 and  December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

  
June 30, 2019
  
December 31, 2018
 
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
 
Fixed income securities:
                  
12 months or less
  
81
  
$
76,363
  
$
(1,166
)
  
275
  
$
282,646
  
$
(7,296
)
Greater than 12 months
  
149
   
95,614
   
(914
)
  
217
   
131,001
   
(3,497
)
Total fixed income securities
  
230
  
$
171,977
  
$
(2,080
)
  
492
  
$
413,647
  
$
(10,793
)
                         

The fair value and the cost or amortized costs of fixed income investments at June 30, 2019, organized by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

  
Fair
Value
  
Cost or
Amortized Cost
 
One year or less
 
$
99,531
  
$
99,574
 
Excess of one year to five years
  
342,358
   
336,988
 
Excess of five years to ten years
  
89,596
   
87,051
 
Excess of ten years
  
11,517
   
10,894
 
Contractual maturities
  
543,002
   
534,507
 
Asset-backed securities
  
194,146
   
191,546
 
Total
 
$
737,148
  
$
726,053
 

Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

  
Three Months Ended
June 30
  
Six Months Ended
June 30
 
  
2019
  
2018
  
2019
  
2018
 
Gross gains on available-for-sale fixed income securities sold during the period
 
$
4,132
  
$
3,691
  
$
7,303
  
$
6,134
 
Gross losses on available-for-sale fixed income securities sold during the period
  
(3,154
)
  
(3,088
)
  
(6,681
)
  
(5,796
)
                 
Other-than-temporary impairments
  
(86
)
  
–
   
(346
)
  
–
 
                 
Change in value of limited partnership investments
  
314
   
(2,842
)
  
722
   
(5,445
)
                 
Gains (losses) on equity securities:
                
Realized gains (losses) on equity securities sold during the period
  
(265
)
  
312
   
51
   
953
 
Unrealized gains (losses) on equity securities held at the end of the period
  
1,948
   
(1,508
)
  
7,867
   
(3,814
)
Realized and unrealized gains (losses) on equity securities during the period
  
1,683
   
(1,196
)
  
7,918
   
(2,861
)
                 
Net realized and unrealized gains (losses) on investments
 
$
2,889
  
$
(3,435
)
 
$
8,916
  
$
(7,968
)

Shareholders' equity at June 30, 2019 included approximately $25,071, net of federal income tax expense, of reported earnings that remain undistributed by limited partnerships.
XML 23 R10.htm IDEA: XBRL DOCUMENT v3.19.2
Reinsurance
 6 Months Ended
Jun. 30, 2019
Reinsurance [Abstract]  
Reinsurance
(3)  Reinsurance:

The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.

  
2019
  
2018
 
Three months ended June 30:
      
Premiums ceded to reinsurers
 
$
32,425
  
$
28,800
 
Losses and loss expenses ceded to reinsurers
  
28,859
   
21,975
 
Commissions from reinsurers
  
8,176
   
6,443
 
         
Six months ended June 30:
        
Premiums ceded to reinsurers
 
$
62,598
  
$
61,241
 
Losses and loss expenses ceded to reinsurers
  
59,648
   
48,636
 
Commissions from reinsurers
  
15,410
   
14,323
 
         
XML 24 R11.htm IDEA: XBRL DOCUMENT v3.19.2
Loss and Loss Expense Reserves
 6 Months Ended
Jun. 30, 2019
Loss and Loss Expense Reserves [Abstract]  
Loss and Loss Expense Reserves
(4)  Loss and Loss Expense Reserves:

Activity in the reserves for losses and loss expenses for the six months ended June 30, 2019 and 2018 is summarized as follows.  All amounts are shown net of reinsurance, unless otherwise indicated.

  
Six Months Ended
 
  
June 30
 
  
2019
  
2018
 
Reserves, gross of reinsurance recoverable, at the beginning of the year
 
$
865,339
  
$
680,274
 
Reinsurance recoverable on unpaid losses at the beginning of the year
  
375,935
   
308,143
 
Reserves at the beginning of the year
  
489,404
   
372,131
 
         
Provision for losses and loss expenses:
        
Claims occurring during the current period
  
179,211
   
151,462
 
Claims occurring during prior periods
  
(1,656
)
  
(1,675
)
Total incurred
  
177,555
   
149,787
 
         
Loss and loss expense payments:
        
Claims occurring during the current period
  
30,573
   
28,903
 
Claims occurring during prior periods
  
92,822
   
88,965
 
Total paid
  
123,395
   
117,868
 
Reserves at the end of the period
  
543,564
   
404,050
 
         
Reinsurance recoverable on unpaid losses at the end of the period
  
389,899
   
312,231
 
Reserves, gross of reinsurance recoverable, at the end of the period
 
$
933,463
  
$
716,281
 

The table above shows a reserve savings of $1,656 that developed during the six months ended June 30, 2019 in the settlement of claims occurring on or before December 31, 2018.  Losses incurred from claims occurring during prior years reflect the development from prior accident years, composed of individual claim savings and deficiencies which, in the aggregate, have resulted from the settlement of claims at amounts higher or lower than previously reserved and from changes in estimates of losses incurred but not reported.

The $1,656 prior accident year savings that developed during the six months ended June 30, 2019 was primarily due to favorable loss development in workers' compensation and independent contractor coverages.  This savings compares to a savings of $1,675 for the six months ended June 30, 2018, which was also related to favorable loss development from workers' compensation and independent contractor coverages.
XML 25 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Segment Information
 6 Months Ended
Jun. 30, 2019
Segment Information [Abstract]  
Segment Information
(5)  Segment Information:

The Company has one reportable business segment in its operations: Property and Casualty Insurance.  The property and casualty insurance segment provides multiple lines of insurance coverage primarily to commercial automobile companies, as well as to independent contractors who contract with commercial automobile companies.  In addition, the Company provides workers' compensation coverage for a variety of operations outside the transportation industry.

The following table summarizes segment revenues for the three and six months ended June 30, 2019 and 2018:

  
Three Months Ended
June 30
  
Six Months Ended
June 30
 
  
2019
  
2018
  
2019
  
2018
 
Revenues:
            
Net premiums earned
 
$
115,631
  
$
111,940
  
$
225,644
  
$
217,402
 
Net investment income
  
6,500
   
5,796
   
12,732
   
10,432
 
Net realized and unrealized gains (losses) on investments
  
2,889
   
(3,435
)
  
8,916
   
(7,968
)
Commissions and other income
  
1,978
   
2,263
   
4,043
   
4,076
 
Total revenues
 
$
126,998
  
$
116,564
  
$
251,335
  
$
223,942
 
XML 26 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Debt
 6 Months Ended
Jun. 30, 2019
Debt [Abstract]  
Debt
(6)  Debt:

On August 9, 2018, the Company entered into a credit agreement providing a revolving credit facility with a $40,000 limit, with the option for up to an additional $35,000 in incremental loans at the discretion of the lenders.  This credit agreement has an expiration date of August 9, 2022.  Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at the Company's option.  Outstanding drawings on this revolving credit facility were $20,000 as of June 30, 2019.  At June 30, 2019, the effective interest rate was 3.50% and the Company had $20,000 remaining under the revolving credit facility.  The current outstanding borrowings were used to repay the Company's previous line of credit.  The Company's revolving credit facility has two financial covenants, each of which were met as of June 30, 2019.  These covenants require the Company to have a minimum U.S. generally accepted accounting principles net worth and a maximum consolidated leverage ratio of 0.35 to 1.00.
XML 27 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Taxes
 6 Months Ended
Jun. 30, 2019
Taxes [Abstract]  
Taxes
(7)  Taxes:

The effective federal tax rate on consolidated income for the three months ended June 30, 2019 was 21.3% compared to 18.6% for the three months ended June 30, 2018.  The effective federal tax rate on consolidated income for the six months ended June 30, 2019 was 21.6% compared to 16.4% for the six months ended June 30, 2018.  The effective federal income tax rate differs from the normal statutory rate primarily as a result of tax-exempt investment income.  For the three and six months ended June 30, 2019, the Company had lower tax-exempt income when compared to the same periods in 2018, primarily due to the reduction of tax exempt municipal securities within the Company's investment portfolio in the current year as well as a decrease in dividend income, which provides a deduction for taxes, related to the reallocation of equity securities to fixed income securities within the Company’s investment portfolio throughout 2018.

As of June 30, 2019, the Company's calendar years 2017, 2016 and 2015 remain subject to examination by the Internal Revenue Service.
XML 28 R15.htm IDEA: XBRL DOCUMENT v3.19.2
Fair Value
 6 Months Ended
Jun. 30, 2019
Fair Value [Abstract]  
Fair Value
(8)  Fair Value:

Assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of June 30, 2019:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
15,730
  
$
–
  
$
15,730
  
$
–
 
Agency mortgage-backed securities
  
41,031
   
–
   
41,031
   
–
 
Asset-backed securities
  
94,880
   
–
   
94,880
   
–
 
Bank loans
  
16,074
   
–
   
16,074
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
6,165
   
–
   
6,165
   
–
 
Corporate securities
  
251,394
   
–
   
251,394
   
–
 
Options embedded in convertible securities
  
4,924
   
–
   
4,924
   
–
 
Mortgage-backed securities
  
42,506
   
–
   
42,506
   
–
 
Municipal obligations
  
32,834
   
–
   
32,834
   
–
 
Non-U.S. government obligations
  
31,378
   
–
   
31,378
   
–
 
U.S. government obligations
  
197,397
   
–
   
197,397
   
–
 
Total fixed income securities
  
737,148
   
2,835
   
734,313
   
–
 
Equity securities:
                
Consumer
  
17,125
   
17,125
   
–
   
–
 
Energy
  
3,340
   
3,340
   
–
   
–
 
Financial
  
29,117
   
29,117
   
–
   
–
 
Industrial
  
4,176
   
4,176
   
–
   
–
 
Technology
  
2,414
   
2,414
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
9,796
   
9,796
   
–
   
–
 
Other
  
8,587
   
8,587
   
–
   
–
 
Total equity securities
  
74,555
   
74,555
   
–
   
–
 
Short-term
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
76,967
   
–
   
76,967
   
–
 
Total
 
$
889,670
  
$
78,390
  
$
811,280
  
$
–
 

As of December 31, 2018:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
10,687
  
$
–
  
$
10,687
  
$
–
 
Agency mortgage-backed securities
  
37,385
   
–
   
37,385
   
–
 
Asset-backed securities
  
64,422
   
–
   
64,422
   
–
 
Bank loans
  
9,750
   
–
   
9,750
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
–
   
5,423
   
–
 
Corporate securities
  
186,651
   
–
   
186,651
   
–
 
Options embedded in convertible securities
  
3,799
   
–
   
3,799
   
–
 
Mortgage-backed securities
  
38,540
   
–
   
38,540
   
–
 
Municipal obligations
  
29,155
   
–
   
29,155
   
–
 
Non-U.S. government obligations
  
25,180
   
–
   
25,180
   
–
 
U.S. government obligations
  
178,818
   
–
   
178,818
   
–
 
Total fixed income securities
  
592,645
   
2,835
   
589,810
   
–
 
Equity securities:
                
Consumer
  
17,945
   
17,945
   
–
   
–
 
Energy
  
3,179
   
3,179
   
–
   
–
 
Financial
  
25,253
   
25,253
   
–
   
–
 
Industrial
  
6,920
   
6,920
   
–
   
–
 
Technology
  
2,303
   
2,303
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
5,489
   
5,489
   
–
   
–
 
Other
  
5,333
   
5,333
   
–
   
–
 
Total equity securities
  
66,422
   
66,422
   
–
   
–
 
Short-term
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
156,855
   
–
   
156,855
   
–
 
Total
 
$
816,922
  
$
70,257
  
$
746,665
  
$
–
 

Level inputs, as defined by the FASB guidance, are as follows:

Level Input:
 
Input Definition:
   
Level 1
 
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
   
Level 2
 
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.
   
Level 3
 
Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The Company did not have any Level 3 assets at June 30, 2019 or December 31, 2018.  Level 3 assets, when present, are valued using various unobservable inputs including extrapolated data, proprietary models and indicative quotes. 

Quoted market prices are obtained whenever possible.  Where quoted market prices are not available, fair values are estimated using broker/dealer quotes for specific securities.  These techniques are significantly affected by the Company's assumptions, including discount rates and estimates of future cash flows.  Potential taxes and other transaction costs have not been considered in estimating fair values.

Transfers between levels, if any, are recorded as of the beginning of the reporting period.  There were no significant transfers of assets between Level 1 and Level 2 during the six months ended June 30, 2019 and 2018.

In addition to the preceding disclosures on assets recorded at fair value in the condensed consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the condensed consolidated balance sheets.

Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as policy reserve liabilities are excluded from the fair value disclosures.  Therefore, the fair value amounts cannot be aggregated to determine the underlying economic value of the Company.  The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument:

Limited partnerships: The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to carry the investment at its proportionate share of the limited partnership's equity.   The underlying assets of the Company's investments in limited partnerships are carried primarily at fair value; therefore, the Company's carrying value of limited partnerships approximates fair value.  As these investments are not actively traded and the corresponding inputs are based on data provided by the investees, they are classified as Level 3.

Commercial mortgage loans:  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans.  The fair value of the Company’s investment in these commercial mortgage loans is based on expected future cash flows discounted at the current interest rate for origination of similar quality loans, adjusted for specific loan risk.  These investments are classified as Level 3.

Short-term borrowings: The fair value of the Company's short-term borrowings is based on quoted market prices for the same or similar debt, or, if no quoted market prices are available, on the current market interest rates available to the Company for debt of similar terms and remaining maturities.

A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 is as follows:

  
Carrying
  
Fair Value
 
  
Value
  
Level 1
  
Level 2
  
Level 3
  
Total
 
June 30, 2019
               
Assets:  
               
Limited partnerships
 
$
35,535
  
$
–
  
$
–
  
$
35,535
  
$
35,535
 
Commercial mortgage loans
  
8,884
   
–
   
–
   
8,884
   
8,884
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
                     
December 31, 2018
                    
Assets:  
                    
Limited partnerships
 
$
55,044
  
$
–
  
$
–
  
$
55,044
  
$
55,044
 
Commercial mortgage loans
  
6,672
   
–
   
–
   
6,672
   
6,672
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
XML 29 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2019
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
(9)  Stock-Based Compensation:

The Company issues shares of restricted Class B Common Stock to the Company's outside directors as their annual retainer compensation.  The shares are distributed to the outside directors on the vesting date, which, with the exception of pro-rated annual retainers granted to outside directors, is one year following the date of grant.  On May 17, 2019, the Company granted shares of restricted Class B Common Stock in connection with the election of a new outside director, reflecting such director’s pro-rated annual retainer compensation, which shares will vest and be distributed on May 7, 2020.  Additionally, effective May 22, 2019, John D. Nichols, Jr. ceased serving as the Company's Interim Chief Executive Officer and principal executive officer, but continued to serve as Chairman of the Company's Board of Directors.  On May 22, 2019, the Company granted shares of restricted Class B Common Stock to Mr. Nichols in connection with this transition, reflecting his pro-rated annual retainer compensation, which shares will also vest and be distributed on May 7, 2020.  The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:

Grant Date
 
Number of
Shares Issued
 
Vesting Date
Service Period
 
Grant Date Fair
Value Per Share
 
5/9/2017
  
18,183
 
5/9/2018
7/1/2017 - 6/30/2018
 
$
24.20
 
           
8/31/2017
  
1,257
 
5/9/2018
8/31/2017 - 6/30/2018
 
$
21.90
 
           
2/9/2018
  
408
 
5/9/2018
2/9/2018 - 6/30/2018
 
$
24.20
 
           
5/8/2018
  
19,085
 
5/8/2019
7/1/2018 - 6/30/2019
 
$
23.05
 
           
5/7/2019
  
29,536
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/17/2019
  
3,591
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/22/2019
  
3,541
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 

Compensation expense related to the above stock grants is recognized over the period in which the directors render services.

In May 2017, the Company's Compensation Committee granted equity-based awards pursuant to the Company's Long-Term Incentive Plan (the "Long-Term Incentive Plan"), which was approved by the Company's shareholders at the 2017 Annual Meeting of Shareholders.  Certain participants under the Long-Term Incentive Plan were granted Value Creation Incentive Plan awards (the "2017 VCIP Awards").  The 2017 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income over a three-year performance period from January 1, 2017 through December 31, 2019 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2017.  For the purpose of the 2017 VCIP Awards, cumulative operating income is equal to income before taxes excluding net realized gains (losses) on investments.  Any 2017 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2020.  No shares are eligible to be issued under the 2017 VCIP Awards as of June 30, 2019.

In March 2018, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2018 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a measurement of the combined results of the Company's 2018 growth in gross premiums earned and the Company's 2018 combined ratio.  The combined ratio is calculated as a ratio of (A) losses and loss expenses incurred, plus other operating expenses, less commission and other income to (B) net premiums earned.  No 2018 LTIP Awards were earned based on the Company's performance in 2018, and therefore no shares were issued pursuant to the 2018 LTIP Awards.  In addition to the 2018 LTIP Awards, in March 2018 the Company's Compensation Committee also granted Value Creation Incentive Plan awards (the "2018 VCIP Awards") to certain participants under the Long-Term Incentive Plan.  The 2018 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income, as defined above, over a three-year performance period from January 1, 2018 through December 31, 2020 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2018.  Any 2018 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2021.  No shares are eligible to be issued under the 2018 VCIP Awards as of June 30, 2019.

On November 13, 2018, the Company entered into an employment agreement with its Interim Chief Executive Officer, John D. Nichols, Jr.  Pursuant to the terms of this employment agreement, on November 13, 2018, Mr. Nichols was granted 85,000 restricted shares of the Company's Class B Common Stock (the "Nichols Stock Grant"), of which 42,500 shares will vest as of October 17, 2019; 21,250 shares will vest as of October 17, 2020, and 21,250 shares will vest as of October 17, 2021.  The Company recorded $559 of expense during the six months ended June 30, 2019 related to the Nichols Stock Grant.

In March 2019, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan.  Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2019 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a corporate performance component as well as a personal performance component.  The corporate performance component of the 2019 LTIP Awards will be determined based on the Company's achievement of 2019 underwriting income compared to the plan target.  The Company's underwriting income will be calculated as income (loss) before federal income tax expense (benefit), less net realized gains (losses) on investments, less net unrealized gains (losses) on equity securities and limited partnerships, less net investment income.  The personal performance component of the 2019 LTIP Awards will be determined based on the achievement of personal goals that align with departmental and corporate objectives for 2019.  Any 2019 LTIP Awards earned will be paid in shares of restricted Class B Common Stock in early 2020.  One-third of such shares will vest annually over the three-year period beginning one year from the date of issue.  The Company recorded $51 of expense during the six months ended June 30, 2019 related to the 2019 LTIP Awards.

On May 22, 2019, the Company entered into an employment agreement with its new Chief Executive Officer, Jeremy D. Edgecliffe-Johnson.  Pursuant to the terms of this employment agreement, on May 22, 2019, Mr. Edgecliffe-Johnson was granted 70,000 restricted shares of the Company's Class B Common Stock (the "Edgecliffe-Johnson Stock Grant"), of which 35,000 shares will vest as of June 1, 2022, 21,000 shares will vest as of June 1, 2023, and 14,000 shares will vest as of June 1, 2024.  The Company recorded $36 of expense during the six months ended June 30, 2019 related to the Edgecliffe-Johnson Stock Grant.
XML 30 R17.htm IDEA: XBRL DOCUMENT v3.19.2
Litigation, Commitments and Contingencies
 6 Months Ended
Jun. 30, 2019
Litigation, Commitments and Contingencies [Abstract]  
Litigation, Commitments and Contingencies
(10)  Litigation, Commitments and Contingencies:

In the ordinary, regular and routine course of their business, the Company and its Insurance Subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided.  No currently pending matter is deemed by management to be material to the Company.

Personnel Staffing Group Litigation

In July 2019, Protective Insurance Company (“PIC”) was named as a defendant in a California action brought by former insured, Personnel Staffing Group d/b/a MVP Staffing (“PSG”) alleging breach of PIC’s workers’ compensation insurance policy and breach of the duties of good faith and fair dealing.  PIC provided workers’ compensation insurance to PSG from January 1, 2017 through June 30, 2018, which was subject to a $500 per claim deductible to be paid by PSG.  No specific damages were included in the complaint.   The Company intends to vigorously defend these claims; however, the ultimate outcome cannot be presently determined.

In August 2019, PIC filed its own lawsuit against PSG in Marion County, Indiana alleging breach of contract, breach of the parties collateral agreement, breach of the parties indemnity agreement, and seeking declaratory judgment regarding PSG’s ongoing obligation to fund its ongoing claims deductible obligations and adequately collateralize PIC’s current and ongoing claims exposure, pursuant to the parties agreements.  Pursuant to the terms of the workers’ compensation policies, PIC has a duty to adjust and pay claims arising under the policies as they develop regardless of whether PSG fulfills its deductible obligations.  Under its contractual obligations to PIC, PSG is required to maintain a “loss fund” for the payment of claims, the balance of which is to remain at or above $4,000; in addition, PSG is required to provide collateral in an amount equal to 110% of PIC’s current open case reserves on workers’ compensation claims arising under PSG’s policies.

As of June 30, 2019, PIC had approximately $20,000 in open case reserves within PSG’s $500 deductible, in addition to $1,800 in deductible receivables on claims arising under PSG’s workers’ compensation policies and had exhausted all collateral provided by PSG.  Continued claims development is anticipated to be consistent with similar lines of workers’ compensation as described in the Company’s 2018 Annual Report on Form 10-K and therefore, PSG’s ultimate obligations to PIC under the agreements is estimated to be approximately $40,000 as of June 30, 2019 (inclusive of the $20,000 in open case reserves and $1,800 in deductible receivable amounts noted above).  At June 30, 2019, the Company believes that it will fully collect all future amounts due from PSG relating to this contingency and therefore has not recorded a provision for any potential asset impairment.
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2019
Shareholders' Equity [Abstract]  
Shareholders' Equity
(11)  Shareholders' Equity:

On August 31, 2017, the Company's Board of Directors authorized the reinstatement of its share repurchase program for up to 2,464,209 shares of the Company's Class A or Class B Common Stock.  On August 7, 2018, the Company's Board of Directors reaffirmed its share repurchase program, but also provided that the aggregate dollar amount of shares of the Company's Common Stock that may be repurchased under the share repurchase program through August 8, 2019 may not exceed $25,000.  As of June 30, 2019, the Company has repurchased $9,293 under the share repurchase program.  Pursuant to this share repurchase program, the Company entered into a Rule 10b5-1 plan on June 21, 2019, which authorized the repurchase of up to $4,000 of the Company's outstanding Common Stock at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934.  The Rule 10b5-1 plan expires on August 8, 2019.  No duration has been placed on the Company's share repurchase program, and the Company reserves the right to amend, suspend or discontinue it at any time.  The share repurchase program does not commit the Company to repurchase any shares of its Common Stock.

During the six months ended June 30, 2019, the Company paid $6,487 to repurchase 2,893 shares of Class A and 371,188 shares of Class B Common Stock under the share repurchase program.

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2019:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2018
 
$
(1,139
)
 
$
(6,208
)
 
$
(7,347
)
             
Other comprehensive income before reclassifications
  
591
   
14,758
   
15,349
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
215
   
215
 
             
Net current-period other comprehensive income
  
591
   
14,973
   
15,564
 
             
Ending balance at June 30, 2019
 
$
(548
)
 
$
8,765
  
$
8,217
 

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2018:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2017
 
$
(309
)
 
$
46,700
  
$
46,391
 
             
Cumulative effect of adoption of ASU 2016-01, net of tax
  
–
   
(46,157
)
  
(46,157
)
             
Balance at January 1, 2018
  
(309
)
  
543
   
234
 
             
Cumulative effect of adoption of ASU 2018-02
  
–
   
117
   
117
 
Other comprehensive loss before reclassifications
  
(411
)
  
(4,050
)
  
(4,461
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
(1,097
)
  
(1,097
)
             
Net current-period other comprehensive loss
  
(411
)
  
(5,147
)
  
(5,558
)
             
Ending balance at June 30, 2018
 
$
(720
)
 
$
(4,487
)
 
$
(5,207
)
XML 32 R19.htm IDEA: XBRL DOCUMENT v3.19.2
Related Parties
 6 Months Ended
Jun. 30, 2019
Related Parties [Abstract]  
Related Parties
(12)  Related Parties:

At June 30, 2019, the Company was invested in one limited partnership, the New Vernon India Fund, with an aggregate estimated value of $17,489, that is managed by an organization in which one director of the Company is an executive officer and owner.  The Company's ownership interest in this limited partnership at June 30, 2019 was 4%.  For the six months ended June 30, 2019 and 2018, the Company recorded $125 and $275 of fees related to the management of this limited partnership investment.

The Company utilizes the services of an investment firm of which one director of the Company is a partial owner.  This investment firm manages equity securities and fixed income portfolios held by the Company with an aggregate market value of approximately $8,601 at June 30, 2019.  Total commissions and net fees earned by this investment firm and its affiliates on these portfolios were $12 and $54 for the six months ended June 30, 2019 and 2018.
XML 33 R20.htm IDEA: XBRL DOCUMENT v3.19.2
Subsequent Events
 6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
(13)  Subsequent Events:

In July 2019, the Company withdrew $11,127 from the Arbiter Partners LP, a limited partnership, which liquidated the Company's investment in this limited partnership.

On August 6, 2019, the Company's Board of Directors declared a regular quarterly dividend of $0.10 per share on the Company's Class A and Class B Common Stock.  The dividend per share will be payable September 3, 2019 to shareholders of record on August 20, 2019.

Pursuant to the Rule 10b5-1 plan entered into on June 21, 2019, the Company paid $2,565 to repurchase 158 shares of Class A and 152,593 shares of Class B Common Stock between July 1, 2019 and the date of this Quarterly Report on Form 10-Q.
XML 34 R21.htm IDEA: XBRL DOCUMENT v3.19.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2019
Summary of Significant Accounting Policies [Abstract]  
Description of Business
Description of Business:  Protective Insurance Corporation (the "Company"), based in Carmel, Indiana, is a property-casualty insurer specializing in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors.  In addition, the Company offers workers' compensation coverage for a variety of operations outside the transportation industry.  The Company operates as one reportable property and casualty insurance segment, offering a range of products and services, the most significant being commercial automobile and workers' compensation insurance products.

The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.
Basis of Presentation
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.  Interim financial statements should be read in conjunction with the Company's annual audited financial statements and other disclosures included in the Company's most recent Annual Report on Form 10-K.  Operating results for interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2019 or any other future period.
Investments
Investments: Carrying amounts for fixed income securities represent fair value and are based on quoted market prices, where available, or broker/dealer quotes for specific securities where quoted market prices are not available.  Equity securities are carried at quoted market prices (fair value).  Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. There was no valuation allowance on the Company's commercial mortgage loans as of June 30, 2019.

The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income.  To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its condensed consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments.

Short-term and other investments are carried at cost, which approximates their fair values.

Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities.  A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains on investments, excluding impairment losses within the condensed consolidated statements of operations.  Realized gains and losses on disposals of fixed income securities are recorded on the trade date.  Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains on investments, excluding impairment losses.

Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the condensed consolidated statements of operations.  Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains on investments, excluding impairment losses.  Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income.

In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the condensed consolidated statements of operations.   For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the condensed consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity.

The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security.  The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.
Recognition of Revenue and Costs
Recognition of Revenue and Costs:  Premiums are earned over the period for which insurance protection is provided.  A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.  Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.  The Company does not defer acquisition costs that are not directly variable with the production of premiums.  If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency.  In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency.  Anticipated investment income is considered in determining recoverability of deferred acquisition costs.  The Company had no material contract assets, contract liabilities, or deferred contract costs recorded on its condensed consolidated balance sheet at June 30, 2019.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements:  In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. The amendments in ASU 2016-01 changed the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in income.  Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity.  The Company adopted ASU 2016-01 as of January 1, 2018 using the modified retrospective approach and recorded a cumulative-effect adjustment to reclassify unrealized gains on equity securities of $71,012 ($46,157, net of tax) from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.  Going forward, unrealized gains or losses on equity securities will be recognized in the consolidated statements of operations within net unrealized gains (losses) on equity securities and limited partnership investments.

In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), or ASU 2016-02. ASU 2016-02 superseded the prior lease guidance in Accounting Standards Codification ("ASC") Topic 840, Leases.  Under the new guidance, lessees are required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis.  Concurrently, lessees are required to recognize a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.  The guidance provides for a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements.  In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, or ASU 2018-11, which provided adopters an additional transition method by allowing entities to initially apply ASU 2016-02, and subsequent related standards, at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.   The Company adopted the new guidance on January 1, 2019 utilizing the transition method allowed per ASU 2018-11, and accordingly, comparative period financial information was not adjusted for the effects of the new guidance. No cumulative-effect adjustment was required to the opening balance of retained earnings on the adoption date. The Company's adoption of the new standard did not have any impact on the Company's condensed consolidated statements of operations or cash flows; however, the impact of adopting the new guidance resulted in a right-of-use asset and a lease liability being recorded on the condensed consolidated balance sheet as of June 30, 2019 of approximately $300, which are included within other assets and accounts payable and other liabilities. 

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). This ASU allows for the option to reclassify, from accumulated other comprehensive income (loss) to retained earnings, stranded tax effects resulting from the newly enacted federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act of 2017 (the "U.S. Tax Act"), which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification was the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The Company adopted the new guidance in the first quarter of 2018 and recorded a cumulative-effect adjustment to reclassify the tax effects on fixed income investments of $117 from other comprehensive income (loss) to retained earnings within the consolidated balance sheet as of December 31, 2018.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update do not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements:  In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removes the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removes disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update adds disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the effects the adoption of ASU 2018-13 will have on its consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. These updates provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost and provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. ASU 2016-13 introduces a current expected credit loss model for measuring expected credit losses for certain types of financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. ASU 2016-13 replaces the current incurred loss model for measuring expected credit losses, requires expected losses on available-for-sale debt securities to be recognized through an allowance for credit losses rather than as reductions in the amortized cost of the securities, and provides for additional disclosure requirements. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the effects the adoption of ASU 2016-13 will have on its consolidated financial statements.
XML 35 R22.htm IDEA: XBRL DOCUMENT v3.19.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments [Abstract]  
Available-for-Sale Securities
The following is a summary of available-for-sale securities at June 30, 2019 and December 31, 2018:

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
June 30, 2019
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
15,730
  
$
15,384
  
$
352
  
$
(6
)
 
$
346
 
Agency mortgage-backed securities
  
41,031
   
39,609
   
1,438
   
(16
)
  
1,422
 
Asset-backed securities
  
94,880
   
94,847
   
539
   
(506
)
  
33
 
Bank loans
  
16,074
   
16,279
   
60
   
(265
)
  
(205
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
6,165
   
5,686
   
549
   
(70
)
  
479
 
Corporate securities
  
256,318
   
251,977
   
5,185
   
(844
)
  
4,341
 
Mortgage-backed securities
  
42,506
   
41,706
   
946
   
(146
)
  
800
 
Municipal obligations
  
32,834
   
32,177
   
688
   
(31
)
  
657
 
Non-U.S. government obligations
  
31,378
   
31,064
   
326
   
(12
)
  
314
 
U.S. government obligations
  
197,397
   
194,489
   
3,092
   
(184
)
  
2,908
 
Total fixed income securities
 
$
737,148
  
$
726,053
  
$
13,175
  
$
(2,080
)
 
$
11,095
 

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
December 31, 2018
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
10,687
  
$
10,636
  
$
145
  
$
(94
)
 
$
51
 
Agency mortgage-backed securities
  
37,385
   
37,168
   
371
   
(154
)
  
217
 
Asset-backed securities
  
64,422
   
66,241
   
14
   
(1,833
)
  
(1,819
)
Bank loans
  
9,750
   
10,208
   
27
   
(485
)
  
(458
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
5,095
   
376
   
(48
)
  
328
 
Corporate securities
  
190,450
   
196,925
   
127
   
(6,602
)
  
(6,475
)
Mortgage-backed securities
  
38,540
   
38,586
   
377
   
(423
)
  
(46
)
Municipal obligations
  
29,155
   
29,102
   
239
   
(186
)
  
53
 
Non-U.S. government obligations
  
25,180
   
25,339
   
6
   
(165
)
  
(159
)
U.S. government obligations
  
178,818
   
178,369
   
1,252
   
(803
)
  
449
 
Total fixed income securities
 
$
592,645
  
$
600,504
  
$
2,934
  
$
(10,793
)
 
$
(7,859
)
Fixed Maturity and Equity Security Investments in Unrealized Loss Position
The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at June 30, 2019 and  December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

  
June 30, 2019
  
December 31, 2018
 
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
 
Fixed income securities:
                  
12 months or less
  
81
  
$
76,363
  
$
(1,166
)
  
275
  
$
282,646
  
$
(7,296
)
Greater than 12 months
  
149
   
95,614
   
(914
)
  
217
   
131,001
   
(3,497
)
Total fixed income securities
  
230
  
$
171,977
  
$
(2,080
)
  
492
  
$
413,647
  
$
(10,793
)
                         
Fair Value and Cost or Amortized Cost of Fixed Maturity Investments by Contractual Maturity
The fair value and the cost or amortized costs of fixed income investments at June 30, 2019, organized by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

  
Fair
Value
  
Cost or
Amortized Cost
 
One year or less
 
$
99,531
  
$
99,574
 
Excess of one year to five years
  
342,358
   
336,988
 
Excess of five years to ten years
  
89,596
   
87,051
 
Excess of ten years
  
11,517
   
10,894
 
Contractual maturities
  
543,002
   
534,507
 
Asset-backed securities
  
194,146
   
191,546
 
Total
 
$
737,148
  
$
726,053
 
Net Realized and Unrealized Gains (Losses) on Investments
Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

  
Three Months Ended
June 30
  
Six Months Ended
June 30
 
  
2019
  
2018
  
2019
  
2018
 
Gross gains on available-for-sale fixed income securities sold during the period
 
$
4,132
  
$
3,691
  
$
7,303
  
$
6,134
 
Gross losses on available-for-sale fixed income securities sold during the period
  
(3,154
)
  
(3,088
)
  
(6,681
)
  
(5,796
)
                 
Other-than-temporary impairments
  
(86
)
  
–
   
(346
)
  
–
 
                 
Change in value of limited partnership investments
  
314
   
(2,842
)
  
722
   
(5,445
)
                 
Gains (losses) on equity securities:
                
Realized gains (losses) on equity securities sold during the period
  
(265
)
  
312
   
51
   
953
 
Unrealized gains (losses) on equity securities held at the end of the period
  
1,948
   
(1,508
)
  
7,867
   
(3,814
)
Realized and unrealized gains (losses) on equity securities during the period
  
1,683
   
(1,196
)
  
7,918
   
(2,861
)
                 
Net realized and unrealized gains (losses) on investments
 
$
2,889
  
$
(3,435
)
 
$
8,916
  
$
(7,968
)
XML 36 R23.htm IDEA: XBRL DOCUMENT v3.19.2
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2019
Reinsurance [Abstract]  
Reinsurance
The following table summarizes the Company's transactions with reinsurers for the 2019 and 2018 comparative periods.

  
2019
  
2018
 
Three months ended June 30:
      
Premiums ceded to reinsurers
 
$
32,425
  
$
28,800
 
Losses and loss expenses ceded to reinsurers
  
28,859
   
21,975
 
Commissions from reinsurers
  
8,176
   
6,443
 
         
Six months ended June 30:
        
Premiums ceded to reinsurers
 
$
62,598
  
$
61,241
 
Losses and loss expenses ceded to reinsurers
  
59,648
   
48,636
 
Commissions from reinsurers
  
15,410
   
14,323
 
         
XML 37 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Loss and Loss Expense Reserves (Tables)
 6 Months Ended
Jun. 30, 2019
Loss and Loss Expense Reserves [Abstract]  
Activity in Reserves for Losses and Loss Expenses
Activity in the reserves for losses and loss expenses for the six months ended June 30, 2019 and 2018 is summarized as follows.  All amounts are shown net of reinsurance, unless otherwise indicated.

  
Six Months Ended
 
  
June 30
 
  
2019
  
2018
 
Reserves, gross of reinsurance recoverable, at the beginning of the year
 
$
865,339
  
$
680,274
 
Reinsurance recoverable on unpaid losses at the beginning of the year
  
375,935
   
308,143
 
Reserves at the beginning of the year
  
489,404
   
372,131
 
         
Provision for losses and loss expenses:
        
Claims occurring during the current period
  
179,211
   
151,462
 
Claims occurring during prior periods
  
(1,656
)
  
(1,675
)
Total incurred
  
177,555
   
149,787
 
         
Loss and loss expense payments:
        
Claims occurring during the current period
  
30,573
   
28,903
 
Claims occurring during prior periods
  
92,822
   
88,965
 
Total paid
  
123,395
   
117,868
 
Reserves at the end of the period
  
543,564
   
404,050
 
         
Reinsurance recoverable on unpaid losses at the end of the period
  
389,899
   
312,231
 
Reserves, gross of reinsurance recoverable, at the end of the period
 
$
933,463
  
$
716,281
 
XML 38 R25.htm IDEA: XBRL DOCUMENT v3.19.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2019
Segment Information [Abstract]  
Segment Revenues
The following table summarizes segment revenues for the three and six months ended June 30, 2019 and 2018:

  
Three Months Ended
June 30
  
Six Months Ended
June 30
 
  
2019
  
2018
  
2019
  
2018
 
Revenues:
            
Net premiums earned
 
$
115,631
  
$
111,940
  
$
225,644
  
$
217,402
 
Net investment income
  
6,500
   
5,796
   
12,732
   
10,432
 
Net realized and unrealized gains (losses) on investments
  
2,889
   
(3,435
)
  
8,916
   
(7,968
)
Commissions and other income
  
1,978
   
2,263
   
4,043
   
4,076
 
Total revenues
 
$
126,998
  
$
116,564
  
$
251,335
  
$
223,942
 
XML 39 R26.htm IDEA: XBRL DOCUMENT v3.19.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value [Abstract]  
Fair Value Measurements by Level for Assets Measured at Fair Value on Recurring Basis
The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of June 30, 2019:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
15,730
  
$
–
  
$
15,730
  
$
–
 
Agency mortgage-backed securities
  
41,031
   
–
   
41,031
   
–
 
Asset-backed securities
  
94,880
   
–
   
94,880
   
–
 
Bank loans
  
16,074
   
–
   
16,074
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
6,165
   
–
   
6,165
   
–
 
Corporate securities
  
251,394
   
–
   
251,394
   
–
 
Options embedded in convertible securities
  
4,924
   
–
   
4,924
   
–
 
Mortgage-backed securities
  
42,506
   
–
   
42,506
   
–
 
Municipal obligations
  
32,834
   
–
   
32,834
   
–
 
Non-U.S. government obligations
  
31,378
   
–
   
31,378
   
–
 
U.S. government obligations
  
197,397
   
–
   
197,397
   
–
 
Total fixed income securities
  
737,148
   
2,835
   
734,313
   
–
 
Equity securities:
                
Consumer
  
17,125
   
17,125
   
–
   
–
 
Energy
  
3,340
   
3,340
   
–
   
–
 
Financial
  
29,117
   
29,117
   
–
   
–
 
Industrial
  
4,176
   
4,176
   
–
   
–
 
Technology
  
2,414
   
2,414
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
9,796
   
9,796
   
–
   
–
 
Other
  
8,587
   
8,587
   
–
   
–
 
Total equity securities
  
74,555
   
74,555
   
–
   
–
 
Short-term
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
76,967
   
–
   
76,967
   
–
 
Total
 
$
889,670
  
$
78,390
  
$
811,280
  
$
–
 

As of December 31, 2018:

Description
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Fixed income securities:
            
Agency collateralized mortgage obligations
 
$
10,687
  
$
–
  
$
10,687
  
$
–
 
Agency mortgage-backed securities
  
37,385
   
–
   
37,385
   
–
 
Asset-backed securities
  
64,422
   
–
   
64,422
   
–
 
Bank loans
  
9,750
   
–
   
9,750
   
–
 
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
 
Collateralized mortgage obligations
  
5,423
   
–
   
5,423
   
–
 
Corporate securities
  
186,651
   
–
   
186,651
   
–
 
Options embedded in convertible securities
  
3,799
   
–
   
3,799
   
–
 
Mortgage-backed securities
  
38,540
   
–
   
38,540
   
–
 
Municipal obligations
  
29,155
   
–
   
29,155
   
–
 
Non-U.S. government obligations
  
25,180
   
–
   
25,180
   
–
 
U.S. government obligations
  
178,818
   
–
   
178,818
   
–
 
Total fixed income securities
  
592,645
   
2,835
   
589,810
   
–
 
Equity securities:
                
Consumer
  
17,945
   
17,945
   
–
   
–
 
Energy
  
3,179
   
3,179
   
–
   
–
 
Financial
  
25,253
   
25,253
   
–
   
–
 
Industrial
  
6,920
   
6,920
   
–
   
–
 
Technology
  
2,303
   
2,303
   
–
   
–
 
Funds (e.g. mutual funds, closed end funds, ETFs)
  
5,489
   
5,489
   
–
   
–
 
Other
  
5,333
   
5,333
   
–
   
–
 
Total equity securities
  
66,422
   
66,422
   
–
   
–
 
Short-term
  
1,000
   
1,000
   
–
   
–
 
Cash equivalents
  
156,855
   
–
   
156,855
   
–
 
Total
 
$
816,922
  
$
70,257
  
$
746,665
  
$
–
 
Carrying Value and Fair Value by Level of Financial Instruments
A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 is as follows:

  
Carrying
  
Fair Value
 
  
Value
  
Level 1
  
Level 2
  
Level 3
  
Total
 
June 30, 2019
               
Assets:  
               
Limited partnerships
 
$
35,535
  
$
–
  
$
–
  
$
35,535
  
$
35,535
 
Commercial mortgage loans
  
8,884
   
–
   
–
   
8,884
   
8,884
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
                     
December 31, 2018
                    
Assets:  
                    
Limited partnerships
 
$
55,044
  
$
–
  
$
–
  
$
55,044
  
$
55,044
 
Commercial mortgage loans
  
6,672
   
–
   
–
   
6,672
   
6,672
 
Liabilities:  
                    
Short-term borrowings
  
20,000
   
–
   
20,000
   
–
   
20,000
 
XML 40 R27.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2019
Stock-Based Compensation [Abstract]  
Detail of Restricted Stock Issuances
The table below provides detail of the restricted stock issuances to directors for 2018 and 2019:

Grant Date
 
Number of
Shares Issued
 
Vesting Date
Service Period
 
Grant Date Fair
Value Per Share
 
5/9/2017
  
18,183
 
5/9/2018
7/1/2017 - 6/30/2018
 
$
24.20
 
           
8/31/2017
  
1,257
 
5/9/2018
8/31/2017 - 6/30/2018
 
$
21.90
 
           
2/9/2018
  
408
 
5/9/2018
2/9/2018 - 6/30/2018
 
$
24.20
 
           
5/8/2018
  
19,085
 
5/8/2019
7/1/2018 - 6/30/2019
 
$
23.05
 
           
5/7/2019
  
29,536
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/17/2019
  
3,591
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
           
5/22/2019
  
3,541
 
5/7/2020
7/1/2019 - 6/30/2020
 
$
16.25
 
XML 41 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2019
Shareholders' Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss) by Component
The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2019:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2018
 
$
(1,139
)
 
$
(6,208
)
 
$
(7,347
)
             
Other comprehensive income before reclassifications
  
591
   
14,758
   
15,349
 
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
215
   
215
 
             
Net current-period other comprehensive income
  
591
   
14,973
   
15,564
 
             
Ending balance at June 30, 2019
 
$
(548
)
 
$
8,765
  
$
8,217
 

The following table illustrates changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2018:

  
Foreign
Currency
  
Unrealized Holding Gains (Losses) on
Available-for-sale Securities
  
Total
 
Beginning balance at December 31, 2017
 
$
(309
)
 
$
46,700
  
$
46,391
 
             
Cumulative effect of adoption of ASU 2016-01, net of tax
  
–
   
(46,157
)
  
(46,157
)
             
Balance at January 1, 2018
  
(309
)
  
543
   
234
 
             
Cumulative effect of adoption of ASU 2018-02
  
–
   
117
   
117
 
Other comprehensive loss before reclassifications
  
(411
)
  
(4,050
)
  
(4,461
)
Amounts reclassified from accumulated other comprehensive income (loss)
  
–
   
(1,097
)
  
(1,097
)
             
Net current-period other comprehensive loss
  
(411
)
  
(5,147
)
  
(5,558
)
             
Ending balance at June 30, 2018
 
$
(720
)
 
$
(4,487
)
 
$
(5,207
)
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.19.2
Summary of Significant Accounting Policies (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2019
USD ($)
Segment
Dec. 31, 2017
USD ($)
Mar. 31, 2018
USD ($)
Description of Business [Abstract]      
Number of reportable segments | Segment 1    
Recently Adopted Accounting Pronouncements [Abstract]      
Corporate income tax rate 21.00% 35.00%  
ASU 2016-01 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   $ 0  
ASU 2016-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Right-of-use asset $ 300    
Lease liability $ 300    
ASU 2018-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   0  
Other Comprehensive Income (Loss) [Member] | ASU 2016-01 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax   (71,012)  
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   (46,157)  
Other Comprehensive Income (Loss) [Member] | ASU 2018-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   117 $ 117
Retained Earnings [Member] | ASU 2016-01 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax   71,012  
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   46,157  
Retained Earnings [Member] | ASU 2018-02 [Member]      
Recently Adopted Accounting Pronouncements [Abstract]      
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax   $ (117) $ (117)
XML 43 R30.htm IDEA: XBRL DOCUMENT v3.19.2
Investments, Summary of Available-for-sale Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Available-for-sale Debt Securities [Abstract]    
Fair value $ 737,148 $ 592,645
Cost or amortized cost 726,053 600,504
Gross unrealized gains 13,175 2,934
Gross unrealized losses (2,080) (10,793)
Net unrealized gains (losses) 11,095 (7,859)
Agency Collateralized Mortgage Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 15,730 10,687
Cost or amortized cost 15,384 10,636
Gross unrealized gains 352 145
Gross unrealized losses (6) (94)
Net unrealized gains (losses) 346 51
Agency Mortgage-backed Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 41,031 37,385
Cost or amortized cost 39,609 37,168
Gross unrealized gains 1,438 371
Gross unrealized losses (16) (154)
Net unrealized gains (losses) 1,422 217
Asset-backed Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 94,880 64,422
Cost or amortized cost 94,847 66,241
Gross unrealized gains 539 14
Gross unrealized losses (506) (1,833)
Net unrealized gains (losses) 33 (1,819)
Bank Loans [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 16,074 9,750
Cost or amortized cost 16,279 10,208
Gross unrealized gains 60 27
Gross unrealized losses (265) (485)
Net unrealized gains (losses) (205) (458)
Certificates of Deposit [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 2,835 2,835
Cost or amortized cost 2,835 2,835
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Net unrealized gains (losses) 0 0
Collateralized Mortgage Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 6,165 5,423
Cost or amortized cost 5,686 5,095
Gross unrealized gains 549 376
Gross unrealized losses (70) (48)
Net unrealized gains (losses) 479 328
Corporate Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 256,318 190,450
Cost or amortized cost 251,977 196,925
Gross unrealized gains 5,185 127
Gross unrealized losses (844) (6,602)
Net unrealized gains (losses) 4,341 (6,475)
Mortgage-backed Securities [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 42,506 38,540
Cost or amortized cost 41,706 38,586
Gross unrealized gains 946 377
Gross unrealized losses (146) (423)
Net unrealized gains (losses) 800 (46)
Municipal Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 32,834 29,155
Cost or amortized cost 32,177 29,102
Gross unrealized gains 688 239
Gross unrealized losses (31) (186)
Net unrealized gains (losses) 657 53
Non-U.S. Government Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 31,378 25,180
Cost or amortized cost 31,064 25,339
Gross unrealized gains 326 6
Gross unrealized losses (12) (165)
Net unrealized gains (losses) 314 (159)
U.S. Government Obligations [Member]    
Available-for-sale Debt Securities [Abstract]    
Fair value 197,397 178,818
Cost or amortized cost 194,489 178,369
Gross unrealized gains 3,092 1,252
Gross unrealized losses (184) (803)
Net unrealized gains (losses) $ 2,908 $ 449
XML 44 R31.htm IDEA: XBRL DOCUMENT v3.19.2
Investments, Continuous Unrealized Loss Position (Details)
$ in Thousands
Jun. 30, 2019
USD ($)
Security
Dec. 31, 2018
USD ($)
Security
Available-for-sale Securities Continuous Unrealized Loss Positions [Abstract]    
Number of securities, 12 months or less | Security 81 275
Number of securities, Greater than 12 months | Security 149 217
Number of securities, total | Security 230 492
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract]    
Fair value, 12 months or less $ 76,363 $ 282,646
Fair value, Greater than 12 months 95,614 131,001
Fair value, total 171,977 413,647
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract]    
Gross unrealized loss, 12 months or less (1,166) (7,296)
Gross unrealized loss, Greater than 12 months (914) (3,497)
Gross unrealized loss, total (2,080) (10,793)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]    
One year or less, Fair Value 99,531  
Excess of one year to five years, Fair Value 342,358  
Excess of five years to ten years, Fair Value 89,596  
Excess of ten years, Fair Value 11,517  
Total contractual maturities, Fair Value 543,002  
Asset-backed securities, Fair Value 194,146  
Total, Fair Value 737,148 592,645
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]    
One year or less, Cost or Amortized Cost 99,574  
Excess of one year to five years, Cost or Amortized Cost 336,988  
Excess of five years to ten years, Cost or Amortized Cost 87,051  
Excess of ten years, Cost or Amortized Cost 10,894  
Total contractual maturities, Cost or Amortized Cost 534,507  
Asset-backed securities, Cost or Amortized Cost 191,546  
Cost or amortized cost $ 726,053 $ 600,504
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.19.2
Investments, Net Realized and Unrealized Gains (Losses) on Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Components of net realized and unrealized gains (losses) on investments [Abstract]        
Gross gains on available-for-sale fixed income securities sold during the period $ 4,132 $ 3,691 $ 7,303 $ 6,134
Gross losses on available-for-sale fixed income securities sold during the period (3,154) (3,088) (6,681) (5,796)
Other-than-temporary impairments (86) 0 (346) 0
Change in value of limited partnership investments 314 (2,842) 722 (5,445)
Gains (losses) on equity securities [Abstract]        
Realized gains (losses) on equity securities sold during the period (265) 312 51 953
Unrealized gains (losses) on equity securities held at the end of the period 1,948 (1,508) 7,867 (3,814)
Realized and unrealized gains (losses) on equity securities during the period 1,683 (1,196) 7,918 (2,861)
Net realized and unrealized gains (losses) on investments $ 2,889 $ (3,435) 8,916 $ (7,968)
Federal income taxes     $ 25,071  
XML 46 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Reinsurance (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Reinsurance [Abstract]        
Premiums ceded to reinsurers $ 32,425 $ 28,800 $ 62,598 $ 61,241
Losses and loss expenses ceded to reinsurers 28,859 21,975 59,648 48,636
Commissions from reinsurers $ 8,176 $ 6,443 $ 15,410 $ 14,323
XML 47 R34.htm IDEA: XBRL DOCUMENT v3.19.2
Loss and Loss Expense Reserves (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Activity in the reserve for losses and loss expenses [Roll Forward]    
Reserves, gross of reinsurance recoverable, at the beginning of the year $ 865,339 $ 680,274
Reinsurance recoverable on unpaid losses at the beginning of the year 375,935 308,143
Reserves at the beginning of the year 489,404 372,131
Provision for losses and loss expenses [Abstract]    
Claims occurring during the current period 179,211 151,462
Claims occurring during prior periods (1,656) (1,675)
Total incurred 177,555 149,787
Loss and loss expense payments [Abstract]    
Claims occurring during the current period 30,573 28,903
Claims occurring during prior periods 92,822 88,965
Total paid 123,395 117,868
Reserves at the end of the period 543,564 404,050
Reinsurance recoverable on unpaid losses at the end of the period 389,899 312,231
Reserves, gross of reinsurance recoverable, at the end of the period $ 933,463 $ 716,281
XML 48 R35.htm IDEA: XBRL DOCUMENT v3.19.2
Segment Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
Segment
Jun. 30, 2018
USD ($)
Segment Information [Abstract]        
Number of reportable segments | Segment     1  
Summary of Segment Revenue [Abstract]        
Net premiums earned $ 115,631 $ 111,940 $ 225,644 $ 217,402
Net investment income 6,500 5,796 12,732 10,432
Net realized and unrealized gains (losses) on investments 2,889 (3,435) 8,916 (7,968)
Commissions and other income 1,978 2,263 4,043 4,076
Total revenues 126,998 116,564 251,335 223,942
Property and Casualty Insurance [Member]        
Summary of Segment Revenue [Abstract]        
Net premiums earned 115,631 111,940 225,644 217,402
Net investment income 6,500 5,796 12,732 10,432
Net realized and unrealized gains (losses) on investments 2,889 (3,435) 8,916 (7,968)
Commissions and other income 1,978 2,263 4,043 4,076
Total revenues $ 126,998 $ 116,564 $ 251,335 $ 223,942
XML 49 R36.htm IDEA: XBRL DOCUMENT v3.19.2
Debt (Details) - Revolving Credit Facility [Member]
$ in Thousands
 6 Months Ended
Jun. 30, 2019
USD ($)
Covenant
Aug. 09, 2018
USD ($)
Credit Agreement [Abstract]    
Maximum credit limit   $ 40,000
Additional incremental loans limit   $ 35,000
Expiration date Aug. 09, 2022  
Optional period of fixed interest 1 year  
Outstanding drawings $ 20,000  
Effective interest rate 3.50%  
Amount remaining under credit facility $ 20,000  
Number of financial covenants | Covenant 2  
Net worth and maximum consolidated leverage ratio 0.35  
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.19.2
Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Taxes [Abstract]        
Effective federal tax rate on consolidated loss 21.30% 18.60% 21.60% 16.40%
XML 51 R38.htm IDEA: XBRL DOCUMENT v3.19.2
Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Jun. 30, 2018
Fixed income securities [Abstract]      
Total fixed income securities $ 737,148 $ 592,645  
Equity securities [Abstract]      
Total equity securities 74,555 66,422  
Transfers Between Levels [Abstract]      
Transfers of assets from Level 1 to Level 2 0   $ 0
Transfers of assets from Level 2 to Level 1 0   $ 0
Recurring [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 15,730 10,687  
Agency mortgage-backed securities 41,031 37,385  
Asset-backed securities 94,880 64,422  
Bank loans 16,074 9,750  
Certificates of deposit 2,835 2,835  
Collateralized mortgage obligations 6,165 5,423  
Corporate securities 251,394 186,651  
Options embedded in convertible securities 4,924 3,799  
Mortgage-backed securities 42,506 38,540  
Municipal obligations 32,834 29,155  
Non-U.S. government obligations 31,378 25,180  
U.S. government obligations 197,397 178,818  
Total fixed income securities 737,148 592,645  
Equity securities [Abstract]      
Consumer 17,125 17,945  
Energy 3,340 3,179  
Financial 29,117 25,253  
Industrial 4,176 6,920  
Technology 2,414 2,303  
Funds (e.g. mutual funds, closed end funds, ETFs) 9,796 5,489  
Other 8,587 5,333  
Total equity securities 74,555 66,422  
Short-term 1,000 1,000  
Cash equivalents 76,967 156,855  
Total 889,670 816,922  
Recurring [Member] | Level 1 [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 0 0  
Agency mortgage-backed securities 0 0  
Asset-backed securities 0 0  
Bank loans 0 0  
Certificates of deposit 2,835 2,835  
Collateralized mortgage obligations 0 0  
Corporate securities 0 0  
Options embedded in convertible securities 0 0  
Mortgage-backed securities 0 0  
Municipal obligations 0 0  
Non-U.S. government obligations 0 0  
U.S. government obligations 0 0  
Total fixed income securities 2,835 2,835  
Equity securities [Abstract]      
Consumer 17,125 17,945  
Energy 3,340 3,179  
Financial 29,117 25,253  
Industrial 4,176 6,920  
Technology 2,414 2,303  
Funds (e.g. mutual funds, closed end funds, ETFs) 9,796 5,489  
Other 8,587 5,333  
Total equity securities 74,555 66,422  
Short-term 1,000 1,000  
Cash equivalents 0 0  
Total 78,390 70,257  
Recurring [Member] | Level 2 [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 15,730 10,687  
Agency mortgage-backed securities 41,031 37,385  
Asset-backed securities 94,880 64,422  
Bank loans 16,074 9,750  
Certificates of deposit 0 0  
Collateralized mortgage obligations 6,165 5,423  
Corporate securities 251,394 186,651  
Options embedded in convertible securities 4,924 3,799  
Mortgage-backed securities 42,506 38,540  
Municipal obligations 32,834 29,155  
Non-U.S. government obligations 31,378 25,180  
U.S. government obligations 197,397 178,818  
Total fixed income securities 734,313 589,810  
Equity securities [Abstract]      
Consumer 0 0  
Energy 0 0  
Financial 0 0  
Industrial 0 0  
Technology 0 0  
Funds (e.g. mutual funds, closed end funds, ETFs) 0 0  
Other 0 0  
Total equity securities 0 0  
Short-term 0 0  
Cash equivalents 76,967 156,855  
Total 811,280 746,665  
Recurring [Member] | Level 3 [Member]      
Fixed income securities [Abstract]      
Agency collateralized mortgage obligations 0 0  
Agency mortgage-backed securities 0 0  
Asset-backed securities 0 0  
Bank loans 0 0  
Certificates of deposit 0 0  
Collateralized mortgage obligations 0 0  
Corporate securities 0 0  
Options embedded in convertible securities 0 0  
Mortgage-backed securities 0 0  
Municipal obligations 0 0  
Non-U.S. government obligations 0 0  
U.S. government obligations 0 0  
Total fixed income securities 0 0  
Equity securities [Abstract]      
Consumer 0 0  
Energy 0 0  
Financial 0 0  
Industrial 0 0  
Technology 0 0  
Funds (e.g. mutual funds, closed end funds, ETFs) 0 0  
Other 0 0  
Total equity securities 0 0  
Short-term 0 0  
Cash equivalents 0 0  
Total $ 0 $ 0  
XML 52 R39.htm IDEA: XBRL DOCUMENT v3.19.2
Fair Value, Balance Sheet Grouping (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Assets [Abstract]    
Limited partnerships $ 35,535 $ 55,044
Carrying Value [Member]    
Assets [Abstract]    
Limited partnerships 35,535 55,044
Commercial mortgage loans 8,884 6,672
Liabilities [Abstract]    
Short-term borrowings 20,000 20,000
Fair Value [Member]    
Assets [Abstract]    
Limited partnerships 35,535 55,044
Commercial mortgage loans 8,884 6,672
Liabilities [Abstract]    
Short-term borrowings 20,000 20,000
Fair Value [Member] | Level 1 [Member]    
Assets [Abstract]    
Limited partnerships 0 0
Commercial mortgage loans 0 0
Liabilities [Abstract]    
Short-term borrowings 0 0
Fair Value [Member] | Level 2 [Member]    
Assets [Abstract]    
Limited partnerships 0 0
Commercial mortgage loans 0 0
Liabilities [Abstract]    
Short-term borrowings 20,000 20,000
Fair Value [Member] | Level 3 [Member]    
Assets [Abstract]    
Limited partnerships 35,535 55,044
Commercial mortgage loans 8,884 6,672
Liabilities [Abstract]    
Short-term borrowings $ 0 $ 0
XML 53 R40.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation (Details) - Class B [Member] - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
May 22, 2019
Nov. 13, 2018
Jun. 30, 2019
Stock Based Compensation [Abstract]      
Shares distribution period from grant date     1 year
5/9/2017 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     18,183
Vesting date     May 09, 2018
Service period     7/1/2017 - 6/30/2018
Grant date fair value per share (in dollars per share)     $ 24.20
8/31/2017 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     1,257
Vesting date     May 09, 2018
Service period     8/31/2017 - 6/30/2018
Grant date fair value per share (in dollars per share)     $ 21.90
2/9/2018 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     408
Vesting date     May 09, 2018
Service period     2/9/2018 - 6/30/2018
Grant date fair value per share (in dollars per share)     $ 24.20
5/8/2018 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     19,085
Vesting date     May 08, 2019
Service period     7/1/2018 - 6/30/2019
Grant date fair value per share (in dollars per share)     $ 23.05
5/7/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     29,536
Vesting date     May 07, 2020
Service period     7/1/2019 - 6/30/2020
Grant date fair value per share (in dollars per share)     $ 16.25
5/17/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     3,591
Vesting date     May 07, 2020
Service period     7/1/2019 - 6/30/2019
Grant date fair value per share (in dollars per share)     $ 16.25
5/22/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     3,541
Vesting date     May 07, 2020
Service period     7/1/2019 - 6/30/2020
Grant date fair value per share (in dollars per share)     $ 16.25
Restricted [Member] | Chief Executive Officer [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)   85,000  
Stock based compensation expense     $ 559
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2019 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares)   42,500  
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2020 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares)   21,250  
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2021 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares)   21,250  
2017 VCIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     0
Performance period     3 years
Vesting period     3 years
2018 LTIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     0
2018 VCIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     0
Performance period     3 years
Vesting period     3 years
2019 LTIP Awards [Member] | Performance Based Equity Award [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares)     0
Vesting period     3 years
Stock based compensation expense     $ 51
Annual vesting percentage of shares in year one     33.30%
Annual vesting percentage of shares in year two     33.30%
Annual vesting percentage of shares in year three     33.30%
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member]      
Summary of stock Issuances [Abstract]      
Number of shares granted (in shares) 70,000    
Stock based compensation expense     $ 36
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | 6/01/2022 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares) 35,000    
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | 6/01/2023 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares) 21,000    
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | 6/01/2024 [Member]      
Summary of stock Issuances [Abstract]      
Number of shares vested (in shares) 14,000    
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.19.2
Litigation, Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jul. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Loss Contingency [Abstract]      
Estimated recoverable amount   $ 410,445 $ 392,436
Personnel Staffing Group d/b/a MVP Staffing [Member]      
Loss Contingency [Abstract]      
Per claim deductible amount   500  
Open case reserves   20,000  
Deductible receivables   $ 1,800  
Percentage of required collateral   110.00%  
Estimated recoverable amount   $ 40,000  
Personnel Staffing Group d/b/a MVP Staffing [Member] | Minimum [Member]      
Loss Contingency [Abstract]      
Loss fund   $ 4,000  
Personnel Staffing Group d/b/a MVP Staffing [Member] | Subsequent Event [Member]      
Loss Contingency [Abstract]      
Damages sought $ 0    
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.19.2
Shareholders' Equity (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Stock Repurchase Program [Abstract]    
Stock repurchase program, shares authorized (in shares) 2,464,209  
Stock repurchase program, authorized amount $ 25,000  
Repurchase of common shares amount paid 9,293  
Repurchase of common shares $ 6,487 $ 1,280
Class A [Member]    
Stock Repurchase Program [Abstract]    
Repurchase of common stock (in shares) 2,893  
Class B [Member]    
Stock Repurchase Program [Abstract]    
Repurchase of common stock (in shares) 371,188  
Rule 10b5-1 [Member]    
Stock Repurchase Program [Abstract]    
Stock repurchase program, authorized amount $ 4,000  
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.19.2
Shareholders' Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance $ 366,070 $ 411,811 $ 356,082 $ 418,811    
Other comprehensive income (loss) 6,801 (2,214) 15,564 (5,558)    
Ending balance 367,416 407,235 367,416 407,235    
ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           $ 0
ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           0
Other Comprehensive Income (Loss) [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance 1,416 (2,993) (7,347) 46,391    
Other comprehensive income before reclassifications     15,349 (4,461)    
Amounts reclassified from accumulated other comprehensive income (loss)     215 (1,097)    
Other comprehensive income (loss)     15,564 (5,558)    
Ending balance 8,217 (5,207) 8,217 (5,207)    
Other Comprehensive Income (Loss) [Member] | ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           (46,157)
Adjusted beginning balance       234    
Other Comprehensive Income (Loss) [Member] | ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax         $ 117 117
Foreign Currency [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     (1,139) (309)    
Other comprehensive income before reclassifications     591 (411)    
Amounts reclassified from accumulated other comprehensive income (loss)     0 0    
Other comprehensive income (loss)     591 (411)    
Ending balance (548) (720) (548) (720)    
Foreign Currency [Member] | ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           0
Adjusted beginning balance       (309)    
Foreign Currency [Member] | ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           0
Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     (6,208) 46,700    
Other comprehensive income before reclassifications     14,758 (4,050)    
Amounts reclassified from accumulated other comprehensive income (loss)     215 (1,097)    
Other comprehensive income (loss)     14,973 (5,147)    
Ending balance $ 8,765 $ (4,487) $ 8,765 (4,487)    
Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member] | ASU 2016-01 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           (46,157)
Adjusted beginning balance       $ 543    
Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member] | ASU 2018-02 [Member]            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Cumulative effect of adoption, net of tax           $ 117
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.19.2
Related Parties (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
USD ($)
Partnership
Director
Jun. 30, 2018
USD ($)
New Vernon India Fund [Member]    
Related Party [Abstract]    
Ownership interest in limited partnership 4.00%  
Management fees and commissions $ 275 $ 125
Investment Firm Services [Member]    
Related Party [Abstract]    
Management fees and commissions $ 12 $ 54
Director [Member] | New Vernon India Fund [Member]    
Related Party [Abstract]    
Number of investments | Partnership 1  
Estimated aggregate value of investment in limited partnerships $ 17,489  
Number of related parties | Director 1  
Director [Member] | Investment Firm Services [Member]    
Related Party [Abstract]    
Number of related parties | Director 1  
Market value of equity and fixed maturity securities portfolio $ 8,601  
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.19.2
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 6 Months Ended
Aug. 06, 2019
Jul. 31, 2019
Aug. 07, 2019
Jun. 30, 2019
Jun. 30, 2018
Subsequent Event [Abstract]          
Amount withdrawn from partnership       $ 20,231 $ 369
Repurchase of common shares       $ 6,487 $ 1,280
Arbiter Partners LP [Member]          
Subsequent Event [Abstract]          
Amount withdrawn from partnership   $ 11,127      
Class A [Member]          
Subsequent Event [Abstract]          
Repurchase of common stock (in shares)       2,893  
Class B [Member]          
Subsequent Event [Abstract]          
Repurchase of common stock (in shares)       371,188  
Subsequent Event [Member]          
Subsequent Event [Abstract]          
Dividend payable, date declared Aug. 06, 2019        
Dividend payable, date to be paid Sep. 03, 2019        
Dividend payable, date of record Aug. 20, 2019        
Repurchase of common shares     $ 2,565    
Subsequent Event [Member] | Class A [Member]          
Subsequent Event [Abstract]          
Dividend payable (in dollars per share) $ 0.10        
Repurchase of common stock (in shares)     158    
Subsequent Event [Member] | Class B [Member]          
Subsequent Event [Abstract]          
Dividend payable (in dollars per share) $ 0.10        
Repurchase of common stock (in shares)     152,593    
EXCEL 59 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 60 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 61 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 62 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.2 html 189 325 1 false 59 0 false 9 false false R1.htm 000100 - Document - Document and Entity Information Sheet http://protectiveinsurance.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 010000 - Statement - Unaudited Condensed Consolidated Balance Sheets Sheet http://protectiveinsurance.com/role/UnauditedCondensedConsolidatedBalanceSheets Unaudited Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 010100 - Statement - Unaudited Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://protectiveinsurance.com/role/UnauditedCondensedConsolidatedBalanceSheetsParenthetical Unaudited Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 020000 - Statement - Unaudited Condensed Consolidated Statements of Operations Sheet http://protectiveinsurance.com/role/UnauditedCondensedConsolidatedStatementsOfOperations Unaudited Condensed Consolidated Statements of Operations Statements 4 false false R5.htm 030000 - Statement - Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) Sheet http://protectiveinsurance.com/role/UnauditedCondensedConsolidatedStatementsOfComprehensiveIncomeLoss Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) Statements 5 false false R6.htm 040000 - Statement - Unaudited Condensed Consolidated Statements of Shareholders' Equity Sheet http://protectiveinsurance.com/role/UnauditedCondensedConsolidatedStatementsOfShareholdersEquity Unaudited Condensed Consolidated Statements of Shareholders' Equity Statements 6 false false R7.htm 050000 - Statement - Unaudited Condensed Consolidated Statements of Cash Flows Sheet http://protectiveinsurance.com/role/UnauditedCondensedConsolidatedStatementsOfCashFlows Unaudited Condensed Consolidated Statements of Cash Flows Statements 7 false false R8.htm 060100 - Disclosure - Summary of Significant Accounting Policies Sheet http://protectiveinsurance.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 060200 - Disclosure - Investments Sheet http://protectiveinsurance.com/role/Investments Investments Notes 9 false false R10.htm 060300 - Disclosure - Reinsurance Sheet http://protectiveinsurance.com/role/Reinsurance Reinsurance Notes 10 false false R11.htm 060400 - Disclosure - Loss and Loss Expense Reserves Sheet http://protectiveinsurance.com/role/LossAndLossExpenseReserves Loss and Loss Expense Reserves Notes 11 false false R12.htm 060500 - Disclosure - Segment Information Sheet http://protectiveinsurance.com/role/SegmentInformation Segment Information Notes 12 false false R13.htm 060600 - Disclosure - Debt Sheet http://protectiveinsurance.com/role/Debt Debt Notes 13 false false R14.htm 060700 - Disclosure - Taxes Sheet http://protectiveinsurance.com/role/Taxes Taxes Notes 14 false false R15.htm 060800 - Disclosure - Fair Value Sheet http://protectiveinsurance.com/role/FairValue Fair Value Notes 15 false false R16.htm 060900 - Disclosure - Stock-Based Compensation Sheet http://protectiveinsurance.com/role/StockbasedCompensation Stock-Based Compensation Notes 16 false false R17.htm 061000 - Disclosure - Litigation, Commitments and Contingencies Sheet http://protectiveinsurance.com/role/LitigationCommitmentsAndContingencies Litigation, Commitments and Contingencies Notes 17 false false R18.htm 061100 - Disclosure - Shareholders' Equity Sheet http://protectiveinsurance.com/role/ShareholdersEquity Shareholders' Equity Notes 18 false false R19.htm 061200 - Disclosure - Related Parties Sheet http://protectiveinsurance.com/role/RelatedParties Related Parties Notes 19 false false R20.htm 061300 - Disclosure - Subsequent Events Sheet http://protectiveinsurance.com/role/SubsequentEvents Subsequent Events Notes 20 false false R21.htm 070100 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://protectiveinsurance.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://protectiveinsurance.com/role/SummaryOfSignificantAccountingPolicies 21 false false R22.htm 080200 - Disclosure - Investments (Tables) Sheet http://protectiveinsurance.com/role/InvestmentsTables Investments (Tables) Tables http://protectiveinsurance.com/role/Investments 22 false false R23.htm 080300 - Disclosure - Reinsurance (Tables) Sheet http://protectiveinsurance.com/role/ReinsuranceTables Reinsurance (Tables) Tables http://protectiveinsurance.com/role/Reinsurance 23 false false R24.htm 080400 - Disclosure - Loss and Loss Expense Reserves (Tables) Sheet http://protectiveinsurance.com/role/LossAndLossExpenseReservesTables Loss and Loss Expense Reserves (Tables) Tables http://protectiveinsurance.com/role/LossAndLossExpenseReserves 24 false false R25.htm 080500 - Disclosure - Segment Information (Tables) Sheet http://protectiveinsurance.com/role/SegmentInformationTables Segment Information (Tables) Tables http://protectiveinsurance.com/role/SegmentInformation 25 false false R26.htm 080800 - Disclosure - Fair Value (Tables) Sheet http://protectiveinsurance.com/role/FairValueTables Fair Value (Tables) Tables http://protectiveinsurance.com/role/FairValue 26 false false R27.htm 080900 - Disclosure - Stock-Based Compensation (Tables) Sheet http://protectiveinsurance.com/role/StockbasedCompensationTables Stock-Based Compensation (Tables) Tables http://protectiveinsurance.com/role/StockbasedCompensation 27 false false R28.htm 081100 - Disclosure - Shareholders' Equity (Tables) Sheet http://protectiveinsurance.com/role/ShareholdersEquityTables Shareholders' Equity (Tables) Tables http://protectiveinsurance.com/role/ShareholdersEquity 28 false false R29.htm 090100 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://protectiveinsurance.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://protectiveinsurance.com/role/SummaryOfSignificantAccountingPoliciesPolicies 29 false false R30.htm 090200 - Disclosure - Investments, Summary of Available-for-sale Securities (Details) Sheet http://protectiveinsurance.com/role/InvestmentsSummaryOfAvailableforsaleSecuritiesDetails Investments, Summary of Available-for-sale Securities (Details) Details 30 false false R31.htm 090202 - Disclosure - Investments, Continuous Unrealized Loss Position (Details) Sheet http://protectiveinsurance.com/role/InvestmentsContinuousUnrealizedLossPositionDetails Investments, Continuous Unrealized Loss Position (Details) Details 31 false false R32.htm 090204 - Disclosure - Investments, Net Realized and Unrealized Gains (Losses) on Investments (Details) Sheet http://protectiveinsurance.com/role/InvestmentsNetRealizedAndUnrealizedGainsLossesOnInvestmentsDetails Investments, Net Realized and Unrealized Gains (Losses) on Investments (Details) Details 32 false false R33.htm 090300 - Disclosure - Reinsurance (Details) Sheet http://protectiveinsurance.com/role/ReinsuranceDetails Reinsurance (Details) Details http://protectiveinsurance.com/role/ReinsuranceTables 33 false false R34.htm 090400 - Disclosure - Loss and Loss Expense Reserves (Details) Sheet http://protectiveinsurance.com/role/LossAndLossExpenseReservesDetails Loss and Loss Expense Reserves (Details) Details http://protectiveinsurance.com/role/LossAndLossExpenseReservesTables 34 false false R35.htm 090500 - Disclosure - Segment Information (Details) Sheet http://protectiveinsurance.com/role/SegmentInformationDetails Segment Information (Details) Details http://protectiveinsurance.com/role/SegmentInformationTables 35 false false R36.htm 090600 - Disclosure - Debt (Details) Sheet http://protectiveinsurance.com/role/DebtDetails Debt (Details) Details http://protectiveinsurance.com/role/Debt 36 false false R37.htm 090700 - Disclosure - Taxes (Details) Sheet http://protectiveinsurance.com/role/TaxesDetails Taxes (Details) Details http://protectiveinsurance.com/role/Taxes 37 false false R38.htm 090800 - Disclosure - Fair Value (Details) Sheet http://protectiveinsurance.com/role/FairValueDetails Fair Value (Details) Details http://protectiveinsurance.com/role/FairValueTables 38 false false R39.htm 090804 - Disclosure - Fair Value, Balance Sheet Grouping (Details) Sheet http://protectiveinsurance.com/role/FairValueBalanceSheetGroupingDetails Fair Value, Balance Sheet Grouping (Details) Details 39 false false R40.htm 090900 - Disclosure - Stock-Based Compensation (Details) Sheet http://protectiveinsurance.com/role/StockbasedCompensationDetails Stock-Based Compensation (Details) Details http://protectiveinsurance.com/role/StockbasedCompensationTables 40 false false R41.htm 091000 - Disclosure - Litigation, Commitments and Contingencies (Details) Sheet http://protectiveinsurance.com/role/LitigationCommitmentsAndContingenciesDetails Litigation, Commitments and Contingencies (Details) Details http://protectiveinsurance.com/role/LitigationCommitmentsAndContingencies 41 false false R42.htm 091100 - Disclosure - Shareholders' Equity (Details) Sheet http://protectiveinsurance.com/role/ShareholdersEquityDetails Shareholders' Equity (Details) Details http://protectiveinsurance.com/role/ShareholdersEquityTables 42 false false R43.htm 091102 - Disclosure - Shareholders' Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) Sheet http://protectiveinsurance.com/role/ShareholdersEquityChangesInAccumulatedOtherComprehensiveIncomeLossDetails Shareholders' Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) Details 43 false false R44.htm 091200 - Disclosure - Related Parties (Details) Sheet http://protectiveinsurance.com/role/RelatedPartiesDetails Related Parties (Details) Details http://protectiveinsurance.com/role/RelatedParties 44 false false R45.htm 091300 - Disclosure - Subsequent Events (Details) Sheet http://protectiveinsurance.com/role/SubsequentEventsDetails Subsequent Events (Details) Details http://protectiveinsurance.com/role/SubsequentEvents 45 false false All Reports Book All Reports ptvc-20190630.xml ptvc-20190630.xsd ptvc-20190630_cal.xml ptvc-20190630_def.xml ptvc-20190630_lab.xml ptvc-20190630_pre.xml http://fasb.org/srt/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/us-gaap/2019-01-31 true true ZIP 65 0000009346-19-000081-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000009346-19-000081-xbrl.zip M4$L#!!0 ( "R'!T]LW3!2PX@! #QG& 1 <'1V8RTR,#$Y,#8S,"YX M;6SLO?MS&T>2(/S[1=S_T*MO]L:.(*UZ/^2Q+RC)\FK7EK2B-/=M;%PXZDGV M&$1S&X D[E]_68TGR08)@'@T@)Z1)1+HKLK*=V9E9?WM?W^[ZF1?0MG+B^Y/ MS_ /Z%D6NJ[P>??BIV>#WJGIN3Q_]K]__I__XV__='KZ:^B&TO2#S^Q-]LOK M7\\^QKP#C_:R#Q_?PX\A$S^0'] /*'M9%L:7N;\(IZ?IY6^V[&0P5[?W(OV8 M__3LLM^_?O'\^=>O7W](G_Q0E!?/"4+T>=[M]4W7A6>CYV&"/Q]X/'UM36_R M^+=[SW^EU=-8:_V\^G;R:"^O>Q"&Q<___]]_.W>7X^G+\Y"(YX/ MOQP_FO<*1K!\:+'#)R8O=+^$7O_VV+W@?K@HOCP??@>O87J*\"G%XY> 3!?& M7$_>BJ9GJQE&7Z17].U7?,CK)X$O:AX?],NY:]#/X=OQ@]W!5?V#OE\^[]]< MA^?P1"AS-WFAZ"[P3M$]O?.>*P;=?GE3OXC1EVDA\O9"W* L@;_GO3?ZM@8# M79.[7OU;U5QW<>[U^7G;R=.CV\_[-Z+/)I[E/G\<\E%D%6+BU MFC%B7[W]MV<_H^I_FC+QM^=W7QY/];QFKM%,U\#&A;\[/^"G[+\&U?KSF!@( MCT>9?G?GI=#U,Z^(4XJF$_N9%\:?SDP]_FB$NX?1J1#^X[P/XUW!@EYU3*_W M/I[W"_?GV;>\]\>KXNJJZ%8?G_T>KFPH=X#Q*2+#18)R\O'H"P]@?+ONY"[O M#V',? [/#2$^^F+O&9S^/'[F_V+\]KQU_"M?S.L"6YY"A#/5'Q%8S_#'^ M9LO$?GE,Q'YYL,3>"_6X'7PH3.C>X4.=8@*6>S/\L2_F\S9_S%K"M?-':PD; M9 DWS?PML1M$[&9(=NOV')%DM\3>=\G6B.U],H U)QF@)NA4^XE.M3PZU2;1 MB?<>G#?X74W;3UL6!:/BZ MM4ZU?/VB=Z#IY2;-.ETR.GN$4X8O5 ,<").LT\'? )?>0_AN7!&Z(0:5^YA> MVJ# +I].:06V%=@M!HKJMD6IY;DSYP97@TXJBGC?OPQE^KH,EPFA7\+;KBNN MPH'PXL.LL# >=L(BF]7I2^42CDZ'K5F%'&+^8WM><:O#]E2';= O58L'3JT. M:W78]HWL(CJL3>OL,JW3#.W41HEME+AS[=2:S]9\-DR#+K KTH8 S0\!-IGI M:C?.&NYA;9#X2^2PCM7#VAL#MKOJO WFL!;9UC_S/N\#XDSG@\G]V^XK5]EP;K[[G\W>:_ M]BG_U6 .N]/?KTV?-2U]=M?Z-JJ9X1SOLM5.>ZN=FN7?+<=AK7;:N79J$._< M:0?2:J<#T$[-ZI RE\/:[$J;73E6_C[6[$I[;FCO^'O)^*7=(MWM%FFC?M4)7:QKAMC/N0E6U0 M-G!)/Z[5E W2E,WRUX:GGL_\/P:]?EIC[TU1O@M?P>5-MS*#>_*A++KPHZMP M/8D+1E\"$;K>E+[W^=H#1)7E)OO-5TNAXE:,\#A.ML5OV^SSLC[6$0@O9(%; M=;:B.MNQ&$SHVXK!.L2@C9T7CIU;QM]3QF_#M4;P91M6'KUP3GS85CB/B>G; MR&E/A?,X-_1VR8+'L/%XV.+11E3[$E&U=F$3$=61%3+M742U-^TU#O)JOHT) M9RL_;:9L0_Y^NU.RESLEK7NSW@W#-NS=*T^F#7MWD;(],N__8(\QM+9K$\+9 MGI6Q8Y!!91FV.1MEIW#ZIUMZ,MV@.F1^>9[1>#MN?W&GE^ M;SN&JFTWUVJG0V'08ZU%VYOMPMW=@KQC5[\UG[LTG[M.!;1Q7F/BO$T;JCV\ M$*T!<>^Q&NY#*R+?-]U-V^K3)S/S@55B-\9IV?35G>VIA/W?$]D7.=TO\9"3 MGBM5H<9>N'2]V<8CLL!FL;C\S%R8%Y:%6AU)N\:[HN M-YVW,'0Y2'!73/)[4?8OS$5X:=R?P9\'-R@AU@Q[[D_-6>V4#QY>]DY4\8:+ M<>8QP*M0)OP[D &(HEZ'ZZ(W7N_!4O^!-1^6[#],^L_GOQ9?0MFM/K@(\$CH MO0ZV?S1:8%$$'!93/&P06J9H+E-LT$BLYB6\[?4&P;^\F<79.81KO:*$Z!]F M**_+O'?P++,>]!P60SWB=12=%+J7II/_=_!C_+VWG?S"I*V.0^>8!==_3(;G M55%>%R4@Y:BLS8.K/B:-\/G\4QE,;U#>G'7]5%T>./D?7/5A2?]CY*_ROCU MPX>B S+@3.=\8'W^)>\=@3U8;/F'Q1 /FX.S7B_TCRPK]<":#\L4/"W:^%#F M7T!8VOCB,80<%M,\;$#>0$R57W2G-O2HW,B%5G]8YN-A=F@S%H>9L=AA>-IF M+)J9L=B9G]+&+,V,67:8U6Q36 ?M;]14S+EC^>6@EW=#KW<^ M7,:P=/]#6< T_9O?>]SRW&'Q7(-N2%83/:=:GCM8GE/+ZSFU29[#+<\= \\MJ^E<'G_3?&#?$V;$SPI>A\R;L7M[_;;TZZO\[9P_X/+'@GD1^"/WHS3OQM MAZHE?T/(WV"'J.641G'*5A/#)B__;CJ#\/)F\N._ ,)-Z2YO?@M?0F>X;S3^ M[FWW>M#O55_042^0F2%^KS;9*GO^I@S_-0A==W/[_9DG>A]3GJ4$9.\W/RV& MPIE=J/FX?(S#5@1K'EEJ8'J /BW[WR(9;ME_-WRV;=G@GSZ&ZZ+L!W]VE=K\'C(; M/\PO2^+CP!V'EF4.@F5V%+4>K:5L3=)33%+++/O#+$V.8A_>#3E:?FO^CLC^ MB4&3H]F'DSE'*P;;X[8Z#,_VAC(6Y55U8/72 ME.-6(G]\Z)CN.W,U?.BWHGOQ*917;^$I0,F7D+Y-;O_HX6-@OUMHFSD*7(^_ M=>K#65(\^_FZ_\6]>(0@ZYR]%;LUBET:?=CI;/Q;]3TG]VZR/G1)&F-BQ-!S M\-$R K?'[NYOW>Q_//=5;D%W\17">/,?QK M<=GM%=WJC5]+,VZ2<#S/ M2/R6<*;T 0K?>KW8([!^"F-,AYV2TD]+6;]EY.F/3WF_$]['M]UT&X ?F&$* MZ]5E'N(OWX(;),9\'V/N0KG?$K@S&>B5_1>U6'[V<_KJ 51O00*?9/\W(H?J M%.-33)>1PSNO[":<4HB@8[)HCX53,_AHO"D[ H.R#"-S='09M@<9>8*/EI'W MB9$UXEBVC%R'CY:1&\K(RT76U9;CJS)4][JUNR0-V259A"JM #94 &LMB42* MXF,3IP)T8&%P =DTO4C,3GPSX96M G.U9&7J-+=$RLOS\N41N3 M-%L Y[A$_*C2G8VW)#,$:1FY?O_L-B/_/?3Z8RN,I[:AW6G;6U%IT$Y;G:#6 M,UR[R;?S3;ZEE 5!K;)HE<46E<4LP[7*8N?*HK8N=:ZR8$@@O(*R:"M8&U?! MNHD"TKW0E,OHJAE^;XMGE]05M-45:]45C[ J79Q56S5QB'Y%LW3%_I-'A3O747 MFF"R]DD%[94<-FA+\BERV%KBQIFC5@P/0PQ_R_OY1567],KT)H5FP#S=T $< M@Q;O7OQ:%H/KUR_/?O_[A_%'^RD\R4S=7_!(?!9?=LM&P#R2CMD(?GH:&_UQ M/K"]ZI*G_B]?X*^)5;CS>]?B>JLY:Q.^*[>5,C^,%V7[VE?6R?:LS MFZTSM]D0]6E*[Z/I7@Q?^CWOYE>#JY8_UI!3G6!U&)3>0NTA\F!5Q?XQ7 ]* M=PFX_U 6%Z6Y&EK/.U]!Q/!QT D868[WD][;G M3+!4!'C6NNZW;CB98.^7_QK F@!3UT47?AWVX3YS;G UZ, C_E-INKU.I=S/ M_#\&O?[5WGKB]SBG;NU3[ED,"3M0)!N__F9AYG@7^I^[93"=_+^#?]O]$H:8 M^=7DW=^*7N_8V&0A=!P6P\A6F^RY-I&-88Y6F^R%-MDXPTR%HO>F*-^%KX"4 M=,\[GW,0*,O <5=;TK?^WSMAP>-IH4?+1-6W+4,9F\QY>,H MWLCN3BLLVQ,6A>[UPV^%9;W",D%Q*RQ[+BPK6);6]WV:[[LOANZX!6,%*](* MQEX+QL)&;;\$8VY._:B=HCUW-AJ MWU0#^:W590W494WCK5:#'8@&N[5%N>E"J58%[9<*VD[E5&N?]ITYFJ,Y6E.S M%Z9FBW68[[]V0]F[S*\K5GD7OOX]E-W4 MKGYLV@Z\>EX*%"V ?PJVXJX3(N M"5?OY(;^%D5*\[#S/KS'PNCN1AZ?AM3+=)A'O,/0>A MH_.\]JH$W>7EU'LHON9MTLC\:,7B$)6<$8Q4\MD+3**%9W [L&QNO6YL? M@ZUO:7P$(K]9.[EO++1;:W<$#'+MM8+B? MFNOP L-M10*WF^'<5H=GIF$A]:XZXV5+I\V 6^1F[.P=;FDM[E98:^:OS=[/!IK'EC MDSECY[V"$2Q??#Y_O>K0],[0U>T)]]"7WG@WN JEZ1?W6&IA>&817#_BS'2O M0[>XRKL/3_@8'_0\;!AJ M-RA!!E<=7#XT^*L"-)59'2?JH<''R;W+_'K5\?5#XX\SQ(L-_D^GIV= ?I]8 M('O3,1>GI\,O?,A?3+Y)7U23OS&N_P=1G'HND5 Z,FZ"%2Q&125($U-&\6?9 M2/M\#+%V*__9S]%T>L 8]R:9 /5J4)852'G/F4[V'\&4V2]=GR7M-POBZ+GA M8^FI7X8:<@JM5$0JI+2@U#(N#,#KO7&(&DUI9'0!:$_'IZ,?FG$"^NO"#2IT M?JC4&C]R#.02BJ8TD>&%9\%)%[BBWV%)+H\5D 9AG4_5S9YS _$ME MT+(S[T$W]4ZRRJ9F19E]*(LO>=?= G[X\.C9ZLGWY?BYZ1JT=T%P$G0@DOD@ ME;8B .]*+325SB^PAK?OAK _-.'=)8P9YV.X+LITT+Y:"S@"]Q8P>G+RX/"Y MZ0*H4D$;%Z1TBC'JM#&<6N6BB";:$!=8P'\D1?_8C'=7\";O@*/S"E9Y490W M]^&NOA]_/077(16,()%)[YGERN@@G Z14^TP#5"E!S;SM^O M^[=0@_71(]43 M\,!T!993$Z7G(+."&:PLX%YRHCF3Q!$<%EC!K*\^=\9[,%<^;59YNR"PE5>1 MO1_T4QK( W.=CAZHO-[L+/ON2Y%X[OOL/X>N[O^M66/U1C7B<+R9X6;D@ED2 M/;6:@F!; UK58\89(<)&2E@MHRF$EVNFG"4350U0>:N9#RZ_ J/QT[.W[]Z M=A.8$*5NH>L!X)^&NY?9=]VB>[HN_"DA5!0!V!T+IH/41&' 4I!.$.6\?!+^ M7BZ&/XREU$S1C2%P1=QX:[P),2#N&/,&68M%$&#ZK+:@$VJ-M4KK>V2YC&I8 M,5YZN1-;/NN'O($/>W76?.H35(],EP4+X10LAP,WB1%!C'<8=(5V/ IN%K*% MZ:?;EOS.;'-A'KDACT ]?.H.W "@ \/-.:::<405T 8,#(["<&FB7@#N?R=U M4,_,=A_NE$.H S1]/L,JX'\Z'$*0/C 4O55262]$Y&#YM%Y$[V)T^N^WH4M3 MW.7UMS!*:88&!IPF,W8Q[O/XS)/IP;$K,C451!MA#6%4 DQ3U,]Y=P?EEZ'22S%Z;;HUIJ[X>?3L%EFMDI);8^4@90LXX:X-VA$K* ML3%J.2___DQW@?P%PNN+I Q^+8NO_PS(HG$[VH8I4"0D*!ZP5L * M$$ AT(&8!V(=QMZMA.?9J::!WA>3=XSMA--8E*<]TPF@NH=Q= [J.^]FTW.& M63I:F'TH>GE5CG22_?L O@ +5$D!R'"G2%'E2?9N4.7EBCA]>+STR5G&\;PP M;9IU.N?;[G3&-.%DB)G9II,-IWH?)T_AF9@T<(\PR):F"#25L<$;<'HMZ *( MF"2[C\6J1?MMPR'N&0ZF07UM?AU'02)J#1.(1^PX8J#VM("(14% Y;E3Q-;: M]L3>CY"(I CW $ET HHP@,=79OU+TTVQ^"__!6]G_2)[WPV5)[(U*HX@^02 MO"\K,#X5 $3E#4WH*["Q##,I!-$,O%H0/684EZ".E<5D51$D6&Z!O@^LL*7\ M8Y1W#OOD%EB.(M/8*2MXC$1X A\%7^O>+B#9F.FF4'[8MK&779N;!$,&84)6 M]"^!1)W&I)2*D"HRQB*R$&IPZAAV M$" S0VI30O>XJ08'F"&^+AR4P87\2Z4+YBSXX^2)=V$F!)"81QF-C,G;D](8 M[9&.C$;LI9%V50(CHB6I7=PM.-:X$$.E4DARQL"[@D!!::&=HBC";Q$\KI6I MQ&4]I\Y=R+A/1E91KXH;RG"9=HFKC* KKD+V75(,WX.VA26 JOUDOM4L=SQ0 M-Y/ MP8X[TD>!,3>9,5UV@!)>8@JK5)O MU*;C?RH^CD<'QIIRV:?B%8S\833PRYO/O=2[Y_UX\+/)V#-Y8:[!RD?,(2)B MQG/CD8]>,- EDM*X0';H8912AO$=U;K&=>PY\K4)/(3@* 4E;C15@1JL!--@ MECEV=7;Y]N'-1Y!/,$1"6T!^KQ?Z$$"\,7F9_=UT!K/!QNGTTY/L8_*?RX3J MN_L9$P"KL=([U2O3<69R;10K+T"?&PGDFK;0J6HWAREEE)_Y"F4DD*;2"U#TG'F-;+@4VL$H8.P3/BZ_-*3U=^6 MA4HR(>XZ]AL3*KI!H;*I<,?9R!0$/])B&R#,HP+^LD$04^O$/E&HZ'9)M?T1D0\!-[K8/LS M^T@G6=T^TVP:[]&9FKB:>SINF?5E->BO?AZB&X%DKAIU@/L6#%.)$"31F MSA!10^<1A^== S%PJGCL]5;[ZSK/Q0I(>],YWQ@TQF(=!"H MMQ!?"Z5NTV =:]XD"3=+(R( /<@8BX!.3!$3,#+($V%DE):NN U!=*H4VB?C[?EM 0'YEF) *B&9-!@HNKH@(*84F[J78GIZO?&AD##PA1QQ5S#$6J MB,;>"2FM5@[,W?*Z;[P@T'[3Y2Q&/J3)?M%OIV:+!!<"@X YT, 0=D8QSS11 M*H!C3&U-K>O(+=ZDV2)5 +]')'Q5=-*CY>C[WXNR?V$NPBX(2HVWW%DOJ$HY M??!#!&:(($GF 7Q3"4*K10#G*( XQY1 M:>4JAW!?)6^-@B90'$,(FCAF"(@AD]0+RX.CUJNE_=QJ.7<5[F)2N&\>TME% MRM=E\\WJUFCHB23""I).R5#JM--!" O_49ZQVN4^GQMJAL$'B^A)AH-&9!>JMTP$X0S$4T MG-9LR#SB!<\LYWT<+6;IK'SCB3;'^7FY*V$U2B$LM40,8R:MLYQB*P5S*B"+ MYA:&+RVL"\8P>^;+[MA:6J2,T-(::0S#U"@=A8DI.4X0#7S^_O7:K27>L_SL M[C-Z%FG/)1961@F1I@)Y\QQ)SG' G+FEH\NG9/0PX7N6T4MM.(K44"2[,_C6 MR$>5A+!"<0&AAM5<*>> +[1KZ&F4'+F4>< M2B:\8MI:("FNU9T+AAVFC/M+*8!VR8D5A3[B-6 MH#2%99K.BPD?TWD4R[V3FATKO=1<1&OJE4\GYH)42$1/4K,);!"W-9VK'LM\ MKZ[T\+[E/<'EF/$RJF@]D6Y'I/3@>LAT,M QRZ)7BBB)D_F*\ 78LN4W%*>+ M&Z]ME:WA?7-$&D;5".AC$(E'9AC5SFK-J:!1&NJ\D4LG0-=$5PK MMA#5TTB]"'Q^#>=1Y]0:D_B.GD6*3>H/I!@CU'H*P4/J&41)=*3FQ/;3-HS7 MDOBF$N]<1J]2V])$VU=%K[]N(1P/GL9^:7KY3&DN(88J0ZJZ89:Z]T+,IQD& M87-MI1-@&_) ML"!RJ8W<]5)L_7GFATB2HO*TT^J)91(($K $44J=CSUQJJ;6=X,I9:FHV"'B M-UAE] %6"!!:Z8("XQ1%(TC$'BY(%-2T=&ED_IK*BA">H?&96/500_0@3-D MC?668^P9 @_:*1P#2LDJXO#K"T@5U)D,2[O7P.5OD++8*Q,H+U35EQ4#V4=/;>Z$ -:,J1TJ_[76^S^ <\EM)+!2L+I5YU' O]'$QZ@0-<*MD&Y;1VF_ MQFBI).JZ#>^:-RD>P+_&)"J!O#+8,6Z#P1!NRPC_)/M;=\G#!O4O0.4[0R#: M>& M(4<@!./.!Z(BA&:V[FCQIFKP=IN_6!M"#<;<,">(4!SB6Z$(E18CZS 'NRKF M^>^/9\$YVJ'KMRUS:"#6%,I%BIADC'A+L/'.&NFQP8&OL*>X!G-("5ZNJG!_ MS:%%Q*?&OI8[P1PWZ2(6'ASXP!H M$H1(/2"(A M)9>&2R8Q2ML^F$:OE8E2U]76;[ BE&$ YKA2N('2U-+;T70>ETJG&0I*B*B- M54[;^:U)-YC")9PN=RKP<+?_(N+@8J93V:K_358RB?3C =OOZ^GIF1JSFG6R;@_!I#0Z0V,HG ]87?@ J,*,)8 MW86SB]V9(O7#$<7*H.\[PF4TP3HPHL*E'7*K&+'@WQ+"P-EU>EXSLL>L,KK; M-KJ1^,8$[$"W?]E+%V_]5G0O0KE)(F RG.U].9QK+E$(HEY+YI 4ECD'QMR[ M&(PGT7 7W(I$T8^<"%W;0HZ"1AY+9AUR(">IY12W+E)IM)+1&AKG]NE_].(. M_7"&;OU$>GKY;QIN5T=YT]QUC4D9,9Q'!"1B+! *;I:DA/&(!>-4S6]\O(&M M=X66RF8MMM1-DF]W1T'G4!.GG=P8K_1VB@U#I%8"&0<5TN75ZXC)X3O7J_0=&INIQGJ/ I&I[""^"JX MP*)ABI/(B-=*,,3!BNYFBW@])V".5,?R5'.N*>6& 2F#33TSM4ZW>)*(I-G5 MUH5>3T>:X_6#N%,2I[9>V-/4.EPS)6W:*52:,Y#AK6Z X#6UQ-@:.3=,&R_3 M+6 R"*"-]%Z%P%+7+H@Z(D9^7J7'4Q,ICPX Q"UTHIKQU.7=NW5 MTN<5UE/#>O>RG*83=/=I&&$1HE;RP"5A%+Q++%)[+L4B1 IT[OWNFSD!L5P5 MR^[)UR1YM,PB&YCV43 BD-:@3RWE4A!)G-_1(3JVGO:PQQ>T"^L<#10;H0-S M$+Y3)91!5##K1!3S;^[;9-"^GBY#6Y3.;77^FD-$*:V)PI,HJ688&XM$9%8I M$94(Q"S=:?0II<5"+'>^:??DVVG*13.JO1#*>HN8PU8''!1'$BNK$-C,G1Q2 MP\O5).^>A-MO,C.7G,9"M >1>3I38H.*1@;C#-(Q4"/75ER^WN[J?,_:0 M6WL"RE?%('TZ56.CXI%;&APUE/&EZ[2W0^X]$^YMM?V:2^-D2UE54LFH4X9) M2\'*@0\,8413I>1,!O8B$BH97VB&@[KXG.DXL"&X?F'>=6 M00U2BJ5%UA#&I#0&"\^=TH9$YNNZB&SL;@-%]XQTC5>-7B&E4(Q)SIB5\#/7 M03%#K 2QZ6O>=K4U7K[MK>_\SQ!H"3M&4;.*;C\-&CJ)35<*Z"N)'7%4YL[ M@JS8G@4=.W9#HW?IR!NF)$2FB-3!IONB4\Y.B1B6/G'50#>TCD8S0I)WY]8& M Z7^?0!?]$T__P+BE?=I/,#-,G.:=J89C3%A)*$D=&KP!&G/-+4$V MQM2\9=[9D]O$$K/$>OON3;J E"]20KS>5;4D'17?@&J5!C/D(\-(6X@PP$&* M5E+N'9EWV.LQDBK<*(HN7\@_I=6DI'^3A?SCI8S+X.*\7$\&:+@;ZX8S+VE9R%$2RF@1*G5!$*R:BTU'XB*6*H"D-IO,* M AX+([#8-I$6\E%^-_W1'N%9IU.X"O%I _\\[UX 5<=?9Z_AFV7;>TSG3J", MAH+?AF./ATXC/]C7-GHD.!'"&L2BSO3H!:^,HT7/ORP/ M_F*2DOWGI_15]@F@SUX"^O]\U,N;OIQ>JMZ9.8H2A 53SCDRDGGF% D>8^8L M1RYM>M:A"B/<+R9(^_E_=?H_^OQ+UNO?=,)/SR(\?QK-5=ZY>9']]5-^!4"_ M"U^SC\65Z?[UQZSZO@=+?Y%A=-W_\=G_NNC_.!HC_?CI,L SP%E? 6D9D-5D MO<'5E2EODGDU]Y'3FR+']+-_'8"MI>@D2P!6?/DZN,J'S"BN/E4OTFS/1]/- MS)Q^M&7V?/SS["/]"NLN=#K7H')=S [[UKX\:_+X2"D^J#DUXH\W@? M'5E"]BF(\$7W1=8)$3YQ1:0G MGWVI!OGIF2WZ_>)J MR7Y&4[TQG/,?SZQVRTKM/A[R\R+TH=R=KJL5W1R?QNOL]PX'G&6(BZDE,#P ML3(*Q*Z$./MN2.CO&TSI MYS.>W>H^7AUN*__S:\@O+OOIN8X?/G7+C5X<,:O LQ%N6TIPGD;.#5$6@ZX_G"-'L1*EV2Z^%99<,R&3+@"TL.V) 3AN4$CA2BC<)EBWOJW'4H)BL MW5G;'UBVO&%&&\ZE.P_(UKY?]M)T_\PZA=EE_66;[]A&OD.<(-F@8K4C)7J3 M8-DZ Q+9("_X2(G>)%BVRX"B01FH(R5XDV#9\JX8$;SA[-?T$*SETZWP*3IX M/MW?[;.[S:7]L!]SFQ8YZ+0(.5&T04)YI#1O$BPM_QT?S9L$RW;Y;[@(13#^ ML>7"%I:6"X^>\DV"I>7"8]DK>]7D)B9M=F0;*>03W/@TWN'3O$FP;)?_^(E0 M#:KD.5*:-PF6+?,?:S=P6UAVMC&)O M*CN23 CAXH3B!IUT/U*J-PF6;7,@/M&R/5;6PK*S8V4G6#4H'W6D-&\2+%L^ M6*98@XX4M ?+]@>6[?(I.Z&L04WACF2_[/>V"6-38-ER!H2<-.K$\9$2O4FP M;+T+J&P9L(5E9PRHF]3Z^4@IWB18MMV"L?'LU_2PK.73+?"I0DW?T-UY4+;V MG;+?!]WFTXRRQ3;]L8V^.ND$3],3=8=/]";!LG4&Q.U&60O+SAA0J+90 MH(5E9]MD3;J1IMTEVQ]8MJPD^;Z:Z/W=(WM7=$\__W#^0W91 %3=*WBK&8%9 MFP#9QF51^(3*!GDF1TKT)L&R=09$HD&9@2,E>I-@V3(#DJ;O5!P^Q9L$R[8W MRII^!533 [.63;=BI??51&\@,+LVWN?=B]/A=R\RGIAO/6(T'L.7\IVR,GR"]DQ"D\6S5> !;OG_*CBA6.PEIUAL\[#(< M;^7CD.6#G&BTDWVA3;'5%A(!;#ZH:]FV);SZL'KY4]$WG2SFWX+/\JXKKK;= M>.:IB]^V^ -\F2\&MA,6DIS5PE9'MK/<[-XW@,$99(Q_M&7V?/+0S.?5\YD+GH6?5[X -_Y]%J/17.6=FQ?97S_E5Z&7O0M?LX_%E>G^]:3ZX*07RCS^ MF%7/]O+_#K!VE+(:L]R04AL_9C/KG9)[C"^$_GE*U: M;[%V/R\BZ?+/#:WTUG$+8F5RU9ER7KJZ+7SXI5*'N6 M+AVJ;A]*8[0D;BR)?RV+WKU$\ +O?>Z6P0SOE_K5Y,N4E;4DWC\2_P8C++-? MT-)XRS1^%_K9E%XK$+L2XNR[(:&7"*^V3NGU;- MX?V_#BYJT"+$8G0NUKDZ26Y_:6 MYVB#FF0TGLY-@F5?>8ZUM\KM)RQ[RG#?Z09UN'@$UK8-YL&Q'V]Z?]:=AU'K M:GQY-XRZ:N^(:PHL:^YIE'ZD\H0VZ8+:(Z5LDV#9#)=AT791;6'9,)KW0;U*\T_BL0G/$ MZ9$\@F GC#2HI?"14K9)L&R"R\0)80UR1H^4LDV"92-[0"V'M;!L=-,'GRBZ MDZ8L[;[/7L"R(9[#.^DTO':>V]^]GY>F^V?6*4Q[O]DAY!#TB>3[>H_[X1"V M2;!L@,DP.B&[Z8BZEN/6QW&\ MZ7:S8?'.VG=\7B50(@#3#[VLB)D/UT4O7Z)]SQ['\$V"90/Y!'*B:(,4^I$2 MMDFPM$QVH(1M$BP;8+(AI(I@_&/+:BTL+:L=!WF;!$O+:@=UQ.=5DULDM F& M=248^ DC#=K%/U+"-@F6C3#9CEK%[QR9+2Q;/.+3H#X;1TK6)L&RF?V?AK-8 MN_US4 Q'2=,9;N>!S_KW>XKRNB@A]&F/]QQ4,@%K=,*:5.MVI*1M$BP;83-Q MHDF#HITC)6V38-D$FS6IVNU(R=HD6#9QVD*<"-3T\["-"'A:GELCS['=7&/< MGO"91$"_MVW=F@++)G(*ZH2S!H5!1TK9)L&R(2Y3;4*^A67#>SX-BH*.E*Q- M@F4C>SZ-KX]H1 S47CA\RC8)E@UQ6>,3IX=/V2;!L@DNHTWOA'3X9&T2+!OIM]6D%$Z[_],P M6#9QET^#8NTC.>CSKNB>?O[A_(?LH@"HNE?P5C/"GC:CL+;.2/P$JW;+IX5E MTUQ&F^23'BEEFP3+!KBL00[ID1*U2;!LY!X?T: ,8;OATS!8-G-S5-/-YLYV M?*Z-]WGWXG3XW8N,7'_;VC;0CJ.BIRY]\[)8E#Z4L_!EO:*3^PHD@"7]^;X! M(#\BLFM?Q518L%0G"N_D#%_CN:?Q +;LO0A[4[$3V]5X[FD\@"U[/\K>)X3O M9!NW\;S3> !;YGYT;T^AG>RUK,>AWUKLVW+ZWG,Z8P?EH6PAR&;S05W+]B/A MTR#[4]$WG2SFWX+/\JXKKK;==^.IB]^VA -\F2\&MA,6$HY'TCE_V1B*EQ+X M]2Z*:W(BV$ZRN(WGIL8#V++[TEMB")UPM),;7QO/38T'L&7WI>L,3C1MF7TO M 6R9??F]070B=2,B]=6B@IU%ZBWS[S_SRQ.UFZWQ[?#^3"C_O&\ :9/?1L__ M[?F@=WIAS/6+LR\F[Z1'WA3EN>F$\TF,_ GH\[)3N#]__I__(\O^]D^GIZ^# M[6?3!TZRR_#Z2?:[Z:?O;^#;#KQM^A!_FZ[/SF'90+WQU]EK^.8D M>V/R,ON[Z0S"Z>EPGLX6=P"0^ RIW$Q]^#/&G9XX@K)&@Z%DVZ.;#SSXC1)YE/KC\RG1Z M/ST[I<]^YHS"IPBA1;#X&+ 3Y+[OANPFF#(KRJP3>KUUX.;_Y/W+O LC_P<, MG(:K1IOB)TBK8,%,4Z0!/]I:$Z@D@I' H@U\-?QHS2E>"3WU\"['?XMPW91' M3>R',L,H2S.F$=-]%-7%%*^*7G]5O)^E43^%;C7H9,@TXA3W#C!)A462.\DX MCD8$IZ+2@A+ME"&KX1XCI=E*N)\/\P3_]]%]BQJO -Z\.R@&O>QSMPQF>,'' M;T6OEWU(-QOF17M8:SN6>"22F50H8YXX##E0A$ \,; HI@ M1>Q*K*5<$+T+0[V/^(V.84($"09KQI&RA%NCN>!&!Q2"OX]?A0G%C^"780I4 MVQA^-V"_OE8:*TO*.PG.NA3(+44X1X&$R)#G(: H$>.<:$J-B0Y%1K@S2*^L MO.5J"F0^S&ME\$]?0^<+T &>O>PE8_E;T;T(Y68X?SC9<*[WY7"F&FD003$M MA+:&..8BU9C#OUX8ZV@4W*U("B[PHJ1XTD(.GCZ2$J0U\3$RQT!)*LU8H1%XWGE- 5E984%!Y:CTP\N)"#IX_1X*OJ1!#&P;I("^;=DH"\ MA8#6![F:TB(*PCNQ50)M3&F]R8%2GR[+8G!QF8$ ;R"(2U.,9G@DGK/,V.BH ML=1C)K0TA 86 --1*^W(BNZ8DHBO%DLO!/ZJ-$IN;S'HSZ'.^GQ@F.-^RF0> M 3A$>,Z#20F!>3%)P,I:22F36+R8P MQ6B&-,%#8H),I,A9!\0! B%N6(2_K8D('&?.U6I4HE1H"/57EI/'X-^=+EN3 M.U:C"&I,CD<>1QRH%9&R +H,!TUT\LZ0L&35G!1XVWHU"7H4]-T)SYKH4L-X M==DLJI(*0T8;R4A$&I$H,0+7+3+!Q8JVA3)"^7J%9FGO[-W<;PSQP*SVF&BD M!&,Q*B>8LE(2 9J2!5:'(;P$AH10B[IW#<60)]H2A@.VB#$GD%;$8*\A:"%8 M.V'KI PO(65<+FP\UH>A7TW>715!U;M3_! B65!2$4])"A&T\!S8R$LLC'3U M-G49&8/P?=&]R/M@[AX]+& )$0[!$1QV 1$N3CE30@R*TD6)GLH^ M.55%!# MT".)#)1XR9D!^Z%D(JYI.MCQZUCE7%N'0G2I[HIL)_@UJG@J4 >G!E/ MP[*BO2ZL(J&6V0)[&*L5(#?9W4O;-H/0&+&2S!&% I,\6A,]"> #6A>0]35L MNIJN?-OK#8)_>3.+\//KHMLKRN!_@1G*ZS+O+:I3)6C5]>G4.2;J_;0YT!H1 MSL%QHEI!",L=HRFWA#4Q/$8+*/=A7GW4?/UZ"_HQ\#.P+X11@<7Z$/IT' G- M=(P:6-"!Q ,&HF8,+#JC"'3JBM6C$MQVMDS6[3&V&=\JOSEUQXTF'()8AE)H MJKB.7'+" S",%)$L+9T3F%?1<0 "7ZOI^%0&TQN4-U4J>,:.K!%_/BI$J3=, M":8%GU&8GJCS6;TE$2:(F>, M<"PRKJQF-H(G3;"1'+NY%=P\RH* F/HB;-^[#\5A"O%(8(QL@R ME?./,-]:((SLFCR=O>. MCK5(@HXV 265Z(W"3H)Y1LYK*B.IVP=Y)*6P!D>':,S7&>%N/E1Q6 @5J=$, M4<8\,CXP["R"_[P1?EZ^>B.A"N&"XO5IT*V$*BY0X$%IG*CR L%P,$@&7$:J M52H+6)X-GQ"J2*76B+]MVG,PX0Y<;0\Z73.EH_;>"Y!MB&&BU*C&GC^,QG78 M<\(K9&[8P&QR1\5[I[46QC'.F)),\6A2\M4QZ6187KB?M*/""$?+;&'M.@@, M3C-NK2>@!YFA6E.!1&3*$DF)U/-JR#80!()$K),1-[X7%95$ +!64HODIQL$ M#)X:CUD@B;S5$A 1!,+N7F1_?53?@58?A>^9A^+*]/] MZX]9]7T/?+(7&4;C7JAUC51'/6K^,>B!,;J9/I<&N#79UY":\Z1N-AT_'C]] M_2++^S"(&[XZ!YCP00GJ/&3C:"L-\EW_ M,F3/7A57UZ9[\^S[D\R:7M7*-7MERJO0 2/5];GIFI,L!_;,KLOB&@SKS:F# M<,-T^C?P*(P;RJQW'9*IR/\;:)7>OS+EGR$1KF+J0=>'\FO2UO#!>)"3K),; MFW=2V55ZZ&L!KY2]OP*YKA(3#4%TR1U/3F\LR@S,D/MS/.CUP )FX#/3[<&* M^L/G8R>$)%*FEWT-G4[ZMWZ(O.N!+&5:@@\P7VIY6W%*"4Q5E+T?9K#ZMINE MGD+#N M/]1'O5!^R5WR5Q*$5^F<40^8NO*M &$VI)=AV5>A3 R0F4&_N"J K.$!HDX! M&<_UP]U.2S,_VC)[?K>YTJ+2EO %?LA5-L2A D7]XU06S@<6D)\GPO1.)D_@ M'Q-&!TD2^L.S%ZE2L'\)(N +-Q@BK@P5Y?M%-D?**AJ=S'Y[/I01($3-<^?F MPEQ!!'K_NPJ/+ROHTG^_39\ P]'W]S!WO__4TLIUHKVK0VM7H7]9>)CV2^CU MT^J!&6X5FF;?)?T/ZN.7;ZXS2+VWLO? +>7HM&^X2@H').TMK"F6EF*SW3#)/AJ]&K0['CL6>&GJD.5%)9[3TF,K6,8%I2$06WC')KE'MR MY:J0MW.?:US$@5" (\^0]M3$",XE)M8$Z2P1* AI6*P)B)?SN]*AD98$#Y) M6XITM4N!!"AB'N+/(QT@%X\%H*K'S M3'B(BZ0WM35.RX21$F]!#9G>Y4F6_LY^^:\!!/B=,0' 0\E=.N59?9ELU=W/ M9EZXAV_X/OTW\\CT[?0%V*G;'\P\.5/:R+@-7&HG+6?!8&.(%$9)R0)7EM2$ M '*!O6ZA[F'V*>#N"2X5-58+$@EC))V#-1! RF 0CX%0C^=MDCVZSX 4QD>' M3.10(,YB*I1B E,573J?$(VVJ8]8K?)=X+ W48@?'RX#4]XQ)AS@$G%M*+)( M..UX.D"#5FQII"7>&"XK1-U'I^FG\+J\20:J]I#1:)([0Y_UQV_=:S*$C(65 M@L9+-8]@U05&PB+F'3=6KMAD2"$IR3W$/ K6+A"@#0Y2(,1]K X]:>>D%A28 MQ>% U;S:V4<3TE3?.1:[/ ;6($X00T*(7GD^+NWSANR[UV'XT_W>OX'L(QAB*,0P3 ,;SI^F'L\^6F H6E28F, X4BN!B M!I>*A52(7KK:3/HRD=BII!+=I]7VEMH2_3[1K?48J"T%J"&&#%=!,0JVT#JL M.%C")P=_$%K>UU [HOEC&FYZI#3Q@AN45=9MWB[?HIH/I .<"B:DEAI4OU,. MDZJD$3Q?"0B?NVTZ/LCY\N;WJG0D)'?_31G^:Y!*"(?U$.-G9I[H34!?\ B: M4/R^=5W4>BR!TK?=ZT&UDQ*^A$Z&IXC=$-YI:@ ;/"*(,TFPB2CUFF;1(0JN M24U(=P_ODQ__)0\0=;G+FPKVVZ@?+JOZ @]!WA;I-D^R&FK,IRA],LG2UJ9% M5"&K0!LYH[QDB 2B-#@Z@A1DXP\F6246TTL@E@=/'X3@Z4NJ7%B=9&2[))-""[E]_4@VK1\ED@);R<$K"Z ?B<;*$.8<^-2I M\\C\TVQ[0[E=F3:Z<=)!T.,$"U&D4X#2V @N'/+.(\IC\/./2;1ZB#:I M<:!AG K),(Y*.$TC.".4,D7KVD,]F63'X(VL2 WGI3;$2TJ)8]Q*[0CVD0>K MK- ZS"\";;C)^0#3Y8.K7@9^;]H:+[(RC,H_[J?\TB/C%_Y/F??[H3O;M250 MS R-F*<";C#H!CC77*A$AK6OLTNL@6<#"Y.P*&H"T:FC"B-$.1=3 M$QY'TX));8IRJ5Y_)%5$[V!A3OJ(F(S>V, B9SH*0ATVF""JE:AM9;#43CKA M6NUB81X9")T5\\199HTTF#$NC*5*6>7XDPL#!28,+[ZP5\7553[4,D&*D8+96<>VFD*ZN0BZ[7TCW;'0)X_B,' MV.L+FC(#?!*'YJ/?2=5?7XK.EV%Y7ZI%2]WZKPRP7UG5]'N8'(0NE;--*[@F56[79?$E!]Z>+5=[!R^!;1H"D(KLTJC#25-% MH0]@P:H2>. '&*,Z: 43V9 >"F4J*(-?9]:\J3JQ]-R@JID$=!3=+KAMYWT3 M8X+W5Z#*]0SC5.,/YLRT)A;YUP$@+,G5R8/U9=EW,W5M']Z^FJEA^S[[:GI9 MUR0$FU2\Z4,$ J2B/6 [Y0)P=*=G.3@? GLMNJUJV?R %?7(41E8.ODM'U M6/'/[7.3_?[W#],O;H%T_NLMD("3PD5ZR);!N,O$=S-08_GCI)9RYK.YM8.I M;&TH!=/A$J_X074" GZ[* J?19/WAPGWF!P^GRHANA>S; HP3-AW"0!2\=_Y MKR!CQ57VKZ8[2,4E^"2138XK!X&0(,X459^JD^SK90YP)LKT!O8?*5T.@YCL M+V#503[*H8@!B*DH,D^5G$-IN#;Y\*3(^:]WQ*LJO(VYR[RY @E*5:\@]GF5 MM1[*>L)(6@",W.W/O#VGJA0> C:I*AN_Y!<%K*('K#ADGC06J*6A'O@QNRR^ M0BQ0#I72H-//D]"FBE:8#IXRW6[1KZ OX:U*!?B0BC%!E=TO6UR?[)P-+N"3 ML?0 :6/>"4--67SM9AWSM3?(^YFY2 TD^Q4) 4V_)Y78!30,NJDV>53X7,>Q MXR+ADSML=VW*BN_S%&&,"P8K7\V%1]?=:L2Z.FCP[K;4)4I@SL!QL'T M"^"M?PQ\5;:;3(8I*UTZ(V"5]!3=BR)]7DP.4"="QL'(4HR_'FGR&3XK9DY< MI_F-!\,!JP"BN=ECB/?D=:3?JY?N#!^^75>^QDEV#>9L8(;*?7;YDT7?*K?^ M<.?IQ#.],>8>$\_K43'KD/270]4WZ%<&S/C$*\/J<7,S!A,(WTM05U7J0_!& M8R3%";\GOH68M[@>(3Y='9K ^7H9JOJR2@D,.L!FG5Z%YGJ\SB[QG;, M30-@EUDB).7R]M7)D#U[6;+C>3ET=J^2))M*B\_HVDYJ )LH/5O(7)6\5PB_ MJ3@GL6^UZJ'06M.I-%FUF*29\M[0F[ZJAN^GN\6,!0N?_86=@!O[8V4[)J7P M-;"-U.BL$*17X,]5DJPL<55EU#%&_URG_\?\5 !)4^EZJFM/1>A)H7\*R9B\F])!9Q5WS&I^/>9&$*QK0-&W2E6";/V%H(37A*.:!8]N/KP+?V4M MICQV,DN4A-J_X!,U''.&$^71K 1'(Y.IU9 M'IA8U_M&;'0!$GPWT4J5L%7\FHZ=P-?)">T/&2CUSQ\B-PFS1)JH6W4Q,YLG^WUI]L=G;6[2:6_5B=KDBH>P/.$<0KI_]6 M+3MI@ !B%D[NH6]J$N_)]8RRF>K M-K0&[XS7NL==F%#=C'W.2S[KC+ZO>0G MCE3EP\R5@'^$4T9""VYD4=$T:8+O9VEWUK_+YK/QB0V=/*2I^I>@2O)$+> * MT)0CHY+<'U-]TD\Q[7@R/PA#GRJIETDL4MF"?*@OAT':S6W\5[H^>1P ?[K8 MW \/+ U[<0S/X !,UT7BF^JD2CI638M<%#E(L%UG?BNH!A/,^?'@"47R2 M!'"Q*KJ?.4'1/>JUY++Z5W9E)K6G@KK.95_W*. MK>,ZI(/\6COEZFXQ>3"U1F?S&>39S^@'HFZCXS'0=H*$F&XJTI1P:YE/YR&U M2T787DJ%7:QMZ/Y 4N<^$KAH/A*8T 1< ,EQI,P2J:UWZ?(T&1S&@=;F(A]( MV=5P MH#)"B%:3H Q $)0AF%,3>!6(.]$=0L>_G*?23@)R*A-T0"^,/#C@%) MBV<^V>) MQ=I)%:ATDCF.-5>86*>TH2IP/:]!W!]5SZ.D RM@WL=J@E$CGS1A]?'+NKV( M6^A[^^[-[7V=.FC7@JZS[+LGHHI3H[4Q5&!G6=1$&P*8$\P&0!55->GO)5!U MUB!4K8>SI/&$<>%1<)PA:8W@/CH94+H)*^"Y6\A'R%G&*X.40,X0,%66VG3V M0C.9[HPR@)8GH6JSG%4AI)<._%X6974(*Z%L^.F3V:I2FKVSZ=A3M>6=X%1% M+AS8M;0WX2,1B,; *0(>6S]SX7L8(PC=W6"<#WJST <\FXD49IZ; (AF&GP12L7U;OHX[N M)>:4E)Z'P$@(&-PPG6Y75D&+ /\@&^=V=VHFYE++AKX9[F6M%77O9P:>XLX( M<,?2%>*8,1S /2/!&\7!48N.^'D=\M>*.Y*VL5E]T',/]#4@;U6%5XM KZR/ M5D6OG&<&+"Q"0D8(!1UAQ*.YUS"L4^-A#-$HDGN*P6 @-%2&(NH,@U!*26&- M018\%,Q F6_#9F!".(6(=FL87)L 1V^-)N#@$1O!L2,:!Z24-%8R#W9D;N'Y MF@684ZJ?@+RG(.=>N6+J=:( %!+81.HC*/5D$5,'8B.-=%* JD7ZB7U"K6.XWL":[1T.@)EV7S!G5P %.V=2.#X(CGR:A;J/!J071L-U&2Y#MS--]Z%:H?QD_DV>T;Q0[KD';!U MUN^7N1T,.U3UB]01N-K\A" [/?8V-8P,O?O'%V=G'$X(\[R/,,MDCM$4LS-\ M*FZ//QY^YOX[;9!DC"H7)'/"V2 -B@1[@1B5J/;*F&6J-16EXBY2U[F20Z0) ME\B("%1Q6#(MM1$.A:!X((IQS^N2DLN5!M]KV=22Y#&2N$@Q1E%32I@0Q@;P MIR'X$,H*B>.3+Y\^)?)NB6Q+E,>($@DE@2NN -/,IJ/UX-YY9R)7AN#Z9AC+ M%&1CK9C<$E&ZO:*3^U%-[H=A4=]_COY]L,QYYL7AXS5%S5I120AQ(5V=3HVT M5$L1@['8&$;Q 74'?6EZ>546\&%8;E?AY<6MAJ!5H9]Q;K@_/ZS[,$"YM+D/ M:/"I=6OUTPBQ\$L<=X$&B$;>1B^[-" _-H1N*NV[-N6PBB(-7/JJGJ@JRTBE M 'G5.]I-2A_&M1/_7NW=^Z+:L!]5*U:U */2A;R;2E!'U1KP9"I F"DTLC?9 MYQ_.?\@N0C>5EW1NTN3ANBI2F+0U')N\ M.VJU.BU//JF@'!:2#9'QW:@Z("PF#D0:<_KC,?KO2Z:LXPK&E/+#/&7UX5MOO4Z'U4^#)^NZHY MN3*I"B45(H:JS<:X'.XFF#(;E:._AJ&2AYQ1/*JD&96*#-<[*DX9 K!0CH.K0:<"^30,NV9,.6I8@.>2[PYJ 22T'#>YJPI6$P*3&/1OLMZTV[N) MJ:2^;[Z=3MMZII+LKCDR6O>K']<385*>"/ M._,67?C1#7EQ>#/"Y,O)(H=KK)P.LO2API47OA62CFK[0(BJDHBJ/_-UTOU3 M2IZ=?T[D%:<(;Y:\/%(DM45>.V:X2G3^/>7 M"GE)^Q3=Z1@3K"6DO>V.4'98K/$QI$)@>/H74W8!G-X..,)CB)]CA !-,ILJ M)9Q%@B #@;3UJB9[L2N.&"-KC*O%[J 1F-_QA!O-$;5D?S1S^6JF)FNCW$(8 M"4CK= >;8$RG_WF/(2J'<#]XM@7S4,,M"V13'V&MF7S982F8%3EGUUY(ZC@2 MN%6<6L\0MF"IM,3,$.L\,7@+9FKBA;1LMFZO==C5^8%LSD99BS/)2*1@W&*5 M(]&1ILNR;>(L+UE-ZF4+K%7O 3DW7&_P%N1G;4LPEG?$ID6V42?*L<2#9Q-D;XA]=4 M<6Z,+PZ&=(LD679L/ZQS IN@45('*@9+HJ(V,$T55K3N=-?.7(]C2+[42OMN MG5.G9<3($XF#8(((:[!F!KC%6<&LV:9BV))S>KIO"9J%?(EF1M610?SLN("_ M(S,*F W^8DP$@;%&H:9B9L=1];&[(\OPRP-QTP98B4D5C%F;S1:[ MJ+' "!-%F.12::M]3%<44F)P7=_.!GA-[T)_BM;I36_C"]X.TWE:2OLTG.LX MKW;2#18<_/,0# ;&8P%)*Y!4?IN5$MOENOU2:(#CD%^ PUXUIDJUB=O>87?6 M6>\]MS2F&D:O3=0(.VZHXAC[W60!'V.43^DRZTY5!36%X[#!FM4< MC%F0E&N6NM\HPM,53 '^*"6V4).Q@FII"L>\#K8_8P-.:DP$?#:%.[5"A5!^ MQMK=OK#4;]T!R&X3M:HNC5' 2?Y M**7Q7M8C)8[L]K%7!=RY][& MM:%B"XSP^3S[5%8M_(=-S'Y-392[E4K:*J6##$)R(+5CF@1#!;?.2 62$VKO MC1C=TC*'TI_/QXLZZ_KIDA8KLV)Z;ZEY-NQ&-U^ZMTK4&(7!T4%8[)C'2@N( M?[DSEBE':-T]5T\3W\_G4TJ?7Z?BYS+X9849LSO',/>)_+_#TJHNZ=G[F3Z/ M6R1YNEHB*.EX.D9+$;4@TXXKIRWQ0NL:__!ADG\^KVQVZG&8"MC[N3.=\X'U M^;"7XF(D%7?BRGVBZ%EJ#;E;,:9&.DD5]8)I\-R0%<$E+TTB:YCW<[M6S*-I MM:2[,KP0(2G=6SKN7#(91/3!B\ HEDPPHP&UDD;KE$S%TO/OB=RD9/(])N@^ M.-#,\L(KV9[TON)ZY6]W*7. MYMI$(+5WFGAFO#34"64(@*T=Q61I.SR/\ N1]^X56'M%W5#VTZ462=6E,WVO MPW71R[<:&PF$E*/.28\H6.!HL2B"#U_.MBY]!R=DGOXVA!RR8W]HF& M$.+.1+5GDSNL;D^X79+*U,/52H$T0RF5@E!+)2*2$8:T,A$[(4EP,3CF_/PK[>+6D&V*69[2]P&I!L-0T9KA:+D&.RN MU6#V"!?>LO_'WMOWMHTD^\+_'^!\!QYC!Y, M,/WEV0S0)))YF8QD\R39/;! M@X.+19-LVMRA2"U)Q?9\^J>J24F4)5F2]58D^]XY&UNFR%]7_;JZJKI9!8NN MO?NJ^_1TXR7OR$F?*/T*\ THT-6X;#%8_PW,"RXW02?8\UXMW#GD6 MAS<=76MPV\U5H\,^\OE3$RSV#4PB.Y[O@?GU?$OW'1:;@1O9D>VN4.H&EVIH MJ0EBDQ2/=05,B[C/0LLU7.8&M@'^E&>PT'38VF+ QYVDEMM=*TS*6PJ8Y4<: MOI@9E3G+');)MVXN-.+ =#U9!\&$=QXFMV-5- MQKSH8''HMH?I.ZM=>MEZ;N#\H1F^"V&(;QONBA.%6Q4CUC7_)&G8>1-7Y7\? MJ3R,UZ[H]]HJ.LSUP'1=Q@,-XBW.6609$$<; 4B%V:L.[)^KZ/"J:L+*%GB,!F M?92;9M.B]JY2\.]Y^AU_;BZ+69BD>*1?5,)ELY;*:3)*P#^]E9.,K@U/A@^3G,&P0.KQ"VP5&[!JZ:&,'Z2;X MUD+=:1K!_9IG$7Q5W"9@V9_*YS@6;L=\"IEEKZQ6-L#?WIZ[? \%W7).I MR,0VR2WYM-'@J[!BB2SINEXW5JTBYKF\^[VK;$'>5'D M]>C%V"9EK1,LK7W_0(IC>%*23TK1ZQR'7C_OX6/F7U@O1Z18=9NWZCV'L$#" MSQ6L.9R%-Z*3^DT"/PA8(UYM$C<\NN3SVTSK=2^($@8FBELS9012'$U&.U;R MS@#&+;AI-T)):$;\,BR/%^W M-#M>\4;2-B&58S@/SXUO-S[1].HR8#C5?F?WM==;%"RKJ[P_OOS/>/$Y1E;S MK!0F^@L7+L>[O*Q*/OF[N4*-R'T3'!R \_6_, R;2/0M!"\2SUV#7!U M5U42/+6;D/*XVLU'\-L^@BBI<2G$H+0E=2R_H67Z8(DK)[R&K(A%E MX*>U5Q:JK#2K8&O% AN=1+B,%[!M:^OAFK5@9@5-J;8=;W@F_0R/9>!;@[UP6PNX]P%4J MUT#IYFE+3U+1#9@MV#'$]V(5JEV7QML0WU]8M#/E-UB5=+>]H$YE/GW:]D*O MNQ-D_$%S IXVG\ M&)C\VR7T*CHPXBI 7$Y@D9K^I0;K&;K[JEPOF@65-?*= MXKY-TE3(7RPQP:+>\EH 8OR&MN!LS+S#]%YM.1EXN6%,Y?6/_"93?KY2/L$# M\Q24\(_B2@FYF",E+\127?.L1<5IPX=W-PF/E?=W$/J(6X.'EH2\$#B;-1+& MR&=_S^N_0Q0XJ80Q2;))S09\%,<'O;MA20'68>JBSA_Z-F=%)/8XIHQ9083Y MP/8C D#ZK9A)934O@*X5OB.:U#IK$0#_]'15PW*2;ZMO92X"G-QU0Z" P]1I MP@ZX:80/GK4R:8V\K#D/E@F[I(B&*/-YC_XT+GL"!(KT*5:RQA/R-!UCL))= MO[[ ]ISP>SD&QZ_Y?:O50A4?J$"4)%Y>.93E92+,T[QXJ137P3/P#?&_YZ] MP%%U@]_1?IBO-E4Q^RG"=NMPD]<705Y5^6@&[CON2H4LG3ZC_O,K]);!Z[ZL M?WVI&.,[1?A]B\_=M+"%(H:L+_L%R:K\#-19\@NKJ 44Q@="!*3@E>P(NE%& M&W4#<<:F1YYG[/R\PPOITT3T2,GC+=?E]G?K#J/-"QK;RSC+;PLV?GU1_WL: MF9]=SO]LEOW-=#P[U*^X6H5 MM&S['E:^638,^\J$__<#:(6%?UX7^22++EOKC.YC'LS"5(2]HU+L%_X+K'MQ M--Y.5[[=P&_#Z6YC:2NDP/AQ!L\_AIYU3]4]\V0SYN"2ICIQO(.N3L>'[;[0 MQ7Q7+A7GA:EM,82>S+>G89F'&W\[FI1.; D,Z\K0.FH(3KNL&K:-J.K_.3,[ M!XKE*7-C'WC'9ONNV&@0FP:*GE":$I9!3Z_.Q&C>"U.70=H0@C35L'=0,BG7 MC.+$Z6B,-IOO,D@;;)"F7_DR2)->9">P#-J+)$-L&BAZ0FE*6 8]O3H3I!E; M^9J#]M/H3(\]]&QI.ZB8E%]&<=9T-$*;3G89H TV0).[:-*#[ J607N09(A- M T5/*$T)RZ"G5V<"-/N%)_VT 01HNJ]JGMU1UXSPQ/$[%J,U)QW;,=J&(?1D MOLD8;1JCF5=:5PV!C-$&AF703B098M- T1-*4\(RZ.G5H1C-E7[: &(TPU=M MT^FH:T9WXFS:D2 'NXG1_'F,MLNFRKE9(&.T V1KG"M#QFC2B>P$ED$[D62( M30-%3RA-"'8C1=!FE#"-),U?;UCKIF-">.C-&Z--UDC"9C-.E$=@W+ MH)U(,L2F@:(GE*:$9=#3JT,QFF'(&&T8,9HE8S09H\D83<9H?8C17HC*_0^4 MA#_NTP^EW7,%>XG!S]B/H&X;V#0@84'^G2MU9P+1MJ&LNX.%^74FN@EBUT1Q M9=WL"ULSU"T4ZA9GT_8%A6AM5K>P"'FYU&/I0$/ZV+2=T+ #R6*_BH718G.) MI*HXG_6BP%Y4U7W3\X?=LB(JE?&DP%X,U7+SEU_S[/KR&R]&RL<,Z8;=-'Y/ M6:8\P^LNUOWYXOFTP00V$V-C[ D!CPL>]O$2[2=N\A2[P4U[I8G"1V_JWA6_ M<2[*P.=Q7?&[N;3=@ /;=F.CQS%#JB9CH;K)K"79V@&(9EY3H?Q3%!9_5_!: M:@\N;:14#UG ^^>[C[\K;\3'%\\?=KIY>(7H>0.LB7-L,!).^RW5BIC>O+J! MX8LV' %7."LR%)>XKFF$,Q=:T]51-#:!VS(AH20+\Q&O6O! M4^K&13Y2_L% PL6]HJLU8/A*/KF^47[FH6@ JICU7_QZIN#3ZC:#CSS].@>= M80./UCPI>=76^PIF)LCE KB".-K"_#"]TZ08YR6?=A)Y*%_U44PPBT'2@ O0 M-Q\UO4 K=L=+;"&43D0#.FRI-FL>>@V< I6G>5GR\CDJ()@=Q+LHP*2"WC=22IJ3:UEGJ]JBW=$^]=PQCN" M!5QG-@YN>1:MP,S$>,JOWUHFIM7R*IMV(&GQ9B53&NJU1R8:1#6/BC@08I1D MM5D&$YW>UZU"VR0:,2#IG6@JF)132\R4$6?8]TVTB&M8"!,K$#<#2).T6D%G M,2KP%&YA(""U:]&N=PQW22:CE+G637/@KSGAP6<*F+3"N M/_/^A\_>/%?J.2T>A3]./0+LMB3Z4L*D&:<3& $ *5H&97J=JJ0D)7"B/B1)3:O'5XZV:D$%]=QI M1%[41C&;F0!QOV;2/YP>#Q^^T']5S&<<(H*>=XM=]UUU80'PMIO+HE?5TU9O M;W'U1ECATV;RBH7?.]/"KR+/(QZ+:2!\6?7)OH"WSAN=:9C]G /9[S0'=5#,OK#:TVZ3M]1U_3.5D$P$4$4OB; M;?OXQ6GX'$V*:9/,$CP$D$!U4^)\@6L7J/DPT%XAFV.Q]^E+;=N]]'OH7OJD MW4N@W#@7K^@.OMVJ\T5"S!YA>B M$77M@2K\4X'_.^"4LE74_ M6S%=5_3ZQ6\%ST?-"/"_AUDF5BOL[Z)J,?V6Z9+/R8+985_2"KRD,9 M7BT$(SNN=(KC1Z![=HO?1-0_3)([Y)7I*Y6*;[2=Z1XMC M0,=H^3$+/I*K'Z26?MD:UP9P8LZ/L%!Z%M>:]9NDFYM>;VUF"%.4WH/G;%)[STW__EZ+\_7\N+W].L)$S]M1F][@MH]:3NXY3T"I=?IT$ M)=AUY-3[[_B___N;<+3_[^5E?9XR<_L_C>4S9LL M^O_0DB31ZXL/+*S^Y47,9[KK\,#GELU,CSLF-S3'#F/;M!WG0K3R!M1?>/SZ M(D11:I[F5/GTIW_-X0ETW^['_,U=4C[\O,9\\1-^[U*#_\RV++<%OE9LRC.P MQU&>IJP0*9B:;,\OFTDQG2//LCR[_)[CTOY\+L>=)5PV2-^,P-&M?N>%T/1< MJH;-HM Q(MT+=,LQG(#[7LR8Y7!NFZ;AKY'JO[Y6,'0DBL#[.1:4%-*LQR$^ M?EN#VU'PX#/^T#3S I;3,!G!.HMM:W_2KG1M61VK1[F?"MXHSXXO?M]G MOLD\EWN:;YF6X?' "!S78#PV0F[O)_XW1,7?& ZX<8HN[].EBM/OY^8N:^V& M:W''LBW;M[AEZ7K(K-")F65J<638 >-'LAO>I>:LE]0CR)?$!@YP>\&$WUAY MLYFK"XOL1HG65XN+\?9S\<%29WM.;(:^%5E!X/E:'&I6$)N6'CH6-Y?%YVFZ MI@OQ@?!,;4>N3B]^+^*#=U/7O6Q]0=Q@%5N--ELO3:#K"@T\&.F6XO[",?J& M5?D]>.,@Z'(OD<:.93JQ;KJ&!0N:[YF!&<6V%A@H9W>52*W5(ETII2G6*=2M M1&49A@NN#TV!V5QS'*"A!2N3'G@@+\8TWV Z![DYQJHI/.6@?RR!&;Y'5F!Z MX.NV%WNVYNN69WOPHQ6['.9RZ$:QN<+FK9VTAQ.89]G.(06VLU0,YIG,81&W M#=O23>YQ.PP#W>%:Q&,_U#=*Y<0#W,HC/)"9MSBSO0@H$D:&947,\^P@B'S= ML2+P1/1HU12S5D^QK3Q"HF;^L]BV13@%OX% "0/OCTWN[%>1.WNZB.W(U5R/ M1UX0AY:IZX'M>G:(,4S '-<-]IV4;\)F XY'8A@+HZ@'T2-I.B :7$4A4@'W M+F00$/J^'YH0)G(_#NT="-L1:9[2'+BZ!6LL-\(0G#T]-@(_LKGAV &8!QZN MDNZ3O#[JYF!WN=DVLP)P33@XQY%EL4BS8M.)7%_7#"HG=CK>-*T_-&6C$ M_#%K$)]G.CZ8:1O#LIVEZ9F^800:,"O4K=@._2B$E=KW \V)-).Q':*%+@=@ M6XA[G4W<7>0Q9H1U/PP]RW(#W7<LOW4:5I6[X1.YK'?8B1=9>YH158 ML AI ?CO_BZ$[8@T#QDM^SPP+,\((B.&?YG!T*\T-,?@%M=]:R47=UFOGA0M MZY9OG35:9LRQ0\N!:)!Y5J"#8+0PM. #[F@ABT/2=V(^LR' ")P0:.YX+KH\-G-[;[R$1&QU%=-SR0\>,;<.T<5&* M?-,./<^R1509:"NLP(Y.3H]%YX"SC4L6!.*6:T)$'CB.'^B>8QF.S59$Y#NF M'DF(;G>Q<-,'M\:Q+,^U/,=!1\>.;"^, ]=US14NS@-&'6U/[<%6N3CDA^>* M]MLK_QQ_$7=9NU<>1*[#[,@W.)C]@&L0\8::STV7<1N$L^XXPOY[Y<8CIPH> M03Z3VUM6)J$XP14EZ40<=9[&!6O.>CP0U]0WGQY>$#>$I_S&%4:^JZ.)L,"6>K'.33N&,)%' M#JSI.VXAKM"^3WGXG$><&Y'APX@M[D3,UT)P8'33MVW#"3=[AAN'K^\^_/=Q MS$-Q+AM/M>,I;'X7WK#LFN.+GG@.-5-"M/OB*#;^@&?/O[,4EZ\E48B;?8[? M-[?X@L8G0QL-3\9_WL^_VSJ@$'F^X5BZQGJL:?ONC]C^ >3T;G9< MO_5F!/Z^6@:S%-@W=H?WQY4J"Y,T$:=LWU0?ZM9!:&!$X)_HFP^Y+(K&;HOFXZ, MF.F;X+V%+ P"S?+=F*.-M@QMA2UV9P)S= M$.]#,+.FE[-)7*L0GEXYM M6 %C#$)%= 1MW72Y'ZX\2OR(^[-J!IG[2:5^J>[K[*4Z5?GPS\M/'U602O,F MWB_X$FF]X;0D$O'M^9<_?/^43+^'7\,OM0(A9L21X_D!N,&6;FL^BRS?Y. : M.H;AK?9Y=@F>3=U87,JW0'<60=AV'.I.X'D>KCP:>'RF9D=!S'S+M'FT^232 M)N?/<.QN2,(S-1YHNJX[X+/8NN\%+@MLTPYC2WA!P,UKU/L VFG4MV]Y,\D.-(0AUEX4.#UD,IHO9S#=,(^ ^A&L. M ^][A7Z6_<6E,3B.96PV68^,X0-+BKIZ#9(2BP_A&X/K$GR/#U%C5F [>NSK M "L*0^8&S-0A*HTC'=BX\FTYS/,B!@'A[?UO\[).'PJ1NPOO12YO=DWKBG(& M>*ND[][Z;LOJ8S:>X(OGO_+O/%7,N<0.*5"3^9%A<]OB 8A6#WSFN*;K.@'X MBH%IK?(3D3-M@',O$"_*M!Z,^(/9;)"=2"?'4(9^'&78W&%Z M8$:FQ3W+YP;P.C3 @]4MR#%-SS!CWU^U7?I0SO26V15!Y(ZQXW+,J >& M$\2!;^,1#8M%GLM]"*%U@P=>[&I[QXR7AN=L#I]W")OW'K$3JZ[Y :,>,>F'L(P\*86R:W/(@_0\[M6#/MP.0K M\X>[Y$=<'P1#:<"!S:U0MUV7@Y^N1ZX71F!V Z;I;L3U:/\SQ.#+''+ ?\PK MENTX]ODWEZ4 6+L&;"ZV)Q!M,(#AS/NHF<<^P:X GM+P;1%3'3+,;<2 _="";LJFFPZ\2WM4X))#0,WV8N-QAX);JN,TPFXQDT MVPM],]CU5,FR0$Q/M[HDD-BP=3.*-&Y[)K[@&W@^#,$&ATVSHS#>^S5*UW/< M?>3QZXHRA:O'_!NO;O+HX[P^8NLU22VV8E./8]_5+<8Y!,\ZCV!QT&WF:.ZZ M&&W3MHEMFZOBHB4@!QZ,X_NFIN,6D&O%-B9A# TKQW!8T".VBL);I%0APK-6 M$7?'P6P57[\O*WAR?=AR_@6EY5MN<($?D8[F14&DN7'H,!@I%K M.+X=KZBN<.1\%9ZEJH_N3H?].9Y=.?MA7CGN:1''CFIZQXI"E(6M)?]D:>NF MP4*;AS8(VH* +@#GBL6&%?D,'&IKQ]SW7%13?%_X."\ ?5WNZJG2.M!$/9S0 M B>R3-TQ<U !N&8<")V@$I.GHBOKT6PSAP\HQ0--X*U27\<4M:LQ<,AY8#K"966,W3*Q4T99\ MMB2S^];>>NL4C,>=$-8?+PHMB\'4T3S#B@/7- /F:7S='N;V_-P%UOG$ /%1 M[%A.$()YMVS=89'8UXI=P^3,7F7=MTG3'5D,QEP,^C9B,)KGZ6O%8&B^8[FA MY]B^9\'R%H2VY1J::3/#!!]]95V&O<6P#M;YQ&"[ 3>P)HKA!I;-N!=8GF,X M$3-\(])7+2('8,-&,;1L\-P.EU?'"PW/C)FI MAQ:^3,Y<(\2WN$+7M_UX]-3 SAR7,1LEZ?U+Y<=OR0B ?N*WRI=\ MQ+(?7RGB[V7R%W^IZ-JXVM@*>]J7H_DB7O!2P3?2D[#Y[)9C$VYL89U&]>V> M><_;S69GTGMYI'8AM2Z;KC-I-QT\TF%>2'R?'O271==P I MRSQ,Q*UFK9\2L18JD[)N1=$T^<0_ :@YLBO1_2+.TS2_%0TN\)7M4BDGHQ'# MI[<'T6H46F(?J!H(-L)IIFESP :DEY7*VEQ9OE]GI/ M>;00BQ+R-!UC!\SL^O4%ONP(OY=C%DY_WVHZJ.(#M>1%$B]/#65Y9*WN9C " M_._YO&>[IOTPGT[SSNM5M&L3^ !I6US6O[Y4C/&=(@BZ^-RU,S=!8H/D+]TK M XAD4RQO=>MN]OO^-0&A6UQ[*A9WW[><;.S]M3 M=,W=\"TG7M27?OKTE77O)?-# MFZ-PH[RHKMDU]GL%,/5+^D>+5J:1W&[C.XY7\30L*Y)!RX'XWXXFP+:#4>!C M9^/PCS .W59=4SN9U])]=E#",BBFUI+W#%U?2F=)NG8"RZ#H*@UKA[$,BJG= M-ZPG\\T-VT9 ]?\\=?M =^;)D,9AGWKHE_A8;%D_2XN!NTJ:4G][1 M!\;35I0\7_+A*9T9]_2HT[=4SY/Y$8E%ICVDYBEAD69P@$JGA$6:P:%D?]^R M[$\ES=DYCV/(\/($X:7NJ)IKT9E? U4Z)2PROS%4S5/"(LW@ )5."8LT@T-) M\[Y#*'$2UKT]8R7BX[Q,*IGF[75X::B>:=.9:P/5.24LDG_#TSDE+#*]-E3- M4\(B63B4).\[RB_CR:CS!%&GH^H.(1]DH#JGA$5F/8:J>4I8I!4P<2$A9I!8>G8+XTS)46W/HS+>!*IT2%ID &:KF M*6&19G" 2J>$19K!H>2!?YMD29B,62J/_0XFV#3QW2.9[9!89+9#:IX2%FD& M!ZAT2EBD&1Q*TO=3GEW^7*1!RC9+^V^9+YDOK3[W4O[&_8\OOF65RQ5XN1.O/$8YB,:;SK*9,,) MD@VNZ:JZ)=-=$LO92B[(FL\2RUDMH*6:NBD9*+'(A#^=A/\1<_ONW/5]_Y]) M4MVWW-V7Y_-WY?&R_8Z7;0F/U%FQ_JB1$A9)J5ZHD1(62:E>J)$2ED%3JEO9 MTL7JR%DY&?%")D9['93IKJH;,B\EL4@"#EKIE+#(M-10-4\)BV1AGY.C;5?W M?<:+ZWN9$>UJ8+C5!#-5T]+H3*V!ZIP2%LF_X>F<$A99<&"HFJ>$1;)P*!G= M#TG&LC!AJ4SI]CJ4-'Q5U\_RQL79!2VQ2 )*I1/$(I-I0]4\)2R2A4-)Z7[, MHDE9%6=U=F5 >9+F3;I+J'[]0'5."8ODW_!T3@F+3*@-5?.4L$@6#B6M^XV' M-QG<_YPG&&0\>9(WR"V=4,GZ@>J<$A;)O^'IG!(6F4\;JN8I89$L'$I6]P,\ MH%2>\:OK*V4TJ298S@L_4I4PS4L>*3R+II^\__:A?"Z3O[T..WW5]67R36*1 M_!NRSBEAD6FWH6J>$A;)PK,G?W>VIMD>]H.2]Y+WDO>1]E_PX\N0B#U"R7[*?8K(??ZR;;_"'=8AE M@K[7J0'74FV;4'&O@2J=$A9)P $JG1(6F1P=JN8I89$L/'N*_HC9^%;KC:\W M>5%=5KP8G<_7E0?#3E'(5M4T0@6^!JIS2E@D_X:G$A;)PK-G M;/?M!;V'^_N.E33&[J/7YPUBI08^Q M4?W4-Z62Q\K//.2C@!>*J0,D3?=>KKC1IF<);$K(T[21Q.L+[4+\#L(.I[^W M51BS49+>OU1^_):,>*E\XK?*EWS$LA]5\8%:\B*)7RGBVC+YBX.<-8SPEH:B MM&0[Y]=4-YKVPYQ&^P2RVV47]MZ/^YF789&,JR3/CC:#5Z4,MC>'QL[/VU-T MS=U"D!\OGA3-[SG/]Y/7$/7S*__.4T67&B*N(4-JB+B&3,(:.DR*>.\E\T-R MQR,ER<)\Q%NO+BZY,8?BUA%IM-.,V$_?1YQ\4D!20%) FQ[5K3=FVO6KWESS M++Q'0:4,EBL ]!<8X%%>5-?LFBMY @91C!G?'V<_&'>>5Q]ME3-4\#JFNJ< MI_I.1_5,"4M'.=?],^.2>)TDGC1V'<;24BEAD0:MKYJEA$4:M%YE2=^R[$\E MS=DYM_=E7'>HN,Y779M06<*!*I82%ID\Z+5Z*6&1]JRGBJ6$1=JS7B5#WR&4 M&,!47+R_&/%Q7B:53(9V/ZHS5,\DM)$U4,52PB))UE/%4L(B\U.]5B\E+))J MO4J%OJ/\"I0,]PX5[MFJ99SN16Q*PI189$YA@.JEA$7:LYXJEA(6:<_ZE2/- MBW%>@&J'7ZJ6$11JT MOFJ6$A9IT'J5+_UMDB5A,F:I/$;:KRC/\%7=)O3JR4 U2PF+S"7T6KV4L$B# MUE?-4L(B#5JODJ.?\NSRCZNO5\IU#JBR$7R+AE[IUC.I-G#WF DM[$\RCD&40>H*2XM. ]!BCI/5 +WJWTN&'/ M8XYO><52)4[NQ%MM83ZB\3:;C/(/%>7;OJ$Z%J$MSH&JEA(669.VIXJEA.48 MMLSSP3F6B7&)12;&:?BC!\F!NW-W]/U_)DEUWW)!7Y[/!Y7GG_8[_[0E/%+G MG/JC1DI8)*5ZH49*6"2E>J%&2E@&3:EN93 7*\5FY63$"YFL['[DI;NJ+W.5 M$HMDV0 T2PF+S"+U6KV4L$BJ=3YAV78_WV>\N+Z7693X_)!G+PH2E,O79_1C.L%7#)M32<*":I81% MLJROFJ6$1>:C>JU>2E@DU7J5^OR819.R*L[J@,I([E"1G*/Z!J&C]0-5+"4L MDF0]52PE+#(GU6OU4L(BJ=:K].Q*+)%GO%4L)B\Q<]5J]E+!(JI%K-'#PS.GGZN8T M[\OO.TC:%7OIQ(X''T7;&3'-LZ3,R'.'/$!);DGNW@*4Y":>'"3/(/( )<4' M2O%N)<67VPGPAU5<9>J[^U&\XZB6870T@.^/9BEAD2SKJV8I89$9R5ZKEQ(6 M2;7.GQ!N-1/X>I,7U67%B]'Y_$]YUNE@53M532/TZM! %4L)BR193Q5+"8L\ MM=EK]5+"(JE&[NC%01*D+9?T'2MO1'H4X,,73I(8E6V3Z>]S; @B==M1/?LL M)>O)LX<\0$EOXCD2\@PB#U!27%KP'@.4]!ZH!3]!\&$=^=RW:3TXG7&.D&/7 M09YZ1@,^)0!2KIW;%?D6(QJ12LO*@:R>CAL^#$HE!>S MBUJ?/XPI&O080]1/_95_YZF29.-)5:H**Y6(QTG&(R6X5ZH;KGQX\_6M59([<+Q54&?&, MQSF#MTNCMH8^HH:6 MY+U(ZT6<^I7IKL>YT8@MWLSSKESCE*,6XU5^1C(F59)GCPU]73B_B]YVE,D.XXMZ1V(W".51^ ;RQ[ MP-TD"]-)!+\#09N)BY=5@O)Y ,OF=[$6(\>1KH+=;7*C!P"NR_4-K)5%D8.- M9VB*86&M;AJN(Z^9Y#MQOF]X%_[5 O^7C(")2AXKMWAIP]HQ0S@)Q !PC]M\DD;*I,2;BKD#3NBZ";$? MTP_EOB^(Y1O@>9>/8"SW2@0>5Y97R@V#U0@_:/0_7;D _C\F&5=,C#PTW&6.4B>5ZRX5T9YQ%/ FJ'EBH U8FT5MJV\>D"] MW6*/;<3Y_]0V=$J4VI36%K-B(C)"&8!8"F6MEW#8* MX 30N<)*ZLE_ICQYHG(IZ6[):FWZ&F%F*+>8'6I+I%-"G. M!Q1+C-.KG@$%#S'ZB3 P!CF@, ,.UCA#E,T'!1_GA8 ]AF@UCQXH"^YRRP4] MVEJJ92.>#[=IIO 4R71%1TDV7HT2 14:VU4F=S"1LNJFQ(*E &YQWN.WZKE^ M',E]!)\8HGNAU2H7B,!JA'S&I#1' PH#RZ8#FXNQ:ND6E8[?!AJ &X[U5Y$0 M&%J*:1*P%!,32GG#A7U:2%).&-DE1*4L*PD+RAL'0PTMF*,[^WL)KBCO!5Y'4Y M@6^W9CV.')3^5TWQK4=[+-U]RK/+U6,7P!FJ"JL!E!6 JDTWR.V^M@@@Z_%( M+ ZU$*<+1\2!Q_4D#O,1;YF!)*M8=HUV='8Q?CS5Q>-(8!5)PGL%%Z0"K$8[ M+!/V]*YQ@>,B'PG)MIC5HN'2= 0MP] >?(&-T/Z58.*RVCPI[/JZX-="-Z#[ MB.-+:;!&B"].0(5%>B\6/-!B/@)K7=^GL0F-Q7WP[":WAE\; 6OR2*3E9A:Y M$9E8487)F)3UPV?$>P :'L89""M,X2Z"]"L$^I1$WC94^C49)2(B 7\K SMV MDXS+ETK;8V%A6 M51-K9=QA&K6%0?;KBV\W"B(-LRE'44A(6LKX7_%UMINAL M[D-P5-]+5O05WK;-ZOD3Q(AKWZVA MR^J'C&'X=\UJ/[]QF[QOA(DM^0+HF=,C,B2 "]8T8>2!QK6E ZM0CL'>(89D MGI,)&!(;E@<18<+#OR?1W%NI'\%Y*89S7\L &0Y+9[T2-Y[KL8PD"'#$"S&- M1D"*:P@\E#2'Y?IE2R)K+UJO,X87BJ4 G2%8P7(0BPBXF9!X'8$S-!%B*R9E4X@SG'/L4[_T0 G_^: M%PGX.,+TH2[1_H*7*Q3$0"=)41/HO@Z]<#*V>%?/'E >C@65>UF@ED'GB? Y M<8" MHX0YA[E='[,)\Y&P$O6=<$RMB#--H_<5^UIUZS()6])Z:$RP0N8L97? MC6NW>LD=GCG0M8LCR#\!\K>T(5QKH=*I=%'9@+.$*9DRC "8"$/%-VP6%6..:U6"M5L! E:N^MB#SE='6-*M5 M,O V4#R-"",>H'-2"!\>_.VUH5HK3,NS!74UURYHK9Q?/W5XIUQ')/C4MB)Q M./5:7O 1N#EBN6?5+)0[C@;>@-\T&F&,W4CY@?%'/"U5P%06\\*! M]2A6SL_\.E;P#NH[0,:F'^B@2&L MN ,=+^\68W:>P*.;+>?%?DH^XA24 I("D@*2 MKS4>=<4]H= MMMZ(;;K6%L_ZXTA2O9+_4D!20%) W1#086N"6-H^Y; 7*WTXL\/<*PYF'&O9 M(55!\VE8%F6Z)IH^VXNP!QZ'::NV>98WO;<:R;ID!A'"$(M?^+P)#V'K7_B M\(9'3R*1WM/W$%>6$I+[AT/+IQB:JFD:V80*-3,KX9%AKMR!D? Z3%]I>"6\ M;C)7&EX)K\/T)6YXB026A/?5AH+E8&>VNYA!Z8\:*6&1E.J%&BEAD93JA1HI M89&4ZH4:*6$9-*4H[4;M5(!RJ6F!W)\Z,9:#A>9$YLU U4@)BZ14+]1("8ND M5"_42 F+I%0OU$@)RZ IU=UWG\Y0L)A4Z$P)RZ##^/ZHD1(62:E>J)$2%DFI M7JB1$A9)J5ZHD1*605.*TI9()TK5DX_9TUG/:EI5-#> A3]H5E<+FDC.=9)S M73C 34_9E+!(X@U(V92P=)1XJ)$2%DFI7JB1$A9)J5ZHD1*605.J _LMQ I&RUC^4+$\ MM8)X ]4L)2PR ]YK]5+"(@U:7S5+"8LT:+U6+R4LTJ"M#6U>5"Q(^>RW9BQ_ M?S$I+Z\9&[_\P)+BGRR=\)^3,DSSL M*.XA^%#$I0K+(@6_V/P:W"N_\N\\5?)8^9!D+!,GQ#YF955,1CRKRLO+^DY+ M#WU[_Y:E<#W_>L-Y]0N,>@Q/F3U?2:+7%Q]86/V+>U'DQKJN!;9F^:''-!;J MH6'K?A#XNN9=@#(RI,$7'K^^" U-]S5=TZM<_.28VL5/#T(N4:HZ9J,DO7^I M_/@M&?%2^<1OE2_YB&4_OJKK<9?)7QRTHDT#LE5;28TF_STIJR2^;PH8*.5D M!$'=/8JDNN%*.!7@]YD 8Q3@]ZD TZD XYD D[D @5Z54O P+R(>*:QJ?SG/ MQ!/>Y2/@XOV/)4HBXEG)D:!9F:=)Q/"EIJ"6M%*BJ$N\R3\F&5=,I!0(26!: MJOZF)'!E"<)(T_RV?/EP/K1^# KEQ4.:B7F"_%-"GJ9C%D4@@M<7VH7X'>9. M./U]*Z6HX@.UY$42+RMHP0I@)/U*::IGD>W+BHUTRSAD2$N24=>\J.[ M\"1])3\Z#$^Z#9(9G80GB=O%NC1]J95)> NU _/PP(AE7E+"D_24^N\@/$G/ M8>N?.#Q)SV'KGSB\X=&32*3W]#U$8A5(Y?[A>?(IU*IAR51;=^')'1C)CP[# MDX974J.;\*3AE?SH,#QI>#NRA4@CMS$4+ <[L]W%#$I_U$@)BZ14+]1("8ND M5"_42 F+I%0OU$@)RZ I16DW:J<"E$M-"^3^U(FQ#+J/9'_42 F+I%0OU$@) MBZ14+]1("8ND5"_42 G+H"G5W7>?SE"PF%3H3 G+H,/X_JB1$A9)J5ZHD1(6 M2:E>J)$2%DFI7JB1$I9!4XK2ED@G2M63C]G36<]J6E4T-X"%/VA65PN:2,YU MDG-=.,!-3]F4L$CB#4C9E+!TE'ARE>TP%LFY86_7=*<(NLPD'**Y /[HJ(YK MT)D[ U4L)2Q'(!E)=W2@ZJ6$15*MU^JEA$4NG3U5+"4LDF1D]W[Z4H:;?!*! MSLSJS9'._JB1$A9)J5ZHD1(62:E>J)$2%DFI7JB1$I9!4ZH#^RW$"D;+6/Y0 ML3RU@G@#U2PE+#(#WFOU4L(B#5I?-4L)BS1HO58O)2S2H*T-;5Y4+$CY[+=F M+']_,2DOKQD;O_S DN*?+)WPM_=O60R754F>E4H2O;[XP,+J7VY@VD%LNPZW=$$KK59.C\]"#U%R>Z8C9+T_J7RX[=DQ$OE$[]5ON0CEOWXJJY+7L*( M@)W:-#!M390/>9J*P%1)2H4IY60$P>R]DL=*=<,!S6B<9S@8_"0#<15M<4WF MXKJNQ97.Q97,)0$H"G$_4$&21Z4R+G@)?X#O)9GX POQ42R[1R0@@PA5B%,T M*_,TB1A>6E;PSV@*)I^I\^KA-&_]&!3*BX>S1TQ_G%9*R--TS*(('OKZ IB' MOX-)"*>_;R5C57R@EC"T>%G>"\8-$P2OE)99 'N _SV?6Q!-^V&NHWT2&\VX M+NO?7RK&^.ZH1GR_YSD[/R_("YCW[<*!BM(-:FF_QCDG'%/-W*(]6\JYJ_)G?]5_*>V=%1$D4I[QJ[C*V? M-QW?0=FUK@<(KMV$J3)@C4W5LT.57*D>.:&DQKH\H0ZT-#8.NVT\-44!,7I9 M-G$3A$OL.TM2C$HN(5BZ+!F$)W%R)R(D$:F7/)P4XB CZB=2(O@-8J5Y5"4W M%K? -57'UR7E.HEE4+;154W-E$3M M)):.VD8'EF-"-0U.^=[/]J[RAL(0M:M<[RUTW%>61U5/T+#VF:GJ-J%)]_21 M/)=,[393&SIJWNE2(OO6#)*U#*E8*W_6 9=#+P_:J2$15*J%VJDA$52JA=JI(1ET)2BD!%=.'^Q;6/P MS]4-+RZK&Y9=5GPTS@L\Y9V,QBPIQ)%J&4EU.Y+:%/-[W8BP9,!/#(OL:=!K M]5+"([5DK!XA'I1>@M/'GDDQB6TUH\UZ#.Q?YKG!*6XQSCM"R;.,NVLW@RESD< M+(,.Z?JC1DI8)*5ZH49*6"2E>J%&2E@&3:G.YC)_62JSR_\S2:K[UBOO+V4L MW]5HBLA4&J@:*6&1E.J%&BEAD93JA1HI81DTI2C4$=W>AVPW1?^ROFG#DC=) MKH"2#-=.4"?OF>$02N4_?1QGW->4/#U8=5&=T.;E0-5*" 9LTIXQ3R+ICW33N<@ M[RNKX\_6K7I+G!_RADE]\%%LM?#HJF^=I6@D>5J1!RAYO_&TF*[:6B?9G9[V MT*SD>J>YONE6@_U($EOPYYGO3_Q2BFVSGR?N!K0P"]')-@.&RWVY/"R,UU-] M_2P;9>092!Z@7!YV7AY5 R$-ONMN?[O+R;EY35CXY=8 M]^57B$X^9Q_G@FXUOF!0@^0VI\X?'KB]#0 M=$^S-+W*Q4^.J5U >)74?_U#TXP+)>)A,F)I^?KBTKSXZ=*$A5_3M TC//S MF&\$,>,P%,^SO,@/@L#QN&G'L1/AWU8-3-]E8"Y0]AP#XZ%EFIZC&;$/LC5L MYC-+]T)?-YP@M,)X>6#^;&#^%@/S8.$YQ[CBP(IACH%J'/C)#@+7L$-3C_Q8 M"UED^:O&9>TP+@/BK<.,Z_57Q,6)"F>G,,\PSM63E@*OWS,RDG! MLI K<&DT"2NX,./*__[&1P$O_N^N4]0T#",R+2V(-[OIV4 *0LO_)K\9 W=TGYK^EP9H-YDT73HR&;A0QPP!KZ'B>83&3&:[C>[%EKQ#U@[EU:E$?;K*>6-(\B'4P9&"1 M++XE@+/-/1_)!Y)MNX[IR> MSG7']EV'&X9N.BN&N]M:["T:+0I#QN&!I?=-+S:LV(^"..*N8?BV$[NV$T7[ M^HO$ANMYKA8;H>X99FSYD>XS9NLL#"+;UV.-.?MZD::UFXH_9F$^XE.#&1?Y M2'D' ))L@F\A? 8#PZHDSTHEX'%><*6Y_AN[0TE\RC.$6^1IBI=_!.0%/&)) M*N)+^(@/\(#Y_>>W?RON7E\G[OW^KBH8Q+Y)!DKX"%:P7'S6]%$M=XWICA?; MFA[&W'*Y'Y@Q-S58XIC%8S 7^YH*4[/=1=$>;U0]5(_ENP;W+1;9H6$9FAUH MMFE$CA?9IA8 :_=RSI\VOG^7HYL(R8CNV0LLQ7=.Q&#A3D6^' MNF-%-H0]L;;H4B7J MUH]!H;QXF.[< I%XU#00Z3Y4*] 2ZYQA6@0#%*1Z&3?Z2 M6H] !_':8G53<*Z,8!0W)=9M@2O^,8$PRL04+DA8N66E8NA7Y@]P&W!/"KB@ MRA7=NW)^V/8FWE5;%GO!+9.[+< Z#\ Z5]8/V]UB"Z@-HAGB*(%+BK*V6/B M+"]@KH+>6#6I4H; MS8<%86,H_+@P5''U.Y1#=J_'9@L"$F-AH^E)KB=TB M43AJ:Q31A$\OA6]!^ UFIAF.TMQ^!%8L3,8HB_DKL[=)=0.W:V'[L6P/'#SY M*@;UYTIS%7RSP#_<HI2,*%>-@J>"IK-1L)2,$]L.ICE-W[APCBYFQ/ST9'-&MF[K]:,$929 M3ZYO\DG5L.\X-N)-B:-93P]00>?L#='AS5SS"$22% M'VRE$*#QAG@)'V':IYP$_X:IA1+E=V"MLUKJP;T )M:?#*CSA7_G&7#M*R^^ M)R%?DM#R[M!CZ\ZJY>S]W9AGP*)G;WG&XZ1ZOG8A:ZYLKFNM89'KP$)O@F<2 M6(S'/@\@KM$BUW#L. KVS@18NKUBO5\"=)S!^6$4!9$>6E[H6"'3 \\-0O!B M+#N*N.FMB 5V"]5$H':VP45>S(TX,@W+!P?:\G67<\Z8X5J!ZX9\7U=-U[U5 MGO2)1L<\A^G<,&% EA7J;F"8D1^9FL4"([!->]\XP;97^:';# [,Y1<>\N0[ M;O2N'=?\DI;&?,Z]D!D>L-*RW8@Q'CI<8Z;%3#TR5R49=IIC M..@P6.!#+*WS*' TB\>N[\2Q&\:^%YJ1YL;N*N)M82ALW]]A&-,$^M8.??.% M1QUZVXF8Z<+D<70#W'J..=)8"UP=6 CFT.BH0V^U'7H,M<3J)GZ83M0OO(1% MZGB>_AMT1-$?:;R,HGF><&CJT]H"%/X(:ZH 56[K.C=KM:3(FB EU3#FARS-;>)L)7 MBY(0?:ZG^#KB7(@2@@?8G$EY?8$[,_![.6;A]/>M:*.*#U208!(O4VCAH ^> MGG^EM/R>^4F>Z2D93?MA3KNGO!_0'+LYXNFK[6_M/.W6ZUD<Q8V^X2&R0U MC/-28]TJC"L58:H,6&-3]9SN@.K99G*SYKO.4ZN'3/U$58&OEN4#GPE^#G-X M-KHZZK2B=L"ODRS#G8VFKC9F:4[QK@6I,^-]>5WBT*]!.+9JFF=Y3ZZC]*"$ MA,>_XZG7T&3%NT.HE-7W@X=T7=K#^*=;V/\QV#OB^D[=\2V8TE4B=QM M.X>.%W;P46RUM#S35<<9=6>B7#._/0'S52PC)H M2G7K&$W7=FFEJW."H^:FIMKN6=[\.+N@)9:3G30W/-77NLJR'KQ1V_4]6OGB M(+T7!SL99CF60YQ5Y@)+XFY+Q'BQH#O6MUW/',N<\B53OP&*%"&)+ MF3Q,0>\PQ:8-7L-439_Z;*?1CID<0,G\3<&9KKNJ1Z/_\J'8T]D=DX?5'[#O M0U/WX=SI.)G@/L%9(MLR5=LA5/EAH%JGA.4(9XDLS5(U^W2UB?NT[=+_!# E M+(,^^-$?-5+",FA*]6 S8X_RH&=QIV6ZEWZ(_'2/W?1\U?//4J*:/+'( Y3, MWU@:5#=4XSPUXCJ\TV$=>:=C1<9HAY8+)%;!745T:EL ^)0HGZ W<=S=A;/5 MQC_3>'W35"V'1+%AB;^&#(>./ M^_9]K_LAL@ 6+]&#L>DLCDN=4K+O,"RQU/U-5(* I0R6MHA_YVD^YE'[,/.& MWI!-O\F25U7*10=KN&GX\(0<&5GWG(1P$O%%-7EQJK_UJ'F],W MO^O6Z4OW6SAQ)[I2P]CB5/2,!C3-0 0<<8/Z0A:&V B\[A<.ZSWV-<]++M9R M[#WY/8DF+*V?-I,1OGT3\3@)$YZ%HIG6\&B%H&>2?#+';EDY[RZ/H)[8?KSI M2Q^S[WF=Y1!O5;7) A*]S8L_>5'^*-C!L[)N//9P)KKV=CU9O6D3>Q0-2\N\W:W^ MD?$)^NPSPH=&>$6']?6-@%>T%WZ7CT9)B?5(ZYGV@?-R;6_AUL5OL@@OG;<6 MU@TWY(;E&[&G689C>GX0ZI;E@*QT$YHN59@.RQV;$UC(8Q" M=TQ=W[O]NBW:>I]_H(YI^I'A6'[H6!8,S6>FZ9EVJ&E.H!GZ"H5Z,X5NPURX MZU.("Q%QA39#57[/TR2\5_ZW^??1+N#3;]77KF@!'MC<<)TXUD,WLDPS\AWN M6K;GF9[N^/JJOO/G:@$^NZZ]VBR'9*LZA8NOSH51+JP&FV\IOOYRX4O*.U84 M][A>3MT&7"?BY(ZCU18]YTL.RWY2H8L""SYZ#6CP65*@ PPK'Y(4&W('3+@\ MF?*?28XK!BRK?_(*%]@0DR"WX(S Q=]9DM8Y#W3SN[27S_7\FV,"\=2>\/(1Q)^C\5*MO^6P^PN?M MNR&W>1$FX,^-P/FYAN4+ED.6+=YUYE4T#AE$!-C9/,Q+^#7-0=RW274#ZS0^ MH%DGL>.YL "M MHP9NQQ#H!*5MQ?*> 1B7[F,P:T5))@4U3X7/AOX0SF'/L4 M[_P3 7S^:PX16)*)Y1Z5BNXAR +\/1@&^ Y) 0-C!<@2O(K:34"'XATZ'AD( M^ ;=#Q49P$ ^67!*H:L2$KAU<( 9]Y$R,H;)<86[]-\%_A9O$B1B1L!"S& ML-%'R?*5(LRS-K0?RY8\EM0F("PXAL?T9Z?2 E=V/M_:"@5)IL0YNO4@4%!5K=6IDE9\&62;\:JQ%>V)\BVOP=Y52,XUWQ9!13J).$;) M"!O$]E=#OTDV^W4N'^6:):"T^0QIPJ6( _E'2%XD L"=@YI>K.*%"[P CW62 M1E,_-\RO,W@:7@9N__6-$ 8L&A'61L"YFXG!O6<$_M;[@61!V%.+!2/3' M)5B/A',0VWQ\*I+PEL/\8*4R__"14:/U2#(QR):8ZJN>U=<\QTG EVT?%GU8 MP8$6!8]%_Z\W()1+U)- 0KGB]1_8)?16DX)S<8@U+LF)(4O@FV>&^BC(?ZP M9AT40$'=$(P6=6P4M):V2YC2ER4L:<)0S6Q>2U&HMXCV&I%V%6 MQ>X4'L<\K&IMKEN6$4Z3IL#X%R9^6,'2 P01W+N!M5_$934;KI2/]9R+IC1: M1O[HHV#D(L>%$",>5*V_MPW &Z69!%/NM](+^&M+?R*!L?ZN2E*VQH>1:9UB MR9KEDBLX$]L06?H ML8@TUGR:@ERBF=>73+G4F*.GZ^%8D_B]F$')=Z[\@V43<*,4?9KK:*\%+,K' ME9B;MZT%5;F> ?0I1!9IMFZNFQ8:R,PTQ]K^\AJ[>YML ";*'YX2W]RZJ] M^2CIF^S1X2@V!_V[R"ABL@P5WZ+\&@*HR_)O#;25)EL>XRW?RD#7X#P(S5]- M;S+)4HZ5FC#T3F':XE?JJ N=W]9LKMDGEM1+3/3",@OL*8#MPO>N%U'PNGGM MB6'^#N\ )KFXKK\^]>".,PD_9D*F13V7Q&Q (!_ 8\N$5_YF+O&O%0B6%5&I MO,WA'W"5GEU\>//U[<7SE0-LJWFNK 16TI6F\!Y7$USTLK9"A42 I\DL9]FV M#3>L;+RWVIG-X6;@K8E5;-4C1'";5/BD$>Y,I,F?/+VO,_ 8IPI;LN"()G [ MD>??>._I;D=S?D $8^AT/H@RF[BK]HT?<"=!ZL"D?HPV]"KD+_44S&=[#;Q)!6[,D*M]1[06I6&,/ZD6EPB\/-- M&FH4*@(=84]/J=+9M,KR[/(P(]CHZQXQDE\U K99HDGYP NK-VZFP7TF4E!U M1J>>K7!;B'W^7:\=\:2:B"AIEC^9V=)5;)E*=:4E68C65SX:;A"R-)S4:QM@ MA<5\9J87$RP!D&.V:[@)+G:$UR>$526=! MW9\QND N_B8R?B+4:I*$7^=6Y!E>\0XB$ECJE6_@D>"8W\!LP&!LO@FE_.]6 M>>OR8X:/?9-%\X?6SYP_$O[8/*]Y7/VT%1M>K5T;1S><. Q\VW4LU_3\2+D;I6UG6,,)ZW:-@2V%(1RNVF[G1VQCDF X47B/Y3.1F- M6+U8KHAVV_YH]6"3&&FP=++@*>!JHH6P2#3'/UY?:!?B]W+,PNGO6VE!%1^H M)2^2>%DC"X=J\%CB*Z6U@ST_-3,]D*)I/\RUN,_!RU7G0H]Y_&F_YQD[/V^[ MX[R;]H%"C@:N23#!JK#E^M/^VC_1.I_LX))4ZZYJ?2>R)D_1[)O9(H[WD"HF MJ^)?\$SW$Q3\QSSF_ 63"%+%?59Q?>I0ZIBLCC]!S#/7UQ.4_4N=B:T5O4-_ ML)-K^C OU^SP.L&"&[V]8)Z"YRAL.^&KQ$>S[J\*O'(^ZC_'FFFC/S6&L4J8),3\.R571XME>*#UV"V%9=DU"]/O+LH(1E:$PU/4(%3,FS@Q*6 M03'5M,_2GJ2CU*"$95 T?>809^E6H]AAST+2N<]T-BWJ?#Y[O'FHEF\/X\UI M@'F)C\43M$=/A9*JHTX)RVF["EBZJIVGAN/9!2VQ4""@Z:N.=I8:N6<7M,1" M@8"Z:IEGZ7!T=CE++!3X]TPGY/4^?1AGC.(D34]C)L_3LY=<6>^3;@?B"UB4 M@C+R&1,Z%3,YYV=_L,JQG6 M%<7K$N\1%Q5V95JDUVD10_5,0I-RH#JGA$7R;W@ZIX3EM/R;E?'77TD62BR2 MA8/7/"4LDH5#V2M[1[F(B=HN@QJ>P#)2PG MWI6P'=74";WI/E"M4\)R:@;JJN_*U\HDEK.]5J;J'J%\U$!U3@G+B5\L\RQ" MKQ3(%\NZ@^6T/+54TR)4%&X@^V6_R2*,5+"<. -BJ*3>.!ZHTBEA.7D54%<2 M4&(Y&P%]2J6?!ZIQ2EA.78*1//VHAV62IR?@J:=1W] ]>U!V\)VRWR99$B9C MEM(XMBC3'Z>HJX-O\%!/U/5?Z92PG)R NMPHDUC.1D#'DP<%)):S;9-1ZD@C M=\FZ@^7$1M+NZA+=W3VR3WEV^29 M#%3IE+"YD7$BS8^IH&3^7LRW5,L[RUO3Y(E%'J!D_CX; MXZKFGR4$(4\K\@ E[_?9$=6]LX0TAPT>SAF.R_G1Y_EAJ+YVEGVA8]'J!(D M:SW4@VS;&K;X4'SY6UZQ5(F3.QXI21;FHU,7GMEW\*>>_H!/B?))D/*M9L[3 M0X2!Z@G"0GFB2&HVKV6;K+DN<@>8!RDIQF MO+JIZNY9J@F1IR!Y@'*.G&:\SPQ5\\[RTN)AHQU*F0LYF08ZF71=U?Q>+3BM M+,>+BH$$6\*8_A@4RHO91:W/Q?5*R-.T0??Z0KL0OX, PNGO;8G&;)2D]R^5 M'[\E(UXJG_BM\B4?L>Q'57R@EKQ(XE>*N+9,_N(P=@VS&FTV8&KCE=(:[US= M4WEIV@]SK>Z3O%F56SKFE-[O><;.S]LN5[@V^=3<+>19Q8OZL@\L*1[R9(NO M_9.E$WZR>275NJM:W^5EI>1/T>P;;#HDN@_A/:2*R:KXER(OEQ+!6WSOCZS@ MK.XO]0M+=CE6)E7S;7H]!:RNJ8[7U2))DG.=Y9Q)J$@&>3U3PM)5SEFRJUPWL724<,]\0A4N M-F"593![1S^;>GW6LX=1ARI\^3",&LD><52P'+BF$?YHNJI)J4'M0#5+"P!XPR=4#;[W)4E3[6! M5):\HA3OD,\JT)E.&_((CJ5:!J&2P@/5+"4LQV"9HQH6(6=TH)JEA.4H>T"2 M81++43=]=-4SSU*41>[[= ++D3BGGZ72\,$YU]V]G[KE+ <8XO'(G\>@D3$ M(QEW.,;9U-=-8O'.P7=\WB&4&,!4O%3R6(GX."^3'*I83E""2KD7J&KK^25)-8)-6&H5Y*6"35>O6*SSO*)1)D M@N%0"09;M0Q"N_@#52PE+$L\;8SE&SZS M".@W6=:-"I9CY!0\U;8(A4$#U2PE+$=BF2<3\A++D?=\"$5! U4K)2Q'V?,A M?SZ"1 PD&7":G_:J6$Y2CUMBBE<.3^#S$LQ^CE0RC6'LB+ M/I_R[/*/JZ]7RG4.J+(1?(M&V",S"@>KC&2KNB>W?"268[/,I.23#E2SE+ < M@66$'-*!*I42EJ/T\7$(90CEA@\Q+,?I'$5]V3S;CL^815&275_6?WNI&..[ MDVT#G3DJVG?HQY^+>1'QHHU/*?,TB00DP(+_/2< ><.4/?@HYI-%=SW5T\_R M#A]Y]I '*.F]#;U-YRQK%WGVD >X8!/B?))D/*M)L>&=,[?CB;BG2;\80=E^X;J6&?)XI)G$WF DNX[ M;XEIFFIK9^GX2IY-Y %*NN]\SD#U34GV3@*49-]];U!379]$I/ZTJ.!LD;HD M?_?)[ZK>>;;&3\/]5BC_HF(@M ??Q1^#0GDQNZCU^<. NQG+OR=EE<3W36Q] MPY4X3]/\%L:BB"($I8#US!: MV-Y93OU[^LF\4DI"[CZ6K;1[MCWX X_#=533Z6HA+LG4 3'UF:[J#J&*,$\? MB:Q>V/&5'W\TR+>NZK]:]RTCVAG3* CGX8LNU T@)453PM)1TCUS5<.GSKET MUP.8A\H<[/#:Y\%+N?Y2<%;Q0JEN6*;,<@NG\"SV'37MUZ3IE!<[^"BV-&,'*_( Y3$WX/XS_QNTIY.HD7.CT[/#Q%: MZV=I+4J>.>0!2FIOHK9NZJJFG64KDCQ[R .4]-[XUK"I6GXGC3>9I-4CKSL? MY Q,5PN D2CQM^,[]G2VU X_C*T\?L,\2^LC\K0B#_!J)$2%DFI7JB1$A9)J5ZHD1*605/J)'7?%ZNI8Z'T,"\K M+#3"1CF,$NNDX2>EDL>+QR^2[#LO*VQY7BX5=5?A!MVKA7%59PI;S);S,EX&E^>]6J O]FX5JLSSYB]\HDK1+XB*?W2I3$,2^4 MN,A'J^Z.WPAXR"8EQV1(D=_RHJ[QKF))]Q+QAZS$ZO8X9$$MI7BL[O8YZQ%)]]I?Q>\,N"QZ!^D,!HDB5A,@9X M09Y%I1AXF+*R3.($!01 (B7/$$HB;CC_JGA*!&,N9:UY63=1EL.4:EVCGW>U MU7Z"9M_,[#S>@["*#YN7=9WC%O!RYV<7/\/*>,]9(RY>_O0K#@& SE4ZL.<4.RNAGU',."GKFJVTJJ?U([+%\$[_R*X MKJNVK.+138#_/WOO_MRXD20,_GX1]S_@?+/?M",H&_6NLK^9B.ZV/>L]>[K/ MW=Z+BR\N)NK9P@Y%:D"RV]J__K(* %*H$A*) 5*W$>;(H&JK,RL?%?6F;LW MCVWCS;6^B^NQNG+XAR"@9Y?F3G'A[83D>FQ$Z8OF3 MV"IGA^.6P_%Z-O/SBSB7=T_6:;H"#U-2_[!<\_@ 3RS]V;V!J?Z M>;'W$;37T?NI/86R.I\ ?X+-O=]%"2) >3U)XG+PW#1X ,_LOC.[8S[*V4DV M/'BJHR4_3 /"MFFG)C%PN9X1"7] MH&V<2D]N(B1V&G7C+)UGF21+1\='9W/XSU4#S!3&J@Y\G,];G'YA/A] 8?[' MR]+[[-?J_N8?XZ&>+3=4=Y#Z<-711-"9S+N2^4/QQ_,G\B-]H*O"N;$_->[: M_G1/L[Z]VKE]QCHYWW=:98KO* R#/\1RD,WG.&^H94^P4-M2>5&-ML#/\ MT!3AWTKPE6J_"=PE_5D7X^B57("S=#'3X)ZLN4,ATL=E#OX"7ZGUJHX1(AQ4 M>.2Y-,#>\SKH")%S?<-IPC* ^-Q#@"4CKDZUN/K,[C4.X&,?^*C! ;T*9[^$J. MZ MA@3+B_8 GP\9AP3+F:6>!1F'!,N9I9X%&8<$RXMFJ9,-?;Z]U)-/\1;4".K" MQ^81X^*JB"TEKG4YG_AR=EE<=_M5G%VJTW:I-KC,! V]-O3Y4WQ(L!RBJ F/ M)!W0*;QSR>? 8#FNQ!-XZ+SX_"D^)%@.4\9)*1LXEVTG\!1F'!,N+9JF3C67^[4Z;7?^O13&_Z1QY_^[LRY^J M-S60K?1"R3@D6,XL]2S(."18SBSU+,@X)%A>-$L-H8_H]C9D]W;3W]9?VG#' MFAQ< Z6SNW:$/GFO,!]0*/_AZWC"O.:93_?6710-*'GY0LDZ)%B.*PK9@#HE MO5""#PF6 \@W]30WE@TSC'KL>Z*[=O'O]UUG=MMYLHK]Q#5WIAW/ M0#Y?OWN<37V@ZWR9UT^: MUS?5Y8XD%Z>X"\XR_LSW6[2]ED]STN8X,OZT$@"B)_Z_\0[GNT[/.1/PU+ < M-_R%1ER>:GCB^=!\2+ <( (&W@ :4@OP#>">LTHGSG,;K7)UQ!M,AX3G,RS' MDWD8?+^AYY:>S! >O/LW> #/_NE 2LT&SRF#!_#,RF=6?B8 GEGYS,K/!, S M*S]S5CZ"64_7@[J7H#=F;=3[[WZ>E5M'OH_<#>ZQB#GV;@?X,C==F+'?:J.< MX,WS3[1>/))2#2%G-C@.'#R !V.99[D/Z@PQ)4]RT&0_BNAHR8"7R_MG];"R M7CE2Z$D298/GP,$#>%8/.ZL',5)\$$6BAU$/'0?KV[D&I-UZ-WXT9?;M\J'. M][?=H'HM_[68S8MP4X'QX5*7_A)DAR]G?VYJ>?0\^X_%Q&OK[WYN';>?)S]X,W\]<;_J\I\^8?C'A(0/RWHF^/$ML / M^+'4D>2OP0. MN;/"_>6KG[2=_R-'.3/>>\.HI28XI;C25ECF"792L:^ AR>1AK_Y\)>O+-!$ M(DR G1>3HOKN]SS'7V7.6Z#->/:7KR[(5W\5& E)\CSO7?F#@46*,XVDQ,X' MJ@TSDGENM7+PK_2$WP56Y9SD&X"53"",-P+[DR[*[#]3C_;HG[^=SH#SRNSU M%7!6>:>Q;\=Z]FL"(5W M;VXZKS9O_@#;X6-DG24GM-CR >J4G?_X^2[_/ !D@I_(FLK&M//AX MZ;,0-8QV=K/.LEGN,WL[3I$Z+K+=\)B=R1(B #RD]ZDMX&$M@.":YJ M1(XRD$;9['+Z99(9/YY^^:;5N=GKE6=CH>&5OLD6XWDCCEP1@B^S4$ZO^D:/ M;QAO]6+FHTXJIU] J&27^C-()Y _LPB_U3,_&Z4E)T66S:?PW7@-QK<'^\A7L MS?@W*$G;_+T5KXW2%Z.9+XMPE^]6S((8:_L^Z^C$5N\W.C7/_ZWEU8=$$QLE MW1?L/*0!][CY\,[S;1>/WK3M+7"G+ZO'HE3=TGKHOI;D\-%LKS-9=R5KK1T? M0-E5?3I@$C\R 7'+KA?\: 7V[T SWH A'-7%V,^>\#Z9P=?K#<"%?="9?35B M9.C5>T.B\Y!@.6&>$P.ZN>B8K2*VE^5[Z0K1D>4__F%!@D=G:-I(=? ;0O&Y M^N-\5]C ZCD>J7Y4 M.7XNRS[1LNQV$R,T8NC<=>?A>'0;BK[M352?W8W3 M-P09):,\/_Q+F\ZW1$.SL=9[-L&[-, MT1&B@RC='QSW#![ ,WMO9F]PJI\7>Q]!>QWS^//'Z5R/GT)9G0_B/,'FWN^B M!!&@O$[R),[YW-F9W7=F=\Q'^=- U0['XU9'N7YI="F&"<' MZ?;1F\Y/G4-2V@9B<^QD[JF51#*N@L\E,PQ9[?*'G3M"."<P!_/7$?YD"= M^BA@]7SGS!=VC#KK/2R+$JN-Q!Q@=L0)XT) #UP-K 01M&XUO3 =;HD$]A"3 MWA#$J=12<:T(ETY98X6Q#V4O)E".^>.6>).%:9G]/KG68(G#ABNNJB77'U^[ M>(0KG3;ZL3EN^?/$+LK2-\^L0\O-3].R&K=Z+IYUK#XLQZR'; :L?D8MWK!2 MQN3 Y\P$BKW4U/+@B,0&&,7ZL/F VP8,"L$8ZT7@@Z$_+0QS D(#!99C;ZB@ MQK H^P3U 9#MO.O9?$L,RVTP3)608G@8KG]Z#V^,LO=E >__OS&'_WA45U_' M@=.P:=0.PKV7(*(M"\HBBCS6@6'0."%WEFKJY6-96F%YZZCKGI9PTE@/AF@G MF0"S"E'0*A()2[FS ;"EO.L[!+T3FTL0Z8^5(\?!^MNXD^#7./P^T5Z/&X?M MX)V1/!HKTGML*>!1&D088LHCSG&N>G3[;MP.PPNR-[QWUW#BB \V-U@%(KFG ME(#%(2D8M"L>D(OZQ#(^ERH^*^&TP?A]:-P'3H@ZTH.-2Y@ZSV##!:,D( MY5@8+9A@QC[,'I6<$=)O7&\#WI-C11K.>WBDKNE#;, MV=PRUM,R91MM&)F,]<=YCHZSWYI.2-4SH]B_9C'9 QZ;@>N?TZ@=2\\+D.0N M%PQ9BG(J,6/ BZ _F03U\, V0_"B(H\UK/L /V%,*R-=$!I1P3'EGANIE<"$ M:6,YTGT]DK92+SE(D,=:=,\,TUA['70.,C475!BN%78&%#CF1%BN^BS!;7P6 MA/&C%?DSPS1S&IQ#X:4@BC*KE/&Y!^[&WDGIT ,#I 3<'K7>YMX'IJ>33Q=S M7UYEOQ03'T^#O"V]*^87O_G/T_'G>%5E]44&RZQ(\K]^]5?&E__?791._+M0 M/[U$#-%YD!);#TQ'D16:"L:D8X$K!BI^74.T?U3C-).^_J.8_6,)TNIO%3B; MW+V\^I\N(EMP.XS71<)RS:/(7T69&EME,6OS2/0T#[>CQD$[WB]X*1H3A1!L M66KS ,*2:DMM,(Z 3NIEIY6PP^[X Q1A?)'+BUSU(VD-T)MQ]W-LG>-G\^PW M>#YV/GN?+C[-?IRX/>&QF2%.\'I>#0^C=X*6) >;G.8&] M%#IA2(PYX]5++ MW(0#<2'KDB 8S7$OAD(&-K@/E"(L^+RB7N=KW;J?W[O9- MR]F,Z=]25\Z(SH/A>CG%/=CF.L=,(2:HC&E4+RU84EX+%I3+;=[;/O'HLG7S M@CK*2$]F@%SKB\\Q+3[*.ATMVY:BG3Z7D10QM1*QO1:[<=1VT/AR>K<=L&,P M(82Y8RY@BF@NG+;24H6-!T MNG@OY&,YH@YD$D:24^V\1%;;X"D.#F/J^O*QT;E[#/GP<"4H)!3PI4V2@>B62ZMYU3V2+@[]'GFR%V_0\A>*" $T2%F< -EE!AN M8FK&"A!P6.% >FRD1PLXR,?Z"/#0,"= MR7?+^G@$^:QU C."B562,A/ 0[$!>^Z$!V^EK^7XH\EW-B_V9UXXCIE'5AE! M O6&2,PQ1@;\>?B7TVT,](&;%X^T\6>SU+\?9HM C;(?])7^Y&?9A^GBT^5\ M5-'FXKTO9]/)!,CR8:Y#B"3\6SE=7&?N6_.MSG[]S_?M#TNR?5B865KL//OQ M<_QW/4%GLPX0-0@5!!5#M?14EJF -&(LITA813P*!AEO+*/,]F1=5"Y($^B" M3__XI9C7+>??ZIE/5%BNKEE#6ML/;U[#NIJO:J*V:TI+^GAS70UQZ_O=-]X& M#"PI]NNTG'^"'YN#L>W5&MGKS[H81XI?A&EY,=,/<=G(0UVV!JXW":S.A1\- M4#]-RP]ZPVX%2Y-IL#,]Y3&[ZS0W"F.A%,V=\9@\*U/G$1@['#?L243OAQN4 MEE@Z1&#'4R^L<;&&,6<2*9=+?@C5>V39322CJ^[+()EB3U&=O3 %-KEQX(AJ M93T%#0ZB(9>:YBK&Z#GM50 G&^XY<\,&;J"YX,8KR[4EE 4OP*Q.TDV#0>\H8"WQ=->:QJ$0QR_FI"7+\ MI%N7:Q,([$?"/:*P=Z7@.0F:Y03,<7V%,#<"T4#"F"&,9E+0ZD62 :*K;(8::ES&=95 M0)Z]M4=QPX^SZHZ^="]C^T1GD0-PW7(L86-'ZYRI>&!;RD# )O.:.R$;W59WD3Y4/UR6"I3("Q3SF"!:$(L77U^!M)U*RAJ42L:A ?2B4I)1VF8-_/5EZ?Y]A/% ;GQ/#<&(T0 M=9QK8@0F2DB,O&/X$ GZ^UVL%[.5MU+LN_#00>(Q0@EOHEC'.>6YDT)J%+RA M&"/)T#:.V7Z-@(.PQW.7(0!^_I(7+@9W-@ MC^QQ8$>"X8 $]CJ/->M>($V"5X:88#PU5O58BP=V) ["'N#YXF'*D&/:C$H[ M[HA%&E%#M<3:(&VYP8@[K6G8,0QP*)MQN+1Z:GUO8LT2R&^.G*3$!\6TP2RV MY.+1^>_M4+2-S7]6UD,Q^#VGA#BD, ^,6FQU+JP $CH4+%)]._3 &;:SLC[2 MW@XZA]T-E&;64.2I5H$+SSV3(= @M]'#)ZE$XX'YMWIVF;TOIY\+!^0S-]FK MWV?PH9A\G;V[]O'\&NC'UW9>?.YM6PA#Q!&: =[6-93?J@S;'LJGQDW@*&=8"4JDHXY+Q7+' M/77:>C 75*\0VJF/DB2*'Q@W56//!^%F^6H?;H2/Q3"&6B\ME00;S3W/B<6> ML5RQWD-SN_#-!;W5@6![()\:-1J8XS9D&)#A#>V(U.S*. M$F2K3=4#Y5/C1I+8(X70H$BT'JER(O MW>EQ!;_\G'Y(%;V=/(SA'F85.,#2I-+Q;#B#'6%"X)3V%%3NVA4-B=N+:N%X M.-S(Y%I;JY45.!&XJF=YHZ"Y<1+$DAX";/-PU5; M8GCB>CJ)&>G."VF 7;V7;3%Y/\[ZT;TE)JFEN= (*6: >6";2FH8RC7&W,+. MW<@\)X;)^WCR=?;J@?P(W!?K%QDCUL7.9@;%/L)8(Z>D,'TG&Q[$CZ^?'(OO MYI>^S.*$I;_TDUF\([YZ(WL5W]D=<['I%J@X84!9!-C$6.N@@U6:! I.PPZ8 MZT7&:VL75XLQ/.(2["N@5P#M'4F_^;DN)F#S_*C+V 1AMBM2,,AR[U @6+.8 MEU,@VR0R3AE!&=AIFSO"W(^4!L &OBTKXG957WMG%AQR&7+%%>*:$AVD\5@R M([AU@@.*=A!6SX=92 ?"Q"R[VPQ[ M9Q::8YP'Y+23&CP"+44(>:"$8X2)<#W![EOF\P"9Y>#F +,*'&_,5!">:B*4 MD31*'4Z0%GJ+\,2)F0/K%?]CL"B^=46:MB]DIG#- EE8@T'1@RCL9F,&]P9^= M1/L2T@CHSY,:S %C)*KT&%65BS#@HV#BA S3UB-AB# M FDB'/2P8O&#*'97 8D0S YZ==:JO8>V#..KI M->#>#2Y-+/*(<$,5I@),3]!_AEM!K) MK-$6O!=JN4:A-VR_BQ1_V+;;.8*Z/[5FXH4>'*$\A_VE.=9<.25RXDP0 %1? MGGHWL_PYJ#70^ :\%!6[*% P 0R7/%AKO" !:=8; 'A 5.[IU=K^^,HI*SAS M8#/1 "@3QG$/K"4LYBC78O/M:T_/5\U5DO>%_YMG:DG=QG%SQRF//=5%H+E7 MVBN<$]A?)%[=UW=5P&Y)@'1AU!V1L0K-'I"X(#+L3FVB.=&>V$H$A%8#79K+(<1""3?HR^NRRG!1UR/ MDP@\M&A*QM.#FAI)5].KWT9._BV'>93/WD] M6^@Q_/'S9+8H]<3ZF*UV"SNOVJ+?*W?6(80X!#B(\?\R#_W2UE#[-8I9+B2W@ZX4LUU&_L5V ;@\<:OFM\@>-@>$;-+>0!GK\(^JH8 MWWR7_?EC<>5G65SH;],K/?GS]UGZ?5;\M_\N0_GU?.5V]&:,[N7L\;J.(MRT MS\4!5B;[XN/][?&^\[%KQH\_?Y=%<[.PU:NQ0^!D/@;^G,T6X)ZN1?QW[2WG M6;K"/(X81_AYDKU>? )PV@),5:>CVY]%S:3./_ZNTZI=/93J:_\EVGYS^PB>WNI)[%EX7R:)NX\]9L' M,[P^^9^NANF?993!3Q&T&IH.?!\OBUFVN':Q*AL>GGZ.\\ DKIVDO#U)_%VG MXR>S6,D=94'\JH0)IY/Z$=A'L^#+66;\_(OWDV5I?WRZ.9,7/W$5'<96@T),)2%, /9Y3BJ!?IQL[(N$^%9-T280. M\'CV ^S/*& SQ$9Q:!5IZ5.T34]NXB2VND44MK"OB04O1Q16LU>)-$ WCPH=OLBC#KLMBO-7T= 3H=T4H;,4X/U_! MUOAN_>P<,\6F4_FC$X#H$I(7\/<(2 M.:97"G?7 AR@]KR6Q)TS7V_U610:L:X5H,]J!H1!"V#8SU,+FPMX=@P\&K^L M-])R"Q83X)K"Q5W2LJ&&.>(^GG>W((B$N=G:==E,C?V$)Q70Q&]_T()97RFQW M'NTJO?8*F?I) *9WR*[BJF:.2TJ;.D(Z QW9D425"([:J-T&*Q)8S[J#?=/] M(XJP9+Q&YFP$3^;_B)B).*_ C:(YNYHZ$)51[%6$C4*I[\%:AC=8GM]<^X3C MEN9%!WF7?NPB]2M-VLC.M"2C8W$X+ 8TS7Q: G7':<*R\$#)T1):$' 5(U3[ MJ]+'2<[/%M=QQ/098/)6SSHR/:T?YAQK6VO_9D3P .(GM^O"1PW>9^T#XR6I M]9T#8V!3&S#QVC-EL&M,Q(.=?IHDII]?EK%9<-QMH':G7Q(/)_2N(+S4*6,S MOXS/P9\^NB,)(Y$"E=W2W48UR[VW..DPVG$$&FU^F7E= MPL9<*CUX_:J8)XVVKYGDWO0PWY,>;CYWG:S=_)^E!Q8#];Y,$U[5)^N =T!< MW/&PIB#DVR;C?RM7J^QB]V;'27"(4))[38D0V#.J*-'<]E;9;0[IW3G8VP?$ MOI=B%%5$6XNQYI12*Q7AC#OP^2CGBJQK,;KK.<9[E_+W16) X)R*72NA5?OM M=Y:3'GX7?EL^VGCXW5/X'MN%F91H0#$X'L= MM]XC,M'O;/$FS7QG8ICV78!)NU-^G%83=K(FUG/,F0Y4..IH;(<%NYX1)AC6 M5/16'S]%C>!%C'BNL-S#5KY'HOW>NG?_/AV[=*M 57;/UU$DWCT^W3U< M?2BJVA!@/U@GO) 4XWC&$N4B4LYJ"]IXCX4( %"+B#8T%C$1T;!='),*)H=% MW)_@5?#ULK=).=KUMQD^EE0>"Z=SR@G1E,+>,R#'O&/"*,E QSX^:]N2*OF/ MXP1<>VWN=F%0==Y[6Q,TJ,!<'KRPG+I@0 -3&D!=Q?N_T4ZEK\?8>Q%_Z61-XA*_K=&SV@Y_9LKA>1BB[>;GHM2?5>T_NLSOY MRM1IXG>A.VTS:6?.UQ/7P6<]84^BE',7X@DMY3FAV&GCV;L M:1*E6?JRF#A8]7?9!9+P;G:ERT_%Y&+L WQ7?=63*,WNYE/3K*_0UYVDZ(?% M%0QW$VGZ 69.D@D$;@_AOCM0"N41:> NN\$"&HY8F_2%+3:O@W=M8^7%L9^8*/=&C&#O3,9B82@XN;%,P4<1Q MP8") M78.54(%HIY]A W_R=2YV8?_9#'J],("9*D*>PA55@G#L?8RVZUGVQ8]C,F+- M$,!D0)8R+L%YF,_5<6<8S\ZGY:R368X)FR9T6N5JFHCB-*1$[A:@Z^RS+@L_ M3ZPWK812#.9.%_-9S'S$46\MI8&P"TDWG%F-XE,R '1Z-^#4X#@A:I58B0GJ M@-2H6D#":%;&7&Z$[KHJ?:E"[S'!6M@838X07L5(\ZRS<8R/+]LV?J<7\^G5 M%,CJ[R%J"T@SUZ$2EA%?914.)<;Y]^U>B%,+F9M MK!Z(5"7'W=0N*L25/E$^VH3]NRS1:-3]]4.U1U;*C);/?="?8D"_9XR$QS<) MNOC_O[1/C+)?YNY0F'N$G.I5F]^MB*;$R-K::HF1AQ83O8 MEM(9<3/.JD_W MQ]>K:+R)113@6USKLI)><>"R2@ZF3$-DW2I#5:=0@&Q@CUR!J$2K?Z(#XYB='?)F>2.A[]_LV';[)/?@*[<1P3&M;ZZPBP M;I7*->PQ6UR/FT3:-*8RYWY-SF!%\$08IM?%I!;ZH%]!I%0\&*'4K865O8KX M*JIF7?#H),(][E1> $ E2 +P*=.#(),!RHF/!2-1)T;(4L;VND.V#H9KY+A5 M *LT32]Q9K!QQJY*?^E$&)CWO\#F2P,O*5/S^9]G3:*G883>02,-ILEI;E-8 MLR5L37*L'3.)K#(54&6OJ_&K\'9*U=9,\']UU]0VRH.1%^.ZWJ5)2#6Y)^"U MQ#(-_HIQ4B7)T_GLJP1 ]?;\4L^!;C<1$WWSD.GU6P)BV>FXJ<]*[%G\D6BV,BH,_CDM"_ DA;HV"1)^.JHF$M8F"XKV^K+96%7Y J( M(QN';FB@"^+M$" -@5!HJUT"3;D],NRAB39KN/(B1L!3F@ M9'\!\V$R[47A]+9XLNO)ED#XCP58=B2OR\H.:"4MK8U*:S5"KR4H8&I<7"7! M')$-ZFYV65Q'0VF90Z\8^LK/+Z=5I<]2 XYJNBR+*?2D'CS- H3I&3NJZ5@X M >2-V?9HU$:&G49.J*C:$*GG9<#M9'GR;,6$KFI/ 1>1.=>\O=0H(*#F$>PZ M %]Y,\L_.R7F5=5CNT-J1>1\-#\C\]8*O 6J>3B9UBM\ 69S5)QU#6A=.3): M5H[4I0=]1E)'4:[X&:--&*Q6XCV@K5W?BAO5?GG/JJ/T*"9ID73*B .*P557T7"]1]- MP4RBYCJUK%-U41A7)H^#C6_GR4RJ>.\2=']R#BMNB(61M157LU%/>=5]4\'* MP>.>%^9N&597 +S.ZDW0\'ZGC#G^V:%??.*>46-4I%V?3O5V38"]V>NW-L%T MTN6L$8BAN.04D("M7Y1I5ZUNI@3B;MN]N]S?UM9E RQ@0U]/ ;%U.=]]9(QR MN+*CZEB%J^H4MY[KON$;,5DI]53(UEA:18S,M)6@#'0VWB'Y>E=?^AP2\!#ZPR^^5JC"E5HZ6]^:7K4B[+7Y-[T18IWA&L;0%B MHM]*66Y=B;=! FQB\?U+^J.S?@^4]S)]59"\1Q9K@7X/[ET9J=8M0XRSKV& MT;UG+QHA#^/=7>,7OY6 ;B)C2'S?#+*8C&,"1,?LRS@>D8-7*J\K&K^=W5QQ M7U*I%[&6%=3L58P_ES?)]JZ4J(TIJV2)Q7J^. *(Y/)3]7ICP1WL1$-?M*BM MX>ZD!I99J>S-%/X#IM*KKV+5_E=?]RZP2^:66 5HTEY1F.I3H]);.4R3, )\ M6BP#4%W9<*EGM?56&;-3& RLM:3%^J9(SFTQCS.E8..X^*RZJ9_5<4>@GUOBN/*)XJYHH@L[ MTRS^LD*WV0(V6K4G.KKEQDB[(^G;*8 MU(-?UQ..$@\OYJU7X72,?2Z#@%6H*F6W@;#@:1:SRTJEU%;1,OK<]7Y!HB[, M+%U@/E_)\E2I@=M1V6(V:Y).BXD.H1@75:PQ\6AC$=%B7CL! MNMSP=5*WYK &@I6T4:@U6M=2C*/?/F.5U[ZZYJ(]>U6@&.5I#D610;:7J9';/EX?-.JJERTHQ M%AVU<$-JF#V6FDSL34_.+^[+CG)?(N;NRS4*9IM7,TJ'SMI#8&T!QI; M574> /X"=%U/JPQ5LW985<]:5T_4-R(^0A=MV'L7_1KH88OK1+X[?3L2JMNH M%JC4AFVJ)%U5:%&O!&9M-\9M!*QC_4L=$[M95!%E-/J;.I#Z+.NH_:)!63*A M8+W+N99/5'S3=1WOB=<:/:X*,BX]\";0NB?>WQ7 P\KX+?M2O*YC%/9A9-Q"16!O8?GZYJ'M'Z$[[O/J>$??;JP\+,FS/;%RAVK^CJR+CK;YWX M[3B']5%G>*;]\I=;+-*!I@J\:AC(+0W6SL]U)+*29AW%$C=6LDV[K%-[XEWS M=T5 U^_7N>:4QMJ4I8E:LHHDI:J>-BS:R:K>.<^:CH'?3K*\7YZ\'MVRQ]9$ M(9I"X3K(=#?PFRJ9>B&JHQA=@'1;UUR'\^U*A7TM5U*J%:_R=XO.YKX M7)>.=>YN-:S7R91=I>/\/IYLGI?3=&@]@I7L3AVS"NG0AX+K@:]Y)R5:5G=$636..6A,X&CW+X.VLS2\V#^IZ-4L+ MK,DGICK;:F(0EE/P2#[IIB7'E?ZGK]^[UC=-:K)(4B5MV'K44=.GPU4U#XUS MG/8@.-^K#LID>29^FQ7KK+QS/*,+^Z0VL^NL1&UK5S[)&TV/"A M+J;35=\IGP( 48K$Z'SL.%#MD;8-06/RZG)\RUDHSEK9DM:I%:A#CV\+#IN%%)[G4@/X- M2/'[&WF5,:>;AV:92$8Z)H4WVEK8SI.<'># M',%9O66DW"4]JE7P3IY'G_T\ B2 9$BV3UMG4_/74M77_!<#8!-=1;/!7"I3[*(ZX+.< M*XY2_YU>2_7J'^'+MXN:U/\Q-;-X26]D'\"=J \&+1^$G^+IH(IYXMYOY@0D M+"UXC!,/BFH[CT$GUL=)6U;3;1NC1FJLAS8MD[ HWFPMSS%:_N77%4\T+G8W M!%7>.H>:UI#"P44\_Q)[3RV;,<:O.]VIUL.W3!JM4*$#XMI7O]E.@2S-@W(6 M:X'!CZ@:RR1?\N$>8E(]'<:Z79G3#2A$/Q$!/SRA.SA -RE:8[OV4:UETGVM M_-;T,EV:LBL=\4959#82T)?EM*Q+!UQR$F;953&I,M(KC0)CJ'ZZB"+M;99" M7K-OLE^KO0"E4VPP?M-]2V M5&J9Z>.RT/3GMM"T47(_=P]'W-N_\$[?I#C#1YA@.7X[?#5Z9^SER#!P'+?3 M%K%SW11U@1EOL9"48A9O8A8Y-TQ(1*7NN2YWM_OTY.K%.GN"_Y0QKH2(C7A- MCK&D5AC%%'PV(7 >A**;[Y_:U >,GE%^"^4!AW@9*Y6UM);J%T!0@B>]NXFKRAP.KI,;6BV"- MH-1Y9AR0!NV1/-MTB9>2XAZ)TPOL=-E@IJEH[@4\EN.#ROVQ>J;M M2M.B/5#!E 9VLI2R/*B<&(NQ1[D3AI/-5W!OZGPO">I9TQJX#K1(@8V3W&%. MJ:%, O604 H@"XQ*A=1C]Y'(Q:VK"IY@D3+7U&M)' .[0C&:6C02D,Y&^F?PB/R-AY MD7W='WH7F![\",_]W#UQMB0A9R[HH+ @L"V5@*TF+.>#FM: M-_=S[IW.U''@IEEQ/>+]G9JYT@PCXIUS-MY7:X0#Z61)KFS\J;<3^B[,?8$Q MZA53#P7]U/#K" XYZ#K'%26"2\%MSA4*DN4LA,V=YC?AE[';US*\*/QJYK16 M\5)K(4!\(8FQXYX3R51@2&SN!K^QBSOC+YE_ U(6-+ V8&%2+*S&*M^Q M-81ZY'5.D 4SS".IP3WN46%/>QD-0U2< .F/+[(-"@XVAK$8; 8'#K'/#9+. MYB& #4$VN_Q/<^O)(*GWB/N%]D5.BP)W3( X5O'_M>(:9++E 3&LL>\AYU-= M-'0:)NH 2.J1)@R!CVNTHP[E)C"!52#!2(]]7^3QB6Y2?$JO[GYUV(J;0_@G MZZ/\[;R[F=$2O$(B1:Z"I2%/UZQZ2JFVU#D1>NRJ7>,;>5_\_'!+>[&4U%XZ M(1'A0!DJ,5(Q5\.XI]J!W.U+3.WHB3*TG5GS7 @),U[!KV_C 8OL=?;J\S3& MESM2N'[@PSS>RK2K;-X[_7.OC32Y4'E0E'AE#-">.A.\WM)01[(N7YRF^ZTYW/=C<[COZ7E%+#"%!&*' 3D-*4"6LVUQF<66)_]O";[%7L M7#9PFYA*)03GF$IB* E@%.?!2>HHL8R G;R#QKG/>'ES-EX>QUKM&4+XIG 7 MZ:;2ZWA\]>EYB!--G,/!B)Q128,A,EAKE).,:N]Z#>"=8F++M<>E_SRI%WYF MD<$K).Z4LH&8'.<*I(97.+ 0:V$YHYBY MF-S/P7K)P7ZUAO76 S_ (SZ'\Y^?NV-RPQ07@DAO*8/_""P4R2U5E!C;=\YT MM_#]V=UY=O$W8RAAC+AXP@,^('9SAERL 4(ZHV51#*-*"+!"!>\0SDQ7BK3 M?[ITMP-B+\U?'O)FM]YRA+"0DCBJ)%,R!&$XDQH%'OBC;8SS9G\N\3B/)2-4 M@^L;50$*RN0!6HV!N8BAGB(IF.HI>'L06YV# M+<]?W04DP#32 G/OJ/,$S!Y$#1BNW!AO5(\9_$2'K8:0UY/^TXN[E4\2;@33+AWFP<@IX:F5N2]Y)1'(SD7 M6.+ 31X0$-L@#2K!4LQQ;H2BJ*?YR(ZQD6W/0I]I?C2:@SUI$;)$(2XHEU@Q M9YAC,DA,J,2]1W1W.K")Y'8G:U\$S1^?ACLP.^38::GC8>@@J.),!VTY=2Q( M1,&!?71/A4,EY5X$]^PQTGI@-@*6,$@%[C36U'BN-&&QGQ*QR'C2)U4&E61Y M$=QT^+C:H9F,6DU9$#Z7BII@09/9V.-/YSP/.N]U2DXI&_PBN/"$9!IGRN=! M4L_!(4)64L,$X@AXT'&0

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

[$6#RL'>V,Y[R '>Z&$]N9DM)6&?6#0* 45BL1*084=[.BECU<6 M;Z^"6Y-Q=,MF2CU)1_#N9.KT4NG&9+S9<-H?#E--'+@X?7$9S+CLW94$\W05 M^"H]2C/*-

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�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end