XML 51 R28.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair value measurements for items measured at fair value | Fair value measurements for assets measured at fair value included the following as of March 31, 2017 and December 31, 2016:
March 31, 2017
(In thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 60,818 |  |  | $ | 12,431 |  |  | $ | 48,387 |  |  | $ | — |
Obligations of U.S. states and political subdivisions |  | 2,168,450 |  |  | — |  |  | 2,167,767 |  |  | 683 |
Corporate debt securities |  | 1,747,340 |  |  | — |  |  | 1,747,340 |  |  | — |
ABS |  | 37,117 |  |  | — |  |  | 37,117 |  |  | — |
RMBS |  | 212,909 |  |  | — |  |  | 212,909 |  |  | — |
CMBS |  | 294,117 |  |  | — |  |  | 294,117 |  |  | — |
CLOs |  | 121,368 |  |  | — |  |  | 121,368 |  |  | — |
Total debt securities |  | 4,642,119 |  |  | 12,431 |  |  | 4,629,005 |  |  | 683 |
Equity securities (1) |  | 7,162 |  |  | 2,894 |  |  |  |  |  | 4,268 |
Total investment portfolio |  | $ | 4,649,281 |  |  | $ | 15,325 |  |  | $ | 4,629,005 |  |  | $ | 4,951 |
Real estate acquired (2) |  | $ | 10,730 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,730 |
(1) | Equity securities in Level 3 are carried at cost, which approximates fair value.
(2) | Real estate acquired through claim settlement, which is held for sale, is reported in Other assets on the consolidated balance sheets.
December 31, 2016
(In thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 73,530 |  |  | $ | 30,690 |  |  | $ | 42,840 |  |  | $ | — |
Obligations of U.S. states and political subdivisions |  | 2,143,016 |  |  | — |  |  | 2,142,325 |  |  | 691 |
Corporate debt securities |  | 1,743,910 |  |  | — |  |  | 1,743,910 |  |  | — |
ABS |  | 59,565 |  |  | — |  |  | 59,565 |  |  | — |
RMBS |  | 224,209 |  |  | — |  |  | 224,209 |  |  | — |
CMBS |  | 319,817 |  |  | — |  |  | 319,817 |  |  | — |
CLOs |  | 121,175 |  |  | — |  |  | 121,175 |  |  | — |
Total debt securities |  | 4,685,222 |  |  | 30,690 |  |  | 4,653,841 |  |  | 691 |
Equity securities (1) |  | 7,128 |  |  | 2,860 |  |  | — |  |  | 4,268 |
Total investment portfolio |  | $ | 4,692,350 |  |  | $ | 33,550 |  |  | $ | 4,653,841 |  |  | $ | 4,959 |
Real estate acquired (2) |  | $ | 11,748 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,748 |
(1) | Equity securities in Level 3 are carried at cost, which approximates fair value.
(2) | Real estate acquired through claim settlement, which is held for sale, is reported in Other assets on the consolidated balance sheets.
Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3) | For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three months ended March 31, 2017 and 2016 is shown in the following tables. There were no transfers into or out of Level 3 in those periods and there were no losses included in earnings for those periods attributable to the change in unrealized losses on assets still held at the end of the applicable period.
Three Months Ended March 31, 2017
(In thousands) |  | Debt Securities |  | Equity Securities |  | Total Investments |  | Real Estate Acquired
Balance at December 31, 2016 |  | $ | 691 |  |  | $ | 4,268 |  |  | $ | 4,959 |  |  | $ | 11,748 |
Total realized/unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings and reported as losses incurred, net |  | — |  |  | — |  |  | — |  |  | (163 | )
Purchases |  | — |  |  | — |  |  | — |  |  | 8,683 |
Sales |  | (8 | ) |  | — |  |  | (8 | ) |  | (9,538 | )
Balance at March 31, 2017 |  | $ | 683 |  |  | $ | 4,268 |  |  | $ | 4,951 |  |  | $ | 10,730 |
Three Months Ended March 31, 2016
(In thousands) |  | Debt Securities |  | Equity Securities |  | Total Investments |  | Real Estate Acquired
Balance at December 31, 2015 |  | $ | 1,228 |  |  | $ | 2,855 |  |  | $ | 4,083 |  |  | $ | 12,149 |
Total realized/unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings and reported as losses incurred, net |  | — |  |  | — |  |  | — |  |  | (293 | )
Purchases |  | — |  |  | 3,091 |  |  | 3,091 |  |  | 12,267 |
Sales |  | (36 | ) |  | (2,525 | ) |  | (2,561 | ) |  | (11,274 | )
Balance at March 31, 2016 |  | $ | 1,192 |  |  | $ | 3,421 |  |  | $ | 4,613 |  |  | $ | 12,849 |
Carrying value and fair value of debt | The following table presents the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at March 31, 2017 and December 31, 2016. The fair values of our 5% Notes, 2% Notes, 5.75% Notes, and 9% Debentures were based on observable market prices. The fair value of the FHLB Advance was estimated using discounted cash flows on current incremental borrowing rates for similar borrowing arrangements. The fair value of the amount borrowed under our credit facility approximates its carrying value. In all cases the fair values of the financial liabilities below are categorized as Level 2.
|  | March 31, 2017 |  | December 31, 2016
(In thousands) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |
Revolving credit facility |  | $ | 150,000 |  |  | $ | 150,000 |  |  | n/a |  |  | n/a |
FHLB Advance |  | 155,000 |  |  | 152,757 |  |  | $ | 155,000 |  |  | $ | 151,905 |
5% Notes |  | 144,948 |  |  | 145,051 |  |  | 144,789 |  |  | 147,679 |
2% Notes |  | 204,900 |  |  | 302,165 |  |  | 204,672 |  |  | 308,605 |
5.75% Notes |  | 417,695 |  |  | 448,906 |  |  | 417,406 |  |  | 445,987 |
9% Debentures |  | 256,872 |  |  | 332,436 |  |  | 256,872 |  |  | 323,040 |
Total financial liabilities |  | $ | 1,329,415 |  |  | $ | 1,531,315 |  |  | $ | 1,178,739 |  |  | $ | 1,377,216 |

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration