XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.2

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

June 30, 2022 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	489,448					$	358					$	(19,660)					$	470,146
U.S. agency securities						2,000						—						—						2,000
U.S. agency mortgage-backed securities						867,198						21						(83,781)						783,438
Municipal debt securities (1)						581,406						2,158						(42,792)						540,772
Non-U.S. government securities						71,378						265						(6,508)						65,135
Corporate debt securities (2)						1,463,318						361						(109,569)						1,354,110
Residential and commercial mortgage securities						591,239						87						(45,327)						545,999
Asset-backed securities						645,854						26						(27,765)						618,115
Money market funds						240,625						—						—						240,625
Total investments available for sale						$	4,952,466					$	3,276					$	(335,402)					$	4,620,340

December 31, 2021 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	447,926					$	3,833					$	(2,966)					$	448,793
U.S. agency securities						5,501						3						—						5,504
U.S. agency mortgage-backed securities						1,005,611						13,365						(10,113)						1,008,863
Municipal debt securities (1)						598,764						30,122						(1,287)						627,599
Non-U.S. government securities						77,366						3,232						(855)						79,743
Corporate debt securities (2)						1,428,645						36,067						(9,465)						1,455,247
Residential and commercial mortgage securities						541,638						10,452						(6,667)						545,423
Asset-backed securities						582,144						1,673						(2,114)						581,703
Money market funds						210,012						—						—						210,012
Total investments available for sale						$	4,897,607					$	98,747					$	(33,467)					$	4,962,887

						June 30,						December 31,
(1) The following table summarizes municipal debt securities as of:						2022						2021
Special revenue bonds						78.0		%				77.1		%
General obligation bonds						21.9						20.5
Certificate of participation bonds						—						1.9
Tax allocation bonds						0.1						0.5
Total						100.0		%				100.0		%

						June 30,						December 31,
(2) The following table summarizes corporate debt securities as of:						2022						2021
Financial						38.0		%				33.7		%
Consumer, non-cyclical						17.1						19.8
Communications						9.9						11.4
Industrial						7.0						7.0
Consumer, cyclical						7.2						7.0
Energy						6.8						6.0
Technology						6.0						6.8
Utilities						6.0						4.6
Basic materials						2.0						3.7
Total						100.0		%				100.0		%

Schedule of Amortized Cost and Fair Value of Investments Available for Sale by Contractual Maturity

The amortized cost and fair value of investments available for sale at June 30, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.

(In thousands)						Amortized Cost						Fair Value
U.S. Treasury securities:
Due in 1 year						$	108,482					$	107,709
Due after 1 but within 5 years						336,849						321,947
Due after 5 but within 10 years						39,085						36,247
Due after 10 years						5,032						4,243
Subtotal						489,448						470,146
U.S. agency securities:
Due in 1 year						2,000						2,000
Due after 1 but within 5 years						—						—
Subtotal						2,000						2,000
Municipal debt securities:
Due in 1 year						5,969						5,971
Due after 1 but within 5 years						135,891						135,078
Due after 5 but within 10 years						179,701						173,078
Due after 10 years						259,845						226,645
Subtotal						581,406						540,772
Non-U.S. government securities:
Due in 1 year						10,451						10,491
Due after 1 but within 5 years						27,720						26,989
Due after 5 but within 10 years						8,885						8,440
Due after 10 years						24,322						19,215
Subtotal						71,378						65,135
Corporate debt securities:
Due in 1 year						250,985						249,089
Due after 1 but within 5 years						650,651						627,318
Due after 5 but within 10 years						425,659						370,729
Due after 10 years						136,023						106,974
Subtotal						1,463,318						1,354,110
U.S. agency mortgage-backed securities						867,198						783,438
Residential and commercial mortgage securities						591,239						545,999
Asset-backed securities						645,854						618,115
Money market funds						240,625						240,625
Total investments available for sale						$	4,952,466					$	4,620,340

Schedule of Realized Gross Gains and Losses on Sale of Investments Available for Sale

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)						2022						2021						2022						2021
Realized gross gains						$	171					$	18					$	12,747					$	768
Realized gross losses						(173)						(271)						(13,264)						(380)
Impairment loss						(469)						—						(7,306)						—

Schedule of Fair Value of Investments in an Unrealized Loss Position and Related Unrealized Losses

The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:

						Less than 12 months												12 months or more												Total
June 30, 2022 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	351,173					$	(14,844)					$	75,530					$	(4,816)					$	426,703					$	(19,660)
U.S. agency mortgage-backed securities						580,870						(55,313)						195,262						(28,468)						776,132						(83,781)
Municipal debt securities						379,124						(41,896)						6,161						(896)						385,285						(42,792)
Non-U.S. government securities						24,663						(2,893)						12,551						(3,615)						37,214						(6,508)
Corporate debt securities						1,087,132						(86,308)						128,734						(23,261)						1,215,866						(109,569)
Residential and commercial mortgage securities						444,392						(32,637)						93,519						(12,690)						537,911						(45,327)
Asset-backed securities						538,273						(25,420)						64,208						(2,345)						602,481						(27,765)
Total						$	3,405,627					$	(259,311)					$	575,965					$	(76,091)					$	3,981,592					$	(335,402)

						Less than 12 months												12 months or more												Total
December 31, 2021 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	207,122					$	(2,170)					$	28,012					$	(796)					$	235,134					$	(2,966)
U.S. agency mortgage-backed securities						582,108						(9,414)						26,131						(699)						608,239						(10,113)
Municipal debt securities						91,719						(1,281)						312						(6)						92,031						(1,287)
Non-U.S. government securities						22,986						(855)						—						—						22,986						(855)
Corporate debt securities						522,120						(7,200)						46,875						(2,265)						568,995						(9,465)
Residential and commercial mortgage securities						268,617						(5,200)						38,256						(1,467)						306,873						(6,667)
Asset-backed securities						339,137						(1,954)						13,101						(160)						352,238						(2,114)
Total						$	2,033,809					$	(28,074)					$	152,687					$	(5,393)					$	2,186,496					$	(33,467)

Schedule of Net Investment Income

Net investment income consists of: 

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)						2022						2021						2022						2021
Fixed maturities						$	31,074					$	23,012					$	57,298					$	46,036
Short-term investments						215						47						258						128
Gross investment income						31,289						23,059						57,556						46,164
Investment expenses						(1,950)						(1,316)						(3,537)						(2,633)
Net investment income						$	29,339					$	21,743					$	54,019					$	43,531

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.2)
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(a),(b))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Name:	us-gaap_InvestmentIncomeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27357-111563

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration