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Note 6 - Investments Level 3 (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments [Abstract] |
Available for Sale Securities [Table Text Block] | Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.
|  | December 31, 2020
(In thousands) |  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed-maturities available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 176,033 |  |  | $ | — |  |  | $ | 1,677 |  |  | $ | (3,611) |  |  | $ | 174,099 |
State and municipal obligations |  | 149,258 |  |  | — |  |  | 16,113 |  |  | (100) |  |  | 165,271 |
Corporate bonds and notes |  | 2,832,350 |  |  | (948) |  |  | 250,771 |  |  | (3,758) |  |  | 3,078,415 |
RMBS |  | 799,814 |  |  | — |  |  | 34,439 |  |  | (314) |  |  | 833,939 |
CMBS |  | 645,071 |  |  | — |  |  | 39,495 |  |  | (3,301) |  |  | 681,265 |
CLO |  | 569,173 |  |  | — |  |  | 2,026 |  |  | (2,641) |  |  | 568,558 |
Other ABS |  | 249,988 |  |  | — |  |  | 2,901 |  |  | (432) |  |  | 252,457 |
Foreign government and agency securities |  | 5,100 |  |  | — |  |  | 338 |  |  | — |  |  | 5,438 |
Total securities available for sale, including loaned securities |  | 5,426,787 |  |  | $ | (948) |  |  | $ | 347,760 |  |  | $ | (14,157) |  |  | 5,759,442 |
Less: loaned securities (1) |  | 33,164 |  |  |  |  |  |  |  |  | 36,102 |
Total fixed-maturities available for sale |  | $ | 5,393,623 |  |  |  |  |  |  |  |  | $ | 5,723,340 |
(1)Included in Other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements.
|  | December 31, 2019
(In thousands) |  | Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed-maturities available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 198,613 |  |  |  |  | $ | 2,048 |  |  | $ | (733) |  |  | $ | 199,928 |
State and municipal obligations |  | 112,003 |  |  |  |  | 8,032 |  |  | (41) |  |  | 119,994 |
Corporate bonds and notes |  | 2,136,819 |  |  |  |  | 106,189 |  |  | (1,728) |  |  | 2,241,280 |
RMBS |  | 766,429 |  |  |  |  | 14,452 |  |  | (1,527) |  |  | 779,354 |
CMBS |  | 574,037 |  |  |  |  | 14,993 |  |  | (610) |  |  | 588,420 |
CLO |  | 465,449 |  |  |  |  | 229 |  |  | (3,117) |  |  | 462,561 |
Other ABS |  | 314,946 |  |  |  |  | 1,789 |  |  | (572) |  |  | 316,163 |
Foreign government and agency securities |  | 5,091 |  |  |  |  | 133 |  |  | — |  |  | 5,224 |
Total securities available for sale, including loaned securities |  | 4,573,387 |  |  |  |  | $ | 147,865 |  |  | $ | (8,328) |  |  | 4,712,924 |
Less: loaned securities (1) |  | 23,853 |  |  |  |  |  |  |  |  | 24,013 |
Total fixed-maturities available for sale |  | $ | 4,549,534 |  |  |  |  |  |  |  |  | $ | 4,688,911 |
(1)Included in Other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements.
Gross Unrealized Losses and Related Fair Values of Available for Sale Securities [Table Text Block] | the following tables show the gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of December 31, 2020 and 2019, are loaned securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below.
|  | December 31, 2020
($ in thousands) |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
Description of Securities |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities |  | 4 |  |  | $ | 90,591 |  |  | $ | (3,611) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 4 |  |  | $ | 90,591 |  |  | $ | (3,611) |
State and municipal obligations |  | 4 |  |  | 9,626 |  |  | (100) |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 9,626 |  |  | (100) |
Corporate bonds and notes |  | 60 |  |  | 174,848 |  |  | (3,758) |  |  | — |  |  | — |  |  | — |  |  | 60 |  |  | 174,848 |  |  | (3,758) |
RMBS |  | 5 |  |  | 42,003 |  |  | (305) |  |  | 2 |  |  | 915 |  |  | (9) |  |  | 7 |  |  | 42,918 |  |  | (314) |
CMBS |  | 43 |  |  | 118,345 |  |  | (3,035) |  |  | 6 |  |  | 8,312 |  |  | (266) |  |  | 49 |  |  | 126,657 |  |  | (3,301) |
CLO |  | 52 |  |  | 173,459 |  |  | (970) |  |  | 25 |  |  | 137,506 |  |  | (1,671) |  |  | 77 |  |  | 310,965 |  |  | (2,641) |
Other ABS |  | 26 |  |  | 70,759 |  |  | (322) |  |  | 3 |  |  | 12,119 |  |  | (110) |  |  | 29 |  |  | 82,878 |  |  | (432) |
Total |  | 194 |  |  | $ | 679,631 |  |  | $ | (12,101) |  |  | 36 |  |  | $ | 158,852 |  |  | $ | (2,056) |  |  | 230 |  |  | $ | 838,483 |  |  | $ | (14,157) |
|  | December 31, 2019
($ in thousands) |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
Description of Securities |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities |  | 2 |  |  | $ | 26,142 |  |  | $ | (731) |  |  | 2 |  |  | $ | 2,529 |  |  | $ | (2) |  |  | 4 |  |  | $ | 28,671 |  |  | $ | (733) |
State and municipal obligations |  | 1 |  |  | 3,959 |  |  | (41) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3,959 |  |  | (41) |
Corporate bonds and notes |  | 25 |  |  | 110,871 |  |  | (1,728) |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 110,871 |  |  | (1,728) |
RMBS |  | 27 |  |  | 184,378 |  |  | (535) |  |  | 16 |  |  | 36,192 |  |  | (992) |  |  | 43 |  |  | 220,570 |  |  | (1,527) |
CMBS |  | 33 |  |  | 89,994 |  |  | (463) |  |  | 8 |  |  | 6,346 |  |  | (147) |  |  | 41 |  |  | 96,340 |  |  | (610) |
CLO |  | 34 |  |  | 170,806 |  |  | (327) |  |  | 36 |  |  | 184,483 |  |  | (2,790) |  |  | 70 |  |  | 355,289 |  |  | (3,117) |
Other ABS |  | 32 |  |  | 74,733 |  |  | (358) |  |  | 8 |  |  | 25,178 |  |  | (214) |  |  | 40 |  |  | 99,911 |  |  | (572) |
Total |  | 154 |  |  | $ | 660,883 |  |  | $ | (4,183) |  |  | 70 |  |  | $ | 254,728 |  |  | $ | (4,145) |  |  | 224 |  |  | $ | 915,611 |  |  | $ | (8,328) |
Net Investment Income [Table Text Block] | Net investment income consisted of the following.
|  | Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Investment income: |  |  |  |  |  |
Fixed-maturities |  | $ | 148,127 |  |  | $ | 155,104 |  |  | $ | 141,552 |
Equity securities |  | 6,378 |  |  | 7,028 |  |  | 7,157 |
Short-term investments |  | 5,774 |  |  | 17,255 |  |  | 10,270 |
Other |  | 354 |  |  | 545 |  |  | 976 |
Gross investment income |  | 160,633 |  |  | 179,932 |  |  | 159,955 |
Investment expenses |  | (6,596) |  |  | (8,136) |  |  | (7,480) |
Net investment income |  | $ | 154,037 |  |  | $ | 171,796 |  |  | $ | 152,475 |
Net Gains (Losses) on Investments [Table Text Block] | Net gains (losses) on investments consisted of the following.
|  | Year Ended December 31, |
(In thousands) |  | 2020 |  | 2019 |  | 2018 |
Net realized gains (losses): |  |  |  |  |  |  |
Fixed-maturities available for sale (1) |  | $ | 34,869 |  |  | $ | 11,262 |  |  | $ | (11,256) |  |
Trading securities |  | 4 |  |  | (303) |  |  | (1,840) |  |
Equity securities |  | 353 |  |  | (719) |  |  | 532 |  |
Other investments |  | 600 |  |  | 603 |  |  | 470 |  |
Net realized gains (losses) on investments |  | 35,826 |  |  | 10,843 |  |  | (12,094) |  |
Impairment losses due to intent to sell |  | (1,401) |  |  | — |  |  | (1,744) |  |
Net decrease (increase) in expected credit losses |  | (1,254) |  |  | — |  |  | — |  |
Net unrealized gains (losses) on investments |  | 10,960 |  |  | 33,220 |  |  | (27,287) |  |
Total net gains (losses) on investments |  | $ | 44,131 |  |  | $ | 44,063 |  |  | $ | (41,125) |  |
(1)Components of net realized gains (losses) on fixed-maturities available for sale include:
|  | Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Gross investment gains from sales and redemptions |  | $ | 37,431 |  |  | $ | 17,663 |  |  | $ | 1,986 |
Gross investment losses from sales and redemptions |  | (2,562) |  |  | (6,401) |  |  | (13,242) |
Net Unrealized Gains (Losses) on Investment Securities [Table Text Block] | The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows.
|  | Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Net unrealized gains (losses) on investments still held: |  |  |  |  |  |
Trading securities |  | $ | 10,583 |  |  | $ | 16,346 |  |  | $ | (16,281) |
Equity securities |  | 1,759 |  |  | 11,906 |  |  | (8,886) |
Other investments |  | 248 |  |  | (174) |  |  | 447 |
Net unrealized gains (losses) on investments still held |  | $ | 12,590 |  |  | $ | 28,078 |  |  | $ | (24,720) |
Contractual Maturities [Table Text Block] | The contractual maturities of fixed-maturities available for sale were as follows.
|  | December 31, 2020
(In thousands) |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 125,361 |  |  | $ | 126,414 |
Due after one year through five years (1) |  | 1,002,786 |  |  | 1,062,579 |
Due after five years through 10 years (1) |  | 1,225,712 |  |  | 1,338,147 |
Due after 10 years (1) |  | 808,882 |  |  | 896,083 |
Asset-backed and mortgage-backed securities (2) |  | 2,264,046 |  |  | 2,336,219 |
Total |  | 5,426,787 |  |  | 5,759,442 |
Less: loaned securities |  | 33,164 |  |  | 36,102 |
Total fixed-maturities available for sale |  | $ | 5,393,623 |  |  | $ | 5,723,340 |
(1)Actual maturities may differ as a result of calls before scheduled maturity. (2)Includes RMBS, CMBS, CLO and Other ABS, which are not due at a single maturity date.

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