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Note 6 - Investments (Tables)

3 Months Ended

Mar. 31, 2021

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.

						March 31, 2021
(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						$	172,927					$	—					$	323					$	(8,681)					$	164,569
State and municipal obligations						151,222						—						11,326						(1,510)						161,038
Corporate bonds and notes						2,938,328						(638)						145,509						(47,600)						3,035,599
RMBS						752,109						—						25,667						(3,666)						774,110
CMBS						685,914						—						27,763						(5,330)						708,347
CLO						561,013						—						2,183						(608)						562,588
Other ABS						236,464						—						2,334						(461)						238,337
Foreign government and agency securities						5,102						—						291						—						5,393
Total securities available for sale, including loaned securities						5,503,079						$	(638)					$	215,396					$	(67,856)					5,649,981
Less: loaned securities (1)						98,960																								96,270
Total fixed-maturities available for sale						$	5,404,119																							$	5,553,711

(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, 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.

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated. There was no allowance for the three months ended March 31, 2020.

(In thousands)																		Three Months Ended March 31, 2021
Beginning balance																		$	948
Net increases (decreases) in allowance on previously impaired securities																		(310)
Ending balance																		$	638

Gross Unrealized Losses and Fair Value of Available for Sale Securities [Table Text Block]

the following tables show the gross unrealized losses and fair value, 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 March 31, 2021 and December 31, 2020 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.

						March 31, 2021
($ 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						7						$	87,663					$	(8,681)					—						$	—					$	—					7						$	87,663					$	(8,681)
State and municipal obligations						29						37,553						(1,510)						—						—						—						29						37,553						(1,510)
Corporate bonds and notes						225						819,835						(47,419)						1						2,725						(181)						226						822,560						(47,600)
RMBS						32						239,012						(3,654)						2						869						(12)						34						239,881						(3,666)
CMBS						51						111,105						(4,146)						17						42,527						(1,184)						68						153,632						(5,330)
CLO						33						101,725						(172)						24						92,497						(436)						57						194,222						(608)
Other ABS						34						101,363						(283)						3						7,812						(178)						37						109,175						(461)
Total						411						$	1,498,256					$	(65,865)					47						$	146,430					$	(1,991)					458						$	1,644,686					$	(67,856)

						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)

Net Gains (Losses) on Investments and Other Financial Instruments [Table Text Block]

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

																		Three Months Ended March 31,
(In thousands)																		2021						2020
Net realized gains (losses):
Fixed-maturities available for sale (1)																		$	(790)					$	11,247
Trading securities																		503						49
Equity securities																		—						310
Other investments																		105						33
Net realized gains (losses) on investments																		(182)						11,639
Impairment losses due to intent to sell																		—						(622)
Net decrease (increase) in expected credit losses																		310						—
Net unrealized gains (losses) on investments																		(2,519)						(26,845)
Total net gains (losses) on investments																		$	(2,391)					$	(15,828)

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

															Three Months Ended March 31,
(In thousands)															2021						2020
Gross investment gains from sales and redemptions															$	4,117					$	11,899
Gross investment losses from sales and redemptions															(4,907)						(652)

Net Changes in Unrealized Gains (Losses) Recognized in Earnings [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.

															Three Months Ended March 31,
(In thousands)															2021						2020
Net unrealized gains (losses) on investments still held:
Trading securities															$	(8,089)					$	(2,034)
Equity securities															5,118						(24,020)
Other investments															886						804
Net unrealized gains (losses) on investments still held															$	(2,085)					$	(25,250)

Contractual Maturities [Table Text Block]

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

						March 31, 2021
						Available for Sale
(In thousands)						Amortized Cost						Fair Value
Due in one year or less						$	132,399					$	133,403
Due after one year through five years (1)						1,154,711						1,203,984
Due after five years through 10 years (1)						1,232,690						1,278,861
Due after 10 years (1)						747,779						750,351
Asset-backed and mortgage-backed securities (2)						2,235,500						2,283,382
Total						5,503,079						5,649,981
Less: loaned securities						98,960						96,270
Total fixed-maturities available for sale						$	5,404,119					$	5,553,711

(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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