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Investments | 9 Months Ended
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Sep. 30, 2016
Investments [Abstract] |
Investments | Investments (a) Information regarding our HTM fixed income securities as of September 30, 2016 and December 31, 2015 was as follows:
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Amortized Cost |  | Net Unrealized Gains (Losses) |  | Carrying Value |  | Unrecognized Holding Gains |  | Unrecognized Holding Losses |  | Fair Value
Obligations of states and political subdivisions |  | $ | 104,159 |  |  | 414 |  |  | 104,573 |  |  | 3,256 |  |  | — |  |  | 107,829 |
Corporate securities |  | 23,722 |  |  | (165 | ) |  | 23,557 |  |  | 2,294 |  |  | — |  |  | 25,851 |
Asset-backed securities (“ABS”) |  | 51 |  |  | — |  |  | 51 |  |  | — |  |  | — |  |  | 51 |
Commercial mortgage-backed securities (“CMBS”) |  | 2,346 |  |  | (55 | ) |  | 2,291 |  |  | 72 |  |  | — |  |  | 2,363 |
Total HTM fixed income securities |  | $ | 130,278 |  |  | 194 |  |  | 130,472 |  |  | 5,622 |  |  | — |  |  | 136,094 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Amortized Cost |  | Net Unrealized Gains (Losses) |  | Carrying Value |  | Unrecognized Holding Gains |  | Unrecognized Holding Losses |  | Fair Value
Obligations of states and political subdivisions |  | $ | 175,269 |  |  | 848 |  |  | 176,117 |  |  | 5,763 |  |  | — |  |  | 181,880 |
Corporate securities |  | 20,228 |  |  | (185 | ) |  | 20,043 |  |  | 1,972 |  |  | — |  |  | 22,015 |
ABS |  | 1,030 |  |  | (120 | ) |  | 910 |  |  | 118 |  |  | — |  |  | 1,028 |
CMBS |  | 4,527 |  |  | (243 | ) |  | 4,284 |  |  | 337 |  |  | — |  |  | 4,621 |
Total HTM fixed income securities |  | $ | 201,054 |  |  | 300 |  |  | 201,354 |  |  | 8,190 |  |  | — |  |  | 209,544 |
Unrecognized holding gains and losses of HTM securities are not reflected in the Financial Statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as HTM; or (ii) the date that an other-than-temporary impairment (“OTTI”) charge is recognized on an HTM security, through the date of the balance sheet. Our HTM securities had an average duration of 1.6 years as of September 30, 2016. (b) Information regarding our AFS securities as of September 30, 2016 and December 31, 2015 was as follows:
September 30, 2016 |  |  |  |  |  |  |  |
($ in thousands) |  | Cost/ Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 86,491 |  |  | 3,400 |  |  | — |  |  | 89,891 |
Foreign government |  | 9,041 |  |  | 443 |  |  | — |  |  | 9,484 |
Obligations of states and political subdivisions |  | 1,376,245 |  |  | 70,984 |  |  | (333 | ) |  | 1,446,896 |
Corporate securities |  | 2,136,761 |  |  | 60,784 |  |  | (1,427 | ) |  | 2,196,118 |
ABS |  | 282,558 |  |  | 1,964 |  |  | (69 | ) |  | 284,453 |
CMBS |  | 261,233 |  |  | 5,634 |  |  | (93 | ) |  | 266,774 |
Residential mortgage-backed securities (“RMBS”) |  | 529,938 |  |  | 9,294 |  |  | (316 | ) |  | 538,916 |
Total AFS fixed income securities |  | 4,682,267 |  |  | 152,503 |  |  | (2,238 | ) |  | 4,832,532 |
AFS equity securities: |  |  |  |  |  |  |  |
Common stock |  | 111,746 |  |  | 24,832 |  |  | (1,089 | ) |  | 135,489 |
Preferred stock |  | 11,235 |  |  | 580 |  |  | — |  |  | 11,815 |
Total AFS equity securities |  | 122,981 |  |  | 25,412 |  |  | (1,089 | ) |  | 147,304 |
Total AFS securities |  | $ | 4,805,248 |  |  | 177,915 |  |  | (3,327 | ) |  | 4,979,836 |
December 31, 2015 |  |  |  |  |  |  |  |
($ in thousands) |  | Cost/ Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 99,485 |  |  | 4,721 |  |  | (91 | ) |  | 104,115 |
Foreign government |  | 14,885 |  |  | 298 |  |  | (2 | ) |  | 15,181 |
Obligations of states and political subdivisions |  | 1,314,779 |  |  | 44,523 |  |  | (160 | ) |  | 1,359,142 |
Corporate securities |  | 1,892,296 |  |  | 23,407 |  |  | (15,521 | ) |  | 1,900,182 |
ABS |  | 244,541 |  |  | 531 |  |  | (918 | ) |  | 244,154 |
CMBS |  | 245,252 |  |  | 750 |  |  | (2,410 | ) |  | 243,592 |
RMBS |  | 541,276 |  |  | 4,274 |  |  | (3,713 | ) |  | 541,837 |
Total AFS fixed income securities |  | 4,352,514 |  |  | 78,504 |  |  | (22,815 | ) |  | 4,408,203 |
AFS equity securities: |  |  |  |  |  |  |  |
Common stock |  | 181,991 |  |  | 14,796 |  |  | (1,998 | ) |  | 194,789 |
Preferred stock |  | 11,825 |  |  | 477 |  |  | (40 | ) |  | 12,262 |
Total AFS equity securities |  | 193,816 |  |  | 15,273 |  |  | (2,038 | ) |  | 207,051 |
Total AFS securities |  | $ | 4,546,330 |  |  | 93,777 |  |  | (24,853 | ) |  | 4,615,254 |
Unrealized gains and losses of AFS securities represent fair value fluctuations from the later of: (i) the date a security is designated as AFS; or (ii) the date that an OTTI charge is recognized on an AFS security, through the date of the balance sheet. These unrealized gains and losses are recorded in "Accumulated other comprehensive income (loss)" ("AOCI") on the Consolidated Balance Sheets. (c) The following tables provide information regarding our AFS securities in a net unrealized loss position at September 30, 2016 and December 31, 2015:
September 30, 2016 |  | Less than 12 months |  | 12 months or longer
($ in thousands) |  | Fair Value |  | Unrealized Losses 1 |  | Fair Value |  | Unrealized Losses 1
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 74,989 |  |  | (333 | ) |  | — |  |  | — |
Corporate securities |  | 155,880 |  |  | (1,139 | ) |  | 30,469 |  |  | (288 | )
ABS |  | 21,766 |  |  | (66 | ) |  | 2,450 |  |  | (3 | )
CMBS |  | 24,633 |  |  | (59 | ) |  | 8,709 |  |  | (34 | )
RMBS |  | 13,674 |  |  | (40 | ) |  | 37,677 |  |  | (276 | )
Total AFS fixed income securities |  | 290,942 |  |  | (1,637 | ) |  | 79,305 |  |  | (601 | )
AFS equity securities: |  |  |  |  |  |  |  |
Common stock |  | 12,528 |  |  | (1,089 | ) |  | — |  |  | — |
Total AFS equity securities |  | 12,528 |  |  | (1,089 | ) |  | — |  |  | — |
Total AFS |  | $ | 303,470 |  |  | (2,726 | ) |  | 79,305 |  |  | (601 | )
December 31, 2015 |  | Less than 12 months |  | 12 months or longer
($ in thousands) |  | Fair Value |  | Unrealized Losses 1 |  | Fair Value |  | Unrealized Losses 1
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 16,006 |  |  | (87 | ) |  | 396 |  |  | (4 | )
Foreign government |  | 1,067 |  |  | (2 | ) |  | — |  |  | — |
Obligations of states and political subdivisions |  | 28,617 |  |  | (160 | ) |  | — |  |  | — |
Corporate securities |  | 761,479 |  |  | (12,671 | ) |  | 50,382 |  |  | (2,850 | )
ABS |  | 197,477 |  |  | (807 | ) |  | 12,022 |  |  | (111 | )
CMBS |  | 146,944 |  |  | (2,196 | ) |  | 15,385 |  |  | (214 | )
RMBS |  | 264,914 |  |  | (1,992 | ) |  | 63,395 |  |  | (1,721 | )
Total AFS fixed income securities |  | 1,416,504 |  |  | (17,915 | ) |  | 141,580 |  |  | (4,900 | )
AFS equity securities: |  |  |  |  |  |  |  |
Common stock |  | 31,148 |  |  | (1,998 | ) |  | — |  |  | — |
Preferred stock |  | 1,531 |  |  | (40 | ) |  | — |  |  | — |
Total AFS equity securities |  | 32,679 |  |  | (2,038 | ) |  | — |  |  | — |
Total AFS |  | $ | 1,449,183 |  |  | (19,953 | ) |  | 141,580 |  |  | (4,900 | )
1 Gross unrealized losses include non-OTTI unrealized amounts and OTTI losses recognized in AOCI. There were no net unrealized/unrecognized losses on our HTM portfolio as of September 30, 2016. The table below provides our net unrealized/unrecognized loss positions by impairment severity for AFS securities as of September 30, 2016 and for both AFS and HTM securities as of December 31, 2015:
($ in thousands) |  |
September 30, 2016 |  | December 31, 2015
Number of Issues | % of Market/Book | Unrealized Loss |  | Number of Issues | % of Market/Book | Unrealized/ Unrecognized Loss
180 |  | 80% - 99% | $ | 3,327 |  |  | 606 |  | 80% - 99% | $ | 22,971 |
— |  | 60% - 79% | — |  |  | 3 |  | 60% - 79% | 1,888 |
— |  | 40% - 59% | — |  |  | — |  | 40% - 59% | — |
— |  | 20% - 39% | — |  |  | — |  | 20% - 39% | — |
— |  | 0% - 19% | — |  |  | — |  | 0% - 19% | — |
|  |  | $ | 3,327 |  |  |  |  |  | $ | 24,859 |
We do not intend to sell any of the securities in the tables above, nor do we believe we will be required to sell any of these securities. We have also reviewed these securities under our OTTI policy, as described in Note 2. “Summary of Significant Accounting Policies” within Item 8. “Financial Statements and Supplementary Data.” of our 2015 Annual Report, and have concluded that they are temporarily impaired. This conclusion reflects our current judgment as to the financial position and future prospects of the entity that issued the investment security and underlying collateral. Additionally, changes in market value due to interest rate fluctuations are considered temporary. If our judgment about an individual security changes in the future, we may ultimately record a credit loss after having originally concluded that one did not exist, which could have a material impact on our net income and financial position in future periods. (d) Fixed income securities at September 30, 2016, by contractual maturity, are shown below. Mortgage-backed securities ("MBS") are included in the maturity tables using the estimated average life of each security. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations, with or without call or prepayment penalties. Listed below are the contractual maturities of HTM fixed income securities at September 30, 2016:
($ in thousands) |  | Carrying Value |  | Fair Value
Due in one year or less |  | $ | 59,074 |  |  | 59,671 |
Due after one year through five years |  | 62,778 |  |  | 66,622 |
Due after five years through 10 years |  | 8,620 |  |  | 9,801 |
Total HTM fixed income securities |  | $ | 130,472 |  |  | 136,094 |
Listed below are the contractual maturities of AFS fixed income securities at September 30, 2016:
($ in thousands) |  | Fair Value
Due in one year or less |  | $ | 491,206 |
Due after one year through five years |  | 2,403,246 |
Due after five years through 10 years |  | 1,823,028 |
Due after 10 years |  | 115,052 |
Total AFS fixed income securities |  | $ | 4,832,532 |
(e) We evaluate the alternative investments and tax credit investments included in our other investments portfolio to determine whether those investments are VIEs and if so, whether consolidation is required. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest or lacks sufficient funds to finance its own activities without financial support provided by other entities. We consider several significant factors in determining if our investments are VIEs and if we are the primary beneficiary, including whether we have: (i) the power to direct activities of the VIE; (ii) the ability to remove the decision maker of the VIE; (iii) the ability to participate in making decisions that are significant to the VIE; and (iv) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. We have determined that the investments in our other investment portfolio are VIEs, but that we are not the primary beneficiary and therefore, consolidation is not required. The following table summarizes our other investment portfolio by strategy:
Other Investments |  | September 30, 2016 |  | December 31, 2015
($ in thousands) |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss 1 |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss 1
Alternative Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private equity |  | $ | 35,444 |  |  | 57,793 |  |  | 93,237 |  |  | 35,088 |  |  | 30,204 |  |  | 65,292 |
Private credit |  | 27,709 |  |  | 30,763 |  |  | 58,472 |  |  | 13,246 |  |  | 15,129 |  |  | 28,375 |
Real assets |  | 15,329 |  |  | 22,922 |  |  | 38,251 |  |  | 19,500 |  |  | 25,820 |  |  | 45,320 |
Total alternative investments |  | 78,482 |  |  | 111,478 |  |  | 189,960 |  |  | 67,834 |  |  | 71,153 |  |  | 138,987 |
Other securities |  | 10,030 |  |  | 22,611 |  |  | 32,641 |  |  | 10,008 |  |  | 3,200 |  |  | 13,208 |
Total other investments |  | $ | 88,512 |  |  | 134,089 |  |  | 222,601 |  |  | 77,842 |  |  | 74,353 |  |  | 152,195 |
1 The maximum exposure to loss includes both the carry value of these investments and the related unfunded commitments. In addition, tax credits that have been previously recognized in Other securities are subject to the risk of recapture, which we do not consider significant. We do not have a future obligation to fund losses or debts on behalf of the investments above; however, we are contractually committed to make additional investments up to the remaining commitment outlined above. We have not provided any non-contractual financial support at any time during 2016 or 2015. In addition to the strategy descriptions included in Note 5. “Investments” in Item 8. “Financial Statements and Supplementary Data.” of our 2015 Annual Report, our private credit strategy now includes middle market lending, which is a strategy that provides privately negotiated loans to U.S. middle market companies. Typically, these are floating rate, senior secured loans diversified across industries. Loans can be made to private equity sponsor-backed companies or non-sponsored companies to finance leveraged buyouts, recapitalizations, and acquisitions. The following table sets forth gross summarized financial information for our other investments portfolio, including the portion not owned by us. The majority of these investments are carried under the equity method of accounting. The last line of the table below reflects our share of the aggregate income or loss, which is the portion included in our Financial Statements. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information for the three and nine-month periods ended June 30 is as follows:
Income Statement Information |  | Quarter ended June 30, |  | Nine months ended June 30,
($ in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Net investment (loss) income |  | $ | (55.4 | ) |  | 44.1 |  |  | 26.1 |  |  | 139.6 |
Realized gains |  | 245.6 |  |  | 385.2 |  |  | 1,186.8 |  |  | 977.7 |
Net change in unrealized depreciation |  | 117.8 |  |  | (222.2 | ) |  | (1,132.8 | ) |  | (1,089.0 | )
Net gain |  | $ | 308.0 |  |  | 207.1 |  |  | 80.1 |  |  | 28.3 |
Selective’s insurance subsidiaries’ other investments gain (loss) |  | $ | 1.6 |  |  | 1.3 |  |  | — |  |  | (0.8 | )
(f) We have pledged certain AFS fixed income securities as collateral related to our relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, certain securities were on deposit with various state and regulatory agencies at September 30, 2016 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral. The following table summarizes the market value of these securities at September 30, 2016:
($ in millions) |  | FHLBI Collateral |  | FHLBNY Collateral |  | State and Regulatory Deposits |  | Total
U.S. government and government agencies |  | $ | 7.4 |  |  | — |  |  | 23.1 |  |  | 30.5 |
CMBS |  | 1.0 |  |  | — |  |  | — |  |  | 1.0 |
RMBS |  | 53.1 |  |  | 64.4 |  |  | — |  |  | 117.5 |
Total pledged as collateral |  | $ | 61.5 |  |  | 64.4 |  |  | 23.1 |  |  | 149.0 |
(g) The Company did not have exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity, other than certain U.S. government-backed investments, as of September 30, 2016 or December 31, 2015. (h) The components of pre-tax net investment income earned for the periods indicated were as follows:
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Fixed income securities |  | $ | 32,453 |  |  | 30,601 |  |  | $ | 95,850 |  |  | 92,227 |
Equity securities |  | 1,506 |  |  | 2,370 |  |  | 5,940 |  |  | 6,546 |
Short-term investments |  | 192 |  |  | 24 |  |  | 493 |  |  | 72 |
Other investments |  | 1,628 |  |  | 1,337 |  |  | (49 | ) |  | (781 | )
Investment expenses |  | (2,404 | ) |  | (2,271 | ) |  | (6,908 | ) |  | (6,856 | )
Net investment income earned |  | $ | 33,375 |  |  | 32,061 |  |  | $ | 95,326 |  |  | 91,208 |
(i) The following tables summarize OTTI by asset type for the periods indicated:
Third Quarter 2016 |  | Gross |  | Included in Other Comprehensive Income ("OCI") |  | Recognized in Earnings
($ in thousands) |  |  |
AFS equity securities: |  |  |  |  |  |
Common stock |  | $ | 342 |  |  | — |  |  | 342 |
Total AFS equity securities |  | 342 |  |  | — |  |  | 342 |
Total OTTI losses |  | $ | 342 |  |  | — |  |  | 342 |
Third Quarter 2015 |  | Gross |  | Included in OCI |  | Recognized in Earnings
($ in thousands) |  |  |
AFS fixed income securities: |  |  |  |  |  |
Corporate securities |  | $ | 253 |  |  | — |  |  | 253 |
Total AFS fixed income securities |  | 253 |  |  | — |  |  | 253 |
AFS equity securities: |  |  |  |  |  |
Common stock |  | 1,029 |  |  | — |  |  | 1,029 |
Total AFS equity securities |  | 1,029 |  |  | — |  |  | 1,029 |
Total OTTI losses |  | $ | 1,282 |  |  | — |  |  | 1,282 |
Nine Months 2016 |  | Gross |  | Included in OCI |  | Recognized in Earnings
($ in thousands) |  |  |
AFS fixed income securities: |  |  |  |  |  |
Corporate securities |  | $ | 1,077 |  |  | — |  |  | 1,077 |
RMBS |  | 98 |  |  | 10 |  |  | 88 |
Total AFS fixed income securities |  | 1,175 |  |  | 10 |  |  | 1,165 |
AFS equity securities: |  |  |  |  |  |
Common stock |  | 3,316 |  |  | — |  |  | 3,316 |
Preferred stock |  | 3 |  |  | — |  |  | 3 |
Total AFS equity securities |  | 3,319 |  |  | — |  |  | 3,319 |
Total OTTI losses |  | $ | 4,494 |  |  | 10 |  |  | 4,484 |
Nine Months 2015 |  | Gross |  | Included in OCI |  | Recognized in Earnings
($ in thousands) |  |  |
AFS fixed income securities: |  |  |  |  |  |
Corporate securities |  | $ | 1,445 |  |  | — |  |  | 1,445 |
RMBS |  | 1 |  |  | — |  |  | 1 |
Total AFS fixed income securities |  | 1,446 |  |  | — |  |  | 1,446 |
AFS equity securities: |  |  |  |  |  |
Common stock |  | 6,201 |  |  | — |  |  | 6,201 |
Preferred stock |  | 180 |  |  | — |  |  | 180 |
Total AFS equity securities |  | 6,381 |  |  | — |  |  | 6,381 |
Total OTTI losses |  | $ | 7,827 |  |  | — |  |  | 7,827 |
For a discussion of our evaluation for OTTI of fixed income securities, short-term investments, equity securities, and other investments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2015 Annual Report. (j) The components of net realized gains, excluding OTTI charges, for the periods indicated were as follows:
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
HTM fixed income securities |  |  |  |  |  |  |  |
Gains |  | $ | — |  |  | 3 |  |  | 3 |  |  | 5 |
Losses |  | — |  |  | — |  |  | (1 | ) |  | (1 | )
AFS fixed income securities |  |  |  |  |  |  |  |  |  |  |  |
Gains |  | 2,204 |  |  | 169 |  |  | 3,189 |  |  | 2,158 |
Losses |  | (40 | ) |  | — |  |  | (81 | ) |  | (130 | )
AFS equity securities |  |  |  |  |  |  |  |  |  |  |  |
Gains |  | 1,863 |  |  | 1,419 |  |  | 4,364 |  |  | 23,567 |
Losses |  | — |  |  | (1 | ) |  | (240 | ) |  | (1,347 | )
Other investments |  |  |  |  |  |  |  |
Gains |  | 3 |  |  | — |  |  | 3 |  |  | — |
Losses |  | — |  |  | — |  |  | (4 | ) |  | (654 | )
Total net realized gains (excluding OTTI charges) |  | $ | 4,030 |  |  | 1,590 |  |  | 7,233 |  |  | 23,598 |
Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold. Proceeds from the sale of AFS securities were $27.0 million and $12.7 million in Third Quarter 2016 and Third Quarter 2015, respectively, and $132.9 million and $170.6 million in Nine Months 2016 and Nine Months 2015, respectively. The $23.6 million in net realized gains for Nine Months 2015 were primarily due to a change in our dividend equity strategy from a quantitative, model-driven stock selection strategy to a fundamentally-based stock selection approach that incorporates an assessment of the sustainability and growth rate of a company’s dividends and future cash flow.

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