Investments (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Unrealized Gains On Investments



($ in thousands)	2017			2016		2015
AFS securities:
Fixed income securities	$	85,806		38,781		55,689
Equity securities	38,894			25,864		13,235
Total AFS securities	124,700			64,645		68,924

HTM securities:
Fixed income securities	(21		)	159		300
Total HTM securities	(21		)	159		300

Total net unrealized gains	124,679			64,804		69,224
Deferred income tax	(44,103		)	(22,681	)	(24,228	)
Net unrealized gains, net of deferred income tax	80,576			42,123		44,996

Increase (decrease) in net unrealized gains in OCI, net of deferred income tax	$	38,453		(2,873	)	(35,398	)

Schedule of Held-to-maturity Securities



December 31, 2017			Net
			Unrealized			Unrecognized	Unrecognized
	Amortized		Gains		Carrying	Holding	Holding		Fair
($ in thousands)	Cost		(Losses)		Value	Gains	Losses		Value
Obligations of state and political subdivisions	$	25,154	84		25,238	1,023	—		26,261
Corporate securities	16,996		(105	)	16,891	1,003	(55	)	17,839
Total HTM fixed income securities	$	42,150	(21	)	42,129	2,026	(55	)	44,100



December 31, 2016			Net
			Unrealized			Unrecognized	Unrecognized
	Amortized		Gains		Carrying	Holding	Holding		Fair
($ in thousands)	Cost		(Losses)		Value	Gains	Losses		Value
Obligations of state and political subdivisions	77,466		317		77,783	2,133	—		79,916
Corporate securities	22,711		(143	)	22,568	1,665	(158	)	24,075
CMBS	1,220		(15	)	1,205	15	—		1,220
Total HTM fixed income securities	$	101,397	159		101,556	3,813	(158	)	105,211

Schedule of Available For Sale Securities



December 31, 2017
	Cost/
	Amortized		Unrealized	Unrealized		Fair
($ in thousands)	Cost		Gains	Losses		Value
AFS fixed income securities:
U.S. government and government agencies	$	49,326	647	(233	)	49,740
Foreign government	18,040		526	(11	)	18,555
Obligations of states and political subdivisions	1,539,307		44,245	(582	)	1,582,970
Corporate securities	1,588,339		30,891	(1,762	)	1,617,468
CLO and other ABS	789,152		6,508	(202	)	795,458
CMBS	382,727		1,563	(841	)	383,449
RMBS	709,825		6,487	(1,430	)	714,882
Total AFS fixed income securities	5,076,716		90,867	(5,061	)	5,162,522
AFS equity securities:
Common stock	129,696		38,287	(226	)	167,757
Preferred stock	14,115		904	(71	)	14,948
Total AFS equity securities	143,811		39,191	(297	)	182,705
Total AFS securities	$	5,220,527	130,058	(5,358	)	5,345,227



December 31, 2016
	Cost/
	Amortized		Unrealized	Unrealized		Fair
($ in thousands)	Cost		Gains	Losses		Value
AFS fixed income securities:
U.S. government and government agencies	$	75,139	2,230	(36	)	77,333
Foreign government	26,559		322	(16	)	26,865
Obligations of states and political subdivisions	1,366,287		18,610	(5,304	)	1,379,593
Corporate securities	1,976,556		27,057	(5,860	)	1,997,753
CLO and other ABS	527,876		1,439	(355	)	528,960
CMBS	256,356		1,514	(1,028	)	256,842
RMBS	524,986		3,006	(2,798	)	525,194
Total AFS fixed income securities	4,753,759		54,178	(15,397	)	4,792,540
AFS equity securities:
Common stock	104,663		26,250	(305	)	130,608
Preferred stock	16,226		274	(355	)	16,145
Total AFS equity securities	120,889		26,524	(660	)	146,753
Total AFS securities	$	4,874,648	80,702	(16,057	)	4,939,293

Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time



December 31, 2017	Less than 12 months				12 months or longer			Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	23,516	(233	)	250	—		23,766	(233	)
Foreign government	1,481		(11	)	—	—		1,481	(11	)
Obligations of states and political subdivisions	107,514		(422	)	14,139	(160	)	121,653	(582	)
Corporate securities	238,326		(1,744	)	3,228	(18	)	241,554	(1,762	)
CLO and other ABS	74,977		(196	)	1,655	(6	)	76,632	(202	)
CMBS	154,267		(773	)	5,214	(68	)	159,481	(841	)
RMBS	269,485		(1,285	)	11,200	(145	)	280,685	(1,430	)
Total AFS fixed income securities	869,566		(4,664	)	35,686	(397	)	905,252	(5,061	)
AFS equity securities:
Common stock	4,727		(226	)	—	—		4,727	(226	)
Preferred stock	3,833		(71	)	—	—		3,833	(71	)
Total AFS equity securities	8,560		(297	)	—	—		8,560	(297	)
Total AFS securities	$	878,126	(4,961	)	35,686	(397	)	913,812	(5,358	)



December 31, 2016	Less than 12 months				12 months or longer			Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value		Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	6,419	(36	)	—	—		$	6,419	$	(36	)
Foreign government	13,075		(16	)	—	—		13,075		(16		)
Obligations of states and political subdivisions	306,509		(5,304	)	—	—		306,509		(5,304		)
Corporate securities	462,902		(5,771	)	4,913	(89	)	467,815		(5,860		)
CLO and other ABS	189,795		(354	)	319	(1	)	190,114		(355		)
CMBS	82,492		(1,021	)	1,645	(7	)	84,137		(1,028		)
RMBS	279,480		(2,489	)	8,749	(309	)	288,229		(2,798		)
Total AFS fixed income securities	1,340,672		(14,991	)	15,626	(406	)	1,356,298		(15,397		)
AFS equity securities:
Common stock	11,271		(305	)	—	—		11,271		(305		)
Preferred stock	6,168		(355	)	—	—		6,168		(355		)
Total AFS equity securities	17,439		(660	)	—	—		17,439		(660		)
Total AFS securities	$	1,358,111	(15,651	)	15,626	(406	)	$	1,373,737	$	(16,057	)

Investments Classified by Contractual Maturity Date [Table Text Block]



	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	315,857	10,997	11,168
Due after one year through five years	2,099,529		23,035	24,235
Due after five years through 10 years	2,510,294		8,097	8,697
Due after 10 years	236,842		—	—
Total fixed income securities	$	5,162,522	42,129	44,100

Schedule of Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy



Other Investments	December 31, 2017				December 31, 2016
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss¹	Carrying Value	Remaining Commitment	Maximum Exposure to Loss¹
Alternative Investments
Private equity	$	52,251	99,026	151,277	41,135	76,774	117,909
Private credit	37,743		94,959	132,702	28,193	40,613	68,806
Real assets	25,379		27,014	52,393	14,486	22,899	37,385
Total alternative investments	115,373		220,999	336,372	83,814	140,286	224,100
Other securities²	16,895		—	16,895	18,583	3,400	21,983
Total other investments	$	132,268	220,999	353,267	102,397	143,686	246,083

Schedule of Aggregated Summarized Balance Sheet Financial Information For Partnerhips In Our Alternative Investment Portfolio



Balance Sheet Information
September 30,
($ in millions)	2017		2016
Investments	$	21,046	11,244
Total assets	22,357		12,075
Total liabilities	4,767		1,802
Total partners’ capital	17,590		10,273

Schedule of Aggregated Summarized Income Statement Financial Information For Partnerhips In Our Alternative Investment Portfolio



Income Statement Information
12 months ended September 30,
($ in millions)	2017			2016		2015
Net investment (loss) income	$	(143	)	(44	)	129
Realized gains	325			1,374		1,187
Net change in unrealized appreciation (depreciation)	2,894			(719	)	(1,364	)
Net income	$	3,076		611		(48	)

Insurance Subsidiaries' alternative investments income (loss)	12.7			3.1		(1.9	)

Schedule Of Securities Pledged As Collateral

The following table summarizes the market value of these securities at December 31, 2017:



($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	3.0	—	22.6	25.6
Obligations of states and political subdivisions	—		—	3.1	3.1
CMBS	6.2		14.1	—	20.3
RMBS	56.3		59.6	—	115.9
Total pledged as collateral	$	65.5	73.7	25.7	164.9

Schedule of Components of Pre-Tax Net Investment Income Earned



($ in thousands)	2017			2016		2015
Fixed income securities	$	153,230		129,306		123,230
Equity securities	6,442			7,368		9,161
Short-term investments	1,526			686		112
Other investments	12,871			2,940		(1,890	)
Investment expenses	(12,187		)	(9,546	)	(9,297	)
Net investment income earned	$	161,882		130,754		121,316

Schedule of OTTI by Asset Type



2017					Recognized in Earnings
($ in thousands)	Gross		Included in OCI		Recognized in Earnings
AFS fixed income securities:
U.S. government and government agencies	$	36	—		36
Obligations of states and political subdivisions	612		—		612
Corporate securities	587		—		587
CLO and other ABS	96		—		96
CMBS	670		—		670
RMBS	1,183		(36	)	1,219
Total AFS fixed income securities	3,184		(36	)	3,220
AFS equity securities:
Common stock	1,435		—		1,435
Total AFS equity securities	1,435		—		1,435
Other investments	$	190	—		190
Total OTTI losses	$	4,809	(36	)	4,845



2016				Recognized in Earnings
($ in thousands)	Gross		Included in OCI	Recognized in Earnings
AFS fixed income securities:
Obligations of states and political subdivisons	$	2,797	—	2,797
Corporate securities	1,880		—	1,880
CLO and other ABS	19		—	19
CMBS	220		—	220
RMBS	275		10	265
Total AFS fixed income securities	5,191		10	5,181
AFS equity securities:
Common stock	3,316		—	3,316
Preferred stock	2		—	2
Total AFS equity securities	3,318		—	3,318
Total OTTI losses	$	8,509	10	8,499



2015				Recognized in Earnings
($ in thousands)	Gross		Included in OCI	Recognized in Earnings
AFS fixed income securities:
Corporate securities	$	2,188	—	2,188
RMBS	1		—	1
Total AFS fixed income securities	2,189		—	2,189
AFS equity securities:
Common stock	15,996		—	15,996
Preferred stock	181		—	181
Total AFS equity securities	16,177		—	16,177
Total OTTI losses	$	18,366	—	18,366

Schedule of Components of Net Realized Gains Excluding OTTI Charges



($ in thousands)	2017			2016		2015
HTM fixed income securities
Gains	$	44		3		5
Losses	(1		)	(1	)	(1	)
AFS fixed income securities
Gains	10,193			7,741		4,515
Losses	(3,292		)	(11,411	)	(312	)
AFS equity securities
Gains	5,829			8,108		29,168
Losses	(1,200		)	(864	)	(1,347	)
Short-term investments
Gains	2			—		—
Losses	(6		)	(13	)	—
Other investments
Gains	494			3		162
Losses	(859		)	(4	)	(653	)
Total net realized investment gains	$	11,204		3,562		31,537