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v3.19.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments [Line Items] |
Schedule of Available-for-sale Securities |
March 31, 2019 |  |  |  |  |  |  |  |
($ in thousands) |  | Cost/ Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 125,664 |  |  | 1,766 |  |  | (341 | ) |  | 127,089 |
Foreign government |  | 20,238 |  |  | 299 |  |  | (11 | ) |  | 20,526 |
Obligations of states and political subdivisions |  | 1,110,504 |  |  | 39,936 |  |  | (197 | ) |  | 1,150,243 |
Corporate securities |  | 1,651,773 |  |  | 32,355 |  |  | (6,113 | ) |  | 1,678,015 |
Collateralized loan obligations and other asset-backed securities ("CLO and other ABS") |  | 722,573 |  |  | 5,050 |  |  | (5,383 | ) |  | 722,240 |
Commercial mortgage-backed securities ("CMBS") |  | 557,148 |  |  | 11,867 |  |  | (815 | ) |  | 568,200 |
Residential mortgage-backed securities (“RMBS”) |  | 1,275,373 |  |  | 27,100 |  |  | (1,428 | ) |  | 1,301,045 |
Total AFS securities |  | $ | 5,463,273 |  |  | 118,373 |  |  | (14,288 | ) |  | 5,567,358 |
December 31, 2018 |  |  |  |  |  |  |  |
($ in thousands) |  | Cost/ Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 120,092 |  |  | 1,810 |  |  | (592 | ) |  | 121,310 |
Foreign government |  | 23,202 |  |  | 36 |  |  | (107 | ) |  | 23,131 |
Obligations of states and political subdivisions |  | 1,121,615 |  |  | 19,485 |  |  | (2,631 | ) |  | 1,138,469 |
Corporate securities |  | 1,639,852 |  |  | 5,521 |  |  | (27,965 | ) |  | 1,617,408 |
CLO and other ABS |  | 720,193 |  |  | 4,112 |  |  | (6,943 | ) |  | 717,362 |
CMBS |  | 527,409 |  |  | 3,417 |  |  | (3,748 | ) |  | 527,078 |
RMBS |  | 1,118,435 |  |  | 12,988 |  |  | (3,081 | ) |  | 1,128,342 |
Total AFS securities |  | $ | 5,270,798 |  |  | 47,369 |  |  | (45,067 | ) |  | 5,273,100 |
Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities by Length of Time, AFS |
March 31, 2019 |  | Less than 12 months |  | 12 months or longer |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses 1 |  | Fair Value |  | Unrealized Losses 1 |  | Fair Value |  | Unrealized Losses 1
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 13,443 |  |  | (41 | ) |  | 25,774 |  |  | (300 | ) |  | 39,217 |  |  | (341 | )
Foreign government |  | — |  |  | — |  |  | 3,509 |  |  | (11 | ) |  | 3,509 |  |  | (11 | )
Obligations of states and political subdivisions |  | 15,257 |  |  | (71 | ) |  | 21,676 |  |  | (126 | ) |  | 36,933 |  |  | (197 | )
Corporate securities |  | 158,607 |  |  | (2,783 | ) |  | 160,121 |  |  | (3,330 | ) |  | 318,728 |  |  | (6,113 | )
CLO and other ABS |  | 366,775 |  |  | (4,231 | ) |  | 79,489 |  |  | (1,152 | ) |  | 446,264 |  |  | (5,383 | )
CMBS |  | 112,025 |  |  | (505 | ) |  | 63,774 |  |  | (310 | ) |  | 175,799 |  |  | (815 | )
RMBS |  | 22,881 |  |  | (258 | ) |  | 83,792 |  |  | (1,170 | ) |  | 106,673 |  |  | (1,428 | )
Total AFS securities |  | $ | 688,988 |  |  | (7,889 | ) |  | 438,135 |  |  | (6,399 | ) |  | 1,127,123 |  |  | (14,288 | )
December 31, 2018 |  | Less than 12 months |  | 12 months or longer |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses 1 |  | Fair Value |  | Unrealized Losses 1 |  | Fair Value |  | Unrealized Losses 1
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 6,693 |  |  | (174 | ) |  | 23,163 |  |  | (418 | ) |  | 29,856 |  |  | (592 | )
Foreign government |  | 12,208 |  |  | (93 | ) |  | 1,482 |  |  | (14 | ) |  | 13,690 |  |  | (107 | )
Obligations of states and political subdivisions |  | 196,798 |  |  | (2,074 | ) |  | 42,821 |  |  | (557 | ) |  | 239,619 |  |  | (2,631 | )
Corporate securities |  | 1,041,952 |  |  | (23,649 | ) |  | 78,953 |  |  | (4,316 | ) |  | 1,120,905 |  |  | (27,965 | )
CLO and other ABS |  | 516,106 |  |  | (6,750 | ) |  | 16,800 |  |  | (193 | ) |  | 532,906 |  |  | (6,943 | )
CMBS |  | 229,338 |  |  | (2,548 | ) |  | 66,294 |  |  | (1,200 | ) |  | 295,632 |  |  | (3,748 | )
RMBS |  | 139,338 |  |  | (1,660 | ) |  | 45,661 |  |  | (1,421 | ) |  | 184,999 |  |  | (3,081 | )
Total AFS fixed income securities |  | $ | 2,142,433 |  |  | (36,948 | ) |  | 275,174 |  |  | (8,119 | ) |  | 2,417,607 |  |  | (45,067 | )
1 Gross unrealized losses include non-OTTI unrealized amounts and OTTI losses recognized in AOCI.
Schedule of Fixed Maturity Securities By Contractual Maturities |
|  | AFS |  | HTM
($ in thousands) |  | Fair Value |  | Carrying Value |  | Fair Value
Due in one year or less |  | $ | 238,650 |  |  | 12,795 |  |  | 12,927 |
Due after one year through five years |  | 2,126,600 |  |  | 17,574 |  |  | 18,728 |
Due after five years through 10 years |  | 3,060,270 |  |  | 6,124 |  |  | 6,287 |
Due after 10 years |  | 141,838 |  |  | — |  |  | — |
Total fixed income securities |  | $ | 5,567,358 |  |  | 36,493 |  |  | 37,942 |
Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy |
Other Investments |  | March 31, 2019 |  | December 31, 2018
($ in thousands) |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss 1 |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss 1
Alternative Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private equity |  | $ | 92,371 |  |  | 101,297 |  |  | 193,668 |  |  | 84,352 |  |  | 93,688 |  |  | 178,040 |
Private credit |  | 30,518 |  |  | 90,812 |  |  | 121,330 |  |  | 41,682 |  |  | 81,453 |  |  | 123,135 |
Real assets |  | 28,844 |  |  | 25,152 |  |  | 53,996 |  |  | 27,862 |  |  | 27,129 |  |  | 54,991 |
Total alternative investments |  | 151,733 |  |  | 217,261 |  |  | 368,994 |  |  | 153,896 |  |  | 202,270 |  |  | 356,166 |
Other securities |  | 24,492 |  |  | — |  |  | 24,492 |  |  | 25,042 |  |  | — |  |  | 25,042 |
Total other investments |  | $ | 176,225 |  |  | 217,261 |  |  | 393,486 |  |  | 178,938 |  |  | 202,270 |  |  | 381,208 |
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.
Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio |
Income Statement Information |  | Quarter ended March 31,
($ in millions) |  | 2019 |  | 2018
Net investment income (loss) |  | $ | (150.1 | ) |  | (56.2 | )
Realized gains (losses) |  | 143.3 |  |  | 1,003.0 |
Net change in unrealized appreciation |  | 554.3 |  |  | 96.2 |
Net gain |  | $ | 547.5 |  |  | 1,043.0 |
Selective’s insurance subsidiaries’ alternative investments gain |  | $ | 0.6 |  |  | 1.6 |
Schedule of Securities Pledged As Collateral |
($ in millions) |  | FHLBI Collateral |  | FHLBNY Collateral |  | State and Regulatory Deposits |  | Total
U.S. government and government agencies |  | $ | — |  |  | — |  |  | 22.5 |  |  | 22.5 |
Obligations of states and political subdivisions |  | — |  |  | — |  |  | 3.9 |  |  | 3.9 |
Corporate securities |  | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
CMBS |  | 7.2 |  |  | 20.8 |  |  | — |  |  | 28.0 |
RMBS |  | 57.3 |  |  | 96.6 |  |  | — |  |  | 153.9 |
Total pledged as collateral |  | $ | 64.5 |  |  | 117.4 |  |  | 26.7 |  |  | 208.6 |
Schedule of Pre-Tax Net Investment Income Earned |
|  | Quarter ended March 31,
($ in thousands) |  | 2019 |  | 2018
Fixed income securities |  | $ | 49,033 |  |  | 42,041 |
Equity securities |  | 1,640 |  |  | 1,977 |
Short-term investments |  | 2,044 |  |  | 523 |
Other investments |  | 660 |  |  | 1,563 |
Investment expenses |  | (2,759 | ) |  | (2,873 | )
Net investment income earned |  | $ | 50,618 |  |  | 43,231 |
Schedule of Components of Net Realized and Unrealized Gains and Losses Excluding OTTI Charges |
|  | Quarter ended March 31,
($ in thousands) |  | 2019 |  | 2018
Net realized gains (losses) on the disposals of securities: |  |  |  |
Fixed income securities |  | $ | 1,143 |  |  | (3,335 | )
Equity securities |  | 2,280 |  |  | 8,069 |
Short-term investments |  | 14 |  |  | (3 | )
Other investments |  | 7 |  |  | — |
Net realized gains on the disposal of securities |  | 3,444 |  |  | 4,731 |
OTTI charges |  | (104 | ) |  | (1,212 | )
Net realized gains |  | 3,340 |  |  | 3,519 |
Unrealized gains (losses) recognized in income on equity securities 1 |  | 10,111 |  |  | (14,068 | )
Total net realized and unrealized investment gains (losses) |  | $ | 13,451 |  |  | (10,549 | )
1 Includes unrealized holding gains (losses) of: (i) $12.0 million in First Quarter 2019 and $(5.1) million in First Quarter 2018 on equity securities remaining in our portfolio as of March 31, 2019 and 2018, respectively; and (ii) $(1.9) million in First Quarter 2019 and $(9.0) million in First Quarter 2018 on equity securities sold in each respective period.
Schedule of Realized Gains and Losses on Disposals of Securities |
|  | Quarter ended March 31,
($ in thousands) |  | 2019 |  | 2018
HTM fixed income securities |  |  |  |
Gains |  | $ | — |  |  | 2 |
Losses |  | — |  |  | — |
AFS fixed income securities |  |  |  |  |  |
Gains |  | 1,844 |  |  | 2,623 |
Losses |  | (701 | ) |  | (5,960 | )
Equity securities |  |  |  |  |  |
Gains |  | 2,280 |  |  | 8,399 |
Losses |  | — |  |  | (330 | )
Short-term investments |  |  |  |
Gains |  | 14 |  |  | 1 |
Losses |  | — |  |  | (4 | )
Other investments |  |  |  |
Gains |  | 7 |  |  | — |
Losses |  | — |  |  | — |
Total net realized gains on disposals of securities |  | $ | 3,444 |  |  | 4,731 |

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