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v3.19.1

Summary of Investments (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments [Abstract] |
Fair Value of Investments | A reconciliation of the amortized cost (cost for equity securities) to fair value of investments in held-to-maturity and available-for-sale fixed maturity and equity securities, presented on a consolidated basis, as of March 31, 2019 and December 31, 2018, is provided below:
March 31, 2019 |
Type of Investment | Cost or Amortized Cost |  | Gross Unrealized Appreciation |  | Gross Unrealized Depreciation |  | Fair Value
AVAILABLE-FOR-SALE |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Bonds |  |  |  |  |  |  |
U.S. Treasury | $ | 26,821 |  |  | $ | 13 |  |  | $ | 143 |  |  | $ | 26,691 |
U.S. government agency | 188,529 |  |  | 1,417 |  |  | 405 |  |  | 189,541 |
States, municipalities and political subdivisions |  |  |  |  |  |  |
General obligations: |  |  |  |  |  |  |
Midwest | 86,782 |  |  | 1,995 |  |  | 98 |  |  | 88,679 |
Northeast | 31,266 |  |  | 866 |  |  | — |  |  | 32,132 |
South | 114,500 |  |  | 1,755 |  |  | 475 |  |  | 115,780 |
West | 107,580 |  |  | 2,592 |  |  | 305 |  |  | 109,867 |
Special revenue: |  |  |  |  |  |  |
Midwest | 139,803 |  |  | 3,520 |  |  | 194 |  |  | 143,129 |
Northeast | 62,604 |  |  | 1,123 |  |  | 406 |  |  | 63,321 |
South | 229,505 |  |  | 4,532 |  |  | 1,101 |  |  | 232,936 |
West | 142,974 |  |  | 2,905 |  |  | 537 |  |  | 145,342 |
Foreign bonds | 4,941 |  |  | 106 |  |  | — |  |  | 5,047 |
Public utilities | 62,774 |  |  | 878 |  |  | 444 |  |  | 63,208 |
Corporate bonds |  |  |  |  |  |  |
Energy | 28,158 |  |  | 536 |  |  | 41 |  |  | 28,653 |
Industrials | 53,836 |  |  | 613 |  |  | 171 |  |  | 54,278 |
Consumer goods and services | 48,151 |  |  | 857 |  |  | 209 |  |  | 48,799 |
Health care | 13,974 |  |  | 294 |  |  | 2 |  |  | 14,266 |
Technology, media and telecommunications | 25,895 |  |  | 463 |  |  | 138 |  |  | 26,220 |
Financial services | 91,876 |  |  | 1,366 |  |  | 669 |  |  | 92,573 |
Mortgage-backed securities | 7,401 |  |  | 48 |  |  | 134 |  |  | 7,315 |
Collateralized mortgage obligations |  |  |  |  |  |  |
Government national mortgage association | 77,401 |  |  | 750 |  |  | 763 |  |  | 77,388 |
Federal home loan mortgage corporation | 108,333 |  |  | 889 |  |  | 513 |  |  | 108,709 |
Federal national mortgage association | 52,722 |  |  | 635 |  |  | 204 |  |  | 53,153 |
Asset-backed securities | 3,274 |  |  | 387 |  |  | 125 |  |  | 3,536 |
Total Available-for-Sale Fixed Maturities | $ | 1,709,100 |  |  | $ | 28,540 |  |  | $ | 7,077 |  |  | $ | 1,730,563 |
December 31, 2018 |
Type of Investment | Cost or Amortized Cost |  | Gross Unrealized Appreciation |  | Gross Unrealized Depreciation |  | Fair Value
AVAILABLE-FOR-SALE |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Bonds |  |  |  |  |  |  |
U.S. Treasury | $ | 27,632 |  |  | $ | 6 |  |  | $ | 220 |  |  | $ | 27,418 |
U.S. government agency | 215,535 |  |  | 896 |  |  | 1,749 |  |  | 214,682 |
States, municipalities and political subdivisions |  |  |  |  |  |  |
General obligations: |  |  |  |  |  |  |
Midwest | 94,806 |  |  | 1,091 |  |  | 685 |  |  | 95,212 |
Northeast | 37,326 |  |  | 432 |  |  | 103 |  |  | 37,655 |
South | 114,710 |  |  | 754 |  |  | 1,553 |  |  | 113,911 |
West | 107,787 |  |  | 1,229 |  |  | 1,175 |  |  | 107,841 |
Special revenue: |  |  |  |  |  |  |
Midwest | 140,025 |  |  | 1,609 |  |  | 870 |  |  | 140,764 |
Northeast | 62,737 |  |  | 452 |  |  | 1,241 |  |  | 61,948 |
South | 237,848 |  |  | 1,669 |  |  | 3,708 |  |  | 235,809 |
West | 143,829 |  |  | 1,294 |  |  | 2,203 |  |  | 142,920 |
Foreign bonds | 9,698 |  |  | 31 |  |  | 13 |  |  | 9,716 |
Public utilities | 56,808 |  |  | 274 |  |  | 1,023 |  |  | 56,059 |
Corporate bonds |  |  |  |  |  |  |  |
Energy | 28,909 |  |  | 43 |  |  | 304 |  |  | 28,648 |
Industrials | 53,867 |  |  | 124 |  |  | 906 |  |  | 53,085 |
Consumer goods and services | 54,323 |  |  | 142 |  |  | 819 |  |  | 53,646 |
Health care | 16,721 |  |  | 42 |  |  | 105 |  |  | 16,658 |
Technology, media and telecommunications | 26,819 |  |  | 35 |  |  | 678 |  |  | 26,176 |
Financial services | 81,286 |  |  | 238 |  |  | 2,175 |  |  | 79,349 |
Mortgage-backed securities | 7,642 |  |  | 14 |  |  | 232 |  |  | 7,424 |
Collateralized mortgage obligations |  |  |  |  |  |  |
Government national mortgage association | 78,055 |  |  | 380 |  |  | 1,734 |  |  | 76,701 |
Federal home loan mortgage corporation | 108,403 |  |  | 524 |  |  | 1,304 |  |  | 107,623 |
Federal national mortgage association | 53,267 |  |  | 213 |  |  | 732 |  |  | 52,748 |
Asset-backed securities | 3,256 |  |  | 352 |  |  | 113 |  |  | 3,495 |
Total Available-for-Sale Fixed Maturities | $ | 1,761,289 |  |  | $ | 11,844 |  |  | $ | 23,645 |  |  | $ | 1,749,488 |
Maturities | The amortized cost and fair value of held-to-maturity, available-for-sale and trading fixed maturity securities at March 31, 2019, by contractual maturity, are shown in the following tables. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity.
Maturities |  |  |  |  |  |  |  |
|  | Available-For-Sale |  | Trading
March 31, 2019 |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 35,003 |  |  | $ | 35,183 |  |  | $ | 4,572 |  |  | $ | 5,582 |
Due after one year through five years |  | 231,390 |  |  | 234,309 |  |  | 6,292 |  |  | 8,406 |
Due after five years through 10 years |  | 537,692 |  |  | 547,933 |  |  | — |  |  | — |
Due after 10 years |  | 655,884 |  |  | 663,037 |  |  | 1,835 |  |  | 2,421 |
Asset-backed securities |  | 3,274 |  |  | 3,536 |  |  | — |  |  | — |
Mortgage-backed securities |  | 7,401 |  |  | 7,315 |  |  | — |  |  | — |
Collateralized mortgage obligations |  | 238,456 |  |  | 239,250 |  |  | — |  |  | — |
|  | $ | 1,709,100 |  |  | $ | 1,730,563 |  |  | $ | 12,699 |  |  | $ | 16,409 |
Net Realized Investment Gains and Losses | A summary of the components of net realized investment gains (losses) is as follows:
| Three Months Ended March 31,
| 2019 |  | 2018
Net realized investment gains (losses) from continuing operations: |  |  |
Fixed maturities: |  |  |
Available-for-sale | $ | 150 |  |  | $ | 4 |
Trading securities |  |  |
Change in fair value | 1,746 |  |  | (111 | )
Sales | — |  |  | 556 |
Equity securities |  |  |
Change in fair value | 24,634 |  |  | (9,188 | )
Sales | 198 |  |  | 875 |
Mortgage loans | (15 | ) |  | — |
Total net realized investment gains (losses) from continuing operations | $ | 26,713 |  |  | $ | (7,864 | )
Total net realized investment gains (losses) from discontinued operations | — |  |  | (1,057 | )
Total net realized investment gains (losses) | $ | 26,713 |  |  | $ | (8,921 | )
Proceeds and Gross Realized Gains and Losses | The proceeds and gross realized gains on the sale of available-for-sale fixed maturity securities are as follows:
| Three Months Ended March 31,
| 2019 |  | 2018
Proceeds from sales | $ | 36,490 |  |  | $ | — |
Gross realized gains | 30 |  |  | — |
Gross realized losses | 13 |  |  | — |
Unrealized Investment Appreciation | A summary of the changes in net unrealized investment appreciation during the reporting period is as follows:
| Three Months Ended March 31,
| 2019 |  | 2018
Change in net unrealized investment appreciation |  |  |
Available-for-sale fixed maturities | $ | 33,264 |  |  | $ | (59,126 | )
Deferred policy acquisition costs | — |  |  | 7,274 |
Income tax effect | (6,985 | ) |  | 10,890 |
Net unrealized investment depreciation of discontinued operations, sold | — |  |  | 6,714 |
Cumulative change in accounting principles | — |  |  | (191,244 | )
Total change in net unrealized investment appreciation, net of tax | $ | 26,279 |  |  | $ | (225,492 | )
Investments in Unrealized Loss Position |
March 31, 2019 | Less than 12 months |  | 12 months or longer |  | Total
Type of Investment | Number of Issues |  | Fair Value |  | Gross Unrealized Depreciation |  | Number of Issues |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
AVAILABLE-FOR-SALE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | 1 |  |  | $ | 8,006 |  |  | $ | 2 |  |  | 5 |  |  | $ | 14,672 |  |  | $ | 141 |  |  | $ | 22,678 |  |  | $ | 143 |
U.S. government agency | — |  |  | — |  |  | — |  |  | 9 |  |  | 44,960 |  |  | 405 |  |  | 44,960 |  |  | 405 |
States, municipalities and political subdivisions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midwest | — |  |  | — |  |  | — |  |  | 3 |  |  | 13,089 |  |  | 98 |  |  | 13,089 |  |  | 98 |
South | — |  |  | — |  |  | — |  |  | 8 |  |  | 24,642 |  |  | 475 |  |  | 24,642 |  |  | 475 |
West | — |  |  | — |  |  | — |  |  | 8 |  |  | 24,221 |  |  | 305 |  |  | 24,221 |  |  | 305 |
Special revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midwest | — |  |  | — |  |  | — |  |  | 8 |  |  | 18,051 |  |  | 194 |  |  | 18,051 |  |  | 194 |
Northeast | — |  |  | — |  |  | — |  |  | 7 |  |  | 19,711 |  |  | 406 |  |  | 19,711 |  |  | 406 |
South | — |  |  | — |  |  | — |  |  | 25 |  |  | 61,235 |  |  | 1,101 |  |  | 61,235 |  |  | 1,101 |
West | — |  |  | — |  |  | — |  |  | 18 |  |  | 50,929 |  |  | 537 |  |  | 50,929 |  |  | 537 |
Public utilities | 4 |  |  | 9,755 |  |  | 244 |  |  | 7 |  |  | 16,101 |  |  | 200 |  |  | 25,856 |  |  | 444 |
Corporate bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy | — |  |  | — |  |  | — |  |  | 2 |  |  | 4,224 |  |  | 41 |  |  | 4,224 |  |  | 41 |
Industrials | 1 |  |  | 5,010 |  |  | 17 |  |  | 4 |  |  | 12,389 |  |  | 154 |  |  | 17,399 |  |  | 171 |
Consumer goods and services | — |  |  | — |  |  | — |  |  | 6 |  |  | 12,851 |  |  | 209 |  |  | 12,851 |  |  | 209 |
Health care | — |  |  | — |  |  | — |  |  | 1 |  |  | 351 |  |  | 2 |  |  | 351 |  |  | 2 |
Technology, media and telecommunications | — |  |  | — |  |  | — |  |  | 4 |  |  | 8,929 |  |  | 138 |  |  | 8,929 |  |  | 138 |
Financial services | 1 |  |  | 4,744 |  |  | 256 |  |  | 11 |  |  | 29,445 |  |  | 413 |  |  | 34,189 |  |  | 669 |
Mortgage-backed securities | 9 |  |  | 549 |  |  | 4 |  |  | 27 |  |  | 4,548 |  |  | 130 |  |  | 5,097 |  |  | 134 |
Collateralized mortgage obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government national mortgage association | 1 |  |  | 4,841 |  |  | 22 |  |  | 20 |  |  | 43,142 |  |  | 741 |  |  | 47,983 |  |  | 763 |
Federal home loan mortgage corporation | 1 |  |  | — |  |  | — |  |  | 11 |  |  | 26,018 |  |  | 513 |  |  | 26,018 |  |  | 513 |
Federal national mortgage association | — |  |  | — |  |  | — |  |  | 11 |  |  | 21,334 |  |  | 204 |  |  | 21,334 |  |  | 204 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 1 |  |  | 2,835 |  |  | 125 |  |  | 2,835 |  |  | 125 |
Total Available-for-Sale Fixed Maturities | 18 |  |  | $ | 32,905 |  |  | $ | 545 |  |  | 196 |  |  | $ | 453,677 |  |  | $ | 6,532 |  |  | $ | 486,582 |  |  | $ | 7,077 |
December 31, 2018 | Less than 12 months |  | 12 months or longer |  | Total
Type of Investment | Number of Issues |  | Fair Value |  | Gross Unrealized Depreciation |  | Number of Issues |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
AVAILABLE-FOR-SALE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | 1 |  |  | $ | 8,018 |  |  | $ | 7 |  |  | 5 |  |  | $ | 14,645 |  |  | $ | 213 |  |  | $ | 22,663 |  |  | $ | 220 |
U.S. government agency | 4 |  |  | 17,907 |  |  | 81 |  |  | 17 |  |  | 80,696 |  |  | 1,668 |  |  | 98,603 |  |  | 1,749 |
States, municipalities and political subdivisions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midwest | 2 |  |  | 2,939 |  |  | 5 |  |  | 7 |  |  | 23,749 |  |  | 680 |  |  | 26,688 |  |  | 685 |
Northeast | — |  |  | — |  |  | — |  |  | 3 |  |  | 12,110 |  |  | 103 |  |  | 12,110 |  |  | 103 |
South | 1 |  |  | 778 |  |  | 2 |  |  | 22 |  |  | 50,174 |  |  | 1,551 |  |  | 50,952 |  |  | 1,553 |
West | 1 |  |  | 1,203 |  |  | 5 |  |  | 16 |  |  | 48,499 |  |  | 1,170 |  |  | 49,702 |  |  | 1,175 |
Special revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midwest | 4 |  |  | 3,892 |  |  | 8 |  |  | 19 |  |  | 43,854 |  |  | 862 |  |  | 47,746 |  |  | 870 |
Northeast | — |  |  | — |  |  | — |  |  | 14 |  |  | 37,629 |  |  | 1,241 |  |  | 37,629 |  |  | 1,241 |
South | 4 |  |  | 4,298 |  |  | 30 |  |  | 45 |  |  | 107,016 |  |  | 3,678 |  |  | 111,314 |  |  | 3,708 |
West | 4 |  |  | 11,115 |  |  | 32 |  |  | 28 |  |  | 69,667 |  |  | 2,171 |  |  | 80,782 |  |  | 2,203 |
Foreign bonds | 1 |  |  | 2,984 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | 2,984 |  |  | 13 |
Public utilities | 12 |  |  | 25,781 |  |  | 552 |  |  | 8 |  |  | 17,253 |  |  | 471 |  |  | 43,034 |  |  | 1,023 |
Corporate bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy | 7 |  |  | 12,556 |  |  | 148 |  |  | 2 |  |  | 4,099 |  |  | 156 |  |  | 16,655 |  |  | 304 |
Industrials | 9 |  |  | 21,970 |  |  | 397 |  |  | 4 |  |  | 11,040 |  |  | 509 |  |  | 33,010 |  |  | 906 |
Consumer goods and services | 14 |  |  | 30,399 |  |  | 527 |  |  | 5 |  |  | 9,554 |  |  | 292 |  |  | 39,953 |  |  | 819 |
Health care | 3 |  |  | 6,203 |  |  | 97 |  |  | 1 |  |  | 345 |  |  | 8 |  |  | 6,548 |  |  | 105 |
Technology, media and telecommunications | 6 |  |  | 12,638 |  |  | 288 |  |  | 5 |  |  | 9,619 |  |  | 390 |  |  | 22,257 |  |  | 678 |
Financial services | 13 |  |  | 30,177 |  |  | 650 |  |  | 13 |  |  | 32,855 |  |  | 1,525 |  |  | 63,032 |  |  | 2,175 |
Mortgage-backed securities | 22 |  |  | 1,539 |  |  | 34 |  |  | 22 |  |  | 4,166 |  |  | 198 |  |  | 5,705 |  |  | 232 |
Collateralized mortgage obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government national mortgage association | 2 |  |  | 3,797 |  |  | 55 |  |  | 22 |  |  | 44,690 |  |  | 1,679 |  |  | 48,487 |  |  | 1,734 |
Federal home loan mortgage corporation | 3 |  |  | 4,541 |  |  | 20 |  |  | 18 |  |  | 38,189 |  |  | 1,284 |  |  | 42,730 |  |  | 1,304 |
Federal national mortgage association | 4 |  |  | 2,107 |  |  | 3 |  |  | 15 |  |  | 38,986 |  |  | 729 |  |  | 41,093 |  |  | 732 |
Asset-backed securities | 1 |  |  | 2,829 |  |  | 113 |  |  | — |  |  | — |  |  | — |  |  | 2,829 |  |  | 113 |
Total Available-for-Sale Fixed Maturities | 118 |  |  | $ | 207,671 |  |  | $ | 3,067 |  |  | 291 |  |  | $ | 698,835 |  |  | $ | 20,578 |  |  | $ | 906,506 |  |  | $ | 23,645 |

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