XML 33 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Investments (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Investments
A reconciliation of the amortized cost to fair value of investments in available-for-sale fixed maturity and short-term investments, presented on a consolidated basis, as of March 31, 2021 and December 31, 2020, is provided below:
March 31, 2021
Type of InvestmentCost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair ValueAllowance for Credit LossesCarrying Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$70,254 $343 $505 $70,092 $— $70,092 
U.S. government agency87,150 3,265 2,258 88,157 — 88,157 
States, municipalities and political subdivisions
General obligations:
Midwest68,578 2,951 — 71,529 — 71,529 
Northeast29,018 1,081 — 30,099 — 30,099 
South94,493 4,695 — 99,188 — 99,188 
West97,459 6,042 — 103,501 — 103,501 
Special revenue:
Midwest123,401 8,257 — 131,658 — 131,658 
Northeast56,193 3,972 — 60,165 — 60,165 
South211,100 15,728 98 226,730 — 226,730 
West131,711 8,375 — 140,086 — 140,086 
Foreign bonds26,372 1,171 134 27,409 — 27,409 
Public utilities95,501 5,155 523 100,133 — 100,133 
Corporate bonds
Energy24,101 2,306 — 26,407 — 26,407 
Industrials53,535 2,618 572 55,581 — 55,581 
Consumer goods and services66,557 3,233 1,285 68,505 — 68,505 
Health care29,025 662 1,188 28,499 — 28,499 
Technology, media and telecommunications66,211 3,679 1,956 67,934 — 67,934 
Financial services101,002 5,504 487 106,019 174 105,845 
Mortgage-backed securities26,092 351 143 26,300 — 26,300 
Collateralized mortgage obligations
Government national mortgage association83,303 3,454 113 86,644 — 86,644 
Federal home loan mortgage corporation139,364 1,570 1,402 139,532 — 139,532 
Federal national mortgage association60,744 1,642 463 61,923 — 61,923 
Asset-backed securities317 531 — 848 — 848 
Total Available-for-Sale Fixed Maturities$1,741,481 $86,585 $11,127 $1,816,939 $174 $1,816,765 
Short-Term Investments$801 $3 $— $804 $— $804 
Total Available-for-Sale Investments$1,742,282 $86,588 $11,127 $1,817,743 $174 $1,817,569 
December 31, 2020
Type of InvestmentCost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized DepreciationFair ValueAllowance for Credit LossesCarrying Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$149,481 $482 $25 $149,938 $— $149,938 
U.S. government agency60,502 4,016 — 64,518 — 64,518 
States, municipalities and political subdivisions
General obligations:
Midwest77,933 4,047 — 81,980 — 81,980 
Northeast29,071 1,379 — 30,450 — 30,450 
South104,522 5,448 — 109,970 — 109,970 
West102,590 7,431 — 110,021 — 110,021 
Special revenue:
Midwest115,956 9,142 — 125,098 — 125,098 
Northeast56,317 4,759 — 61,076 — 61,076 
South208,739 17,967 — 226,706 — 226,706 
West129,417 9,982 — 139,399 — 139,399 
Foreign bonds27,799 1,805 2 29,602 — 29,602 
Public utilities76,114 7,388 — 83,502 — 83,502 
Corporate bonds
Energy22,441 2,895 — 25,336 — 25,336 
Industrials39,513 3,744 — 43,257 — 43,257 
Consumer goods and services46,521 4,046 — 50,567 — 50,567 
Health care6,678 898 — 7,576 — 7,576 
Technology, media and telecommunications37,270 4,381 15 41,636 — 41,636 
Financial services93,736 7,564 269 101,031 5 101,026 
Mortgage-backed securities20,305 326 54 20,577 — 20,577 
Collateralized mortgage obligations
Government national mortgage association81,758 4,439 45 86,152 — 86,152 
Federal home loan mortgage corporation151,362 2,239 758 152,843 — 152,843 
Federal national mortgage association81,952 2,013 683 83,282 — 83,282 
Asset-backed securities314 612 — 926 — 926 
Total Available-for-Sale Fixed Maturities$1,720,291 $107,003 $1,851 $1,825,443 $5 $1,825,438 
Schedule of Maturities
The amortized cost and fair value of available-for-sale fixed maturity securities at March 31, 2021, 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
March 31, 2021Amortized Cost Fair Value
Due in one year or less$29,859  $30,220 
Due after one year through five years482,121  506,835 
Due after five years through 10 years374,037  393,314 
Due after 10 years545,644  571,323 
Asset-backed securities317 848 
Mortgage-backed securities26,092  26,300 
Collateralized mortgage obligations283,411  288,099 
 $1,741,481  $1,816,939 
Summary of Net Realized Investment Gains and Losses A summary of the components of net realized investment gains (losses) is as follows:
Three Months Ended March 31,
2021 2020
Net realized investment gains (losses):   
Fixed maturities:
Available-for-sale$(637)$(30)
Allowance for credit losses(170)(59)
Trading Securities— (2,457)
Equity securities25,315 (90,828)
Mortgage loans allowance for credit losses— (5)
Real estate— (28)
Total net realized investment gains (losses)$24,508  $(93,407)
Schedule of 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,
2021 2020
Proceeds from sales$31,091  $11,910 
Gross realized gains1  172 
Gross realized losses638  382 
Schedule of Unrealized Investment Appreciation
A summary of the changes in net unrealized investment appreciation during the reporting period is as follows:
 Three Months Ended March 31,
2021 2020
Change in net unrealized investment appreciation   
Available-for-sale fixed maturities$(29,691)$5,696 
Income tax effect6,235 (1,196)
Total change in net unrealized investment appreciation, net of tax$(23,456) $4,500 
Schedule of Rollforward of Allowance for Credit Losses for Available-for-Sale Fixed Maturity Securities The following table contains a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities at March 31, 2021:
Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
As of
March 31, 2021
Beginning balance, January 1, 2021$5 
Additions to the allowance for credit losses for which credit losses were not previously recorded169 
Ending balance, March 31, 2021$174 
Schedule of Investments in Unrealized Loss Position
The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at March 31, 2021 and December 31, 2020. The securities are presented by the length of time they have been continuously in an unrealized loss position. Non-credit related unrealized losses are recognized as a component of other comprehensive income and represent other market movements that are not credit related, for example interest rate changes. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.
March 31, 2021Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Depreciation		Number
of Issues		Fair
Value		Gross Unrealized DepreciationFair
Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury8 $62,122 $505 — $— $— $62,122 $505 
U.S. government agency4 27,391 2,258 — — — 27,391 2,258 
States, municipalities and political subdivisions
General obligations
South1 1,176 98 — — — 1,176 98 
Foreign bonds3 $5,770 $134 — $— $— $5,770 $134 
Public utilities7 20,607 523 — — — 20,607 523 
Corporate bonds
Industrials6 16,436 572 — — — 16,436 572 
Consumer goods and services5 19,897 1,285 — — — 19,897 1,285 
Health care5 21,508 1,188 — — — 21,508 1,188 
Technology, media and telecommunications9 24,792 1,956 — — — 24,792 1,956 
Financial services6 13,262 231 — — — 13,262 231 
Mortgage-backed securities7 17,126 143 2 14 — 17,140 143 
Collateralized mortgage obligations
Federal home loan mortgage corporation24 90,493 1,402 — — — 90,493 1,402 
Federal national mortgage association9 26,987 463 — — — 26,987 463 
Government national mortgage association4 15,547 113 — — — 15,547 113 
Total Available-for-Sale Fixed Maturities98 $363,114 $10,871 2 $14 $— $363,128 $10,871 
December 31, 2020Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized DepreciationNumber
of Issues		Fair
Value		Gross Unrealized DepreciationFair
Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury5 $86,371 $25 — $— $— $86,371 $25 
Foreign bonds1 2,000 2 — — — 2,000 2 
Technology, media and telecommunications1 2,020 15 — — — 2,020 15 
Financial services1 2,995 5 1 3,000 7 5,995 12 
Mortgage-backed securities2 8,099 53 5 118 1 8,217 54 
Collateralized mortgage obligations
Federal home loan mortgage corporation24 97,691 758 1 26 — 97,717 758 
Federal national mortgage association10 44,677 683 — — — 44,677 683 
Government national mortgage association2 12,394 45 1 24 — 12,418 45 
Total Available-for-Sale Fixed Maturities46 $256,247 $1,586 8 $3,168 $8 $259,415 $1,594