v3.19.3

Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at September 30, 2019 were as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	91,485			$	2,336			$	47			$	93,774
Obligations of states and political subdivisions			181,575				15,124				86				196,613
Corporate securities			151,654				8,281				353				159,582
Mortgage-backed securities			34,175				623				25				34,773
Totals		$	458,889			$	26,364			$	511			$	484,742
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	19,325			$	128			$	7			$	19,446
Obligations of states and political subdivisions			57,178				1,990				3				59,165
Corporate securities			146,644				4,295				158				150,781
Mortgage-backed securities			327,645				2,902				838				329,709
Totals		$	550,792			$	9,315			$	1,006			$	559,101

The amortized cost and estimated fair values of our fixed maturities at December 31, 2018 were as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	76,222			$	175			$	1,087			$	75,310
Obligations of states and political subdivisions			159,292				8,237				704				166,825
Corporate securities			127,010				396				4,391				123,015
Mortgage-backed securities			40,274				64				450				39,888
Totals		$	402,798			$	8,872			$	6,632			$	405,038
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	45,188			$	25			$	1,003			$	44,210
Obligations of states and political subdivisions			73,761				1,762				307				75,216
Corporate securities			140,689				203				3,059				137,833
Mortgage-backed securities			275,475				149				6,325				269,299
Totals		$	535,113			$	2,139			$	10,694			$	526,558

Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

		Amortized Cost				Estimated Fair Value
		(in thousands)
Held to maturity
Due in one year or less		$	22,801			$	22,881
Due after one year through five years			72,894				75,680
Due after five years through ten years			179,648				189,376
Due after ten years			149,371				162,032
Mortgage-backed securities			34,175				34,773
Total held to maturity		$	458,889			$	484,742
Available for sale
Due in one year or less		$	16,975			$	17,152
Due after one year through five years			90,226				92,564
Due after five years through ten years			100,580				103,705
Due after ten years			15,366				15,971
Mortgage-backed securities			327,645				329,709
Total available for sale		$	550,792			$	559,101

Summary of Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at September 30, 2019 were as follows: 

		Cost				Gross Gains				Gross Losses				Estimated Fair Value
		(in thousands)
Equity securities		$	43,407			$	10,078			$	1,386			$	52,099

The cost and estimated fair values of our equity securities at December 31, 2018 were as follows:

		Cost				Gross Gains				Gross Losses				Estimated Fair Value
		(in thousands)
Equity securities		$	40,943			$	4,818			$	2,094			$	43,667

Summary of Gross Investment Gains and Losses before Applicable Income Taxes

Gross investment gains and losses before applicable income taxes for the three and nine months ended September 30, 2019 and 2018 were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2019				2018				2019				2018
		(in thousands)								(in thousands)
Gross investment gains:
Fixed maturities		$	107			$	5			$	479			$	16
Equity securities			721				2,976				8,293				6,246
Investment in affiliate			—				—				12,662				—
			828				2,981				21,434				6,262
Gross investment losses:
Fixed maturities			4				25				324				70
Equity securities			1,193				(508	)			1,816				2,130
			1,197				(483	)			2,140				2,200
Net investment (losses) gains		$	(369	)		$	3,464			$	19,294			$	4,062

Summary of Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at September 30, 2019 as follows:

		Less Than 12 Months								More Than 12 Months
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	3,466			$	34			$	6,429			$	20
Obligations of states and political subdivisions			4,582				86				2,321				3
Corporate securities			14,152				179				25,113				332
Mortgage-backed securities			18,686				75				89,643				788
Totals		$	40,886			$	374			$	123,506			$	1,143

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2018 as follows:

		Less Than 12 Months								More Than 12 Months
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	26,342			$	166			$	54,900			$	1,924
Obligations of states and political subdivisions			28,322				477				21,560				534
Corporate securities			149,270				4,483				59,397				2,968
Mortgage-backed securities			82,594				913				181,379				5,862
Totals		$	286,528			$	6,039			$	317,236			$	11,288

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