Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33067 | |
Entity Registrant Name | SELECTIVE INSURANCE GROUP, INC | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-2168890 | |
Entity Address, Address Line One | 40 Wantage Avenue | |
Entity Address, City or Town | Branchville | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07890 | |
City Area Code | 973 | |
Local Phone Number | 948-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 60,353,399 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000230557 | |
Current Fiscal Year End Date | --12-31 | |
Noncumulative Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value | |
Trading Symbol | SIGIP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $2 per share | |
Trading Symbol | SIGI | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Fixed income securities, held-to-maturity, at carrying value | $ 33,085 | $ 28,850 |
Fixed income securities, held-to-maturity, allowance for credit losses | (50) | (65) |
Fixed income securities, held-to-maturity, net of allowance for credit losses | 33,035 | 28,785 |
Fixed income securities, available-for-sale, at fair value | 6,598,822 | 6,709,976 |
Commercial mortgage loans at carrying value | 115,893 | 95,795 |
Less: allowance for credit losses | 0 | 0 |
Commercial mortgage loans, net of allowance for credit losses | 115,893 | 95,795 |
Equity Securities, fair value | 344,583 | 335,537 |
Short-term investments | 256,712 | 447,863 |
Other investments | 425,666 | 409,032 |
Total investments (Note 4 and 5) | 7,774,711 | 8,026,988 |
Cash | 410 | 455 |
Restricted cash | 17,474 | 44,608 |
Accrued investment income | 48,427 | 48,247 |
Premiums receivable | 1,025,833 | 958,787 |
Less: allowance for credit losses (Note 6) | (14,300) | (13,600) |
Premiums receivable, net of allowance for credit losses | 1,011,533 | 945,187 |
Reinsurance recoverable | 578,959 | 601,668 |
Allowance for credit losses | (1,600) | (1,600) |
Reinsurance recoverable, net of allowance for credit losses | 577,359 | 600,068 |
Prepaid reinsurance premiums | 174,951 | 183,007 |
Current federal income tax | 0 | 772 |
Deferred federal income tax | 55,274 | 0 |
Property and equipment, at cost, net of accumulated depreciation and amortization | 83,180 | 82,053 |
Deferred policy acquisition costs | 341,689 | 326,915 |
Goodwill | 7,849 | 7,849 |
Other assets | 217,690 | 195,240 |
Total assets | 10,310,547 | 10,461,389 |
Liabilities And Stockholders' Equity | ||
Reserve for loss and loss expense (Note 8) | 4,644,391 | 4,580,903 |
Unearned premiums | 1,872,666 | 1,803,207 |
Long-term Debt | 505,566 | 506,050 |
Current federal income tax | 16,473 | 0 |
Deferred federal income tax | 0 | 13,413 |
Accrued salaries and benefits | 90,584 | 121,057 |
Other liabilities | 402,626 | 453,874 |
Total liabilities | 7,532,306 | 7,478,504 |
Stockholders' Equity: | ||
Preferred stock of $0 par value per share: Authorized shares 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2022 and 2021 | 200,000 | 200,000 |
Common stock of $2 par value per share: Authorized shares 360,000,000; Issued: 104,674,999 - 2022; 104,450,916 - 2021 | 209,336 | 208,902 |
Additional paid-in capital | 472,790 | 464,347 |
Retained Earnings | 2,640,437 | 2,603,472 |
Accumulated Other Comprehensive (Loss) Income (Note 11) | (129,795) | 115,099 |
Treasury Stock, at cost. Shares: 44,339,527 - 2022; 44,266,534 - 2021. | (614,527) | (608,935) |
Total stockholders' equity | 2,778,241 | 2,982,885 |
Commitments and contingencies | ||
Total liabilities and stockholders' equity | $ 10,310,547 | $ 10,461,389 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Net premiums earned | $ 812,283 | $ 724,960 |
Net investment income earned | 72,602 | 69,716 |
Net realized and unrealized investment (losses) gains | (40,352) | 5,119 |
Other income | 1,529 | 4,112 |
Total revenues | 846,062 | 803,907 |
Expenses: | ||
Loss and loss expense incurred | 494,236 | 413,401 |
Amortization of deferred policy acquisition costs | 169,757 | 149,051 |
Other insurance expenses | 93,990 | 88,910 |
Interest expense | 7,168 | 7,359 |
Corporate expenses | 11,021 | 9,554 |
Total expenses | 776,172 | 668,275 |
Income before federal income tax | 69,890 | 135,632 |
Federal income tax expense: | ||
Current | 17,178 | 28,424 |
Deferred | (3,618) | (2,062) |
Total federal income tax expense | 13,560 | 26,362 |
Net income | 56,330 | 109,270 |
Preferred stock dividends | 2,300 | 2,453 |
Net Income available to common stockholders | $ 54,030 | $ 106,817 |
Earnings per common share: | ||
Net income available to common stockholders - Basic | $ 0.89 | $ 1.78 |
Net income available to common stockholders - Diluted | $ 0.89 | $ 1.77 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 56,330 | $ 109,270 |
Unrealized holding losses arising during period | (206,848) | (81,613) |
Unrealized losses on securities with credit loss recognized in earnings | (68,430) | (8,943) |
Amounts reclassified into net income: Held-to-maturity securities | 1 | (2) |
Amounts reclassified into net income: Net realized losses on disposals and intent-to-sell AFS securities | 12,633 | 477 |
Amounts reclassified into net income: Credit loss expense | 17,421 | 3,948 |
Total Unrealized Losses on Investment Securities, Net | (245,223) | (86,133) |
Amount reclassified into net income: Net actuarial loss | 329 | 547 |
Total defined benefit pension and post-retirement plans, Net | 329 | 547 |
Other Comprehensive loss | (244,894) | (85,586) |
Comprehensive (Loss) Income | $ (188,564) | $ 23,684 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained Earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Treasury stock [Member] | Preferred Stock [Member] |
Preferred Stock, Shares Outstanding | 8,000 | ||||||
Beginning of year at Dec. 31, 2020 | $ 208,066 | $ 438,985 | $ 2,271,537 | $ 220,186 | $ (599,885) | $ 200,000 | |
Issuance of preferred stock | 0 | ||||||
Dividend reinvestment plan | 13 | 429 | |||||
Stock purchase and compensation plans | 497 | 6,996 | |||||
Net income | $ 109,270 | 109,270 | |||||
Dividends to preferred stockholders | (2,453) | ||||||
Dividends to common stockholders | (15,165) | ||||||
Other comprehensive loss | (85,586) | (85,586) | |||||
Acquisition of treasury stock - share repurchase authorization | (3,404) | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (5,441) | ||||||
End of period at Mar. 31, 2021 | $ 2,744,045 | 208,576 | 446,410 | 2,363,189 | 134,600 | (608,730) | $ 200,000 |
Dividends declared per share to preferred stockholders | $ 306.67 | ||||||
Dividends declared per share to common stockholders | $ 0.25 | ||||||
Preferred stock, shares outstanding | 0 | ||||||
Common stock, shares outstanding, beginning of period at Dec. 31, 2020 | 59,905,803 | ||||||
Dividend reinvestment plan, shares | 6,420 | ||||||
Stock purchase and compensation plan, shares | 248,459 | ||||||
Acquisition of treasury stock, share repurchase authorization | (52,781) | ||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans | (84,018) | ||||||
Common stock, shares outstanding, end of period at Mar. 31, 2021 | 60,023,883 | ||||||
Preferred Stock, Shares Outstanding | 8,000 | ||||||
Preferred Stock, Shares Outstanding | 8,000 | ||||||
Beginning of year at Dec. 31, 2021 | $ 2,982,885 | 208,902 | 464,347 | 2,603,472 | 115,099 | (608,935) | $ 200,000 |
Issuance of preferred stock | 0 | ||||||
Dividend reinvestment plan | 11 | 443 | |||||
Stock purchase and compensation plans | 423 | 8,000 | |||||
Net income | 56,330 | 56,330 | |||||
Dividends to preferred stockholders | (2,300) | ||||||
Dividends to common stockholders | (17,065) | ||||||
Other comprehensive loss | (244,894) | (244,894) | |||||
Acquisition of treasury stock - share repurchase authorization | (76) | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (5,516) | ||||||
End of period at Mar. 31, 2022 | $ 2,778,241 | $ 209,336 | $ 472,790 | $ 2,640,437 | $ (129,795) | $ (614,527) | $ 200,000 |
Dividends declared per share to preferred stockholders | $ 287.50 | ||||||
Dividends declared per share to common stockholders | $ 0.28 | ||||||
Preferred stock, shares outstanding | 0 | ||||||
Common stock, shares outstanding, beginning of period at Dec. 31, 2021 | 60,184,382 | ||||||
Dividend reinvestment plan, shares | 5,641 | ||||||
Stock purchase and compensation plan, shares | 218,442 | ||||||
Acquisition of treasury stock, share repurchase authorization | (71,993) | ||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans | (1,000) | ||||||
Common stock, shares outstanding, end of period at Mar. 31, 2022 | 60,335,472 | ||||||
Preferred Stock, Shares Outstanding | 8,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income | $ 56,330 | $ 109,270 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 12,807 | 13,703 |
Stock-based compensation expense | 7,031 | 6,493 |
Undistributed gains of equity method investments | (9,406) | (13,905) |
Distributions in excess of current year income of equity method investments | 11,626 | 2,309 |
Net realized and unrealized losses (gains) | 40,352 | (5,119) |
Loss on disposal of fixed assets | 2 | 3 |
Changes in assets and liabilities: | ||
Increase in reserve for loss and loss expense, net of reinsurance recoverable | 86,197 | 106,468 |
Increase in unearned premiums, net of prepaid reinsurance | 77,515 | 73,218 |
Increase in net federal income taxes | 13,656 | 25,927 |
Increase in premiums receivable | (66,346) | (59,182) |
Increase in deferred policy acquisition costs | (14,774) | (14,074) |
Increase in accrued investment income | (185) | (1,101) |
Decrease in accrued salaries and benefits | (30,473) | (31,216) |
Increase in other assets | (10,789) | (14,302) |
Decrease in other liabilities | (80,864) | (68,236) |
Net Cash Provided by Operating Activities | 92,679 | 130,256 |
Investing Activities | ||
Purchase of fixed income securities, held-to-maturity | (5,000) | (9,000) |
Purchase of fixed income securities, available-for-sale | (874,665) | (671,909) |
Purchase of commercial mortgage loans | (20,399) | (14,860) |
Purchase of equity securities | 13,952 | 48,910 |
Purchase of other investments | (15,555) | (18,589) |
Purchase of short-term investments | (910,191) | (1,723,212) |
Sale of fixed income securities, available-for-sale | 425,234 | 212,891 |
Proceeds from commercial mortgage loans | 301 | 99 |
Sale of short-term investments | 1,101,725 | 1,795,239 |
Redemption and maturities of fixed income securities, held-to-maturity | 756 | 1,461 |
Redemption and maturities of fixed income securities, available-for-sale | 216,024 | 319,469 |
Sale of equity securities | 2,626 | 42,782 |
Sale of other investments | 525 | 3,004 |
Distributions from other investments | 4,342 | 5,162 |
Purchase of property and equipment | (7,677) | (4,561) |
Net Cash Used in Investing Activities | (95,906) | (110,934) |
Financing Activities | ||
Dividends to preferred stockholders | (2,300) | (2,453) |
Dividends to common stockholders | (16,447) | (14,569) |
Acquisition of treasury stock | (5,592) | (8,845) |
Net proceeds from stock purchase and compensation plans | 999 | 824 |
Preferred stock issued, net of issuance costs | 0 | (479) |
Repayments of finance lease obligations | (612) | (115) |
Net Cash used in Financing Activities | (23,952) | (25,637) |
Cash and restricted cash, beginning of year | 45,063 | 15,231 |
Cash and restricted cash, end of period | 17,884 | 8,916 |
Net decrease in cash and restricted cash | $ (27,179) | $ (6,315) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fixed income securities, held-to-maturity, fair value | $ 32,625 | $ 29,460 |
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (37,599) | (9,724) |
Fixed income securities, available-for-sale, amortized cost | 6,717,907 | 6,490,753 |
Commercial mortgage loan, fair value | 113,106 | 97,598 |
Equity Securities, cost | 320,040 | 308,840 |
Property and equipment, accumulated depreciation and amortization | $ 259,522 | $ 253,427 |
Preferred stock, Par or Stated Value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 8,000 | 8,000 |
Preferred Stock, Shares Outstanding | 8,000 | 8,000 |
Preferred Stock, Liquidation Preference (in dollars per share) | $ 25,000 | $ 25,000 |
Common stock, Par or Stated Value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common stock, shares issued | 104,674,999 | 104,450,916 |
Treasury stock, shares | 44,339,527 | 44,266,534 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Basis of Presentation And Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the first quarters ended March 31, 2022 (“First Quarter 2022”) and March 31, 2021 (“First Quarter 2021”). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because results of operations for any interim period are not necessarily indicative of results for a full year, our Financial Statements should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”) filed with the SEC. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting Pronouncements | Adoption of Accounting Pronouncements There was no adoption of accounting pronouncements in First Quarter 2022. Pronouncements to be effective in the future In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the guidance in GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2022. We are currently evaluating the impact of this guidance on our financial condition and results of operations. |
Statements of Cash Flows
Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows Supplemental cash flow information was as follows: Quarter ended March 31, ($ in thousands) 2022 2021 Cash paid (received) during the period for: Interest $ 8,523 8,722 Federal income tax (800) — Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 2,058 2,226 Operating cash flows from financing leases 11 2 Financing cash flows from finance leases 612 115 Non-cash items: Corporate actions related to fixed income securities, AFS 1 1,244 26,085 Assets acquired under finance lease arrangements 38 183 Assets acquired under operating lease arrangements 5,760 16 Non-cash purchase of property and equipment — 3 1 Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits. The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows: ($ in thousands) March 31, 2022 December 31, 2021 Cash $ 410 455 Restricted cash 17,474 44,608 Total cash and restricted cash shown in the Consolidated Statements of Cash Flows $ 17,884 45,063 Amounts included in restricted cash represent cash received from the National Flood Insurance Program ("NFIP"), which is restricted to pay flood claims under the Write Your Own program. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Investments | Investments (a) Information regarding our AFS securities as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 ($ in thousands) Cost/ Allowance for Credit Losses Unrealized Unrealized Fair AFS fixed income securities: U.S. government and government agencies $ 131,986 — 490 (5,383) 127,093 Foreign government 17,160 (150) 145 (452) 16,703 Obligations of states and political subdivisions 1,122,132 (1,991) 15,329 (10,039) 1,125,431 Corporate securities 2,445,468 (23,066) 25,658 (60,320) 2,387,740 Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") 1,444,224 (2,283) 7,974 (32,701) 1,417,214 Residential mortgage-backed securities ("RMBS") 903,800 (10,029) 6,779 (22,591) 877,959 Commercial mortgage-backed securities ("CMBS") 653,137 (80) 5,618 (11,993) 646,682 Total AFS fixed income securities $ 6,717,907 (37,599) 61,993 (143,479) 6,598,822 December 31, 2021 ($ in thousands) Cost/ Allowance for Credit Losses Unrealized Unrealized Fair AFS fixed income securities: U.S. government and government agencies $ 127,974 — 3,629 (1,145) 130,458 Foreign government 15,420 (46) 609 (123) 15,860 Obligations of states and political subdivisions 1,121,422 (137) 68,258 (235) 1,189,308 Corporate securities 2,478,348 (6,682) 106,890 (4,953) 2,573,603 CLO and other ABS 1,343,687 (939) 14,350 (6,284) 1,350,814 RMBS 756,280 (1,909) 24,813 (2,932) 776,252 CMBS 647,622 (11) 27,752 (1,682) 673,681 Total AFS fixed income securities $ 6,490,753 (9,724) 246,301 (17,354) 6,709,976 The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the periods indicated: Quarter ended March 31, 2022 ($ in thousands) Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance Foreign government $ 46 103 — 1 — — 150 Obligations of states and political subdivisions 137 1,732 — 132 (10) — 1,991 Corporate securities 6,682 15,393 — 3,337 (1,247) (1,099) 23,066 CLO and other ABS 939 1,288 — 59 (3) — 2,283 RMBS 1,909 — 8,318 (63) (135) — 10,029 CMBS 11 72 — (3) — — 80 Total AFS fixed income securities $ 9,724 18,588 8,318 3,463 (1,395) (1,099) 37,599 Quarter ended March 31, 2021 ($ in thousands) Beginning Balance Current Provision for Securities without Prior Allowance Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance Foreign government $ 1 56 (1) — — 56 Obligations of states and political subdivisions 4 186 11 — — 201 Corporate securities 2,782 4,058 (527) (147) — 6,166 CLO and other ABS 592 1,001 (106) (17) — 1,470 RMBS 561 356 (39) (14) — 864 CMBS 29 10 (15) — — 24 Total AFS fixed income securities $ 3,969 5,667 (677) (178) — 8,781 During First Quarter 2022 and First Quarter 2021, we did not have any write-offs or recoveries of our AFS fixed income securities, so these items are not included in the tables above. For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2021 Annual Report. Accrued interest on AFS securities was $46.8 million as of March 31, 2022, and $46.3 million as of December 31, 2021. We did not record any material write-offs of accrued interest during 2022 and 2021. (b) Quantitative information about unrealized losses on our AFS portfolio is provided below. March 31, 2022 Less than 12 months 12 months or longer Total ($ in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 89,044 (4,410) 5,252 (973) 94,296 (5,383) Foreign government 5,394 (268) 1,996 (184) 7,390 (452) Obligations of states and political subdivisions 223,497 (9,846) 2,834 (193) 226,331 (10,039) Corporate securities 1,002,980 (59,605) 6,823 (715) 1,009,803 (60,320) CLO and other ABS 937,362 (28,658) 101,722 (4,043) 1,039,084 (32,701) RMBS 545,934 (21,444) 13,731 (1,147) 559,665 (22,591) CMBS 337,995 (9,807) 23,123 (2,186) 361,118 (11,993) Total AFS fixed income securities $ 3,142,206 (134,038) 155,481 (9,441) 3,297,687 (143,479) December 31, 2021 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 34,857 (746) 7,827 (399) 42,684 (1,145) Foreign government 2,000 (84) 1,061 (39) 3,061 (123) Obligations of states and political subdivisions 25,837 (235) — — 25,837 (235) Corporate securities 300,549 (4,903) 2,520 (50) 303,069 (4,953) CLO and other ABS 663,976 (4,934) 53,368 (1,350) 717,344 (6,284) RMBS 236,010 (2,931) 20 (1) 236,030 (2,932) CMBS 112,899 (1,016) 20,326 (666) 133,225 (1,682) Total AFS fixed income securities $ 1,376,128 (14,849) 85,122 (2,505) 1,461,250 (17,354) We do not currently intend to sell any of the securities in the tables above, nor will we be required to sell any of these securities. The increase in gross unrealized losses at March 31, 2022 compared to December 31, 2021 was driven by an increase in benchmark U.S. Treasury rates and a widening of credit spreads. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2021 Annual Report, we have concluded that no allowance for credit loss is required on these balances. This conclusion reflects our current judgment about the financial position and future prospects of the entity that issued the investment security and underlying collateral. (c) Fixed income securities at March 31, 2022 by contractual maturity are shown below. Mortgage-backed securities are included in the maturity tables using the estimated average life of each security. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Listed below are the contractual maturities of fixed income securities at March 31, 2022: AFS HTM ($ in thousands) Fair Value Carrying Value Fair Value Due in one year or less $ 396,074 6,727 6,899 Due after one year through five years 2,915,421 5,977 6,012 Due after five years through 10 years 2,425,811 20,331 19,714 Due after 10 years 861,516 — — Total fixed income securities $ 6,598,822 33,035 32,625 (d) The following table summarizes our other investment portfolio by strategy: Other Investments March 31, 2022 December 31, 2021 ($ in thousands) Carrying Value Remaining Commitment Maximum Exposure to Loss 1 Carrying Value Remaining Commitment Maximum Exposure to Loss 1 Alternative Investments Private equity $ 281,352 124,761 406,113 273,070 99,734 372,804 Private credit 60,476 92,279 152,755 63,138 92,674 155,812 Real assets 26,159 20,914 47,073 23,524 22,579 46,103 Total alternative investments 367,987 237,954 605,941 359,732 214,987 574,719 Other securities 57,679 — 57,679 49,300 — 49,300 Total other investments $ 425,666 237,954 663,620 409,032 214,987 624,019 1 In addition to the amounts in this table, previously recognized tax credits are subject to the risk of recapture. We do not consider the risk of recapture to be significant and therefore do not include in this table. We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support at any time during 2022 or 2021. The following table shows gross summarized financial information for our other investments portfolio, including the portion we do not own. As the majority of these investments are carried under the equity method of accounting and report results to us on a one-quarter lag, the summarized financial statement information is for the three-month period ended, December 31: Income Statement Information Quarter ended March 31, ($ in millions) 2022 2021 Net investment income $ 135.5 481.6 Realized gains 2,748.0 776.0 Net change in unrealized appreciation 5,178.2 4,630.8 Net income $ 8,061.7 5,888.4 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income $ 19.1 20.2 (e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, certain securities were on deposit with various state and regulatory agencies at March 31, 2022 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral. The following table summarizes the market value of these securities at March 31, 2022: ($ in millions) FHLBI Collateral FHLBNY Collateral State and Total U.S. government and government agencies $ — — 20.3 20.3 Obligations of states and political subdivisions — — 3.8 3.8 RMBS 63.1 35.9 — 99.0 CMBS 5.8 12.8 — 18.6 Total pledged as collateral $ 68.9 48.7 24.1 141.7 (f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than certain U.S. government agencies, as of March 31, 2022, or December 31, 2021. (g) The components of pre-tax net investment income earned were as follows: Quarter ended March 31, ($ in thousands) 2022 2021 Fixed income securities $ 53,925 52,823 Commercial mortgage loans ("CMLs") 970 514 Equity securities 2,418 2,488 Short-term investments 101 85 Other investments 19,305 17,433 Investment expenses (4,117) (3,627) Net investment income earned $ 72,602 69,716 (h) The following table summarizes net realized and unrealized gains and losses for the periods indicated: Quarter ended March 31, ($ in thousands) 2022 2021 Gross gains on sales $ 2,197 3,676 Gross losses on sales (13,560) (4,471) Net realized losses on disposals (11,363) (795) Net unrealized (losses) gains on equity securities (2,154) 11,280 Net credit loss expense on fixed income securities, AFS (22,052) (4,997) Net credit loss benefit (expense) on fixed income securities, HTM 14 (7) Losses on securities for which we have the intent to sell (4,797) (362) Net realized and unrealized (losses) gains $ (40,352) 5,119 Net realized and unrealized investment gains decreased $45.5 million in First Quarter 2022 compared to First Quarter 2021 primarily driven by (i) active trading of our fixed income securities in an effort to opportunistically increase yield given the rising interest rate environment, and (ii) higher credit loss expense on our AFS fixed income securities portfolio. Net unrealized losses and gains recognized in income on equity securities, as reflected in the table above, included the following: Quarter ended March 31, ($ in thousands) 2022 2021 Unrealized (losses) gains recognized in income on equity securities: On securities remaining in our portfolio at end of period $ (2,220) 10,097 On securities sold in period 66 1,183 Total unrealized (losses) gains recognized in income on equity securities $ (2,154) 11,280 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and estimated fair values of our financial liabilities as of March 31, 2022, and December 31, 2021: March 31, 2022 December 31, 2021 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,919 59,828 49,917 63,719 6.70% Senior Notes 99,525 116,980 99,520 127,574 5.375% Senior Notes 294,353 332,644 294,330 395,652 3.03% borrowings from FHLBI 60,000 60,747 60,000 64,126 Subtotal long-term debt 503,797 570,199 503,767 651,071 Unamortized debt issuance costs (3,106) (3,167) Finance lease obligations 4,875 5,450 Total long-term debt $ 505,566 506,050 For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2021 Annual Report. The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at March 31, 2022, and December 31, 2021: March 31, 2022 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Other Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 127,093 31,671 95,422 — Foreign government 16,703 — 16,703 — Obligations of states and political subdivisions 1,125,431 — 1,118,186 7,245 Corporate securities 2,387,740 — 2,264,938 122,802 CLO and other ABS 1,417,214 — 1,286,296 130,918 RMBS 877,959 — 877,959 — CMBS 646,682 — 646,243 439 Total AFS fixed income securities 6,598,822 31,671 6,305,747 261,404 Equity securities: Common stock 1 342,572 246,178 — — Preferred stock 2,011 2,011 — — Total equity securities 344,583 248,189 — — Short-term investments 256,712 250,938 5,774 — Total assets measured at fair value $ 7,200,117 530,798 6,311,521 261,404 December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 130,458 60,615 69,843 — Foreign government 15,860 — 15,860 — Obligations of states and political subdivisions 1,189,308 — 1,181,563 7,745 Corporate securities 2,573,603 — 2,459,476 114,127 CLO and other ABS 1,350,814 — 1,225,905 124,909 RMBS 776,252 — 776,007 245 CMBS 673,681 — 669,425 4,256 Total AFS fixed income securities 6,709,976 60,615 6,398,079 251,282 Equity securities: Common stock 1 333,449 249,846 — — Preferred stock 2,088 2,088 — — Total equity securities 335,537 251,934 — — Short-term investments 447,863 442,723 5,140 — Total assets measured at fair value $ 7,493,376 755,272 6,403,219 251,282 1 Investments amounting to $96.4 million at March 31, 2022, and $83.6 million at December 31, 2021, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. The following tables provide a summary of the changes in the fair value of securities measured using Level 3 inputs and related quantitative information for the periods indicated: Quarter ended March 31, 2022 ($ in thousands) Obligations of States and Political Subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Total Fair value, December 31, 2021 $ 7,745 114,127 124,909 245 4,256 251,282 Total net (losses) gains for the period included in: OCI (343) (6,529) (4,335) (17) (415) (11,639) Net realized and unrealized (losses) gains (157) (1,809) (472) — (7) (2,445) Net investment income earned — 4 15 — 47 66 Purchases — 2,964 27,033 — — 29,997 Sales — — — — — — Issuances — — — — — — Settlements — (69) (136) (11) (11) (227) Transfers into Level 3 — 17,055 — — — 17,055 Transfers out of Level 3 — (2,941) (16,096) (217) (3,431) (22,685) Fair value, March 31, 2022 $ 7,245 122,802 130,918 — 439 261,404 Change in unrealized losses for the period included in earnings for assets held at period end (157) (1,809) (472) — (7) (2,445) Change in unrealized gains for the period included in OCI for assets held at period end (343) (6,529) (4,335) (17) (415) (11,639) Quarter ended March 31, 2021 ($ in thousands) Obligation of state and Political Subdivisions Corporate Securities CLO and Other ABS Total Fair value, December 31, 2020 $ 2,894 70,700 56,375 129,969 Total net (losses) gains for the period included in: OCI (99) (2,388) (1,116) (3,603) Net realized and unrealized (losses) gains — (91) (143) (234) Net investment income earned — 1 3 4 Purchases — 21,100 10,672 31,772 Sales — — — — Issuances — — — — Settlements — — (412) (412) Transfers into Level 3 5,101 — — 5,101 Transfers out of Level 3 — — (490) (490) Fair value, March 31, 2021 $ 7,896 89,322 64,889 162,107 Change in unrealized (losses) gains for the period included in earnings for assets held at period end — (91) (143) (234) Change in unrealized gains (losses) for the period included in OCI for assets held at period end (99) (2,388) (1,116) (3,603) The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurements of Level 3 assets at March 31, 2022 and December 31, 2021: March 31, 2022 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 56,510 Discounted Cash Flow Illiquidity Spread (4.4)% - 5.3% (1.1)% CLO and other ABS 46,816 Discounted Cash Flow Illiquidity Spread 0.01% - 8.0% (1.9)% Total internal valuations 103,326 Other 1 158,078 Total Level 3 securities $ 261,404 December 31, 2021 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 54,135 Discounted Cash Flow Illiquidity Spread 0.3% - 3.0% (1.2)% CLO and other ABS 34,903 Discounted Cash Flow Illiquidity Spread 0.7% - 8.0% (2.1)% Total internal valuations 89,038 Other 1 162,244 Total Level 3 securities $ 251,282 1 Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency as to the inputs used to develop the valuations. The quantitative details of these unobservable inputs is neither provided to us, nor reasonably available to us, and therefore are not included in the tables above. For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement. The following tables provide quantitative information regarding our financial assets and liabilities that were not measured, but were disclosed at fair value at March 31, 2022, and December 31, 2021: March 31, 2022 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Obligations of states and political subdivisions $ 3,502 — 3,502 — Corporate securities 29,123 — 29,123 — Total HTM fixed income securities $ 32,625 — 32,625 — CMLs $ 113,106 — — 113,106 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 59,828 — 59,828 — 6.70% Senior Notes 116,980 — 116,980 — 5.375% Senior Notes 332,644 — 332,644 — 3.03% borrowings from FHLBI 60,747 — 60,747 — Total long-term debt $ 570,199 — 570,199 — December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Obligations of states and political subdivisions $ 3,576 — 3,576 — Corporate securities 25,884 — 25,884 — Total HTM fixed income securities $ 29,460 — 29,460 — CMLs $ 97,598 — — 97,598 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 63,719 — 63,719 — 6.70% Senior Notes 127,574 — 127,574 — 5.375% Senior Notes 395,652 — 395,652 — 3.03% borrowings from FHLBI 64,126 — 64,126 — Total long-term debt $ 651,071 — 651,071 — |
Allowance for Uncollectible Pre
Allowance for Uncollectible Premiums Receivable (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Premiums Receivable [Abstract] | |
Allowance for Uncollectible Premiums Receivable Note [Text Block] | Premiums Receivable The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the periods indicated: Quarter ended March 31, ($ in thousands) 2022 2021 Balance at beginning of period $ 13,600 $ 21,000 Current period change for expected credit losses 916 808 Write-offs charged against the allowance for credit losses (520) (874) Recoveries 304 66 Allowance for credit losses, end of period $ 14,300 $ 21,000 In First Quarter 2022, we recognized an additional allowance for credit losses of $0.7 million, net of write-offs and recoveries. Included in this was a reserve of $2.3 million on 2022 policies based on our historical write-off percentages and assumptions, partially offset by a $1.1 million allowance reduction on older policies, primarily impacted by the COVID-19 pandemic, for which the credit loss did not fully materialize. The heightened credit risk experienced in 2020 as a result of COVID-19 resulted in the allowance for credit losses being increased to $21.0 million, where it remained as of March 31, 2021. During First Quarter 2021, we recognized expected credit losses, net of recoveries, of $2.1 million on 2021 policies based on our historical write-off percentages and assumptions, partially offset by a $1.2 million allowance reduction on older policies. For a discussion of the methodology used to evaluate our estimate of expected credit losses, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2021 Annual Report. |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of March 31, 2022, and December 31, 2021: March 31, 2022 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 42,025 $ (3) $ 42,022 A+ 349,963 735 350,698 A 97,115 926 98,041 A- 3,230 79 3,309 B++ — — — B+ — — — Total rated reinsurers $ 492,333 $ 1,737 $ 494,070 Non-rated reinsurers Federal and state pools $ 79,980 $ — $ 79,980 Other than federal and state pools 4,744 165 4,909 Total non-rated reinsurers $ 84,724 $ 165 $ 84,889 Total reinsurance recoverable, gross $ 577,057 $ 1,902 $ 578,959 Less: allowance for credit losses (1,600) Total reinsurance recoverable, net $ 577,359 December 31, 2021 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 38,601 $ 9 $ 38,610 A+ 339,857 1,520 341,377 A 95,675 1,227 96,902 A- 3,209 145 3,354 B++ — — — B+ — — — Total rated reinsurers $ 477,342 $ 2,901 $ 480,243 Non-rated reinsurers Federal and state pools $ 116,378 $ — $ 116,378 Other than federal and state pools 4,597 450 5,047 Total non-rated reinsurers $ 120,975 $ 450 $ 121,425 Total reinsurance recoverable, gross $ 598,317 $ 3,351 $ 601,668 Less: allowance for credit losses (1,600) Total reinsurance recoverable, net $ 600,068 The following table provides a rollforward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated: ($ in thousands) Quarter ended March 31, 2022 2021 Balance at beginning of period $ 1,600 1,777 Current period change for expected credit losses — 63 Write-offs charged against the allowance for credit losses — — Recoveries — — Allowance for credit losses, end of period $ 1,600 1,840 For a discussion of the methodology used to evaluate our estimate of expected credit losses, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2021 Annual Report. The following table contains a listing of direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expenses incurred for the periods indicated. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2021 Annual Report. Quarter ended March 31, ($ in thousands) 2022 2021 Premiums written: Direct $ 1,001,049 908,774 Assumed 5,314 5,533 Ceded (116,565) (116,129) Net $ 889,798 798,178 Premiums earned: Direct $ 931,376 837,369 Assumed 5,528 5,676 Ceded (124,621) (118,085) Net $ 812,283 724,960 Loss and loss expenses incurred: Direct $ 528,588 441,507 Assumed 4,278 3,447 Ceded (38,630) (31,553) Net $ 494,236 413,401 Ceded premiums written, ceded premiums earned, and ceded loss and loss expenses incurred related to our participation in the NFIP, to which we cede 100% of our NFIP flood premiums, losses, and loss expenses, were as follows: Ceded to NFIP Quarter ended March 31, ($ in thousands) 2022 2021 Ceded premiums written $ (60,889) (65,742) Ceded premiums earned (69,268) (67,519) Ceded loss and loss expenses incurred (2,417) (2,207) |
Reserve for Loss and Loss Expen
Reserve for Loss and Loss Expense | 3 Months Ended |
Mar. 31, 2022 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Loss and Loss Expense | Reserve for Loss and Loss Expense The table below provides a roll forward of reserve for loss and loss expense for beginning and ending reserve balances: Quarter ended March 31, ($ in thousands) 2022 2021 Gross reserve for loss and loss expense, at beginning of period $ 4,580,903 4,260,355 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period 578,641 554,269 Net reserve for loss and loss expense, at beginning of period 4,002,262 3,706,086 Incurred loss and loss expense for claims occurring in the: Current year 508,299 447,170 Prior years (14,063) (33,769) Total incurred loss and loss expense 494,236 413,401 Paid loss and loss expense for claims occurring in the: Current year 91,292 80,158 Prior years 312,926 243,687 Total paid loss and loss expense 404,218 323,845 Net reserve for loss and loss expense, at end of period 4,092,280 3,795,642 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period 552,111 564,546 Gross reserve for loss and loss expense at end of period $ 4,644,391 4,360,188 Prior year reserve development in First Quarter 2022 was favorable by $14.1 million, consisting of $20.0 million of favorable casualty reserve development, partially offset by $5.9 million of unfavorable property reserve development. The favorable casualty reserve development included $10.0 million in our workers compensation line of business, $5.0 million in our general liability line of business, and $5.0 million in our bonds line of business. Prior year reserve development in First Quarter 2021 was favorable by $33.8 million, consisting of $35.0 million of favorable casualty reserve development, partially offset by $1.2 million of unfavorable property reserve development. The favorable casualty reserve development included $15.0 million in our workers compensation line of business, $15.0 million in our general liability line of business, and $5.0 million in our Excess and Surplus (E&S") casualty lines of business. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We evaluate the results of our four reportable segments as follows: • Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated based on before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), return on equity ("ROE") contribution, and combined ratios. • Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses, which are not included in non-GAAP operating income, are also included in our Investments segment results. In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets. The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments: Revenue by Segment Quarter ended March 31, ($ in thousands) 2022 2021 Standard Commercial Lines: Net premiums earned: General liability $ 216,325 193,520 Commercial automobile 193,830 171,881 Commercial property 120,062 102,810 Workers compensation 84,680 78,190 Businessowners' policies 30,044 28,627 Bonds 10,360 8,593 Other 6,168 5,520 Miscellaneous income 1,101 3,707 Total Standard Commercial Lines revenue 662,570 592,848 Standard Personal Lines: Net premiums earned: Personal automobile 39,716 41,393 Homeowners 31,187 30,598 Other 1,739 1,830 Miscellaneous income 428 405 Total Standard Personal Lines revenue 73,070 74,226 E&S Lines: Net premiums earned: Casualty lines 54,624 43,833 Property lines 23,548 18,165 Total E&S Lines revenue 78,172 61,998 Investments: Net investment income 72,602 69,716 Net realized and unrealized investment (losses) gains (40,352) 5,119 Total Investments revenue 32,250 74,835 Total revenues $ 846,062 803,907 Income Before and After Federal Income Tax Quarter ended March 31, ($ in thousands) 2022 2021 Standard Commercial Lines: Underwriting income, before federal income tax $ 42,384 69,499 Underwriting income, after federal income tax 33,483 54,904 Combined ratio 93.6 % 88.2 ROE contribution 5.0 8.6 Standard Personal Lines: Underwriting income, before federal income tax $ 6,520 7,695 Underwriting income, after federal income tax 5,151 6,079 Combined ratio 91.0 % 89.6 ROE contribution 0.8 1.0 E&S Lines: Underwriting income, before federal income tax $ 6,925 516 Underwriting income, after federal income tax 5,471 408 Combined ratio 91.1 % 99.2 ROE contribution 0.8 0.1 Investments: Net investment income $ 72,602 69,716 Net realized and unrealized investment (losses) gains (40,352) 5,119 Total investments segment income, before federal income tax 32,250 74,835 Tax on investments segment income 5,613 14,448 Total investments segment income, after federal income tax $ 26,637 60,387 ROE contribution of after-tax net investment income earned 8.7 8.9 Reconciliation of Segment Results to Income Before Federal Income Tax Quarter ended March 31, ($ in thousands) 2022 2021 Underwriting income Standard Commercial Lines $ 42,384 69,499 Standard Personal Lines 6,520 7,695 E&S Lines 6,925 516 Investment income 32,250 74,835 Total all segments 88,079 152,545 Interest expense (7,168) (7,359) Corporate expenses (11,021) (9,554) Income, before federal income tax $ 69,890 135,632 Preferred stock dividends (2,300) (2,453) Income available to common stockholders, before federal income tax $ 67,590 133,179 |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). Selective Insurance Company of America (“SICA”) also sponsors the Supplemental Excess Retirement Plan (the “Excess Plan”) and a life insurance benefit plan. All plans are closed to new entrants, and benefits ceased accruing under the Pension Plan and the Excess Plan after March 31, 2016. For more information about SICA's retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2021 Annual Report. The following tables provide information about the Pension Plan: Pension Plan Quarter ended March 31, ($ in thousands) 2022 2021 Net Periodic Pension Cost (Benefit): Interest cost $ 2,486 2,148 Expected return on plan assets (5,537) (5,744) Amortization of unrecognized net actuarial loss 366 625 Total net periodic pension cost (benefit) 1 $ (2,685) (2,971) 1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. Pension Plan Quarter ended March 31, 2022 2021 Weighted-Average Expense Assumptions: Discount rate 2.98 % 2.68 % Effective interest rate for calculation of interest cost 2.48 2.06 Expected return on plan assets 5.00 5.40 |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Comprehensive Income The components of comprehensive income, both gross and net of tax, for First Quarter 2022 and First Quarter 2021 were as follows: First Quarter 2022 ($ in thousands) Gross Tax Net Net income $ 69,890 13,560 56,330 Components of OCI: Unrealized losses on investment securities : Unrealized holding losses during the period (261,832) (54,984) (206,848) Unrealized losses on securities with credit loss recognized in earnings (86,621) (18,191) (68,430) Amounts reclassified into net income: HTM securities 1 — 1 Net realized losses on disposals and intent-to-sell AFS securities 15,991 3,358 12,633 Credit loss expense 22,052 4,631 17,421 Total unrealized losses on investment securities (310,409) (65,186) (245,223) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 417 88 329 Total defined benefit pension and post-retirement plans 417 88 329 Other comprehensive loss (309,992) (65,098) (244,894) Comprehensive loss $ (240,102) (51,538) (188,564) First Quarter 2021 ($ in thousands) Gross Tax Net Net income $ 135,632 26,362 109,270 Components of OCI: Unrealized losses on investment securities : Unrealized holding losses during the period (103,308) (21,695) (81,613) Unrealized losses on securities with credit loss recognized in earnings (11,320) (2,377) (8,943) Amounts reclassified into net income: HTM securities (2) — (2) Net realized losses on disposals and intent-to-sell AFS securities 604 127 477 Credit loss expense 4,997 1,049 3,948 Total unrealized losses on investment securities (109,029) (22,896) (86,133) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 693 146 547 Total defined benefit pension and post-retirement plans 693 146 547 Other comprehensive loss (108,336) (22,750) (85,586) Comprehensive income $ 27,296 3,612 23,684 The balances of, and changes in, each component of AOCI (net of taxes) as of March 31, 2022 were as follows: Net Unrealized (Losses) Gains on Investment Securities Defined Benefit Total AOCI ($ in thousands) Credit Loss Related 1 HTM All Investments Balance, December 31, 2021 $ (4,287) (3) 185,170 180,880 (65,781) 115,099 OCI before reclassifications (68,430) — (206,848) (275,278) — (275,278) Amounts reclassified from AOCI 17,421 1 12,633 30,055 329 30,384 Net current period OCI (51,009) 1 (194,215) (245,223) 329 (244,894) Balance, March 31, 2022 $ (55,296) (2) (9,045) (64,343) (65,452) (129,795) 1 Represents change in unrealized loss on securities with credit loss recognized in earnings. The reclassifications out of AOCI were as follows: Quarter ended March 31, Affected Line Item in the Unaudited Consolidated Statements of Income ($ in thousands) 2022 2021 HTM related Unrealized (gains) losses on HTM disposals $ — — Net realized and unrealized investment (losses) gains Amortization of net unrealized losses (gains) on HTM securities 1 (2) Net investment income earned 1 (2) Income before federal income tax — — Total federal income tax expense 1 (2) Net income Net realized losses on disposals and intent-to-sell AFS securities Net realized losses on disposals and intent-to-sell AFS securities 15,991 604 Net realized and unrealized investment (losses) gains 15,991 604 Income before federal income tax (3,358) (127) Total federal income tax expense 12,633 477 Net income Credit loss related Credit loss expense 22,052 4,997 Net realized and unrealized investment (losses) gains 22,052 4,997 Income before federal income tax (4,631) (1,049) Total federal income tax expense 17,421 3,948 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 96 159 Loss and loss expense incurred 321 534 Other insurance expenses Total defined benefit pension and post-retirement life 417 693 Income before federal income tax (88) (146) Total federal income tax expense 329 547 Net income Total reclassifications for the period $ 30,384 4,970 Net income |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2022 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Litigation | Litigation As of March 31, 2022, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our Insurance Subsidiaries as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows. All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states that all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion also is the subject of first-party coverage litigation against some insurers, including us. We cannot predict the outcome of litigation over these two coverage issues, including the interpretation of provisions similar or identical to those in our insurance policies. From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions putatively as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith claims handling. We believe that we have valid defenses to these allegations, and we account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. As litigation outcomes are inherently unpredictable and the amounts sought in certain of these |
Subsequent Events
Subsequent Events | Apr. 01, 2022 |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn April 1, 2022, SICA borrowed $35 million from the FHLBNY at an interest rate of 0.70%. This borrowing was refinanced upon its maturity on May 2, 2022, at an interest rate of 1.10%. This borrowing matures on June 27, 2022. These funds were used for general corporate purposes. |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Quarter ended March 31, ($ in thousands) 2022 2021 Cash paid (received) during the period for: Interest $ 8,523 8,722 Federal income tax (800) — Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 2,058 2,226 Operating cash flows from financing leases 11 2 Financing cash flows from finance leases 612 115 Non-cash items: Corporate actions related to fixed income securities, AFS 1 1,244 26,085 Assets acquired under finance lease arrangements 38 183 Assets acquired under operating lease arrangements 5,760 16 Non-cash purchase of property and equipment — 3 1 Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits. |
Schedule of Cash and Restricted Cash | ($ in thousands) March 31, 2022 December 31, 2021 Cash $ 410 455 Restricted cash 17,474 44,608 Total cash and restricted cash shown in the Consolidated Statements of Cash Flows $ 17,884 45,063 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Investments [Line Items] | |
Schedule of Available-for-sale Securities | March 31, 2022 ($ in thousands) Cost/ Allowance for Credit Losses Unrealized Unrealized Fair AFS fixed income securities: U.S. government and government agencies $ 131,986 — 490 (5,383) 127,093 Foreign government 17,160 (150) 145 (452) 16,703 Obligations of states and political subdivisions 1,122,132 (1,991) 15,329 (10,039) 1,125,431 Corporate securities 2,445,468 (23,066) 25,658 (60,320) 2,387,740 Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") 1,444,224 (2,283) 7,974 (32,701) 1,417,214 Residential mortgage-backed securities ("RMBS") 903,800 (10,029) 6,779 (22,591) 877,959 Commercial mortgage-backed securities ("CMBS") 653,137 (80) 5,618 (11,993) 646,682 Total AFS fixed income securities $ 6,717,907 (37,599) 61,993 (143,479) 6,598,822 December 31, 2021 ($ in thousands) Cost/ Allowance for Credit Losses Unrealized Unrealized Fair AFS fixed income securities: U.S. government and government agencies $ 127,974 — 3,629 (1,145) 130,458 Foreign government 15,420 (46) 609 (123) 15,860 Obligations of states and political subdivisions 1,121,422 (137) 68,258 (235) 1,189,308 Corporate securities 2,478,348 (6,682) 106,890 (4,953) 2,573,603 CLO and other ABS 1,343,687 (939) 14,350 (6,284) 1,350,814 RMBS 756,280 (1,909) 24,813 (2,932) 776,252 CMBS 647,622 (11) 27,752 (1,682) 673,681 Total AFS fixed income securities $ 6,490,753 (9,724) 246,301 (17,354) 6,709,976 |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] | Quarter ended March 31, 2022 ($ in thousands) Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance Foreign government $ 46 103 — 1 — — 150 Obligations of states and political subdivisions 137 1,732 — 132 (10) — 1,991 Corporate securities 6,682 15,393 — 3,337 (1,247) (1,099) 23,066 CLO and other ABS 939 1,288 — 59 (3) — 2,283 RMBS 1,909 — 8,318 (63) (135) — 10,029 CMBS 11 72 — (3) — — 80 Total AFS fixed income securities $ 9,724 18,588 8,318 3,463 (1,395) (1,099) 37,599 Quarter ended March 31, 2021 ($ in thousands) Beginning Balance Current Provision for Securities without Prior Allowance Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance Foreign government $ 1 56 (1) — — 56 Obligations of states and political subdivisions 4 186 11 — — 201 Corporate securities 2,782 4,058 (527) (147) — 6,166 CLO and other ABS 592 1,001 (106) (17) — 1,470 RMBS 561 356 (39) (14) — 864 CMBS 29 10 (15) — — 24 Total AFS fixed income securities $ 3,969 5,667 (677) (178) — 8,781 During First Quarter 2022 and First Quarter 2021, we did not have any write-offs or recoveries of our AFS fixed income securities, so these items are not included in the tables above. |
Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities by Length of Time, AFS | March 31, 2022 Less than 12 months 12 months or longer Total ($ in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 89,044 (4,410) 5,252 (973) 94,296 (5,383) Foreign government 5,394 (268) 1,996 (184) 7,390 (452) Obligations of states and political subdivisions 223,497 (9,846) 2,834 (193) 226,331 (10,039) Corporate securities 1,002,980 (59,605) 6,823 (715) 1,009,803 (60,320) CLO and other ABS 937,362 (28,658) 101,722 (4,043) 1,039,084 (32,701) RMBS 545,934 (21,444) 13,731 (1,147) 559,665 (22,591) CMBS 337,995 (9,807) 23,123 (2,186) 361,118 (11,993) Total AFS fixed income securities $ 3,142,206 (134,038) 155,481 (9,441) 3,297,687 (143,479) December 31, 2021 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 34,857 (746) 7,827 (399) 42,684 (1,145) Foreign government 2,000 (84) 1,061 (39) 3,061 (123) Obligations of states and political subdivisions 25,837 (235) — — 25,837 (235) Corporate securities 300,549 (4,903) 2,520 (50) 303,069 (4,953) CLO and other ABS 663,976 (4,934) 53,368 (1,350) 717,344 (6,284) RMBS 236,010 (2,931) 20 (1) 236,030 (2,932) CMBS 112,899 (1,016) 20,326 (666) 133,225 (1,682) Total AFS fixed income securities $ 1,376,128 (14,849) 85,122 (2,505) 1,461,250 (17,354) |
Schedule of Fixed Maturity Securities By Contractual Maturities | AFS HTM ($ in thousands) Fair Value Carrying Value Fair Value Due in one year or less $ 396,074 6,727 6,899 Due after one year through five years 2,915,421 5,977 6,012 Due after five years through 10 years 2,425,811 20,331 19,714 Due after 10 years 861,516 — — Total fixed income securities $ 6,598,822 33,035 32,625 |
Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy | Other Investments March 31, 2022 December 31, 2021 ($ in thousands) Carrying Value Remaining Commitment Maximum Exposure to Loss 1 Carrying Value Remaining Commitment Maximum Exposure to Loss 1 Alternative Investments Private equity $ 281,352 124,761 406,113 273,070 99,734 372,804 Private credit 60,476 92,279 152,755 63,138 92,674 155,812 Real assets 26,159 20,914 47,073 23,524 22,579 46,103 Total alternative investments 367,987 237,954 605,941 359,732 214,987 574,719 Other securities 57,679 — 57,679 49,300 — 49,300 Total other investments $ 425,666 237,954 663,620 409,032 214,987 624,019 1 In addition to the amounts in this table, previously recognized tax credits are subject to the risk of recapture. We do not consider the risk of recapture to be significant and therefore do not include in this table. |
Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio | Income Statement Information Quarter ended March 31, ($ in millions) 2022 2021 Net investment income $ 135.5 481.6 Realized gains 2,748.0 776.0 Net change in unrealized appreciation 5,178.2 4,630.8 Net income $ 8,061.7 5,888.4 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income $ 19.1 20.2 |
Schedule of Securities Pledged As Collateral | ($ in millions) FHLBI Collateral FHLBNY Collateral State and Total U.S. government and government agencies $ — — 20.3 20.3 Obligations of states and political subdivisions — — 3.8 3.8 RMBS 63.1 35.9 — 99.0 CMBS 5.8 12.8 — 18.6 Total pledged as collateral $ 68.9 48.7 24.1 141.7 |
Schedule of Pre-Tax Net Investment Income Earned | Quarter ended March 31, ($ in thousands) 2022 2021 Fixed income securities $ 53,925 52,823 Commercial mortgage loans ("CMLs") 970 514 Equity securities 2,418 2,488 Short-term investments 101 85 Other investments 19,305 17,433 Investment expenses (4,117) (3,627) Net investment income earned $ 72,602 69,716 |
Schedule of realized and unrealized gains (losses) on securities | Quarter ended March 31, ($ in thousands) 2022 2021 Gross gains on sales $ 2,197 3,676 Gross losses on sales (13,560) (4,471) Net realized losses on disposals (11,363) (795) Net unrealized (losses) gains on equity securities (2,154) 11,280 Net credit loss expense on fixed income securities, AFS (22,052) (4,997) Net credit loss benefit (expense) on fixed income securities, HTM 14 (7) Losses on securities for which we have the intent to sell (4,797) (362) Net realized and unrealized (losses) gains $ (40,352) 5,119 |
Unrealized Gain (Loss) on Equity Securities | Quarter ended March 31, ($ in thousands) 2022 2021 Unrealized (losses) gains recognized in income on equity securities: On securities remaining in our portfolio at end of period $ (2,220) 10,097 On securities sold in period 66 1,183 Total unrealized (losses) gains recognized in income on equity securities $ (2,154) 11,280 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities | March 31, 2022 December 31, 2021 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,919 59,828 49,917 63,719 6.70% Senior Notes 99,525 116,980 99,520 127,574 5.375% Senior Notes 294,353 332,644 294,330 395,652 3.03% borrowings from FHLBI 60,000 60,747 60,000 64,126 Subtotal long-term debt 503,797 570,199 503,767 651,071 Unamortized debt issuance costs (3,106) (3,167) Finance lease obligations 4,875 5,450 Total long-term debt $ 505,566 506,050 |
Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value | March 31, 2022 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Other Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 127,093 31,671 95,422 — Foreign government 16,703 — 16,703 — Obligations of states and political subdivisions 1,125,431 — 1,118,186 7,245 Corporate securities 2,387,740 — 2,264,938 122,802 CLO and other ABS 1,417,214 — 1,286,296 130,918 RMBS 877,959 — 877,959 — CMBS 646,682 — 646,243 439 Total AFS fixed income securities 6,598,822 31,671 6,305,747 261,404 Equity securities: Common stock 1 342,572 246,178 — — Preferred stock 2,011 2,011 — — Total equity securities 344,583 248,189 — — Short-term investments 256,712 250,938 5,774 — Total assets measured at fair value $ 7,200,117 530,798 6,311,521 261,404 December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 130,458 60,615 69,843 — Foreign government 15,860 — 15,860 — Obligations of states and political subdivisions 1,189,308 — 1,181,563 7,745 Corporate securities 2,573,603 — 2,459,476 114,127 CLO and other ABS 1,350,814 — 1,225,905 124,909 RMBS 776,252 — 776,007 245 CMBS 673,681 — 669,425 4,256 Total AFS fixed income securities 6,709,976 60,615 6,398,079 251,282 Equity securities: Common stock 1 333,449 249,846 — — Preferred stock 2,088 2,088 — — Total equity securities 335,537 251,934 — — Short-term investments 447,863 442,723 5,140 — Total assets measured at fair value $ 7,493,376 755,272 6,403,219 251,282 |
Schedule of Changes in Fair Value of Securities Using Level 3 Inputs | Quarter ended March 31, 2022 ($ in thousands) Obligations of States and Political Subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Total Fair value, December 31, 2021 $ 7,745 114,127 124,909 245 4,256 251,282 Total net (losses) gains for the period included in: OCI (343) (6,529) (4,335) (17) (415) (11,639) Net realized and unrealized (losses) gains (157) (1,809) (472) — (7) (2,445) Net investment income earned — 4 15 — 47 66 Purchases — 2,964 27,033 — — 29,997 Sales — — — — — — Issuances — — — — — — Settlements — (69) (136) (11) (11) (227) Transfers into Level 3 — 17,055 — — — 17,055 Transfers out of Level 3 — (2,941) (16,096) (217) (3,431) (22,685) Fair value, March 31, 2022 $ 7,245 122,802 130,918 — 439 261,404 Change in unrealized losses for the period included in earnings for assets held at period end (157) (1,809) (472) — (7) (2,445) Change in unrealized gains for the period included in OCI for assets held at period end (343) (6,529) (4,335) (17) (415) (11,639) Quarter ended March 31, 2021 ($ in thousands) Obligation of state and Political Subdivisions Corporate Securities CLO and Other ABS Total Fair value, December 31, 2020 $ 2,894 70,700 56,375 129,969 Total net (losses) gains for the period included in: OCI (99) (2,388) (1,116) (3,603) Net realized and unrealized (losses) gains — (91) (143) (234) Net investment income earned — 1 3 4 Purchases — 21,100 10,672 31,772 Sales — — — — Issuances — — — — Settlements — — (412) (412) Transfers into Level 3 5,101 — — 5,101 Transfers out of Level 3 — — (490) (490) Fair value, March 31, 2021 $ 7,896 89,322 64,889 162,107 Change in unrealized (losses) gains for the period included in earnings for assets held at period end — (91) (143) (234) Change in unrealized gains (losses) for the period included in OCI for assets held at period end (99) (2,388) (1,116) (3,603) |
Quantitative information about significant unobservable inputs utilized in the fair value measurements of Level 3 assets. | March 31, 2022 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 56,510 Discounted Cash Flow Illiquidity Spread (4.4)% - 5.3% (1.1)% CLO and other ABS 46,816 Discounted Cash Flow Illiquidity Spread 0.01% - 8.0% (1.9)% Total internal valuations 103,326 Other 1 158,078 Total Level 3 securities $ 261,404 December 31, 2021 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 54,135 Discounted Cash Flow Illiquidity Spread 0.3% - 3.0% (1.2)% CLO and other ABS 34,903 Discounted Cash Flow Illiquidity Spread 0.7% - 8.0% (2.1)% Total internal valuations 89,038 Other 1 162,244 Total Level 3 securities $ 251,282 1 Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency as to the inputs used to develop the valuations. The quantitative details of these unobservable inputs is neither provided to us, nor reasonably available to us, and therefore are not included in the tables above. |
Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value | March 31, 2022 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Obligations of states and political subdivisions $ 3,502 — 3,502 — Corporate securities 29,123 — 29,123 — Total HTM fixed income securities $ 32,625 — 32,625 — CMLs $ 113,106 — — 113,106 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 59,828 — 59,828 — 6.70% Senior Notes 116,980 — 116,980 — 5.375% Senior Notes 332,644 — 332,644 — 3.03% borrowings from FHLBI 60,747 — 60,747 — Total long-term debt $ 570,199 — 570,199 — December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Obligations of states and political subdivisions $ 3,576 — 3,576 — Corporate securities 25,884 — 25,884 — Total HTM fixed income securities $ 29,460 — 29,460 — CMLs $ 97,598 — — 97,598 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 63,719 — 63,719 — 6.70% Senior Notes 127,574 — 127,574 — 5.375% Senior Notes 395,652 — 395,652 — 3.03% borrowings from FHLBI 64,126 — 64,126 — Total long-term debt $ 651,071 — 651,071 — |
Allowance for Uncollectible P_2
Allowance for Uncollectible Premiums Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Premiums Receivable [Abstract] | |
Premium Receivable, Allowance for Credit Loss [Table Text Block] | Quarter ended March 31, ($ in thousands) 2022 2021 Balance at beginning of period $ 13,600 $ 21,000 Current period change for expected credit losses 916 808 Write-offs charged against the allowance for credit losses (520) (874) Recoveries 304 66 Allowance for credit losses, end of period $ 14,300 $ 21,000 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable, Credit Quality Indicator [Table Text Block] | March 31, 2022 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 42,025 $ (3) $ 42,022 A+ 349,963 735 350,698 A 97,115 926 98,041 A- 3,230 79 3,309 B++ — — — B+ — — — Total rated reinsurers $ 492,333 $ 1,737 $ 494,070 Non-rated reinsurers Federal and state pools $ 79,980 $ — $ 79,980 Other than federal and state pools 4,744 165 4,909 Total non-rated reinsurers $ 84,724 $ 165 $ 84,889 Total reinsurance recoverable, gross $ 577,057 $ 1,902 $ 578,959 Less: allowance for credit losses (1,600) Total reinsurance recoverable, net $ 577,359 December 31, 2021 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 38,601 $ 9 $ 38,610 A+ 339,857 1,520 341,377 A 95,675 1,227 96,902 A- 3,209 145 3,354 B++ — — — B+ — — — Total rated reinsurers $ 477,342 $ 2,901 $ 480,243 Non-rated reinsurers Federal and state pools $ 116,378 $ — $ 116,378 Other than federal and state pools 4,597 450 5,047 Total non-rated reinsurers $ 120,975 $ 450 $ 121,425 Total reinsurance recoverable, gross $ 598,317 $ 3,351 $ 601,668 Less: allowance for credit losses (1,600) Total reinsurance recoverable, net $ 600,068 |
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block] | ($ in thousands) Quarter ended March 31, 2022 2021 Balance at beginning of period $ 1,600 1,777 Current period change for expected credit losses — 63 Write-offs charged against the allowance for credit losses — — Recoveries — — Allowance for credit losses, end of period $ 1,600 1,840 |
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts | Quarter ended March 31, ($ in thousands) 2022 2021 Premiums written: Direct $ 1,001,049 908,774 Assumed 5,314 5,533 Ceded (116,565) (116,129) Net $ 889,798 798,178 Premiums earned: Direct $ 931,376 837,369 Assumed 5,528 5,676 Ceded (124,621) (118,085) Net $ 812,283 724,960 Loss and loss expenses incurred: Direct $ 528,588 441,507 Assumed 4,278 3,447 Ceded (38,630) (31,553) Net $ 494,236 413,401 |
Schedule of Ceded Premiums and Losses Related to Flood Operations | Ceded to NFIP Quarter ended March 31, ($ in thousands) 2022 2021 Ceded premiums written $ (60,889) (65,742) Ceded premiums earned (69,268) (67,519) Ceded loss and loss expenses incurred (2,417) (2,207) |
Reserve for Loss and Loss Exp_2
Reserve for Loss and Loss Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | Quarter ended March 31, ($ in thousands) 2022 2021 Gross reserve for loss and loss expense, at beginning of period $ 4,580,903 4,260,355 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period 578,641 554,269 Net reserve for loss and loss expense, at beginning of period 4,002,262 3,706,086 Incurred loss and loss expense for claims occurring in the: Current year 508,299 447,170 Prior years (14,063) (33,769) Total incurred loss and loss expense 494,236 413,401 Paid loss and loss expense for claims occurring in the: Current year 91,292 80,158 Prior years 312,926 243,687 Total paid loss and loss expense 404,218 323,845 Net reserve for loss and loss expense, at end of period 4,092,280 3,795,642 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period 552,111 564,546 Gross reserve for loss and loss expense at end of period $ 4,644,391 4,360,188 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue By Segment | Revenue by Segment Quarter ended March 31, ($ in thousands) 2022 2021 Standard Commercial Lines: Net premiums earned: General liability $ 216,325 193,520 Commercial automobile 193,830 171,881 Commercial property 120,062 102,810 Workers compensation 84,680 78,190 Businessowners' policies 30,044 28,627 Bonds 10,360 8,593 Other 6,168 5,520 Miscellaneous income 1,101 3,707 Total Standard Commercial Lines revenue 662,570 592,848 Standard Personal Lines: Net premiums earned: Personal automobile 39,716 41,393 Homeowners 31,187 30,598 Other 1,739 1,830 Miscellaneous income 428 405 Total Standard Personal Lines revenue 73,070 74,226 E&S Lines: Net premiums earned: Casualty lines 54,624 43,833 Property lines 23,548 18,165 Total E&S Lines revenue 78,172 61,998 Investments: Net investment income 72,602 69,716 Net realized and unrealized investment (losses) gains (40,352) 5,119 Total Investments revenue 32,250 74,835 Total revenues $ 846,062 803,907 |
Schedule of Income Before and After Federal Income Tax | Income Before and After Federal Income Tax Quarter ended March 31, ($ in thousands) 2022 2021 Standard Commercial Lines: Underwriting income, before federal income tax $ 42,384 69,499 Underwriting income, after federal income tax 33,483 54,904 Combined ratio 93.6 % 88.2 ROE contribution 5.0 8.6 Standard Personal Lines: Underwriting income, before federal income tax $ 6,520 7,695 Underwriting income, after federal income tax 5,151 6,079 Combined ratio 91.0 % 89.6 ROE contribution 0.8 1.0 E&S Lines: Underwriting income, before federal income tax $ 6,925 516 Underwriting income, after federal income tax 5,471 408 Combined ratio 91.1 % 99.2 ROE contribution 0.8 0.1 Investments: Net investment income $ 72,602 69,716 Net realized and unrealized investment (losses) gains (40,352) 5,119 Total investments segment income, before federal income tax 32,250 74,835 Tax on investments segment income 5,613 14,448 Total investments segment income, after federal income tax $ 26,637 60,387 ROE contribution of after-tax net investment income earned 8.7 8.9 |
Schedule of Reconciliation of Segment Results to Income Before Federal Income Tax | Reconciliation of Segment Results to Income Before Federal Income Tax Quarter ended March 31, ($ in thousands) 2022 2021 Underwriting income Standard Commercial Lines $ 42,384 69,499 Standard Personal Lines 6,520 7,695 E&S Lines 6,925 516 Investment income 32,250 74,835 Total all segments 88,079 152,545 Interest expense (7,168) (7,359) Corporate expenses (11,021) (9,554) Income, before federal income tax $ 69,890 135,632 Preferred stock dividends (2,300) (2,453) Income available to common stockholders, before federal income tax $ 67,590 133,179 |
Retirement Plans (Table)
Retirement Plans (Table) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | Pension Plan Quarter ended March 31, ($ in thousands) 2022 2021 Net Periodic Pension Cost (Benefit): Interest cost $ 2,486 2,148 Expected return on plan assets (5,537) (5,744) Amortization of unrecognized net actuarial loss 366 625 Total net periodic pension cost (benefit) 1 $ (2,685) (2,971) 1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. |
Schedule of Weighted-Average Expense Assumptions | Pension Plan Quarter ended March 31, 2022 2021 Weighted-Average Expense Assumptions: Discount rate 2.98 % 2.68 % Effective interest rate for calculation of interest cost 2.48 2.06 Expected return on plan assets 5.00 5.40 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Components of Comprehensive Income-Gross and Net of Tax | First Quarter 2022 ($ in thousands) Gross Tax Net Net income $ 69,890 13,560 56,330 Components of OCI: Unrealized losses on investment securities : Unrealized holding losses during the period (261,832) (54,984) (206,848) Unrealized losses on securities with credit loss recognized in earnings (86,621) (18,191) (68,430) Amounts reclassified into net income: HTM securities 1 — 1 Net realized losses on disposals and intent-to-sell AFS securities 15,991 3,358 12,633 Credit loss expense 22,052 4,631 17,421 Total unrealized losses on investment securities (310,409) (65,186) (245,223) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 417 88 329 Total defined benefit pension and post-retirement plans 417 88 329 Other comprehensive loss (309,992) (65,098) (244,894) Comprehensive loss $ (240,102) (51,538) (188,564) First Quarter 2021 ($ in thousands) Gross Tax Net Net income $ 135,632 26,362 109,270 Components of OCI: Unrealized losses on investment securities : Unrealized holding losses during the period (103,308) (21,695) (81,613) Unrealized losses on securities with credit loss recognized in earnings (11,320) (2,377) (8,943) Amounts reclassified into net income: HTM securities (2) — (2) Net realized losses on disposals and intent-to-sell AFS securities 604 127 477 Credit loss expense 4,997 1,049 3,948 Total unrealized losses on investment securities (109,029) (22,896) (86,133) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 693 146 547 Total defined benefit pension and post-retirement plans 693 146 547 Other comprehensive loss (108,336) (22,750) (85,586) Comprehensive income $ 27,296 3,612 23,684 |
Schedule of Components of Accumulated Other Comprehensive Income Net of Tax | Net Unrealized (Losses) Gains on Investment Securities Defined Benefit Total AOCI ($ in thousands) Credit Loss Related 1 HTM All Investments Balance, December 31, 2021 $ (4,287) (3) 185,170 180,880 (65,781) 115,099 OCI before reclassifications (68,430) — (206,848) (275,278) — (275,278) Amounts reclassified from AOCI 17,421 1 12,633 30,055 329 30,384 Net current period OCI (51,009) 1 (194,215) (245,223) 329 (244,894) Balance, March 31, 2022 $ (55,296) (2) (9,045) (64,343) (65,452) (129,795) |
Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income | Quarter ended March 31, Affected Line Item in the Unaudited Consolidated Statements of Income ($ in thousands) 2022 2021 HTM related Unrealized (gains) losses on HTM disposals $ — — Net realized and unrealized investment (losses) gains Amortization of net unrealized losses (gains) on HTM securities 1 (2) Net investment income earned 1 (2) Income before federal income tax — — Total federal income tax expense 1 (2) Net income Net realized losses on disposals and intent-to-sell AFS securities Net realized losses on disposals and intent-to-sell AFS securities 15,991 604 Net realized and unrealized investment (losses) gains 15,991 604 Income before federal income tax (3,358) (127) Total federal income tax expense 12,633 477 Net income Credit loss related Credit loss expense 22,052 4,997 Net realized and unrealized investment (losses) gains 22,052 4,997 Income before federal income tax (4,631) (1,049) Total federal income tax expense 17,421 3,948 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 96 159 Loss and loss expense incurred 321 534 Other insurance expenses Total defined benefit pension and post-retirement life 417 693 Income before federal income tax (88) (146) Total federal income tax expense 329 547 Net income Total reclassifications for the period $ 30,384 4,970 Net income |
Statements of Cash Flows (Cash
Statements of Cash Flows (Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Interest | $ 8,523 | $ 8,722 | |
Federal income tax | (800) | 0 | |
Operating cash flows from operating leases | 2,058 | 2,226 | |
Operating cash flows from financing leases | 11 | 2 | |
Financing cash flows from finance leases | 612 | 115 | |
Assets acquired under finance lease arrangements | 38 | 183 | |
Assets acquired under operating lease arrangements | 5,760 | 16 | |
Non-cash purchase of property and equipment | 0 | 3 | |
Available-for-sale Securities | |||
Corporate actions related to securities | [1] | $ 1,244 | $ 26,085 |
[1] | Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits. |
Statements of Cash Flows (Sched
Statements of Cash Flows (Schedule of Cash and Restricted Cash) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Cash and Restricted Cash [Line Items] | ||||
Cash | $ 410 | $ 455 | ||
Restricted cash | 17,474 | 44,608 | ||
Total cash and restricted cash shown in the Statements of Cash Flows | $ 17,884 | $ 45,063 | $ 8,916 | $ 15,231 |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities Disclosure) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | $ 9,724 | $ 3,969 | |
Allowance for credit losses, Period ending balance | 37,599 | 8,781 | |
Accrued investment income | 48,427 | $ 48,247 | |
Current provision for securities without prior allowance | 18,588 | 5,667 | |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 3,463 | (677) | |
Reductions for securities sold | (1,395) | (178) | |
Reductions for securities identified as intent (or requirement) to sell during the period | (1,099) | 0 | |
Debt Securities, Available-for-sale, Fair Value | 6,598,822 | 6,709,976 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 61,993 | 246,301 | |
Fixed income securities, available-for-sale, amortized cost | 6,717,907 | 6,490,753 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 143,479 | 17,354 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 8,318 | ||
Available-for-sale Securities | U.S. Government and Government Agencies [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | 0 | ||
Allowance for credit losses, Period ending balance | 0 | ||
Debt Securities, Available-for-sale, Fair Value | 127,093 | 130,458 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 490 | 3,629 | |
Fixed income securities, available-for-sale, amortized cost | 131,986 | 127,974 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 5,383 | 1,145 | |
Available-for-sale Securities | Foreign Government [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | 46 | 1 | |
Allowance for credit losses, Period ending balance | 150 | 56 | |
Current provision for securities without prior allowance | 103 | 56 | |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 1 | (1) | |
Reductions for securities sold | 0 | 0 | |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | |
Debt Securities, Available-for-sale, Fair Value | 16,703 | 15,860 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 145 | 609 | |
Fixed income securities, available-for-sale, amortized cost | 17,160 | 15,420 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 452 | 123 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | ||
Available-for-sale Securities | Obligations of States and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | 137 | 4 | |
Allowance for credit losses, Period ending balance | 1,991 | 201 | |
Current provision for securities without prior allowance | 1,732 | 186 | |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 132 | 11 | |
Reductions for securities sold | (10) | 0 | |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | |
Debt Securities, Available-for-sale, Fair Value | 1,125,431 | 1,189,308 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 15,329 | 68,258 | |
Fixed income securities, available-for-sale, amortized cost | 1,122,132 | 1,121,422 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 10,039 | 235 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | ||
Available-for-sale Securities | Corporate Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | 6,682 | 2,782 | |
Allowance for credit losses, Period ending balance | 23,066 | 6,166 | |
Current provision for securities without prior allowance | 15,393 | 4,058 | |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 3,337 | (527) | |
Reductions for securities sold | (1,247) | (147) | |
Reductions for securities identified as intent (or requirement) to sell during the period | (1,099) | 0 | |
Debt Securities, Available-for-sale, Fair Value | 2,387,740 | 2,573,603 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 25,658 | 106,890 | |
Fixed income securities, available-for-sale, amortized cost | 2,445,468 | 2,478,348 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 60,320 | 4,953 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | ||
Available-for-sale Securities | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | 939 | 592 | |
Allowance for credit losses, Period ending balance | 2,283 | 1,470 | |
Current provision for securities without prior allowance | 1,288 | 1,001 | |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 59 | (106) | |
Reductions for securities sold | (3) | (17) | |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | |
Debt Securities, Available-for-sale, Fair Value | 1,417,214 | 1,350,814 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7,974 | 14,350 | |
Fixed income securities, available-for-sale, amortized cost | 1,444,224 | 1,343,687 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 32,701 | 6,284 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | ||
Available-for-sale Securities | Residential Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | 1,909 | 561 | |
Allowance for credit losses, Period ending balance | 10,029 | 864 | |
Current provision for securities without prior allowance | 0 | 356 | |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (63) | (39) | |
Reductions for securities sold | (135) | (14) | |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | |
Debt Securities, Available-for-sale, Fair Value | 877,959 | 776,252 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6,779 | 24,813 | |
Fixed income securities, available-for-sale, amortized cost | 903,800 | 756,280 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 22,591 | 2,932 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 8,318 | ||
Available-for-sale Securities | Commercial Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for credit losses, Period beginning balance | 11 | 29 | |
Allowance for credit losses, Period ending balance | 80 | 24 | |
Current provision for securities without prior allowance | 72 | 10 | |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (3) | (15) | |
Reductions for securities sold | 0 | 0 | |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | $ 0 | |
Debt Securities, Available-for-sale, Fair Value | 646,682 | 673,681 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,618 | 27,752 | |
Fixed income securities, available-for-sale, amortized cost | 653,137 | 647,622 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11,993 | 1,682 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | ||
Available-for-sale Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Accrued investment income | $ 46,800 | $ 46,300 |
Investments (Fair Value and Gro
Investments (Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities By Length of Time) (Details) - Available-for-sale Securities - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
AFS Fair Value, Less than 12 Months | $ 3,142,206 | $ 1,376,128 |
AFS Unrealized Losses, Less than 12 months | (134,038) | (14,849) |
AFS Fair Value, 12 months or longer | 155,481 | 85,122 |
AFS Unrealized Losses, 12 months or longer | (9,441) | (2,505) |
AFS Fair Value | 3,297,687 | 1,461,250 |
AFS Unrealized Losses | (143,479) | (17,354) |
U.S. Government and Government Agencies [Member] | ||
AFS Fair Value, Less than 12 Months | 89,044 | 34,857 |
AFS Unrealized Losses, Less than 12 months | (4,410) | (746) |
AFS Fair Value, 12 months or longer | 5,252 | 7,827 |
AFS Unrealized Losses, 12 months or longer | (973) | (399) |
AFS Fair Value | 94,296 | 42,684 |
AFS Unrealized Losses | (5,383) | (1,145) |
Foreign Government [Member] | ||
AFS Fair Value, Less than 12 Months | 5,394 | 2,000 |
AFS Unrealized Losses, Less than 12 months | (268) | (84) |
AFS Fair Value, 12 months or longer | 1,996 | 1,061 |
AFS Unrealized Losses, 12 months or longer | (184) | (39) |
AFS Fair Value | 7,390 | 3,061 |
AFS Unrealized Losses | (452) | (123) |
Obligations of States and Political Subdivisions [Member] | ||
AFS Fair Value, Less than 12 Months | 223,497 | 25,837 |
AFS Unrealized Losses, Less than 12 months | (9,846) | (235) |
AFS Fair Value, 12 months or longer | 2,834 | 0 |
AFS Unrealized Losses, 12 months or longer | (193) | 0 |
AFS Fair Value | 226,331 | 25,837 |
AFS Unrealized Losses | (10,039) | (235) |
Corporate Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 1,002,980 | 300,549 |
AFS Unrealized Losses, Less than 12 months | (59,605) | (4,903) |
AFS Fair Value, 12 months or longer | 6,823 | 2,520 |
AFS Unrealized Losses, 12 months or longer | (715) | (50) |
AFS Fair Value | 1,009,803 | 303,069 |
AFS Unrealized Losses | (60,320) | (4,953) |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 937,362 | 663,976 |
AFS Unrealized Losses, Less than 12 months | (28,658) | (4,934) |
AFS Fair Value, 12 months or longer | 101,722 | 53,368 |
AFS Unrealized Losses, 12 months or longer | (4,043) | (1,350) |
AFS Fair Value | 1,039,084 | 717,344 |
AFS Unrealized Losses | (32,701) | (6,284) |
Residential Mortgage Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 545,934 | 236,010 |
AFS Unrealized Losses, Less than 12 months | (21,444) | (2,931) |
AFS Fair Value, 12 months or longer | 13,731 | 20 |
AFS Unrealized Losses, 12 months or longer | (1,147) | (1) |
AFS Fair Value | 559,665 | 236,030 |
AFS Unrealized Losses | (22,591) | (2,932) |
Commercial Mortgage Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 337,995 | 112,899 |
AFS Unrealized Losses, Less than 12 months | (9,807) | (1,016) |
AFS Fair Value, 12 months or longer | 23,123 | 20,326 |
AFS Unrealized Losses, 12 months or longer | (2,186) | (666) |
AFS Fair Value | 361,118 | 133,225 |
AFS Unrealized Losses | $ (11,993) | $ (1,682) |
Investments (Fixed Income Secur
Investments (Fixed Income Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Fixed Income Securities [Line Items] | ||
Due in one year or less fair value, AFS | $ 396,074 | |
Due after one year through five years fair value, AFS | 2,915,421 | |
Due after five years through 10 years fair value, AFS | 2,425,811 | |
Due after 10 years fair value, AFS | 861,516 | |
Total AFS fixed income securities, Fair Value | 6,598,822 | $ 6,709,976 |
Due in one year or less carrying value, HTM | 6,727 | |
Due after one year through five years carrying value, HTM | 5,977 | |
Due after five years through 10 years carrying value, HTM | 20,331 | |
Due after 10 years carrying value, HTM | 0 | |
Fixed income securities, held-to-maturity, net of allowance for credit losses | 33,035 | 28,785 |
Due in one year or less fair value, HTM | 6,899 | |
Due after one year through five years fair value, HTM | 6,012 | |
Due after five years through 10 years fair value, HTM | 19,714 | |
Due after 10 years fair value, HTM | 0 | |
Total HTM fixed income securities, Fair Value | $ 32,625 | $ 29,460 |
Investments (Other Investment P
Investments (Other Investment Portfolio by Strategy and the Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Net investment income earned | $ 72,602 | $ 69,716 | ||
Carrying Value | 425,666 | $ 409,032 | ||
Alternative Investments [Member] | ||||
Net investment income earned | 19,100 | $ 20,200 | ||
Other Securities [Member] | ||||
Carrying Value | 57,679 | 49,300 | ||
Remaining Commitment | 0 | 0 | ||
Maximum Exposure to Loss | [1] | 57,679 | 49,300 | |
Alternative Investments [Member] | ||||
Carrying Value | 367,987 | 359,732 | ||
Remaining Commitment | 237,954 | 214,987 | ||
Maximum Exposure to Loss | [1] | 605,941 | 574,719 | |
Alternative Investments [Member] | Private Equity Funds [Member] | ||||
Carrying Value | 281,352 | 273,070 | ||
Remaining Commitment | 124,761 | 99,734 | ||
Maximum Exposure to Loss | [1] | 406,113 | 372,804 | |
Alternative Investments [Member] | Private Credit Funds [Member] | ||||
Carrying Value | 60,476 | 63,138 | ||
Remaining Commitment | 92,279 | 92,674 | ||
Maximum Exposure to Loss | [1] | 152,755 | 155,812 | |
Alternative Investments [Member] | Real Assets [Member] | ||||
Carrying Value | 26,159 | 23,524 | ||
Remaining Commitment | 20,914 | 22,579 | ||
Maximum Exposure to Loss | [1] | 47,073 | 46,103 | |
Other Investments [Member] | ||||
Carrying Value | 425,666 | 409,032 | ||
Remaining Commitment | 237,954 | 214,987 | ||
Maximum Exposure to Loss | [1] | $ 663,620 | $ 624,019 | |
[1] | In addition to the amounts in this table, previously recognized tax credits are subject to the risk of recapture. We do not consider the risk of recapture to be significant and therefore do not include in this table. |
Investments (Aggregated Income
Investments (Aggregated Income Statement Summarized Financial Information for Partnerhips in our Alternative Investment Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Net investment income earned | $ 72,602 | $ 69,716 | |
Carrying Value | 425,666 | $ 409,032 | |
Alternative Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net investment income earned | 19,100 | 20,200 | |
Investments accounted for under the equity method [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net investment income | 135,500 | 481,600 | |
Realized gains | 2,748,000 | 776,000 | |
Net change in unrealized appreciation | 5,178,200 | 4,630,800 | |
Insurance Subsidiaries' alternative investments income | $ 8,061,700 | $ 5,888,400 |
Investments (Investments Pledge
Investments (Investments Pledged as Collateral) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral On Deposit With Various State And Regulatory Agencies | $ 24.1 |
Securities Pledged As Collateral | 141.7 |
Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 68.9 |
Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 48.7 |
U.S. Government and Government Agencies [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral On Deposit With Various State And Regulatory Agencies | 20.3 |
Securities Pledged As Collateral | 20.3 |
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 0 |
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 0 |
Obligations of States and Political Subdivisions [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral On Deposit With Various State And Regulatory Agencies | 3.8 |
Securities Pledged As Collateral | 3.8 |
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 0 |
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 0 |
Residential Mortgage Backed Securities [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 99 |
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 63.1 |
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 35.9 |
Commercial Mortgage Backed Securities [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 18.6 |
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | 5.8 |
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities Pledged as Collateral on FHLB | $ 12.8 |
Investments (Credit Concentrati
Investments (Credit Concentration Risk) (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Investments [Abstract] | ||
Maximum exposure to credit concentration risk of the Company's stockholder's equity other than certain U.S. government-backed investments | 10.00% | 10.00% |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Investment Income [Line Items] | ||
Net investment income earned | $ 72,602 | $ 69,716 |
Investment Expense | (4,117) | (3,627) |
Fixed Income Securities [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 53,925 | 52,823 |
Commercial Mortgage Loans [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 970 | 514 |
Equity Securities [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 2,418 | 2,488 |
Short-Term Investments [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 101 | 85 |
Other Investments [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 19,305 | 17,433 |
Alternative Investments [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | $ 19,100 | $ 20,200 |
Investments (Net Realized and U
Investments (Net Realized and Unrealized Investment Gains and (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | ||
Gross gains on sales | $ 2,197 | $ 3,676 |
Gross losses on sales | (13,560) | (4,471) |
Debt and Equity Securities, Realized Loss | (11,363) | (795) |
Net unrealized (losses) gains on equity securities | (2,154) | 11,280 |
Losses on securities for which we have the intent to sell | (4,797) | (362) |
Net realized and unrealized investment (losses) gains | (40,352) | 5,119 |
Available-for-sale Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Net credit loss benefit (expense) on fixed maturities | (22,052) | (4,997) |
Held-to-maturity Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Net credit loss benefit (expense) on fixed maturities | $ 14 | $ (7) |
Investments (Unrealized Gains (
Investments (Unrealized Gains (Losses) on Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | ||
Unrealized gains (losses) recognized in income on equity securities on securities remaining in our portfolio at period end. | $ (2,220) | $ 10,097 |
Unrealized (losses) gains recognized in income on equity securities on securities sold during period | 66 | 1,183 |
Total unrealized (losses) gains recognized in income on equity securities | (2,154) | $ 11,280 |
Change in Gain (Loss) on Investments | $ (45,500) |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance lease liabilities | $ 4,875 | $ 5,450 |
Long-term debt, carrying amount | 505,566 | 506,050 |
Long-term debt, fair value | 570,199 | 651,071 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 59,828 | 63,719 |
Seven Point Twenty Five Percent Senior Notes [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying amount | 49,919 | 49,917 |
Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 116,980 | 127,574 |
Six Point Seventy Percent Senior Notes [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying amount | 99,525 | 99,520 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 332,644 | 395,652 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying amount | 294,353 | 294,330 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 60,747 | 64,126 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying amount | 60,000 | 60,000 |
Long Term Debt Excluding Issuance Costs and Finance Lease Obligations [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying amount | 503,797 | 503,767 |
Unamortized Debt Issuance Costs [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized debt issuance costs | $ (3,106) | $ (3,167) |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Disclosures of Fair Value Assets) (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
AFS Fixed Income Securities | $ 6,598,822 | $ 6,709,976 | |
Equity Securities | 344,583 | 335,537 | |
Short-term investments | 256,712 | 447,863 | |
Net Asset Value | [1] | 96,400 | 83,600 |
Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 6,598,822 | 6,709,976 | |
Equity Securities | 344,583 | 335,537 | |
Short-term investments | 256,712 | 447,863 | |
Total assets measured at fair value | 7,200,117 | 7,493,376 | |
U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 127,093 | 130,458 | |
Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 16,703 | 15,860 | |
Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | $ 1,125,431 | $ 1,189,308 | |
Corporate Securities [Member] | Weighted Average | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Debt Securities, Available-for-sale, Measurement Input | (0.011) | (0.012) | |
Corporate Securities [Member] | Maximum | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Debt Securities, Available-for-sale, Measurement Input | 0.053 | 0.030 | |
Corporate Securities [Member] | Minimum | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Debt Securities, Available-for-sale, Measurement Input | (0.044) | 0.003 | |
Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | $ 2,387,740 | $ 2,573,603 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Weighted Average | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Debt Securities, Available-for-sale, Measurement Input | (0.019) | (0.021) | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Maximum | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Debt Securities, Available-for-sale, Measurement Input | 0.080 | 0.080 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Minimum | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Debt Securities, Available-for-sale, Measurement Input | 0.0001 | 0.007 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | $ 1,417,214 | $ 1,350,814 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 877,959 | 776,252 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 646,682 | 673,681 | |
Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | [1] | 342,572 | 333,449 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | 2,011 | 2,088 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 31,671 | 60,615 | |
Equity Securities | 248,189 | 251,934 | |
Short-term investments | 250,938 | 442,723 | |
Total assets measured at fair value | 530,798 | 755,272 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 31,671 | 60,615 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | [1] | 246,178 | 249,846 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | 2,011 | 2,088 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 6,305,747 | 6,398,079 | |
Equity Securities | 0 | 0 | |
Short-term investments | 5,774 | 5,140 | |
Total assets measured at fair value | 6,311,521 | 6,403,219 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 95,422 | 69,843 | |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 16,703 | 15,860 | |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 1,118,186 | 1,181,563 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 2,264,938 | 2,459,476 | |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 1,286,296 | 1,225,905 | |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 877,959 | 776,007 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 646,243 | 669,425 | |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | [1] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 261,404 | 251,282 | |
Equity Securities | 0 | 0 | |
Short-term investments | 0 | 0 | |
Total assets measured at fair value | 261,404 | 251,282 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 7,245 | 7,745 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 122,802 | 114,127 | |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 130,918 | 124,909 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 0 | 245 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS Fixed Income Securities | 439 | 4,256 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | [1] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | $ 0 | $ 0 | |
[1] | Investments amounting to $96.4 million at March 31, 2022, and $83.6 million at December 31, 2021, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Fair Value Measurements (Change
Fair Value Measurements (Change in Fair Value of Securities Using Level 3 Inputs) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Obligations of States and Political Subdivisions [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value, December 31 | $ 7,745 | $ 2,894 | |
Total net (losses) gains for the period included in OCI | (343) | (99) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 5,101 | |
Transfers out of Level 3 | 0 | 0 | |
Fair value, March 31 | 7,245 | 7,896 | |
Period change unrealized losses in earnings for assets held at period end | (157) | 0 | |
Period change unrealized gains in OCI for assets held at period end | $ (343) | (99) | |
Corporate Securities [Member] | Valuation Technique, Discounted Cash Flow | Minimum | Measurement Input, Credit Spread | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | (0.044) | 0.003 | |
Corporate Securities [Member] | Valuation Technique, Discounted Cash Flow | Maximum | Measurement Input, Credit Spread | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.053 | 0.030 | |
Corporate Securities [Member] | Valuation Technique, Discounted Cash Flow | Weighted Average | Measurement Input, Credit Spread | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | (0.011) | (0.012) | |
Corporate Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value, December 31 | $ 114,127 | 70,700 | |
Total net (losses) gains for the period included in OCI | (6,529) | (2,388) | |
Purchases | 2,964 | 21,100 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (69) | 0 | |
Transfers into Level 3 | 17,055 | 0 | |
Transfers out of Level 3 | (2,941) | 0 | |
Fair value, March 31 | 122,802 | 89,322 | |
Period change unrealized losses in earnings for assets held at period end | (1,809) | (91) | |
Period change unrealized gains in OCI for assets held at period end | (6,529) | (2,388) | |
Corporate Securities [Member] | Available-for-sale Securities [Member] | Valuation Technique, Discounted Cash Flow | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total assets measured at fair value | $ 56,510 | $ 54,135 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Valuation Technique, Discounted Cash Flow | Minimum | Measurement Input, Credit Spread | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.0001 | 0.007 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Valuation Technique, Discounted Cash Flow | Maximum | Measurement Input, Credit Spread | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.080 | 0.080 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Valuation Technique, Discounted Cash Flow | Weighted Average | Measurement Input, Credit Spread | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | (0.019) | (0.021) | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value, December 31 | $ 124,909 | 56,375 | |
Total net (losses) gains for the period included in OCI | (4,335) | (1,116) | |
Purchases | 27,033 | 10,672 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (136) | (412) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (16,096) | (490) | |
Fair value, March 31 | 130,918 | 64,889 | |
Period change unrealized losses in earnings for assets held at period end | (472) | (143) | |
Period change unrealized gains in OCI for assets held at period end | (4,335) | (1,116) | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Available-for-sale Securities [Member] | Valuation Technique, Discounted Cash Flow | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total assets measured at fair value | 46,816 | $ 34,903 | |
Investments [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value, December 31 | 251,282 | 129,969 | |
Total net (losses) gains for the period included in OCI | (11,639) | (3,603) | |
Purchases | 29,997 | 31,772 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (227) | (412) | |
Transfers into Level 3 | 17,055 | 5,101 | |
Transfers out of Level 3 | (22,685) | (490) | |
Fair value, March 31 | 261,404 | 162,107 | |
Period change unrealized losses in earnings for assets held at period end | (2,445) | (234) | |
Period change unrealized gains in OCI for assets held at period end | (11,639) | (3,603) | |
Other Assets, Fair Value Disclosure | 158,078 | 162,244 | |
Investments [Member] | Available-for-sale Securities [Member] | Valuation Technique, Discounted Cash Flow | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total assets measured at fair value | 103,326 | $ 89,038 | |
Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value, December 31 | 245 | ||
Total net (losses) gains for the period included in OCI | (17) | ||
Purchases | 0 | ||
Sales | 0 | ||
Issuances | 0 | ||
Settlements | (11) | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | (217) | ||
Fair value, March 31 | 0 | ||
Period change unrealized losses in earnings for assets held at period end | 0 | ||
Period change unrealized gains in OCI for assets held at period end | (17) | ||
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value, December 31 | 4,256 | ||
Total net (losses) gains for the period included in OCI | (415) | ||
Purchases | 0 | ||
Sales | 0 | ||
Issuances | 0 | ||
Settlements | (11) | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | (3,431) | ||
Fair value, March 31 | 439 | ||
Period change unrealized losses in earnings for assets held at period end | (7) | ||
Period change unrealized gains in OCI for assets held at period end | (415) | ||
Gain (Loss) on Investments [Member] | Obligations of States and Political Subdivisions [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | (157) | 0 | |
Gain (Loss) on Investments [Member] | Corporate Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | (1,809) | (91) | |
Gain (Loss) on Investments [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | (472) | (143) | |
Gain (Loss) on Investments [Member] | Investments [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | (2,445) | (234) | |
Gain (Loss) on Investments [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | 0 | ||
Gain (Loss) on Investments [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | (7) | ||
Net Investment Income Earned [Member] | Obligations of States and Political Subdivisions [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | 0 | 0 | |
Net Investment Income Earned [Member] | Corporate Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | 4 | 1 | |
Net Investment Income Earned [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | 15 | 3 | |
Net Investment Income Earned [Member] | Investments [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | 66 | $ 4 | |
Net Investment Income Earned [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | 0 | ||
Net Investment Income Earned [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total net (losses) gains for the period included in net income | $ 47 |
Fair Value Measurements (Quan_2
Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | $ 32,625 | $ 29,460 |
Long-term debt, fair value | 570,199 | 651,071 |
Commercial mortgage loan, fair value | 113,106 | 97,598 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 59,828 | 63,719 |
Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 116,980 | 127,574 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 332,644 | 395,652 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 60,747 | 64,126 |
Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 570,199 | 651,071 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 3,502 | 3,576 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 29,123 | 25,884 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Long-term debt, fair value | 0 | 0 |
Commercial mortgage loan, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Five Point Three Hundred Seventy Five Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 32,625 | 29,460 |
Long-term debt, fair value | 570,199 | 651,071 |
Commercial mortgage loan, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 59,828 | 63,719 |
Significant Other Observable Inputs (Level 2) [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 116,980 | 127,574 |
Significant Other Observable Inputs (Level 2) [Member] | Five Point Three Hundred Seventy Five Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 332,644 | 395,652 |
Significant Other Observable Inputs (Level 2) [Member] | Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 60,747 | 64,126 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 3,502 | 3,576 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 29,123 | 25,884 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Long-term debt, fair value | 0 | 0 |
Commercial mortgage loan, fair value | 113,106 | 97,598 |
Significant Unobservable Inputs (Level 3) [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Five Point Three Hundred Seventy Five Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | $ 0 | $ 0 |
Allowance for Uncollectible P_3
Allowance for Uncollectible Premiums Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premiums Receiveable, Allowance for Credit Loss [Line Items] | ||||
Premium Receivable, Allowance for Credit Loss | $ 14,300 | $ 13,600 | $ 21,000 | |
Allowance for credit losses, net of write-offs and recoveries | 700 | |||
Reduction in allowance for credit losses on older policies | ||||
Premiums Receiveable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, net of write-offs and recoveries | (1,100) | $ (1,200) | ||
Premiums Receivable [Member] | ||||
Premiums Receiveable, Allowance for Credit Loss [Line Items] | ||||
Premium Receivable, Allowance for Credit Loss | 14,300 | 21,000 | ||
Current period provision for expected credit losses | 916 | 808 | ||
Write-offs charged against the allowance for credit losses | (520) | (874) | ||
Recoveries | 304 | 66 | ||
Allowance for credit losses, net of write-offs and recoveries | $ 2,300 | $ 2,100 |
Reinsurance Recoverable Credit
Reinsurance Recoverable Credit Ratings (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance recoverable | $ 578,959 | $ 601,668 | ||
Reinsurance Recoverable, Allowance for Credit Loss | (1,600) | (1,600) | $ (1,840) | $ (1,777) |
Reinsurance recoverable, net of allowance for credit losses | 577,359 | 600,068 | ||
AM Best, A++ Rating [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (42,022) | (38,610) | ||
AM Best, A++ Rating [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (3) | (9) | ||
AM Best, A++ Rating [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (42,025) | (38,601) | ||
AM Best, A+ Rating [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (350,698) | (341,377) | ||
AM Best, A+ Rating [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (735) | (1,520) | ||
AM Best, A+ Rating [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (349,963) | (339,857) | ||
AM Best, A Rating [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (98,041) | (96,902) | ||
AM Best, A Rating [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (926) | (1,227) | ||
AM Best, A Rating [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (97,115) | (95,675) | ||
AM Best, A- Rating [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (3,309) | (3,354) | ||
AM Best, A- Rating [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (79) | (145) | ||
AM Best, A- Rating [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (3,230) | (3,209) | ||
AM Best, B++ Rating [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | 0 | 0 | ||
AM Best, B++ Rating [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | 0 | 0 | ||
AM Best, B++ Rating [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | 0 | 0 | ||
AM Best, B+ Rating [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | 0 | 0 | ||
AM Best, B+ Rating [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | 0 | 0 | ||
AM Best, B+ Rating [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | 0 | 0 | ||
AM Best Rated Reinsurer [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (494,070) | (480,243) | ||
AM Best Rated Reinsurer [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (1,737) | (2,901) | ||
AM Best Rated Reinsurer [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (492,333) | (477,342) | ||
Total federal and state pools [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (79,980) | (116,378) | ||
Total federal and state pools [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | 0 | 0 | ||
Total federal and state pools [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (79,980) | (116,378) | ||
Other than Federal And State Pools [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (4,909) | (5,047) | ||
Other than Federal And State Pools [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (165) | (450) | ||
Other than Federal And State Pools [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (4,744) | (4,597) | ||
Total Non Rated Reinsurer [Member] | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (84,889) | (121,425) | ||
Total Non Rated Reinsurer [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (165) | (450) | ||
Total Non Rated Reinsurer [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (84,724) | (120,975) | ||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | (1,902) | (3,351) | ||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Not Past Due | ||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||
Reinsurance Recoverables, Gross | $ (577,057) | $ (598,317) |
Reinsurance Allowance for Credi
Reinsurance Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | $ 1,600 | $ 1,840 | $ 1,600 | $ 1,777 |
Reinsurance Recoverable [Domain] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current period provision for expected credit losses | 0 | 63 | ||
Write-offs charged against the allowance for credit losses | 0 | 0 | ||
Recoveries | $ 0 | $ 0 |
Reinsurance (List of Direct, As
Reinsurance (List of Direct, Assumed, and Ceded Reinsurance Amounts) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Premiums earned: | ||
Net | $ 812,283 | $ 724,960 |
Loss and loss expenses incurred: | ||
Net | 494,236 | 413,401 |
Direct Assumed and Ceded Reinsurance Amounts [Member] | ||
Premiums written: | ||
Direct | 1,001,049 | 908,774 |
Assumed | 5,314 | 5,533 |
Ceded | (116,565) | (116,129) |
Net | 889,798 | 798,178 |
Premiums earned: | ||
Direct | 931,376 | 837,369 |
Assumed | 5,528 | 5,676 |
Ceded | (124,621) | (118,085) |
Net | 812,283 | 724,960 |
Loss and loss expenses incurred: | ||
Direct | 528,588 | 441,507 |
Assumed | 4,278 | 3,447 |
Ceded | (38,630) | (31,553) |
Net | $ 494,236 | $ 413,401 |
Reinsurance (Ceded Premiums and
Reinsurance (Ceded Premiums and Losses Related to Flood Operations) (Details) - National Flood Insurance Program [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Percentage of NFIP claims ceded by federal government | 100.00% | |
Ceded premiums written | $ (60,889) | $ (65,742) |
Ceded premiums earned | (69,268) | (67,519) |
Ceded loss and loss expenses incurred | $ (2,417) | $ (2,207) |
Reserve for Loss and Loss Exp_3
Reserve for Loss and Loss Expense (Rollforward of Reserve for Loss and Loss Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Gross reserve for loss and loss expense, at beginning of year | $ 4,580,903 | $ 4,260,355 | ||
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year | 578,641 | 554,269 | ||
Net reserve for loss and loss expense, at beginning of year | 4,002,262 | 3,706,086 | ||
Incurred loss and loss expense for claims occurring in the current year | 508,299 | 447,170 | ||
Total incurred loss and loss expense | 494,236 | 413,401 | ||
Paid loss and loss expense for claims occurring in the current year | 91,292 | 80,158 | ||
Paid loss and loss expense for claims occurring in the prior years | 312,926 | 243,687 | ||
Total paid loss and loss expense | 404,218 | 323,845 | ||
Net reserve for loss and loss expense, at end of period | 4,092,280 | 3,795,642 | ||
Add: reinsurance recoverable on unpaid loss and loss expense, at end of period | 552,111 | 564,546 | ||
Gross reserve for loss and loss expense, at end of period | 4,644,391 | 4,360,188 | ||
Allowance for credit losses | (1,600) | (1,840) | $ (1,600) | $ (1,777) |
Change in Historical Claim Rate Experience [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior year development | (14,063) | (33,769) | ||
Casualty Insurance Product Line [Member] | Change in Historical Claim Rate Experience [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior year development | 20,000 | 35,000 | ||
Casualty Insurance Product Line [Member] | Change in Historical Claim Rate Experience [Member] | Workers' Compensation Insurance [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior year development | 10,000 | 15,000 | ||
Casualty Insurance Product Line [Member] | Change in Historical Claim Rate Experience [Member] | General Liability [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior year development | 5,000 | 15,000 | ||
Casualty Insurance Product Line [Member] | Change in Historical Claim Rate Experience [Member] | E&S Lines | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior year development | 5,000 | |||
Casualty Insurance Product Line [Member] | Change in Historical Claim Rate Experience [Member] | Surety Lines | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior year development | 5,000 | |||
Property Insurance [Member] | Change in Historical Claim Rate Experience [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior year development | $ 5,900 | $ 1,200 |
Segment Information Narrative (
Segment Information Narrative (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Operating Segments | 4 |
Segment Information (Revenue by
Segment Information (Revenue by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total net premiums earned | $ 812,283 | $ 724,960 |
Miscellaneous income | 1,529 | 4,112 |
Net investment income | 72,602 | 69,716 |
Net realized and unrealized investment (losses) gains | (40,352) | 5,119 |
Total Investments revenue | 32,250 | 74,835 |
Total revenues | 846,062 | 803,907 |
Standard Commercial Lines | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 662,570 | 592,848 |
Standard Commercial Lines | Commercial Property [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 120,062 | 102,810 |
Standard Commercial Lines | Workers Compensation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 84,680 | 78,190 |
Standard Commercial Lines | General Liability [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 216,325 | 193,520 |
Standard Commercial Lines | Commercial Automobile [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 193,830 | 171,881 |
Standard Commercial Lines | Business Owners Policies [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 30,044 | 28,627 |
Standard Commercial Lines | Bonds Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 10,360 | 8,593 |
Standard Commercial Lines | Other Commercial [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 6,168 | 5,520 |
Standard Commercial Lines | Miscellaneous income | ||
Segment Reporting Information [Line Items] | ||
Miscellaneous income | 1,101 | 3,707 |
Standard Personal Lines | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 73,070 | 74,226 |
Standard Personal Lines | Personal Automobile [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 39,716 | 41,393 |
Standard Personal Lines | Homeowners [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 31,187 | 30,598 |
Standard Personal Lines | Other Personal [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 1,739 | 1,830 |
Standard Personal Lines | Miscellaneous income | ||
Segment Reporting Information [Line Items] | ||
Miscellaneous income | 428 | 405 |
E&S Lines | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 78,172 | 61,998 |
E&S Lines | Casualty Insurance Product Line [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 54,624 | 43,833 |
E&S Lines | Property Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | $ 23,548 | $ 18,165 |
Segment Information (Income Bef
Segment Information (Income Before and After Federal Income Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net investment income | $ 72,602 | $ 69,716 |
Net realized and unrealized investment (losses) gains | (40,352) | 5,119 |
Total investment segment income, before federal income tax | 32,250 | 74,835 |
Tax on investment income | 5,613 | 14,448 |
Total investment segment income, after federal income tax | 26,637 | 60,387 |
Standard Commercial Lines | ||
Segment Reporting Information [Line Items] | ||
Underwriting income, before federal income tax | 42,384 | 69,499 |
Underwriting income, after federal income tax | $ 33,483 | $ 54,904 |
Combined ratio | 93.60% | 88.20% |
ROE Contribution | 5.00% | 8.60% |
Standard Personal Lines | ||
Segment Reporting Information [Line Items] | ||
Underwriting income, before federal income tax | $ 6,520 | $ 7,695 |
Underwriting income, after federal income tax | $ 5,151 | $ 6,079 |
Combined ratio | 91.00% | 89.60% |
ROE Contribution | 0.80% | 1.00% |
E&S Lines | ||
Segment Reporting Information [Line Items] | ||
Underwriting income, before federal income tax | $ 6,925 | $ 516 |
Underwriting income, after federal income tax | $ 5,471 | $ 408 |
Combined ratio | 91.10% | 99.20% |
ROE Contribution | 0.80% | 0.10% |
Investments | ||
Segment Reporting Information [Line Items] | ||
ROE Contribution | 8.70% | 8.90% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Results to Income Before Federal Income Tax (Details)) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Investment income | $ 32,250 | $ 74,835 |
Interest expense | (7,168) | (7,359) |
Corporate expenses | (11,021) | (9,554) |
Income before federal income tax | 69,890 | 135,632 |
Preferred stock dividends | (2,300) | (2,453) |
Income available to common stockholders, before tax | 67,590 | 133,179 |
Standard Commercial Lines | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Underwriting income, before federal income tax | $ 42,384 | $ 69,499 |
ROE Contribution | 5.00% | 8.60% |
Standard Personal Lines | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Underwriting income, before federal income tax | $ 6,520 | $ 7,695 |
ROE Contribution | 0.80% | 1.00% |
E&S Lines | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Underwriting income, before federal income tax | $ 6,925 | $ 516 |
ROE Contribution | 0.80% | 0.10% |
Investments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
ROE Contribution | 8.70% | 8.90% |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total income, before federal income tax all segments | $ 88,079 | $ 152,545 |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefit Cost) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 2,486 | $ 2,148 | |
Expected return on plan assets | (5,537) | (5,744) | |
Amortization of unrecognized net actuarial loss | 366 | 625 | |
Total net periodic pension benefit | [1] | $ (2,685) | $ (2,971) |
[1] | The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. |
Retirement Plans (Weighted-Aver
Retirement Plans (Weighted-Average Expense Assumptions) (Details) - Pension Plan [Member] | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.98% | 2.68% |
Effective interest rate for calculation of interest cost | 2.48% | 2.06% |
Expected return on plan assets | 5.00% | 5.40% |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income-Gross and Net of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income, Gross | $ 69,890 | $ 135,632 |
Unrealized holding losses during the period, Gross | (261,832) | (103,308) |
Unrealized losses on securities with credit loss recognized in earnings; Gross | (86,621) | (11,320) |
Amounts reclassified into net income: HTM securities, Gross | 1 | (2) |
Amounts reclassified into net income: Net realized losses on disposals and losses on intent-to-sell AFS securities, Gross | 15,991 | 604 |
Amounts reclassified into net income: Credit loss expense, Gross | 22,052 | 4,997 |
Total unrealized losses on investment securities, Gross | (310,409) | (109,029) |
Amount reclassified into net income: Net actuarial loss, Gross | 417 | 693 |
Total defined benefit pension and post-retirement benefit plans, Gross | 417 | 693 |
Other comprehensive income (loss), Gross | (309,992) | (108,336) |
Comprehensive (loss) income before tax | (240,102) | 27,296 |
Net income, Tax | 13,560 | 26,362 |
Unrealized holding losses during the period, Tax | (54,984) | (21,695) |
Unrealized losses on securities with credit loss recognized in earnings; Tax | (18,191) | (2,377) |
Amounts reclassified into net income: HTM securities, Tax | 0 | 0 |
Amounts reclassified into net income: Net realized losses (gains) on disposals and losses on intent-to-sell AFS securities, Tax | 3,358 | 127 |
Amounts reclassified into net income: Credit loss (benefit) expense, Tax | 4,631 | 1,049 |
Total unrealized losses (gains) on investment securities, Tax | (65,186) | (22,896) |
Amount reclassified into net income: Net actuarial loss, Tax | 88 | 146 |
Total defined benefit pension and post-retirement benefit plans, Tax | 88 | 146 |
Other comprehensive loss, Tax | (65,098) | (22,750) |
Comprehensive (loss) income, Tax | (51,538) | 3,612 |
Net income | 56,330 | 109,270 |
Unrealized holding losses arising during period, Net | (206,848) | (81,613) |
Unrealized losses on securities with credit loss recognized in earnings, Net | (68,430) | (8,943) |
Amounts reclassified into net income: HTM Securities, Net | 1 | (2) |
Amounts reclassified into net income: Net realized losses on disposals and losses on intent-to-sell AFS Securities, Net | 12,633 | 477 |
Amounts reclassified into net income: Credit loss expense, Net | 17,421 | 3,948 |
Total Unrealized Losses on Investment Securities, Net | (245,223) | (86,133) |
Amount reclassified into net income: Net actuarial loss, Net | 329 | 547 |
Total defined benefit pension and post-retirement plans, Net | 329 | 547 |
Other Comprehensive loss | (244,894) | (85,586) |
Comprehensive (Loss) Income | $ (188,564) | $ 23,684 |
Comprehensive Income (Compone_2
Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, December 31, 2021 | $ 115,099 | |
Amounts reclassified from AOCI, HTM related | 1 | $ (2) |
Amount reclassified into net income: Net actuarial loss | 329 | 547 |
Other comprehensive loss | (244,894) | (85,586) |
Other comprehensive income, defined pension and post retirement plans | 329 | 547 |
Ending Balance, March 31, 2022 | (129,795) | |
Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, December 31, 2021 | 185,170 | |
OCI before reclassifications | (206,848) | |
Amounts reclassified from AOCI, All Other | 12,633 | |
Other comprehensive loss | (194,215) | |
Ending Balance, March 31, 2022 | (9,045) | |
Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, December 31, 2021 | 180,880 | |
OCI before reclassifications | (275,278) | |
Amounts reclassified from AOCI | 30,055 | |
Other comprehensive loss | (245,223) | |
Ending Balance, March 31, 2022 | (64,343) | |
Accumulated Other-than-Temporary Impairment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, December 31, 2021 | (4,287) | |
OCI before reclassifications | (68,430) | |
Amounts reclassified from AOCI, Credit loss related | 17,421 | |
Other comprehensive loss | (51,009) | |
Ending Balance, March 31, 2022 | (55,296) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Held-to-maturity Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, December 31, 2021 | (3) | |
OCI before reclassifications | 0 | |
Amounts reclassified from AOCI, HTM related | 1 | |
Other comprehensive loss | 1 | |
Ending Balance, March 31, 2022 | (2) | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, December 31, 2021 | (65,781) | |
OCI before reclassifications, Defined Benefit Pension and Post Retirement Plans | 0 | |
Amount reclassified into net income: Net actuarial loss | 329 | |
Ending Balance, March 31, 2022 | (65,452) | |
Accumulated other comprehensive income (loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance, December 31, 2021 | 115,099 | |
OCI before reclassifications | (275,278) | |
Amounts reclassified from AOCI | 30,384 | |
Other comprehensive loss | (244,894) | $ (85,586) |
Ending Balance, March 31, 2022 | $ (129,795) |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net realized and unrealized investment (losses) gains | $ (40,352) | $ 5,119 |
Net investment income earned | 72,602 | 69,716 |
Loss and loss expense incurred | 494,236 | 413,401 |
Other insurance expenses | 93,990 | 88,910 |
Income before federal income tax | 69,890 | 135,632 |
Total federal income tax expense | (13,560) | (26,362) |
Net income | 56,330 | 109,270 |
Reclassification out of AOCI | ||
Net income | 30,384 | 4,970 |
Pension Plan [Member] | Reclassification out of AOCI | ||
Loss and loss expense incurred | 96 | 159 |
Other insurance expenses | 321 | 534 |
Income before federal income tax | 417 | 693 |
Total federal income tax expense | (88) | (146) |
Net income | 329 | 547 |
Held-to-maturity Securities [Member] | Reclassification out of AOCI | ||
Net realized and unrealized investment (losses) gains | 0 | 0 |
Net investment income earned | 1 | (2) |
Income before federal income tax | 1 | (2) |
Total federal income tax expense | 0 | 0 |
Net income | 1 | (2) |
Available for sale securities, excluding credit losses [Member] | Reclassification out of AOCI | ||
Net realized and unrealized investment (losses) gains | 15,991 | 604 |
Income before federal income tax | 15,991 | 604 |
Total federal income tax expense | (3,358) | (127) |
Net income | 12,633 | 477 |
Available for sale securities, including credit losses | Reclassification out of AOCI | ||
Net realized and unrealized investment (losses) gains | 22,052 | 4,997 |
Income before federal income tax | 22,052 | 4,997 |
Total federal income tax expense | (4,631) | (1,049) |
Net income | $ 17,421 | $ 3,948 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Thousands | Apr. 01, 2022USD ($) |
Subsequent Event [Line Items] | |
Subsequent Event, Date | Apr. 1, 2022 |
Federal Home Loan Bank Advances | $ 35,000 |
Selective Insurance Company of America | Zero Point Seventy Percent Borrowing from FHLBNY Due May 2, 2022. [Member] | |
Subsequent Event [Line Items] | |
Federal Home Loan Bank, Advances, Interest Rate | 0.70% |
Selective Insurance Company of America | One Point Ten Percent Borrowing from FHLBNY Due June 27, 2022. [Member] | |
Subsequent Event [Line Items] | |
Federal Home Loan Bank, Advances, Interest Rate | 1.10% |