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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Selective Insurance Group Inc | NASDAQ:SIGI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.83 | 0.87% | 96.60 | 96.37 | 96.62 | 96.81 | 96.02 | 96.20 | 13,978 | 14:46:38 |
Date of Report (Date of earliest event reported)
|
April 29, 2015
|
SELECTIVE INSURANCE GROUP, INC.
|
||
(Exact name of registrant as specified in its charter)
|
||
New Jersey
|
001-33067
|
22-2168890
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
40 Wantage Avenue, Branchville, New Jersey
|
07890
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Registrant's telephone number, including area code
|
(973) 948-3000
|
|
Not Applicable
|
||
(Former name or former address, if changed since last report.)
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 7.01.
|
Regulation FD Disclosure.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
99.1
|
Press Release of Selective Insurance Group, Inc. dated April 29, 2015
|
99.2
|
Supplemental Investor Package, First Quarter 2015
|
SELECTIVE INSURANCE GROUP, INC.
|
|||
Date: April 29, 2015 | By: | /s/ Michael H. Lanza | |
Michael H. Lanza
Executive Vice President and General Counsel
|
Exhibit No.
|
Description
|
|
99.1
|
Press Release of Selective Insurance Group, Inc. dated April 29, 2015
|
|
99.2
|
Supplemental Investor Package, First Quarter 2015
|
·
|
Net premiums written grew 9%
|
·
|
GAAP combined ratio was 94.5%
|
·
|
Statutory combined ratio was 93.0%
|
·
|
After-tax net investment income declined 20%
|
·
|
Total return on equity was 12.3% and operating return on equity was 8.5%
|
Consolidated Financial Results
$ in millions, except per share data
|
Quarter Ended March 31,
|
Change
|
|
2015
|
2014
|
||
Net premiums written
|
$518.1
|
$476.8
|
9%
|
Net premiums earned
|
$476.1
|
$456.5
|
4%
|
Net investment income earned
|
$26.9
|
$35.5
|
(24)%
|
Net realized gains, pre-tax
|
$18.9
|
$7.2
|
162%
|
Total revenues
|
$523.9
|
$509.1
|
3%
|
Operating income1
|
$27.4
|
$13.3
|
107%
|
Capital gains, net of tax
|
$12.3
|
$4.7
|
162%
|
Net income
|
$39.7
|
$18.0
|
121%
|
Statutory combined ratio
|
93.0%
|
100.8%
|
(7.8) pts
|
Catastrophe losses
|
5.3 pts
|
7.5 pts
|
(2.2) pts
|
Non-catastrophe property losses
|
14.9 pts
|
20.0 pts
|
(5.1) pts
|
(Favorable) prior year statutory reserve development on casualty lines
|
(4.2) pts
|
(3.1) pts
|
(1.1) pts
|
GAAP combined ratio
|
94.5%
|
101.1%
|
(6.6) pts
|
Operating income per diluted share1
|
$0.48
|
$0.23
|
109%
|
Net income per diluted share
|
$0.69
|
$0.31
|
123%
|
Weighted average diluted shares
|
57.7M
|
57.2M
|
1%
|
Book value per share
|
$23.11
|
$21.09
|
10%
|
Standard Commercial Lines
$ in millions, statutory results
|
Quarter Ended March 31,
|
Change
|
|
2015
|
2014
|
||
Net premiums written
|
$415.3
|
$379.4
|
9%
|
Net premiums earned
|
$365.5
|
$349.5
|
5%
|
Loss & loss expense ratio
|
56.5%
|
69.4%
|
(12.9) pts
|
Underwriting expense ratio
|
32.8%
|
30.5%
|
2.3 pts
|
Dividends to policyholders ratio
|
0.4%
|
0.4%
|
-
|
Combined ratio
|
89.7%
|
100.3%
|
(10.6) pts
|
GAAP combined ratio
|
91.8%
|
101.0%
|
(9.2) pts
|
Standard Personal Lines
$ in millions, statutory results
|
Quarter Ended March 31,
|
Change
|
|
2015
|
2014
|
||
Net premiums written
|
$65.0
|
$67.3
|
(3)%
|
Net premiums earned
|
$72.5
|
$74.8
|
(3)%
|
Loss & loss expense ratio
|
73.5%
|
77.6%
|
(4.1) pts
|
Underwriting expense ratio
|
31.6%
|
26.9%
|
4.7 pts
|
Combined ratio
|
105.1%
|
104.5%
|
0.6 pts
|
GAAP combined ratio
|
103.4%
|
103.2%
|
0.2 pts
|
Excess & Surplus Lines
$ in millions, statutory results
|
Quarter Ended March 31,
|
Change
|
|
2015
|
2014
|
||
Net premiums written
|
$37.8
|
$30.1
|
26%
|
Net premiums earned
|
$38.1
|
$32.2
|
18%
|
Loss & loss expense ratio
|
67.7%
|
61.7%
|
6.0 pts
|
Underwriting expense ratio
|
34.4%
|
36.2%
|
(1.8) pts
|
Combined ratio
|
102.1%
|
97.9%
|
4.2 pts
|
GAAP combined ratio
|
104.1%
|
97.0%
|
7.1 pts
|
Investments
$ in millions, except per share data
|
Quarter Ended March 31,
|
Change
|
|
2015
|
2014
|
||
Invested assets per dollar of stockholders’ equity
|
$3.72
|
$3.91
|
(5)%
|
Net investment income earned, after-tax
|
$21.2
|
$26.5
|
(20)%
|
Net investment income per share
|
$0.37
|
$0.46
|
(20)%
|
Effective tax rate
|
21.2%
|
25.5%
|
(4.3) pts
|
Average yields:
|
|||
Fixed Income Securities:
|
|||
Pre-tax
|
2.8%
|
3.0%
|
(0.2) pts
|
After-tax
|
2.1%
|
2.2%
|
(0.1) pts
|
Portfolio:
|
|||
Pre-tax
|
2.2%
|
3.1%
|
(0.9) pts
|
After-tax
|
1.7%
|
2.3%
|
(0.6) pts
|
Balance Sheet
$ in millions, except per share data
|
March 31,
|
December 31,
|
Change
|
2015
|
2014
|
||
Total assets
|
$6,701
|
$6,582
|
2%
|
Investment portfolio
|
$4,902
|
$4,807
|
2%
|
Notes payable
|
$394
|
$379
|
4%
|
Statutory surplus
|
$1,322
|
$1,308
|
1%
|
Stockholders’ equity
|
$1,316
|
$1,276
|
3%
|
Book value per share
|
$23.11
|
$22.54
|
3%
|
|
·
|
Statutory combined ratio of 91.0%, excluding catastrophes and any further prior year casualty reserve development
|
|
·
|
4 points of catastrophe losses
|
|
·
|
After-tax investment income of approximately $100 million
|
|
·
|
Weighted average shares of approximately 58 million
|
Supplemental Investor Package
|
||
First Quarter 2015
|
||
Investor Contact:
Jennifer DiBerardino
Senior Vice President, Investor Relations and Treasurer
Tel: 973-948-1364
jennifer.diberardino@selective.com
|
||
March 31,
|
March 31,
|
December 31,
|
||||||||||||||||||||||||||||||||||
($ in thousands, except per share data)
|
2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||||
Balance
Sheet |
Market
Value |
Unrecognized/
Unrealized |
Balance
Sheet |
Market
Value |
Unrecognized/
Unrealized |
Balance
Sheet |
Market
Value |
Unrecognized/
Unrealized |
||||||||||||||||||||||||||||
Invested Assets:
|
||||||||||||||||||||||||||||||||||||
Corporate bonds 1
|
$ | 2,757,212 | 2,761,191 | 69,590 | $ | 2,662,019 | 2,666,877 | 44,021 | $ | 2,693,324 | 2,697,332 | 47,437 | ||||||||||||||||||||||||
Government and Municipal bonds
|
1,713,587 | 1,724,144 | 60,852 | 1,535,890 | 1,552,512 | 46,657 | 1,690,935 | 1,702,751 | 59,680 | |||||||||||||||||||||||||||
Total fixed income securities
|
4,470,799 | 4,485,335 | 130,442 | 4,197,909 | 4,219,389 | 90,678 | 4,384,259 | 4,400,083 | 107,117 | |||||||||||||||||||||||||||
Equities
|
211,571 | 211,571 | 11,954 | 197,687 | 197,687 | 35,317 | 191,400 | 191,400 | 32,389 | |||||||||||||||||||||||||||
Short-term investments
|
124,376 | 124,376 | - | 137,733 | 137,733 | - | 131,972 | 131,972 | - | |||||||||||||||||||||||||||
Other investments
|
95,020 | 95,020 | - | 106,720 | 106,720 | - | 99,203 | 99,203 | - | |||||||||||||||||||||||||||
Total invested assets
|
$ | 4,901,766 | 4,916,302 | 142,396 | $ | 4,640,049 | 4,661,529 | 125,995 | $ | 4,806,834 | 4,822,658 | 139,506 | ||||||||||||||||||||||||
Invested assets per $ of stockholders' equity
|
3.72 | 3.91 | 3.77 | |||||||||||||||||||||||||||||||||
Total assets
|
6,701,145 | 6,370,236 | 6,581,550 | |||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||
Reserve for loss and loss expenses
|
3,516,268 | 3,432,432 | 3,477,870 | |||||||||||||||||||||||||||||||||
Unearned premium reserve
|
1,132,733 | 1,078,012 | 1,095,819 | |||||||||||||||||||||||||||||||||
Total liabilities
|
5,385,207 | 5,184,705 | 5,305,964 | |||||||||||||||||||||||||||||||||
Stockholders' equity
|
1,315,938 | 1,185,531 | 1,275,586 | |||||||||||||||||||||||||||||||||
Total debt to capitalization ratio
|
23.1 | % | 24.9 | % | 22.9 | % | ||||||||||||||||||||||||||||||
Book value per share
|
23.11 | 21.09 | 22.54 | |||||||||||||||||||||||||||||||||
Book value per share excluding unrealized gain or loss on fixed income portfolio
|
21.78 | 20.29 | 21.49 | |||||||||||||||||||||||||||||||||
NPW per insurance segment employee
|
926 | 925 | 908 | |||||||||||||||||||||||||||||||||
Statutory premiums to surplus ratio
|
1.5 | x | 1.5 | x | 1.4 | x | ||||||||||||||||||||||||||||||
Statutory surplus
|
1,322,422 | 1,263,795 | 1,307,842 |
Quarter Ended March 31,
|
|||||||||||||||||
($ in thousands, except per share amounts)
|
2015
|
2014
|
|||||||||||||||
Per diluted share
|
Per diluted share
|
||||||||||||||||
Consolidated
|
|||||||||||||||||
Revenue
|
$ | 523,892 | $ | 509,071 | |||||||||||||
Operating income
|
27,434 | 0.48 | 13,283 | 0.23 | |||||||||||||
Net realized gains, after tax
|
12,274 | 0.21 | 4,691 | 0.08 | |||||||||||||
Net income
|
39,708 | 0.69 | 17,974 | 0.31 | |||||||||||||
Operating return on equity
|
8.5 | % | 4.5 | % | |||||||||||||
Total Insurance Operations
|
|||||||||||||||||
Gross premiums written
|
604,864 | 565,741 | |||||||||||||||
Net premiums written
|
518,088 | 476,750 | |||||||||||||||
Net premiums earned
|
476,123 | 456,495 | |||||||||||||||
Underwriting gain
|
- before tax
|
26,021 | (5,015 | ) | |||||||||||||
- after tax
|
16,914 | 0.29 | (3,260 | ) | (0.06 | ) | |||||||||||
GAAP combined ratio
|
94.5 | % | 101.1 | % | |||||||||||||
Standard Commercial Lines
|
|||||||||||||||||
Net premiums earned
|
365,533 | 349,441 | |||||||||||||||
GAAP combined ratio
|
91.8 | % | 101.0 | % | |||||||||||||
Standard Personal Lines
|
|||||||||||||||||
Net premiums earned
|
72,479 | 74,818 | |||||||||||||||
GAAP combined ratio
|
103.4 | % | 103.2 | % | |||||||||||||
Excess and Surplus Lines
|
|||||||||||||||||
Net premiums earned
|
38,111 | 32,236 | |||||||||||||||
GAAP combined ratio
|
104.1 | % | 97.0 | % | |||||||||||||
Investments
|
|||||||||||||||||
Net investment income
|
- before tax
|
26,917 | 35,534 | ||||||||||||||
- after tax
|
21,208 | 0.37 | 26,486 | 0.46 | |||||||||||||
Effective tax rate
|
21.2 | % | 25.5 | % | |||||||||||||
Annualized after-tax yield on investment portfolio
|
1.7 | % | 2.3 | % | |||||||||||||
Annualized after-tax, after-interest expense yield
|
1.5 | % | 2.0 | % | |||||||||||||
Invested assets per $ of stockholders' equity
|
3.72 | 3.91 | |||||||||||||||
Other expenses (net of other income)
|
|||||||||||||||||
Interest expense
|
- before tax
|
(5,479 | ) | (5,561 | ) | ||||||||||||
- after tax
|
(3,561 | ) | (0.06 | ) | (3,615 | ) | (0.06 | ) | |||||||||
Other Expense - after tax
|
$ | (7,127 | ) | (0.12 | ) | $ | (6,328 | ) | (0.11 | ) | |||||||
Diluted weighted avg shares outstanding
|
57,720 | 57,172 |
First Quarter
|
||||||||||||||||||||||||||||||||
($ in thousands)
|
Quarter Ended March 31, 2015
|
Quarter Ended March 31, 2014
|
||||||||||||||||||||||||||||||
Standard Commercial Lines
|
Standard Personal Lines
|
Excess & Surplus Lines
|
Grand Total
|
Standard Commercial Lines
|
Standard Personal Lines
|
Excess & Surplus Lines
|
Grand Total
|
|||||||||||||||||||||||||
Net Premiums Written
|
415,258 | 65,024 | 37,806 | 518,088 | 379,350 | 67,338 | 30,062 | 476,750 | ||||||||||||||||||||||||
Net Premiums Earned
|
365,533 | 72,479 | 38,111 | 476,123 | 349,441 | 74,818 | 32,236 | 456,495 | ||||||||||||||||||||||||
Loss and Loss Expense Incurred
|
206,148 | 52,969 | 25,882 | 284,999 | 242,639 | 58,027 | 19,880 | 320,546 | ||||||||||||||||||||||||
Net Underwriting Expenses Incurred
|
127,824 | 21,976 | 13,778 | 163,578 | 109,194 | 19,151 | 11,381 | 139,726 | ||||||||||||||||||||||||
Dividends to Policyholders
|
1,525 | - | - | 1,525 | 1,238 | - | - | 1,238 | ||||||||||||||||||||||||
GAAP Underwriting Gain (Loss)
|
30,036 | (2,466 | ) | (1,549 | ) | 26,021 | (3,630 | ) | (2,360 | ) | 975 | (5,015 | ) | |||||||||||||||||||
GAAP Ratios
|
||||||||||||||||||||||||||||||||
Loss and Loss Expense Ratio
|
56.4 | % | 73.1 | % | 67.9 | % | 59.9 | % | 69.4 | % | 77.6 | % | 61.7 | % | 70.2 | % | ||||||||||||||||
Underwriting Expense Ratio
|
35.0 | % | 30.3 | % | 36.2 | % | 34.3 | % | 31.2 | % | 25.6 | % | 35.3 | % | 30.6 | % | ||||||||||||||||
Dividends to Policyholders Ratio
|
0.4 | % | 0.0 | % | 0.0 | % | 0.3 | % | 0.4 | % | 0.0 | % | 0.0 | % | 0.3 | % | ||||||||||||||||
Combined Ratio
|
91.8 | % | 103.4 | % | 104.1 | % | 94.5 | % | 101.0 | % | 103.2 | % | 97.0 | % | 101.1 | % | ||||||||||||||||
Quarter Ended:
|
%
|
|||||||||||
March
|
March
|
Increase/
|
||||||||||
($ in thousands, except per share data)
|
2015
|
2014
|
(Decrease)
|
|||||||||
Investment Income:
|
||||||||||||
Interest:
|
||||||||||||
Fixed Income Securities
|
$ | 30,967 | 31,028 | (0.2 | ) | |||||||
Short-term
|
25 | 19 | 31.6 | |||||||||
Other Investments
|
(3,540 | ) | 5,218 | (167.8 | ) | |||||||
Dividends
|
1,792 | 1,449 | 23.7 | |||||||||
29,244 | 37,714 | (22.5 | ) | |||||||||
Investment Expense
|
2,327 | 2,180 | 6.7 | |||||||||
Net Investment Income Before Tax
|
26,917 | 35,534 | (24.3 | ) | ||||||||
Tax | 5,709 | 9,048 | (36.9 | ) | ||||||||
Net Investment Income After Tax
|
$ | 21,208 | 26,486 | (19.9 | ) | |||||||
Net Investment Income per Share
|
$ | 0.37 | 0.46 | (19.6 | ) | |||||||
Effective Tax Rate
|
21.2 | % | 25.5 | % | ||||||||
Average Yields :
|
||||||||||||
Fixed Income Securities:
|
||||||||||||
Pre Tax
|
2.80 | % | 2.99 | % | ||||||||
After Tax
|
2.12 | % | 2.24 | % | ||||||||
Portfolio:
|
||||||||||||
Pre Tax
|
2.22 | % | 3.08 | % | ||||||||
After Tax
|
1.75 | % | 2.30 | % | ||||||||
Quarter Ended:
|
||||||||||||
March
|
March
|
|||||||||||
Net Realized Gains (Losses)
|
2015 | 2014 | ||||||||||
Fixed Income Securities
|
379 | 35 | ||||||||||
Equity Securities
|
19,158 | 7,183 | ||||||||||
Other Investments
|
(654 | ) | - | |||||||||
Total
|
18,883 | 7,218 | ||||||||||
Net of Tax
|
12,274 | 4,691 |
($ in thousands)
|
Net
Premiums |
Percent
Change |
Net
Premiums |
Percent
Change |
Loss
Ratio |
LAE
Ratio |
Underwriting
Expense |
Dividends to
Policyholders |
Combined Ratio
2015 |
Combined Ratio
2014 |
Underwriting
Gain/(Loss) |
|||||||||||||||||||||||||||||||||
Standard Personal Lines:
|
||||||||||||||||||||||||||||||||||||||||||||
Homeowners
|
$ | 28,078 | (2.2 | )% | $ | 33,721 | 1.3 | % | 67.7 | % | 7.5 | % | 38.5 | % | 0.0 | % | 113.7 | % | 121.7 | % | $ | (2,442 | ) | |||||||||||||||||||||
Auto
|
35,580 | (3.4 | )% | 37,010 | (3.2 | )% | 61.0 | % | 11.2 | % | 34.5 | % | 0.0 | % | 106.7 | % | 100.9 | % | (1,978 | ) | ||||||||||||||||||||||||
Other (including flood)
|
1,366 | (25.0 | )% | 1,748 | (46.9 | )% | 65.1 | % | 6.1 | % | (189.6 | )% | 0.0 | % | (118.4 | )% | (93.4 | )% | 3,094 | |||||||||||||||||||||||||
Total
|
$ | 65,024 | (3.4 | )% | $ | 72,479 | (3.1 | )% | 64.1 | % | 9.4 | % | 31.6 | % | 0.0 | % | 105.1 | % | 104.5 | % | $ | (1,326 | ) | |||||||||||||||||||||
Standard Commercial Lines:
|
||||||||||||||||||||||||||||||||||||||||||||
Commerical property
|
$ | 70,898 | 10.6 | % | $ | 64,563 | 7.3 | % | 56.8 | % | 5.0 | % | 36.5 | % | 0.2 | % | 98.5 | % | 131.4 | % | $ | (1,319 | ) | |||||||||||||||||||||
Workers compensation
|
83,805 | 10.3 | % | 68,477 | (1.3 | )% | 48.3 | % | 14.7 | % | 25.9 | % | 1.8 | % | 90.7 | % | 105.9 | % | 2,406 | |||||||||||||||||||||||||
General liability
|
130,482 | 9.2 | % | 114,971 | 5.7 | % | 22.2 | % | 17.2 | % | 33.5 | % | 0.1 | % | 73.0 | % | 80.7 | % | 25,905 | |||||||||||||||||||||||||
Auto
|
96,587 | 8.4 | % | 86,355 | 5.0 | % | 59.6 | % | 8.4 | % | 31.3 | % | 0.1 | % | 99.4 | % | 94.9 | % | (2,670 | ) | ||||||||||||||||||||||||
Business owners policies
|
24,252 | 9.6 | % | 22,699 | 8.8 | % | 69.8 | % | 11.5 | % | 37.5 | % | 0.0 | % | 118.8 | % | 129.8 | % | (4,852 | ) | ||||||||||||||||||||||||
Bonds
|
5,212 | 7.1 | % | 5,000 | 5.1 | % | 16.4 | % | 4.2 | % | 64.0 | % | 0.0 | % | 84.6 | % | 76.9 | % | 633 | |||||||||||||||||||||||||
Other
|
4,022 | 9.7 | % | 3,468 | 9.0 | % | 0.7 | % | 0.2 | % | 51.5 | % | 0.0 | % | 52.4 | % | 42.7 | % | 1,365 | |||||||||||||||||||||||||
Total
|
$ | 415,258 | 9.5 | % | $ | 365,533 | 4.6 | % | 44.7 | % | 11.8 | % | 32.8 | % | 0.4 | % | 89.7 | % | 100.3 | % | $ | 21,467 | ||||||||||||||||||||||
E&S
|
$ | 37,806 | 25.8 | % | $ | 38,111 | 18.2 | % | 48.6 | % | 19.1 | % | 34.4 | % | 0.0 | % | 102.1 | % | 97.9 | % | $ | (714 | ) | |||||||||||||||||||||
Total Insurance Operations
|
$ | 518,088 | 8.7 | % | $ | 476,123 | 4.3 | % | 48.0 | % | 12.0 | % | 32.7 | % | 0.3 | % | 93.0 | % | 100.8 | % | $ | 19,427 | ||||||||||||||||||||||
Note: Some amounts may not foot due to rounding.
|
||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||
Losses Paid
|
$ | 194,366 | $ | 213,297 | ||||||||||||||||||||||||||||||||||||||||
LAE Paid
|
44,994 | 44,764 | ||||||||||||||||||||||||||||||||||||||||||
Total Paid
|
$ | 239,360 | $ | 258,061 | ||||||||||||||||||||||||||||||||||||||||
Quarter Ended
|
||||||||||||||||
Net Catastrophe Losses Incurred
|
March 31, 2015
|
March 31, 2014
|
||||||||||||||
($ in thousands)
|
Loss and Loss Expense Incurred
|
Impact on Loss and Loss Expense Ratio
|
Loss and Loss Expense Incurred
|
Impact on Loss and Loss Expense Ratio
|
||||||||||||
Standard Personal Lines
|
$ | 6,318 | 8.7 | % | $ | 8,280 | 11.1 | % | ||||||||
Standard Commercial Lines
|
$ | 18,650 | 5.1 | % | $ | 25,906 | 7.4 | % | ||||||||
E&S
|
$ | 352 | 0.9 | % | $ | 186 | 0.6 | % | ||||||||
Total Insurance Operations
|
$ | 25,320 | 5.3 | % | $ | 34,372 | 7.5 | % |
Prior Year Casualty Reserve Development
|
Quarter Ended
|
|||||||||||||||
(Favorable) / Unfavorable
|
March 31, 2015
|
March 31, 2014
|
||||||||||||||
($ in thousands)
|
Loss and Loss Expense Incurred
|
Impact on Loss and Loss Expense Ratio
|
Loss and Loss Expense Incurred
|
Impact on Loss and Loss Expense Ratio
|
||||||||||||
Standard Personal Lines
|
$ | - | 0.0 | % | $ | (2,000 | ) | (2.7 | )% | |||||||
Standard Commercial Lines
|
$ | (21,000 | ) | (5.7 | )% | $ | (12,000 | ) | (3.4 | )% | ||||||
E&S
|
$ | 1,000 | 2.6 | % | $ | - | 0.0 | % | ||||||||
Total Insurance Operations
|
$ | (20,000 | ) | (4.2 | )% | $ | (14,000 | ) | (3.1 | )% |
(Unaudited)
March 31,
|
December 31,
|
|||||||
($ in thousands, except share amounts)
|
2015
|
2014
|
||||||
ASSETS
|
||||||||
Investments:
|
||||||||
Fixed income securities, held-to-maturity – at carrying value (fair value: $311,093 – 2015; $333,961 – 2014)
|
$ | 296,557 | 318,137 | |||||
Fixed income securities, available-for-sale – at fair value (amortized cost: $4,059,034 – 2015; $3,975,786 – 2014)
|
4,174,242 | 4,066,122 | ||||||
Equity securities, available-for-sale – at fair value (cost: $199,617 – 2015; $159,011 – 2014)
|
211,571 | 191,400 | ||||||
Short-term investments (at cost which approximates fair value)
|
124,376 | 131,972 | ||||||
Other investments
|
95,020 | 99,203 | ||||||
Total investments
|
4,901,766 | 4,806,834 | ||||||
Cash
|
14,804 | 23,959 | ||||||
Interest and dividends due or accrued
|
38,416 | 38,901 | ||||||
Premiums receivable, net of allowance for uncollectible accounts of: $4,201 – 2015; $4,137 – 2014
|
596,888 | 558,778 | ||||||
Reinsurance recoverable, net
|
574,982 | 581,548 | ||||||
Prepaid reinsurance premiums
|
141,941 | 146,993 | ||||||
Deferred federal income tax
|
92,061 | 98,449 | ||||||
Property and equipment – at cost, net of accumulated depreciation and amortization of: $175,896 – 2015; $172,183 – 2014
|
61,855 | 59,416 | ||||||
Deferred policy acquisition costs
|
191,956 | 185,608 | ||||||
Goodwill
|
7,849 | 7,849 | ||||||
Other assets
|
78,627 | 73,215 | ||||||
Total assets
|
$ | 6,701,145 | 6,581,550 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities:
|
||||||||
Reserve for loss and loss expenses
|
$ | 3,516,268 | 3,477,870 | |||||
Unearned premiums
|
1,132,733 | 1,095,819 | ||||||
Notes payable
|
394,301 | 379,297 | ||||||
Current federal income tax
|
10,627 | 3,921 | ||||||
Accrued salaries and benefits
|
142,092 | 158,382 | ||||||
Other liabilities
|
189,186 | 190,675 | ||||||
Total liabilities
|
$ | 5,385,207 | 5,305,964 | |||||
Stockholders’ Equity:
|
||||||||
Preferred stock of $0 par value per share:
|
||||||||
Authorized shares 5,000,000; no shares issued or outstanding
|
$ | — | — | |||||
Common stock of $2 par value per share:
|
||||||||
Authorized shares: 360,000,000
|
||||||||
Issued: 100,430,480 – 2015; 99,947,933 – 2014
|
200,861 | 199,896 | ||||||
Additional paid-in capital
|
312,930 | 305,385 | ||||||
Retained earnings
|
1,345,035 | 1,313,440 | ||||||
Accumulated other comprehensive income
|
23,615 | 19,788 | ||||||
Treasury stock – at cost (shares: 43,482,438 – 2015; 43,353,181 – 2014)
|
(566,503 | ) | (562,923 | ) | ||||
Total stockholders’ equity
|
1,315,938 | 1,275,586 | ||||||
Commitments and contingencies
|
||||||||
Total liabilities and stockholders’ equity
|
$ | 6,701,145 | 6,581,550 |
Quarter Ended
March 31, |
||||||||
($ in thousands, except per share amounts)
|
2015
|
2014
|
||||||
Revenues:
|
||||||||
Net premiums earned
|
$ | 476,123 | 456,495 | |||||
Net investment income earned
|
26,917 | 35,534 | ||||||
Net realized gains:
|
||||||||
Net realized investment gains
|
20,977 | 8,181 | ||||||
Other-than-temporary impairments
|
(2,094 | ) | (963 | ) | ||||
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income
|
— | — | ||||||
Total net realized gains
|
18,883 | 7,218 | ||||||
Other income
|
1,969 | 9,824 | ||||||
Total revenues
|
523,892 | 509,071 | ||||||
Expenses:
|
||||||||
Loss and loss expense incurred
|
284,999 | 320,546 | ||||||
Policy acquisition costs
|
164,723 | 149,266 | ||||||
Interest expense
|
5,479 | 5,561 | ||||||
Other expenses
|
12,401 | 8,614 | ||||||
Total expenses
|
467,602 | 483,987 | ||||||
Income before federal income tax
|
56,290 | 25,084 | ||||||
Federal income tax expense:
|
||||||||
Current
|
12,254 | 6,538 | ||||||
Deferred
|
4,328 | 572 | ||||||
Total federal income tax expense
|
16,582 | 7,110 | ||||||
Net income
|
$ | 39,708 | 17,974 | |||||
Earnings per share:
|
||||||||
Basic net income
|
$ | 0.70 | 0.32 | |||||
Diluted net income
|
$ | 0.69 | 0.31 | |||||
Dividends to stockholders
|
$ | 0.14 | 0.13 |
Quarter Ended
March 31, |
||||||||
($ in thousands)
|
2015
|
2014
|
||||||
Net income
|
$ | 39,708 | 17,974 | |||||
Other comprehensive income, net of tax:
|
||||||||
Unrealized gains on investment securities:
|
||||||||
Unrealized holding gains arising during period
|
15,586 | 21,426 | ||||||
Amount reclassified into net income:
|
||||||||
Held-to-maturity securities
|
(170 | ) | (296 | ) | ||||
Non-credit other-than-temporary impairments
|
232 | — | ||||||
Realized gains on available for sale securities
|
(12,932 | ) | (4,699 | ) | ||||
Total unrealized gains on investment securities
|
2,716 | 16,431 | ||||||
Defined benefit pension and post-retirement plans:
|
||||||||
Amounts reclassified into net income:
|
||||||||
Net actuarial loss
|
1,111 | 247 | ||||||
Total defined benefit pension and post-retirement plans
|
1,111 | 247 | ||||||
Other comprehensive income
|
3,827 | 16,678 | ||||||
Comprehensive income
|
$ | 43,535 | 34,652 |
Quarter Ended
March 31, |
||||||||
($ in thousands, except share amounts)
|
2015
|
2014
|
||||||
Common stock:
|
||||||||
Beginning of year
|
$ | 199,896 | 198,240 | |||||
Dividend reinvestment plan (shares: 13,533 – 2015; 15,283 – 2014)
|
27 | 31 | ||||||
Stock purchase and compensation plans (shares: 469,014 – 2015; 401,179 – 2014)
|
938 | 802 | ||||||
End of period
|
200,861 | 199,073 | ||||||
Additional paid-in capital:
|
||||||||
Beginning of year
|
305,385 | 288,182 | ||||||
Dividend reinvestment plan
|
346 | 320 | ||||||
Stock purchase and compensation plans
|
7,199 | 5,863 | ||||||
End of period
|
312,930 | 294,365 | ||||||
Retained earnings:
|
||||||||
Beginning of year
|
1,313,440 | 1,202,015 | ||||||
Net income
|
39,708 | 17,974 | ||||||
Dividends to stockholders ($0.14 per share – 2015; $0.13 per share – 2014)
|
(8,113 | ) | (7,412 | ) | ||||
End of period
|
1,345,035 | 1,212,577 | ||||||
Accumulated other comprehensive income:
|
||||||||
Beginning of year
|
19,788 | 24,851 | ||||||
Other comprehensive income
|
3,827 | 16,678 | ||||||
End of period
|
23,615 | 41,529 | ||||||
Treasury stock:
|
||||||||
Beginning of year
|
(562,923 | ) | (559,360 | ) | ||||
Acquisition of treasury stock (shares: 129,257 – 2015; 118,876 – 2014)
|
(3,580 | ) | (2,653 | ) | ||||
End of period
|
(566,503 | ) | (562,013 | ) | ||||
Total stockholders’ equity
|
$ | 1,315,938 | 1,185,531 |
Quarter Ended
March 31, |
||||||||
($ in thousands)
|
2015
|
2014
|
||||||
Operating Activities:
|
||||||||
Net Income
|
39,708 | 17,974 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
14,041 | 10,578 | ||||||
Sale of renewal rights
|
— | (8,000 | ) | |||||
Stock-based compensation expense
|
3,681 | 4,176 | ||||||
Undistributed losses (gains) of equity method investments
|
3,541 | (33 | ) | |||||
Net realized gains
|
(18,883 | ) | (7,218 | ) | ||||
Changes in assets and liabilities:
|
||||||||
Increase in reserves for loss and loss expenses, net of reinsurance recoverables
|
44,964 | 58,938 | ||||||
Increase in unearned premiums, net of prepaid reinsurance
|
41,966 | 20,254 | ||||||
Decrease in net federal income taxes
|
11,034 | 4,332 | ||||||
Increase in premiums receivable
|
(38,110 | ) | (29,042 | ) | ||||
Increase in deferred policy acquisition costs
|
(6,348 | ) | (4,697 | ) | ||||
Decrease in interest and dividends due or accrued
|
510 | 414 | ||||||
Decrease in accrued salaries and benefits
|
(16,290 | ) | (21,869 | ) | ||||
Decrease in accrued insurance expenses
|
(24,255 | ) | (26,957 | ) | ||||
Increase in other assets and other liabilities
|
5,015 | 16,914 | ||||||
Net adjustments
|
20,866 | 17,790 | ||||||
Net cash provided by operating activities
|
60,574 | 35,764 | ||||||
Investing Activities:
|
||||||||
Purchase of fixed income securities, available-for-sale
|
(238,000 | ) | (182,809 | ) | ||||
Purchase of equity securities, available-for-sale
|
(150,500 | ) | (61,360 | ) | ||||
Purchase of other investments
|
(1,724 | ) | (4,615 | ) | ||||
Purchase of short-term investments
|
(333,550 | ) | (398,348 | ) | ||||
Sale of fixed maturity securities, available-for-sale
|
9,305 | 1,302 | ||||||
Sale of short-term investments
|
341,146 | 434,865 | ||||||
Redemption and maturities of fixed income securities, held-to-maturity
|
20,720 | 9,396 | ||||||
Redemption and maturities of fixed income securities, available-for-sale
|
145,661 | 104,358 | ||||||
Sale of equity securities, available-for-sale
|
129,052 | 61,523 | ||||||
Distributions from other investments
|
5,845 | 5,704 | ||||||
Purchase of property and equipment
|
(4,064 | ) | (5,699 | ) | ||||
Sale of renewal rights
|
— | 8,000 | ||||||
Net cash used in investing activities
|
(76,109 | ) | (27,683 | ) | ||||
Financing Activities:
|
||||||||
Dividends to stockholders
|
(7,591 | ) | (6,948 | ) | ||||
Acquisition of treasury stock
|
(3,580 | ) | (2,653 | ) | ||||
Net proceeds from stock purchase and compensation plans
|
2,271 | 1,261 | ||||||
Proceeds from borrowings
|
15,000 | — | ||||||
Excess tax benefits from share-based payment arrangements
|
1,398 | 770 | ||||||
Repayment of capital lease obligations
|
(1,118 | ) | (459 | ) | ||||
Net cash provided by (used in) financing activities
|
6,380 | (8,029 | ) | |||||
Net (decrease) increase in cash
|
(9,155 | ) | 52 | |||||
Cash, beginning of year
|
23,959 | 193 | ||||||
Cash, end of period
|
$ | 14,804 | 245 |
($ in thousands)
|
March 31,
2015 |
March 31,
2014 |
December 31,
2014 |
|||||||||
ASSETS
|
||||||||||||
Bonds
|
$ | 4,299,029 | 4,072,964 | 4,241,580 | ||||||||
Common stocks
|
190,937 | 197,688 | 191,400 | |||||||||
Preferred stocks
|
20,521 | - | - | |||||||||
Affiliated mortgage loan
|
35,765 | 36,534 | 35,961 | |||||||||
Other investments
|
147,468 | 172,691 | 152,154 | |||||||||
Short-term investments
|
113,117 | 122,118 | 115,342 | |||||||||
Total investments
|
4,806,837 | 4,601,995 | 4,736,437 | |||||||||
Cash on hand and in banks
|
1,538 | (40,405 | ) | 12,381 | ||||||||
Interest and dividends due and accrued
|
38,376 | 36,862 | 38,908 | |||||||||
Premiums receivable
|
593,248 | 551,784 | 556,086 | |||||||||
Reinsurance recoverable on paid losses and expenses
|
10,919 | 13,068 | 9,570 | |||||||||
Deferred tax recoverable
|
143,060 | 154,620 | 147,610 | |||||||||
EDP equipment
|
460 | 834 | 518 | |||||||||
Equities and deposits in pools and associations
|
10,373 | 8,557 | 9,915 | |||||||||
Receivable for sold securities
|
8 | 8 | 34 | |||||||||
Other assets
|
27,206 | 26,535 | 26,629 | |||||||||
Total assets
|
$ | 5,632,025 | 5,353,858 | 5,538,088 | ||||||||
LIABILITIES
|
||||||||||||
Reserve for losses
|
$ | 2,432,544 | 2,396,417 | 2,398,531 | ||||||||
Reinsurance payable on paid loss and loss expense
|
3,297 | 2,098 | 2,957 | |||||||||
Reserve for loss expenses
|
505,752 | 463,527 | 493,510 | |||||||||
Unearned premiums
|
990,791 | 936,409 | 948,826 | |||||||||
Reserve for commissions payable
|
46,691 | 41,455 | 70,259 | |||||||||
Ceded balances payable
|
29,303 | 29,728 | 29,624 | |||||||||
Federal income tax payable
|
23,786 | 31,587 | 20,524 | |||||||||
Premium and other taxes payable
|
19,450 | 22,940 | 20,137 | |||||||||
Borrowed money
|
60,031 | 58,044 | 45,027 | |||||||||
Reserve for dividends to policyholders
|
4,486 | 2,019 | 3,895 | |||||||||
Reserves for unauthorized reinsurance
|
7,661 | 2,735 | 7,661 | |||||||||
Payable for securities
|
31,790 | 1,773 | 19,950 | |||||||||
Funds withheld on account of others
|
7,485 | 7,724 | 7,473 | |||||||||
Accrued salaries and benefits
|
48,287 | 46,499 | 64,207 | |||||||||
Other liabilities
|
98,249 | 47,108 | 97,665 | |||||||||
Total liabilities
|
4,309,603 | 4,090,063 | 4,230,246 | |||||||||
POLICYHOLDERS' SURPLUS
|
||||||||||||
Capital
|
42,725 | 42,725 | 42,725 | |||||||||
Paid in surplus
|
492,869 | 492,869 | 492,869 | |||||||||
Unassigned surplus
|
786,828 | 728,201 | 772,248 | |||||||||
Total policyholders' surplus
|
1,322,422 | 1,263,795 | 1,307,842 | |||||||||
Total liabilities and policyholders' surplus
|
$ | 5,632,025 | 5,353,858 | 5,538,088 |
Quarter Ended
March |
||||||||||||||
($ in thousands)
|
2015
|
2014
|
||||||||||||
UNDERWRITING
|
||||||||||||||
Net premiums written
|
$ | 518,088 | 476,750 | |||||||||||
Net premiums earned
|
476,123 | 456,495 | ||||||||||||
Net losses paid
|
194,366 | 213,297 | ||||||||||||
Change in reserve for losses
|
34,014 | 54,941 | ||||||||||||
Net losses incurred
|
228,380 | 48.0 | % | 268,238 | 58.8 | % | ||||||||
Net loss expenses paid
|
44,994 | 44,764 | ||||||||||||
Change in reserve for loss expenses
|
12,243 | 7,544 | ||||||||||||
Net loss expenses incurred
|
57,237 | 12.0 | % | 52,308 | 11.4 | % | ||||||||
Net underwriting expenses incurred
|
170,938 | 33.0 | % | 153,790 | 32.2 | % | ||||||||
Total deductions
|
456,555 | 474,336 | ||||||||||||
Statutory underwriting gain / (loss)
|
19,568 | (17,840 | ) | |||||||||||
Net loss from premium balances charged off
|
(610 | ) | (874 | ) | ||||||||||
Finance charges and other income
|
1,994 | 10,038 | ||||||||||||
Total other income
|
1,384 | -0.3 | % | 9,164 | -1.9 | % | ||||||||
Policyholders' dividends incurred
|
(1,525 | ) | 0.3 | % | (1,238 | ) | 0.3 | % | ||||||
Total underwriting gain / (loss)
|
19,427 | 93.0 | % | (9,914 | ) | 100.8 | % | |||||||
INVESTMENT
|
||||||||||||||
Net investment income earned
|
27,127 | 35,495 | ||||||||||||
Net realized gain
|
18,883 | 7,215 | ||||||||||||
Total income before income tax
|
65,437 | 32,796 | ||||||||||||
Federal income tax expense
|
7,261 | 5,845 | ||||||||||||
Net income
|
$ | 58,176 | 26,951 | |||||||||||
Policyholders' Surplus
|
||||||||||||||
Surplus, beginning of period
|
$ | 1,307,842 | 1,256,431 | |||||||||||
Net income
|
58,176 | 26,951 | ||||||||||||
Change in deferred taxes
|
(10,194 | ) | (1,282 | ) | ||||||||||
Change in net unrealized capital (losses)
|
(12,910 | ) | (1,312 | ) | ||||||||||
Dividends to stockholders
|
(14,438 | ) | (14,376 | ) | ||||||||||
Change in non-admitted assets
|
(7,669 | ) | (2,900 | ) | ||||||||||
Change in Overfunded Contra Asset
|
(281 | ) | (1,547 | ) | ||||||||||
Qual Pen Trans Liab
|
1,846 | 1,816 | ||||||||||||
Excess Plan Trans Liab
|
43 | 8 | ||||||||||||
PRL Plan Trans Liab
|
7 | 6 | ||||||||||||
Net change in surplus for period
|
14,580 | 7,364 | ||||||||||||
Surplus, end of period
|
$ | 1,322,422 | 1,263,795 | |||||||||||
Statutory underwriting gain / (loss)
|
$ | 19,427 | (9,914 | ) | ||||||||||
Adjustments under GAAP:
|
||||||||||||||
Deferred policy acquisition costs
|
6,348 | 4,697 | ||||||||||||
Other, net
|
246 | 202 | ||||||||||||
GAAP underwriting gain / (loss)
|
$ | 26,021 | (5,015 | ) | ||||||||||
Fund
|
Inception
Year |
Original
Commitment |
Remaining
Commitment |
Current
Market Value |
YTD
Income |
DPI(1)
Ratio |
TVPI(2)
Ratio |
||||||||||||||||||
Real Estate
|
|||||||||||||||||||||||||
Silverpeak RE II
|
2005
|
20,000,000 | 2,142,141 | 9,583,009 | 708,523 | 0.67 | 1.12 | ||||||||||||||||||
Silverpeak RE III
|
2008
|
15,000,000 | 7,873,466 | 2,403,262 | (174,261 | ) | 0.07 | 0.41 | |||||||||||||||||
Total - Real Estate
|
35,000,000 | 10,015,607 | 11,986,271 | 534,262 | 0.52 | 0.94 | |||||||||||||||||||
Mezzanine Financing
|
|||||||||||||||||||||||||
Neovara Euro Mezz
|
2004
|
9,000,000 | - | - | - | 0.98 | 0.98 | ||||||||||||||||||
GS Mezz V
|
2007
|
25,000,000 | 10,143,611 | 4,513,832 | (56,366 | ) | 1.08 | 1.32 | |||||||||||||||||
New Canaan V
|
2012
|
7,000,000 | 1,611,184 | 2,871,839 | (318,713 | ) | 0.57 | 1.06 | |||||||||||||||||
Centerfield Capital
|
2012
|
3,000,000 | 1,843,500 | 977,414 | (7,616 | ) | 0.13 | 0.98 | |||||||||||||||||
Total - Mezz. Financing
|
44,000,000 | 13,598,296 | 8,363,086 | (382,695 | ) | 0.94 | 1.15 | ||||||||||||||||||
Distressed Debt
|
|||||||||||||||||||||||||
Varde VIII
|
2006
|
10,000,000 | - | 1,934,398 | 39,955 | 1.16 | 1.35 | ||||||||||||||||||
Distressed Managers III
|
2007
|
15,000,000 | 2,982,268 | 5,634,231 | (238,142 | ) | 0.79 | 1.21 | |||||||||||||||||
Total - Distressed Debt
|
25,000,000 | 2,982,268 | 7,568,629 | (198,187 | ) | 0.95 | 1.27 | ||||||||||||||||||
Private Equity
|
|||||||||||||||||||||||||
Prospector
|
1997
|
5,000,000 | - | 319,799 | 36,726 | 2.82 | 2.88 | ||||||||||||||||||
Trilantic Capital Partners III
|
2004
|
10,000,000 | 1,455,947 | 2,089,035 | (405,995 | ) | 1.63 | 1.85 | |||||||||||||||||
NB Co-Invest
|
2006
|
15,000,000 | 1,421,610 | 5,877,247 | - | 1.02 | 1.42 | ||||||||||||||||||
Trilantic Capital Partners IV
|
2007
|
11,098,351 | 1,382,106 | 7,126,052 | (923,241 | ) | 1.03 | 1.68 | |||||||||||||||||
Trilantic Capital Partners V
|
2012
|
7,000,000 | 4,619,329 | 2,107,325 | (169,113 | ) | - | 0.89 | |||||||||||||||||
Total - Private Equity
|
48,098,351 | 8,878,992 | 17,519,458 | (1,461,623 | ) | 1.31 | 1.73 | ||||||||||||||||||
Private Equity, Secondary Market
|
|||||||||||||||||||||||||
NB SOF
|
2005
|
12,000,000 | 899,494 | 3,567,806 | (131 | ) | 1.02 | 1.34 | |||||||||||||||||
Vintage IV
|
2007
|
20,000,000 | 4,200,580 | 10,517,998 | (249,716 | ) | 0.81 | 1.35 | |||||||||||||||||
NB SOF II
|
2008
|
12,000,000 | 1,939,398 | 6,122,079 | (7,878 | ) | 1.00 | 1.50 | |||||||||||||||||
Total - Pvt. Eq. Sec. Mkt.
|
44,000,000 | 7,039,472 | 20,207,883 | (257,724 | ) | 0.92 | 1.39 | ||||||||||||||||||
Energy/Power Generation
|
|||||||||||||||||||||||||
ArcLight I
|
2002
|
15,000,000 | - | 12,455 | - | 1.81 | 1.81 | ||||||||||||||||||
ArcLight II
|
2003
|
15,000,000 | 2,295,492 | 280,140 | 4,325 | 1.40 | 1.41 | ||||||||||||||||||
ArcLight III
|
2006
|
15,000,000 | 2,037,794 | 3,174,516 | 94,636 | 1.23 | 1.43 | ||||||||||||||||||
Quintana Energy
|
2006
|
10,000,000 | 284,272 | 6,636,978 | (1,696,040 | ) | 0.60 | 1.28 | |||||||||||||||||
ArcLight IV
|
2007
|
10,000,000 | 2,287,578 | 2,289,449 | (177,507 | ) | 1.20 | 1.42 | |||||||||||||||||
Arclight VI
|
2014
|
15,000,000 | 15,000,000 | - | - | ||||||||||||||||||||
Total - Energy/Power Generation
|
80,000,000 | 21,905,136 | 12,393,538 | (1,774,586 | ) | 1.32 | 1.49 | ||||||||||||||||||
Venture Capital
|
|||||||||||||||||||||||||
Venture V
|
2001
|
9,600,000 | 350,000 | 6,235,634 | - | 0.73 | 1.40 | ||||||||||||||||||
Total - Venture Capital
|
9,600,000 | 350,000 | 6,235,634 | - | 0.73 | 1.40 | |||||||||||||||||||
TOTAL - ALTERNATIVE INVESTMENTS
|
$ | 285,698,351 | 64,769,770 | 84,274,499 | (3,540,554 | ) | 1.05 | 1.38 |
($ in millions)
|
Fair
Value
|
Unrealized
Gain
(Loss)
|
Weighted
Average
Credit Quality
|
||||||||
AFS Fixed Income Portfolio:
|
|||||||||||
U.S. government and government agencies
|
$ | 119.5 | 7.3 |
AA+
|
|||||||
Foreign government
|
27.9 | 0.9 |
AA-
|
||||||||
Obligations of states and political subdivisions
|
1,294.4 | 40.3 |
AA
|
||||||||
Corporate securities
|
1,824.2 | 53.6 | A- | ||||||||
Asset-backed securities (“ABS”)
|
185.4 | 1.1 |
AAA
|
||||||||
Mortgage-backed securities (“MBS”)
|
722.8 | 12.0 |
AA+
|
||||||||
Total AFS fixed income portfolio
|
$ | 4,174.2 | 115.2 |
AA-
|
|||||||
Obligations of States and Political Subdivisions:
|
|||||||||||
General obligations
|
$ | 567.5 | 16.8 |
AA+
|
|||||||
Special revenue obligations
|
726.9 | 23.5 |
AA
|
||||||||
Total obligations of state and political subdivisions
|
$ | 1,294.4 | 40.3 |
AA
|
|||||||
Corporate Securities:
|
|||||||||||
Financial
|
$ | 610.0 | 15.4 | A | |||||||
Industrials
|
144.0 | 5.4 | A- | ||||||||
Utilities
|
151.3 | 4.8 |
BBB+
|
||||||||
Consumer discretionary
|
214.8 | 6.8 | A- | ||||||||
Consumer staples
|
165.6 | 4.7 | A- | ||||||||
Healthcare
|
162.2 | 6.7 | A | ||||||||
Materials
|
108.2 | 3.2 |
BBB+
|
||||||||
Energy
|
97.7 | 1.4 | A- | ||||||||
Information technology
|
122.2 | 3.6 | A | ||||||||
Telecommunications services
|
47.5 | 1.5 |
BBB+
|
||||||||
Other
|
0.7 | 0.1 |
AA
|
||||||||
Total corporate securities
|
$ | 1,824.2 | 53.6 | A- | |||||||
ABS:
|
|||||||||||
ABS
|
$ | 185.1 | 1.0 |
AAA
|
|||||||
Sub-prime ABS1
|
0.3 | 0.1 | D | ||||||||
Total ABS
|
$ | 185.4 | 1.1 |
AAA
|
|||||||
MBS:
|
|||||||||||
Government guaranteed agency commercial MBS (“CMBS”)
|
$ | 12.8 | 0.3 |
AA+
|
|||||||
Other agency CMBS
|
12.4 | 0.1 |
AA+
|
||||||||
Non-agency CMBS
|
175.3 | 2.9 |
AAA
|
||||||||
Government guaranteed agency residential MBS (“RMBS”)
|
29.1 | 0.7 |
AA+
|
||||||||
Other agency RMBS
|
468.5 | 7.8 |
AA+
|
||||||||
Non-agency RMBS
|
21.2 | 0.2 |
BB+
|
||||||||
Alternative-A (“Alt-A”) RMBS
|
3.5 | — | A | ||||||||
Total MBS
|
$ | 722.8 | 12.0 |
AA+
|
($ in millions)
|
Fair
Value
|
Carry
Value
|
Unrecognized
Holding Gain
|
Unrealized
Gain (Loss) in
Accumulated Other Comprehensive Income
|
Total
Unrealized/
Unrecognized
Gain
|
Weighted Average
Credit
Quality
|
|||||||||||||||||
HTM Fixed Income Portfolio:
|
|||||||||||||||||||||||
Foreign government
|
$ | 5.3 | 5.3 | — | — | — |
AA+
|
||||||||||||||||
Obligations of states and political subdivisions
|
277.0 | 266.5 | 10.5 | 1.7 | 12.2 |
AA
|
|||||||||||||||||
Corporate securities
|
21.2 | 18.3 | 2.9 | (0.2 | ) | 2.7 | A+ | ||||||||||||||||
ABS
|
2.5 | 2.1 | 0.4 | (0.4 | ) | — |
AAA
|
||||||||||||||||
MBS
|
5.1 | 4.4 | 0.7 | (0.4 | ) | 0.3 |
AAA
|
||||||||||||||||
Total HTM fixed income portfolio
|
$ | 311.1 | 296.6 | 14.5 | 0.7 | 15.2 |
AA
|
||||||||||||||||
Obligations of states and political subdivisions:
|
|||||||||||||||||||||||
General obligations
|
$ | 90.3 | 87.4 | 2.9 | 0.8 | 3.7 |
AA
|
||||||||||||||||
Special revenue obligations
|
186.7 | 179.1 | 7.6 | 0.9 | 8.5 |
AA
|
|||||||||||||||||
Total obligations of states and political subdivisions
|
$ | 277.0 | 266.5 | 10.5 | 1.7 | 12.2 |
AA
|
||||||||||||||||
Corporate Securities:
|
|||||||||||||||||||||||
Financial
|
$ | 2.2 | 1.9 | 0.3 | (0.1 | ) | 0.2 | A- | |||||||||||||||
Industrials
|
6.4 | 5.4 | 1.0 | (0.1 | ) | 0.9 | A+ | ||||||||||||||||
Utilities
|
12.6 | 11.0 | 1.6 | — | 1.6 | A+ | |||||||||||||||||
Total corporate securities
|
$ | 21.2 | 18.3 | 2.9 | (0.2 | ) | 2.7 | A+ | |||||||||||||||
ABS:
|
|||||||||||||||||||||||
ABS
|
$ | 0.5 | 0.5 | — | — | — |
AA
|
||||||||||||||||
Alt-A ABS
|
2.0 | 1.6 | 0.4 | (0.4 | ) | — |
AAA
|
||||||||||||||||
Total ABS
|
$ | 2.5 | 2.1 | 0.4 | (0.4 | ) | — |
AAA
|
|||||||||||||||
MBS:
|
|||||||||||||||||||||||
Non-agency CMBS
|
$ | 5.1 | 4.4 | 0.7 | (0.4 | ) | 0.3 |
AAA
|
|||||||||||||||
Total MBS
|
$ | 5.1 | 4.4 | 0.7 | (0.4 | ) | 0.3 |
AAA
|
1 Year Selective Insurance Chart |
1 Month Selective Insurance Chart |
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