2017 Q4 Form 10-Q Financial Statement

#000087643717000056 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $31.28M $270.4M $273.9M
YoY Change 11.33% -1.27% 1.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.50M $2.985M $2.575M
YoY Change -8.82% 15.92% 8.74%
% of Gross Profit
Operating Expenses $12.80M $72.60M $101.4M
YoY Change -85.5% -28.4% -18.82%
Operating Profit
YoY Change
Interest Expense -$13.30M -$13.30M -$13.50M
YoY Change -17.9% -1.48% -22.41%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $245.5M $184.5M $83.75M
YoY Change 51.54% 120.26% -34.18%
Income Tax $218.1M $64.44M $27.13M
% Of Pretax Income 88.86% 34.93% 32.4%
Net Earnings $27.31M $120.0M $56.62M
YoY Change -74.59% 111.99% -93.12%
Net Earnings / Revenue 87.33% 44.4% 20.67%
Basic Earnings Per Share $0.07 $0.32 $0.16
Diluted Earnings Per Share $0.07 $0.32 $0.14
COMMON SHARES
Basic Shares Outstanding 370.6M shares 370.6M shares 349.4M shares
Diluted Shares Outstanding 391.1M shares 406.1M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $99.85M $250.7M $274.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $44.94M $43.16M $32.01M
YoY Change 24.52% 34.83% 9.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.991B $4.717B $4.726B
YoY Change 6.37% -0.19% 2.87%
Other Assets $234.0M $416.0M $602.0M
YoY Change -61.51% -30.9% -20.69%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $5.619B $5.676B $5.873B
YoY Change -2.01% -3.36% -2.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $830.0M $830.0M $1.178B
YoY Change -29.6% -29.54% -4.58%
Other Long-Term Liabilities $256.0M $240.0M $255.0M
YoY Change 7.56% -5.88% -19.81%
Total Long-Term Liabilities $1.086B $1.070B $1.433B
YoY Change -23.36% -25.33% 16.08%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $1.086B $1.070B $1.433B
Total Liabilities $2.465B $2.546B $3.290B
YoY Change -22.62% -22.62% -14.76%
SHAREHOLDERS EQUITY
Retained Earnings $977.2M $939.4M $525.1M
YoY Change 54.48% 78.91% 179.85%
Common Stock $2.221B $2.217B $2.139B
YoY Change 3.71% 3.62% 6.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00 $111.5M
YoY Change -100.0% -100.0% 3215.26%
Treasury Stock Shares 0.000 shares 0.000 shares 13.92M shares
Shareholders Equity $3.155B $3.130B $2.583B
YoY Change
Total Liabilities & Shareholders Equity $5.619B $5.676B $5.873B
YoY Change -2.01% -3.36% -2.25%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $27.31M $120.0M $56.62M
YoY Change -74.59% 111.99% -93.12%
Depreciation, Depletion And Amortization $15.50M $2.985M $2.575M
YoY Change -8.82% 15.92% 8.74%
Cash From Operating Activities $150.3M $130.8M $94.00M
YoY Change 98.28% 39.15% -51.77%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$2.400M -$2.300M
YoY Change -28.57% 4.35% 109.09%
Acquisitions
YoY Change
Other Investing Activities -$297.2M -$5.500M -$212.9M
YoY Change 122.29% -97.42% 765.45%
Cash From Investing Activities -$301.1M -$7.900M -$215.0M
YoY Change 116.0% -96.33% 736.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 0.000 94.90M
YoY Change -99.82% -100.0% -19080.0%
NET CHANGE
Cash From Operating Activities 150.3M 130.8M 94.00M
Cash From Investing Activities -301.1M -7.900M -215.0M
Cash From Financing Activities -100.0K 0.000 94.90M
Net Change In Cash -150.9M 122.9M -26.10M
YoY Change 26.38% -570.88% -115.47%
FREE CASH FLOW
Cash From Operating Activities $150.3M $130.8M $94.00M
Capital Expenditures -$4.000M -$2.400M -$2.300M
Free Cash Flow $154.3M $133.2M $96.30M
YoY Change 89.56% 38.32% -50.87%

Facts In Submission

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CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
69116000 USD
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
-60600000 USD
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
-25100000 USD
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
60633000 USD
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
25091000 USD
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
4724355000 USD
CY2017Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
4673367000 USD
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
9718000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
12458000 USD
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
60633000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
25091000 USD
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
2665261000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
1484130000 USD
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
50915000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
12633000 USD
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
2370345000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
1094307000 USD
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
294916000 USD
CY2017Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
389823000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
972932000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
980813000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
1333112000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
1342110000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
1293585000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
391087000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
395870000 shares
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
1329088000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
4092238000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
4039400000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
439771000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
440227000 USD
CY2016Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4685222000 USD
CY2017Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4710153000 USD
CY2016Q4 us-gaap Available For Sale Securities Equity Securities
AvailableForSaleSecuritiesEquitySecurities
7128000 USD
CY2017Q3 us-gaap Available For Sale Securities Equity Securities
AvailableForSaleSecuritiesEquitySecurities
7239000 USD
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
6168000 USD
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
11677000 USD
CY2017Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
32000 USD
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
861000 USD
CY2016Q3 us-gaap Availableforsale Securities Gross Realized Losses Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
1076000 USD
us-gaap Availableforsale Securities Gross Realized Losses Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
2693000 USD
CY2017Q3 us-gaap Availableforsale Securities Gross Realized Losses Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
79000 USD
us-gaap Availableforsale Securities Gross Realized Losses Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
1072000 USD
CY2016Q4 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
607 security
CY2017Q3 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
343 security
CY2016Q3 us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
190101000 USD
us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
443287000 USD
CY2017Q3 us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
85893000 USD
us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
255512000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
181120000 USD
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
274743000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
155410000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
250701000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
93623000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
95291000 USD
CY2016Q3 us-gaap Ceded Premiums Earned
CededPremiumsEarned
33494000 USD
us-gaap Ceded Premiums Earned
CededPremiumsEarned
100040000 USD
CY2017Q3 us-gaap Ceded Premiums Earned
CededPremiumsEarned
31938000 USD
us-gaap Ceded Premiums Earned
CededPremiumsEarned
92467000 USD
CY2016Q3 us-gaap Ceded Premiums Written
CededPremiumsWritten
33446000 USD
us-gaap Ceded Premiums Written
CededPremiumsWritten
99944000 USD
CY2017Q3 us-gaap Ceded Premiums Written
CededPremiumsWritten
31931000 USD
us-gaap Ceded Premiums Written
CededPremiumsWritten
92436000 USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2017Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
1
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
1
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2017Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
359400000 shares
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
370562000 shares
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
2167000 USD
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
340663000 shares
CY2017Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
370562000 shares
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
359400000 USD
CY2017Q3 us-gaap Common Stock Value
CommonStockValue
370562000 USD
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
41933000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
326065000 USD
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
131424000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
377450000 USD
CY2016Q4 us-gaap Convertible Debt
ConvertibleDebt
349461000 USD
CY2017Q3 us-gaap Convertible Debt
ConvertibleDebt
0 USD
CY2016Q4 us-gaap Convertible Subordinated Debt
ConvertibleSubordinatedDebt
256872000 USD
CY2017Q3 us-gaap Convertible Subordinated Debt
ConvertibleSubordinatedDebt
256872000 USD
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1189500000 USD
CY2017Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
836900000 USD
CY2016Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10800000 USD
CY2017Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6800000 USD
CY2016Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
607655000 USD
CY2017Q3 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
416167000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
111191000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
165250000 USD
CY2016Q3 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
2575000 USD
us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
6781000 USD
CY2017Q3 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
2985000 USD
us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
7799000 USD
CY2016Q4 us-gaap Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
17759000 USD
CY2017Q3 us-gaap Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
19024000 USD
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD
CY2017Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
44324000 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
48882000 USD
us-gaap Description Of Regulatory Capital Requirements Under Insurance Regulations
DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations
25 to 1
CY2016Q3 us-gaap Direct Premiums Earned
DirectPremiumsEarned
270718000 USD
us-gaap Direct Premiums Earned
DirectPremiumsEarned
789671000 USD
CY2017Q3 us-gaap Direct Premiums Earned
DirectPremiumsEarned
268709000 USD
us-gaap Direct Premiums Earned
DirectPremiumsEarned
789317000 USD
CY2016Q3 us-gaap Direct Premiums Written
DirectPremiumsWritten
283618000 USD
us-gaap Direct Premiums Written
DirectPremiumsWritten
831022000 USD
CY2017Q3 us-gaap Direct Premiums Written
DirectPremiumsWritten
287918000 USD
us-gaap Direct Premiums Written
DirectPremiumsWritten
828986000 USD
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.68
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
1265000 USD
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.86
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
CY2016Q4 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
155000000 USD
CY2017Q3 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
155000000 USD
CY2017Q3 us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Collateral Pledged1
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresCollateralPledged1
167200000 USD
CY2016Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
5092000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
8984000 USD
CY2017Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-47000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
-211000 USD
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
8984000 USD
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
-211000 USD
CY2016Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-75223000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-90531000 USD
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-65000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
83749000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
352676000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
184467000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
539040000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
27131000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
117646000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
64440000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
210593000 USD
us-gaap Increase Decrease In Accrued Investment Income Receivable
IncreaseDecreaseInAccruedInvestmentIncomeReceivable
2086000 USD
us-gaap Increase Decrease In Accrued Investment Income Receivable
IncreaseDecreaseInAccruedInvestmentIncomeReceivable
-1145000 USD
us-gaap Increase Decrease In Broker Dealer Related Receivables Payables Net
IncreaseDecreaseInBrokerDealerRelatedReceivablesPayablesNet
-3376000 USD
us-gaap Increase Decrease In Broker Dealer Related Receivables Payables Net
IncreaseDecreaseInBrokerDealerRelatedReceivablesPayablesNet
-3738000 USD
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
822000 USD
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
33943000 USD
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
-357919000 USD
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
-333662000 USD
us-gaap Increase Decrease In Other Insurance Liabilities
IncreaseDecreaseInOtherInsuranceLiabilities
-12800000 USD
us-gaap Increase Decrease In Other Insurance Liabilities
IncreaseDecreaseInOtherInsuranceLiabilities
-18000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-14337000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
9235000 USD
us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
-1048000 USD
us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
1546000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
2376000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
-4615000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
41353000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
41079000 USD
CY2016Q3 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-12948000 USD
us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-41447000 USD
CY2017Q3 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-18813000 USD
us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-41110000 USD
CY2016Q3 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
60897000 USD
us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
192499000 USD
CY2017Q3 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
29747000 USD
us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
84705000 USD
CY2016Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
13536000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
40481000 USD
CY2017Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
13273000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
43779000 USD
us-gaap Interest Paid
InterestPaid
31500000 USD
us-gaap Interest Paid
InterestPaid
45100000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
3185687000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
2545719000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5734529000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5675868000 USD
CY2015Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1893402000 USD
CY2016Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1535483000 USD
CY2016Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1438813000 USD
CY2017Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1105151000 USD
CY2016Q4 us-gaap Liability For Claims And Claims Adjustment Expense Property Casualty Liability
LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability
1438813000 USD
CY2017Q3 us-gaap Liability For Claims And Claims Adjustment Expense Property Casualty Liability
LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability
1105151000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
5942000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
5474000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
549706000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
407977000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
192499000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
84705000 USD
CY2015Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1848915000 USD
CY2016Q3 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1488620000 USD
CY2016Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1388320000 USD
CY2017Q3 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1059273000 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
1178700000 USD
CY2017Q3 us-gaap Long Term Debt
LongTermDebt
830100000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-101336000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-158536000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
45973000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2529000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
148986000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
256356000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
56618000 USD
us-gaap Net Income Loss
NetIncomeLoss
235030000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
120027000 USD
us-gaap Net Income Loss
NetIncomeLoss
328447000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
58615000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
245398000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
123784000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
342333000 USD
CY2016Q3 us-gaap Net Investment Income
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:12px;font-size:12pt;"><font style="font-family:Roboto Black,sans-serif;font-size:12pt;font-style:normal;font-weight:bold;text-decoration:none;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-weight:bold;">Adopted Accounting Standards</font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-style:italic;">Improvements to Employee Share-Based Compensation Accounting</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">In March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued updated guidance that simplifies several aspects of the accounting for employee share-based compensation including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The updated guidance requires that, prospectively, all tax effects related to share-based compensation be made through the statement of operations at the time of settlement. In contrast, the previous guidance required excess tax benefits to be recognized in paid-in capital. The updated guidance also removes the requirement to delay recognition of a tax benefit until it reduces current taxes payable. This change is required to be applied on a modified retrospective basis, with a cumulative effect adjustment to opening retained earnings. Additionally, all tax related cash flows resulting from share-based compensation are to be reported as operating activities on the statement of cash flows, a change from the existing requirement to present tax benefits as an inflow from financing activities and an outflow from operating activities. Finally, for tax withholding purposes, entities will be allowed to withhold an amount of shares up to the employee&#8217;s maximum individual tax rate (as opposed to the minimum statutory tax rate) in the relevant jurisdiction without resulting in liability classification of the award. The change in tax withholding is to be applied on a modified retrospective approach. This updated guidance became effective January 1, 2017. We adopted this guidance in the first quarter of 2017 and because of the adoption:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9.5pt;padding-left:24px;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">We recognized discrete tax benefits of </font><font style="font-family:Roboto;font-size:9.5pt;">$1.5 million</font><font style="font-family:Roboto,sans-serif;font-size:9.5pt;"> in the provision for income taxes on our statement of operations for the nine months ended September 30, 2017 related to excess tax benefits upon vesting of share-based awards during the period.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9.5pt;padding-left:24px;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">We recognized a cumulative effect adjustment in opening retained earnings as of January 1, 2017 related to the recognition of a deferred tax asset related to suspended tax benefits from vesting transactions occurring in prior years and from the elimination of our forfeiture estimate on share-based awards, which was previously applied only to awards with service conditions.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9.5pt;padding-left:24px;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">We reclassified excess tax benefits related to share-based compensation for 2016 to operating activities from financing activities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9.5pt;padding-left:24px;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">We reclassified employee taxes paid for withheld shares for 2016 to financing activities from operating activities.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-weight:bold;">Prospective Accounting Standards</font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-style:italic;">Stock Compensation - Scope of Modification Accounting</font></div><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">In May 2017, the FASB issued updated guidance related to a change in the terms or conditions (modification) of a share-based award. The updated guidance provides that an entity should account for the effects of a modification unless the fair value and vesting conditions of the modified award and the classification of the award (equity or liability instrument) are the same as the original award immediately before the modification. The updated guidance addresses the current diversity in practice on applying modification accounting, as some entities evaluate whether changes to awards are substantive, which is not prescribed within the current accounting guidance. The updated guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact on our consolidated financial statements or disclosures.</font></div><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-style:italic;">Premium Amortization on Purchased Callable Debt Securities</font></div><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">In March 2017, the FASB issued updated guidance to amend the amortization period for certain purchased callable debt securities held at a premium shortening the amortization period to the earliest call date. Under current GAAP, there is diversity in practice in the amortization period for premiums of callable debt securities and in how the potential for exercise of a call is factored into current impairment assessments. This updated guidance aligns with how callable debt securities, in the United States, are generally quoted, priced, and traded assuming a model that incorporates consideration of calls (also referred to as &#8220;yield-to-worst&#8221; pricing). The updated guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact on our consolidated financial statements or disclosures. We currently account for premium amortization on our purchased callable debt securities on a yield-to-worst basis, which generally aligns with the earliest call date. </font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-style:italic;">Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font></div><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">In March 2017, the FASB issued updated guidance that improves the reporting of net benefit cost in the financial statements. The updated guidance requires that an employer report the service cost component in the same financial statement caption as other compensation costs arising from services rendered by employees during the period. The other components of net benefit cost are required to be presented in the statement of operations separately from the service cost component and outside a subtotal of income from operations, if one is presented. Current guidance does not prescribe where the amount of net benefit cost should be presented in an employer&#8217;s statement of operations and does not require entities to disclose by line item the amount of net benefit cost that is included in the statement of operations. The updated guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact on our consolidated financial statements or disclosures. </font></div><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-style:italic;">Measurement of Credit Losses on Financial Instruments</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">In June 2016, the FASB issued updated guidance that requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial instruments. Entities will be required to utilize a current expected credit losses (&#8220;CECL&#8221;) methodology that incorporates their forecasts of future economic conditions into their loss estimate unless such forecast is not reasonable and supportable, in which case the entity will revert to historical loss experience. Any allowance for CECL reduces the amortized cost basis of the financial instrument to the amount an entity expects to collect. Credit losses relating to available-for-sale fixed maturity securities are to be recorded through an allowance for credit losses, rather than a write-down of the asset, with the amount of the allowance limited to the amount by which fair value is less than amortized cost. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The updated guidance is not prescriptive about certain aspects of estimating expected credit losses, including the specific methodology to use, and therefore will require significant judgment in application. The updated guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption is permitted for annual and interim periods in fiscal years beginning after December 15, 2018. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact on our consolidated financial statements or disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:Roboto,sans-serif;font-size:10pt;font-style:italic;">Recognition and Measurement of Financial Assets and Financial Liabilities</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">In January 2016, the FASB issued updated guidance to address the recognition, measurement, presentation, and disclosure of certain financial instruments. The updated guidance requires equity investments, except those accounted for under the equity method of accounting, that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values. The updated guidance also eliminates the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet. Further, the updated guidance clarifies that entities should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entities other deferred tax assets. The updated guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods and will require recognition of a cumulative effect adjustment at adoption. We do not currently expect the adoption of this guidance to impact our consolidated financial statements or disclosures.</font></div></div>
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">The following table provides a reconciliation of beginning and ending loss reserves as of and for the </font><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">nine</font><font style="font-family:Roboto,sans-serif;font-size:9.5pt;"> months ended </font><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">September&#160;30, 2017</font><font style="font-family:Roboto,sans-serif;font-size:9.5pt;"> and </font><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">2016</font><font style="font-family:Roboto,sans-serif;font-size:9.5pt;">:</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:12px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:96.61835748792271%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:56%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Nine months ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-style:italic;">(In thousands)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Reserve at beginning of period</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">$</font></div></td><td 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style="font-family:Roboto,sans-serif;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">1,893,402</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Less reinsurance recoverable</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">50,493</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">44,487</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Net reserve at beginning of period</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">1,388,320</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">1,848,915</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Losses incurred:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Losses and LAE incurred in respect of default notices received in:</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Current year</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">219,485</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">292,090</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Prior years </font><font style="font-family:Roboto,sans-serif;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">(134,780</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">(99,591</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Total losses incurred</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">84,705</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">192,499</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Losses paid:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="9" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Losses and LAE paid in respect of default notices received in:</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Current year</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">5,474</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">5,942</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Prior years</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">407,977</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">549,706</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Reinsurance terminations </font><font style="font-family:Roboto,sans-serif;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">301</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">(2,854</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Total losses paid</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">413,752</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">552,794</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Net reserve at end of period</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">1,059,273</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">1,488,620</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #d0d0ce;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Plus reinsurance recoverables</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">45,878</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">46,863</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">Reserve at end of period</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;font-weight:bold;">1,105,151</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Roboto,sans-serif;font-size:8pt;">1,535,483</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #003b5c;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><font style="font-family:Roboto,sans-serif;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Roboto,sans-serif;font-size:9pt;">A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><font style="font-family:Roboto,sans-serif;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Roboto,sans-serif;font-size:9pt;">In a termination, the reinsurance agreement is cancelled, with no future premium ceded and amounts for any incurred but unpaid losses paid to us. Amounts paid to (received from) reinsurers result in an increase (decrease) in net losses paid. The change in net losses paid on our losses incurred is offset by a corresponding change in the reinsurance recoverable, resulting in no net impact on losses incurred.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:0px;font-size:9.5pt;"><font style="font-family:Roboto,sans-serif;font-size:9.5pt;"><br clear="none"/></font></div></div>

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