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922621_16_item7_p50_s0
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922621_15_item7_p126_s0
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Our assessment of the significance of a particular input to the fair value measurement requires judgment, and considers factors specific to the asset, such as the relative impact on the fair value as a result of including a particular input and market conditions.
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and considers factors specific to the asset, such as the relative impact on the fair value as a result of including a particular input and market conditions.
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922621_16_item7_p78_s3
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922621_15_item7_p127_s2
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The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
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922621_16_item7_p139_s0
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922621_15_item7_p159_s1
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Although Indemnity is the sponsor of these postretirement plans and records the funded status of these plans, the Exchange and EFL reimburse Indemnity for approximately 56% of the annual benefit expense of these plans, which represents pension benefits for Indemnity employees performing claims and EFL functions.
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922621_16_item7_p69_s1
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922621_15_item7_p159_s1
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922621_16_item7_p76_s2
|
922621_15_item7_p167_s2
|
The market-related asset experience during 2014 that related to the actual investment return being different from that assumed during the prior year was a gain of $42 million .
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The market-related asset experience during 2015 that related to the actual investment return being different from that assumed during the prior year was a loss of $37.0 million .
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922621_16_item7_p76_s3
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922621_15_item7_p167_s3
|
Recognition of this gain will be deferred and recognized over a four year period, consistent with the market-related asset value methodology.
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Recognition of this loss will be deferred and recognized over a four year period, consistent with the market-related asset value methodology.
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922621_16_item7_p51_s2
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922621_15_item7_p169_s3
|
The methodologies used by the trustee and custodian that support a financial instrument Level 2 classification include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuers spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
|
The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
| 2 |
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922621_16_item7_p82_s0
|
922621_15_item7_p174_s0
|
Management Operations Indemnity earns management fee revenue from providing services relating to the sales, underwriting, and issuance of policies on behalf of the Exchange as a result of its attorney-in-fact relationship, which is eliminated upon consolidation.
|
We earn management fee revenue from providing services relating to the sales, underwriting, and issuance of policies on behalf of the Exchange as a result of its attorney-in-fact relationship.
| 2 |
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922621_16_item7_p82_s1
|
922621_15_item7_p174_s1
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A summary of the results of our management operations is as follows:
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A summary of the financial results of these operations is as follows:
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922621_16_item7_p97_s2
|
922621_15_item7_p179_s2
|
Changes in the management fee rate can affect the Indemnity shareholder interest's revenue and net income from this segment significantly.
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Changes in the management fee rate can affect our revenue and net income significantly.
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922621_16_item7_p99_s0
|
922621_15_item7_p180_s0
|
Service agreement revenue Service agreement revenue includes service charges Indemnity collects from policyholders for providing extended payment terms on policies written by the Property and Casualty Group and late payment and policy reinstatement fees.
|
Service agreement revenue Service agreement revenue includes service charges we collect from policyholders for providing extended payment terms on policies written and assumed by the Exchange and late payment and policy reinstatement fees.
| 2 |
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922621_16_item7_p90_s0
|
922621_15_item7_p194_s0
|
The Property and Casualty Group continuously evaluates pricing and product offerings to meet consumer demands.
|
The Exchange continuously evaluates pricing and product offerings to meet consumer demands.
| 2 |
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922621_16_item7_p94_s0
|
922621_15_item7_p204_s0
|
Changes in premium levels attributable to the growth in policies in force directly affect the profitability of the Property and Casualty Group and have a direct bearing on Indemnity s management fee.
|
Changes in premium levels attributable to the growth in policies in force directly affects the profitability of the Exchange and has a direct bearing on our management fee.
| 2 |
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922621_16_item7_p94_s1
|
922621_15_item7_p204_s1
|
Our continued focus on underwriting discipline and the maturing of our pricing sophistication models has contributed to the Property and Casualty Group s growth in new policies in force, steady policy retention ratios, and increased average premium per policy.
|
The Exchange s continued focus on underwriting discipline and the maturing of our pricing sophistication models has contributed to its growth in new policies in force, steady policy retention ratios, and increased average premium per policy.
| 2 |
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922621_16_item7_p94_s2
|
922621_15_item7_p204_s2
|
The continued growth of our policy base is dependent upon the Property and Casualty Group s ability to retain existing policyholders and attract new policyholders.
|
The continued growth of its policy base is dependent upon the Exchange s ability to retain existing policyholders and attract new policyholders.
| 2 |
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922621_16_item7_p94_s3
|
922621_15_item7_p204_s3
|
A lack of new policy growth or the inability to retain existing customers could have an adverse effect on the Property and Casualty Group s premium level growth, and consequently Indemnity s management fee.
|
A lack of new policy growth or the inability to retain existing customers could have an adverse effect on the Exchange s premium level growth, and consequently our management fee.
| 2 |
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922621_16_item7_p95_s0
|
922621_15_item7_p205_s0
|
Changes in premium levels attributable to rate changes also directly affect the profitability of the Property and Casualty Group and have a direct bearing on Indemnity s management fee.
|
Changes in premium levels attributable to rate changes also directly affect the profitability of the Exchange and have a direct bearing on our management fee.
| 2 |
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922621_16_item7_p96_s0
|
922621_15_item7_p206_s0
|
Pricing actions contemplated or taken by the Property and Casualty Group are subject to various regulatory requirements of the states in which our insurers operate.
|
Pricing actions contemplated or taken by the Exchange are subject to various regulatory requirements of the states in which it operates.
| 2 |
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922621_16_item7_p96_s1
|
922621_15_item7_p206_s1
|
The pricing actions already implemented, or to be implemented, have an effect on the market competitiveness of our insurance products.
|
The pricing actions already implemented, or to be implemented, have an effect on the market competitiveness of the Exchange s insurance products.
| 2 |
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922621_16_item7_p96_s2
|
922621_15_item7_p206_s2
|
Such pricing actions, and those of competitors, could affect the ability of our agents to retain and attract new business.
|
Such pricing actions, and those of the Exchange s competitors, could affect the ability of the Exchange s agents to retain and attract new business.
| 2 |
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922621_16_item7_p96_s3
|
922621_15_item7_p206_s3
|
We expect the Property and Casualty Group s pricing actions to result in a net increase in direct written premium in 2015 , however, exposure reductions and/or changes in our mix of business as a result of economic conditions could impact the average premium written by the Property and Casualty Group, as customers may reduce coverages.
|
We expect the Exchange s pricing actions to result in a net increase in direct written premium in 2016 ; however, exposure reductions and/or changes in mix of business as a result of economic conditions could impact the average premium written and assumed by the Exchange, as customers may reduce coverages.
| 2 |
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922621_16_item7_p104_s0
|
922621_15_item7_p242_s1
|
A summary of the results of our investment operations is as follows:
|
Total Investment Income A summary of the results of our investment operations is as follows for the years ended December 31:
| 2 |
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922621_16_item7_p82_s1
|
922621_15_item7_p242_s1
|
A summary of the results of our investment operations is as follows:
|
A summary of the financial results of these operations is as follows:
| 2 |
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922621_16_item7_p111_s2
|
922621_15_item7_p250_s2
|
Realized gains for Indemnity were primarily attributable to gains from sales of equity securities in 2014, and gains from sales of fixed maturity securities in 2013.
|
Net realized gains were primarily attributable to gains from sales of equity securities in 2014, and gains from sales of fixed maturity securities in 2013.
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922621_16_item7_p25_s0
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922621_15_item7_p25_s0
|
Indemnity defines operating income as net income excluding realized capital gains and losses, impairment losses, and related federal income taxes.
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We define operating income as net income excluding realized capital gains and losses, impairment losses, and related federal income taxes.
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922621_16_item7_p124_s2
|
922621_15_item7_p263_s0
|
entire amount of the impairment charges are included in earnings and no impairments are recorded in other comprehensive income.
|
We have the intent to sell all credit-impaired debt securities; therefore, the entire amount of the impairment charges are included in earnings and no impairments are recorded in other comprehensive income.
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922621_16_item7_p127_s1
|
922621_15_item7_p265_s1
|
Indemnity s net unrealized gains on fixed maturities, net of deferred taxes, amounted to $6 million at December 31, 2014 , compared to $5 million at December 31, 2013 .
|
Net unrealized gains on fixed maturities, net of deferred taxes, amounted to $3.4 million at December 31, 2015 , compared to $6.2 million at December 31, 2014 .
| 2 |
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922621_16_item7_p26_s0
|
922621_15_item7_p26_s0
|
Indemnity uses operating income to evaluate the results of its operations.
|
We use operating income to evaluate the results of our operations.
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922621_16_item7_p27_s0
|
922621_15_item7_p26_s2
|
Realized capital gains and losses, including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.
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may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.
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922621_16_item7_p132_s0
|
922621_15_item7_p271_s0
|
The following table presents an analysis of the fair value of our preferred and common stock securities by sector for Indemnity and the Exchange, respectively:
|
The following table presents an analysis of the fair value of our preferred and common stock securities by sector at December 31:
| 2 |
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922621_16_item7_p137_s2
|
922621_15_item7_p276_s2
|
Indemnity has made no new limited partnership commitments since 2006, and the balance of its limited partnership investments is expected to decline over time as additional distributions are received.
|
We have made no new limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.
| 2 |
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922621_16_item7_p28_s0
|
922621_15_item7_p27_s0
|
The following table reconciles operating income and net income for the Indemnity shareholder interest for the years ended December 31:
|
The following table reconciles operating income and net income for the years ended December 31:
| 2 |
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922621_16_item7_p138_s3
|
922621_15_item7_p287_s1
|
At December 31, 2014 , shareholders equity decreased by $60 million , net of tax, of which $5 million represents amortization of the prior service cost and net actuarial loss and $65 million represents the current period actuarial loss .
|
At December 31, 2014 , shareholders equity amounts related to these postretirement plans decreased by $59.4 million , net of tax, of which $4.4 million represents amortization of the prior service cost and net actuarial loss and $63.8 million represents the current period actuarial loss .
| 2 |
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922621_16_item7_p138_s2
|
922621_15_item7_p287_s2
|
The 2014 actuarial loss was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.17% in 2014 , from 5.11% in 2013 .
|
The 2015 actuarial gain was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.57% in 2015 , from 4.17% in 2014 .
| 2 |
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922621_16_item7_p138_s1
|
922621_15_item7_p287_s3
|
At December 31, 2013 , shareholders equity increased by $81 million , net of tax, of which $10 million represents amortization of the prior service cost and net actuarial loss and $71 million represents the current period actuarial gain .
|
At December 31, 2015 , shareholders equity amounts related to these postretirement plans increased by $25.1 million , net of tax, of which $9.4 million represents amortization of the prior service cost and net actuarial loss and $15.7 million represents the current period actuarial gain .
| 2 |
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922621_16_item7_p138_s4
|
922621_15_item7_p287_s4
|
The 2013 actuarial gain was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 5.11% in 2013 , from 4.19% in 2012 .
|
The 2014 actuarial loss was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.17% in 2014 , from 5.11% in 2013 .
| 2 |
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922621_16_item7_p139_s0
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922621_15_item7_p288_s0
|
Although Indemnity is the sponsor of these postretirement plans and records the funded status of these plans, the Exchange and EFL reimburse Indemnity for approximately 56% of the annual benefit expense of these plans, which represents pension benefits for Indemnity employees performing claims and EFL functions.
|
Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange reimburses us for approximately 57% of the annual benefit expense of these plans, which represents pension benefits for our employees performing claims and life insurance functions.
| 2 |
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922621_16_item7_p69_s1
|
922621_15_item7_p288_s0
|
Although Indemnity is the sponsor of these postretirement plans and records the funded status of these plans, the Exchange and EFL reimburse Indemnity for approximately 56% of the annual benefit expense of these plans, which represents pension benefits for Indemnity employees performing claims and EFL functions.
|
Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange reimburses us for approximately 57% of the annual benefit expense of these plans, which represents pension benefits for our employees performing claims and life insurance functions.
| 2 |
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922621_16_item7_p158_s1
|
922621_15_item7_p304_s0
|
Our funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made.
|
Any contributions required in future years will be an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made.
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922621_16_item7_p145_s2
|
922621_15_item7_p307_s2
|
Also impacting Indemnity's future investing activities are limited partnership commitments, which totaled $24 million at December 31, 2014 , and will be funded as required by the partnerships agreements.
|
Also impacting our future investing activities are limited partnership commitments, which totaled $19.1 million at December 31, 2015 , and will be funded as required by the partnerships agreements.
| 2 |
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922621_16_item7_p146_s5
|
922621_15_item7_p308_s9
|
Dividends have been approved at a 7.2% increase for 2015 .
|
Dividends have been approved at a 7.2% increase for 2016 .
| 2 |
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922621_16_item7_p148_s2
|
922621_15_item7_p310_s2
|
Indemnity had approximately $18 million of repurchase authority remaining under this program at December 31, 2014 , based upon trade date.
|
We had approximately $17.8 million of repurchase authority remaining under this program at December 31, 2015 , based upon trade date.
| 2 |
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922621_16_item7_p152_s0
|
922621_15_item7_p313_s0
|
Capital Outlook We regularly prepare forecasts evaluating the current and future cash requirements of Indemnity and the Exchange for both normal and extreme risk events.
|
Capital Outlook We regularly prepare forecasts evaluating the current and future cash requirements for both normal and extreme risk events.
| 2 |
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922621_16_item7_p153_s0
|
922621_15_item7_p314_s0
|
Indemnity Outside of Indemnity s normal operating and investing cash activities, future funding requirements could be met through: 1) Indemnity s cash and cash equivalents, which total approximately $92 million at December 31, 2014 , 2) a $100 million bank revolving line of credit held by Indemnity, and 3) liquidation of assets held in Indemnity s investment portfolio, including common stock, preferred stock, and investment grade bonds which totaled approximately $411 million at December 31, 2014 .
|
Outside of our normal operating and investing cash activities, future funding requirements could be met through: 1) cash and cash equivalents, which total approximately $182.9 million at December 31, 2015 , 2) a $100 million bank revolving line of credit, and 3) liquidation of assets held in our investment portfolio, including common stock and investment grade bonds which totaled approximately $402.8 million at December 31, 2015 .
| 2 |
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922621_16_item7_p141_s2
|
922621_15_item7_p315_s0
|
Volatility in the financial markets could impair Indemnity s ability to sell certain of its fixed income securities or cause such securities to sell at deep discounts.
|
Volatility in these markets could impair our ability to sell certain of our fixed income securities or cause such securities to sell at deep discounts.
| 2 |
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922621_16_item7_p153_s2
|
922621_15_item7_p315_s1
|
Additionally, Indemnity has the ability to curtail or modify discretionary cash outlays such as those related to shareholder dividends and share repurchase activities.
|
Additionally, we have the ability to curtail or modify discretionary cash outlays such as those related to shareholder dividends and share repurchase activities.
| 2 |
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922621_16_item7_p154_s0
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922621_15_item7_p316_s0
|
As of December 31, 2014 , Indemnity has access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on November 3, 2018 .
|
As of December 31, 2015 , we have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on November 3, 2020 .
| 2 |
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922621_16_item7_p154_s2
|
922621_15_item7_p316_s2
|
Indemnity had no borrowings outstanding on its line of credit as of December 31, 2014 .
|
We had no borrowings outstanding on our line of credit as of December 31, 2015 .
| 2 |
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922621_16_item7_p153_s0
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922621_15_item7_p318_s0
|
Exchange Outside of the Exchange s normal operating and investing cash activities, future funding requirements could be met through: 1) the Exchange s cash and cash equivalents, which total approximately $422 million at December 31, 2014 , 2) a $300 million bank revolving line of credit held by the Exchange, and 3) liquidation of assets held in the Exchange s investment portfolio, including common stock, preferred stock, and investment grade bonds which totaled approximately $12.1 billion at December 31, 2014 .
|
Outside of our normal operating and investing cash activities, future funding requirements could be met through: 1) cash and cash equivalents, which total approximately $182.9 million at December 31, 2015 , 2) a $100 million bank revolving line of credit, and 3) liquidation of assets held in our investment portfolio, including common stock and investment grade bonds which totaled approximately $402.8 million at December 31, 2015 .
| 2 |
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922621_16_item7_p154_s0
|
922621_15_item7_p320_s0
|
As of December 31, 2014 , the Exchange has access to a $300 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 25, 2018 .
|
As of December 31, 2015 , we have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on November 3, 2020 .
| 2 |
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922621_16_item7_p154_s2
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922621_15_item7_p320_s2
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The Exchange had no borrowings outstanding on its line of credit as of December 31, 2014 .
|
We had no borrowings outstanding on our line of credit as of December 31, 2015 .
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922621_16_item7_p155_s0
|
922621_15_item7_p320_s5
|
The bank requires compliance with certain covenants, which include statutory surplus and risk based capital ratios.
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The bank requires compliance with certain covenants, which include leverage ratios.
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922621_16_item7_p157_s2
|
922621_15_item7_p327_s2
|
At December 31, 2014 , Indemnity s total commitment to fund limited partnerships that invest in private equity securities was $10 million , mezzanine debt was $9 million , and real estate activities was $5 million .
|
At December 31, 2015 , our total commitment to fund limited partnerships that invest in private equity securities was $7.3 million , mezzanine debt was $8.2 million , and real estate activities was $3.6 million .
| 2 |
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922621_16_item7_p157_s3
|
922621_15_item7_p327_s4
|
(2) The pension contribution for 2015 was estimated in accordance with the Pension Protection Act of 2006.
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(2) The pension contribution for 2016 was estimated in accordance with the Pension Protection Act of 2006.
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922621_16_item7_p143_s7
|
922621_15_item7_p328_s1
|
Any contributions required in future years will be an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made.
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Our funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made.
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922621_16_item7_p117_s2
|
922621_15_item7_p331_s1
|
Higher ratings generally indicate financial stability and a strong ability to pay claims.
|
Higher ratings of insurance companies generally indicate financial stability and a strong ability to pay claims.
| 2 |
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922621_16_item7_p118_s0
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922621_15_item7_p334_s0
|
According to A.M. Best, a Superior rating (A+), the second highest financial strength rating category, is assigned to those companies that, in A.M. Best s opinion, have achieved superior overall performance when compared to the standards established by A.M. Best and have a superior ability to meet obligations to policyholders over the long term.
|
According to A.M. Best, this second highest financial strength rating category is assigned to those companies that, in A.M. Best s opinion, have achieved superior overall performance when compared to the standards established by A.M. Best and have a superior ability to meet obligations to policyholders over the long term.
| 2 |
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922621_16_item7_p118_s1
|
922621_15_item7_p334_s1
|
Only 9.7% of insurance groups are rated A+ or higher, and we are included in that group.
|
Only 11.0% of insurance groups are rated A+ or higher, and the Exchange is included in that group.
| 2 |
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922621_16_item7_p163_s0
|
922621_15_item7_p347_s0
|
Subscriber s Agreement Indemnity serves as attorney-in-fact for the policyholders at the Exchange, a reciprocal insurance exchange.
|
We serve as attorney-in-fact for the policyholders at the Exchange, a reciprocal insurance exchange.
| 2 |
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922621_16_item7_p163_s2
|
922621_15_item7_p348_s1
|
Through the designation of attorney-in-fact, Indemnity is required to provide sales, underwriting, and policy issuance services to the policyholders of the Exchange, as discussed previously.
|
Through the designation of attorney-in-fact, we are required to provide certain sales, underwriting, and policy issuance services to the policyholders of the Exchange, as discussed previously.
| 2 |
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922621_16_item7_p170_s0
|
922621_15_item7_p354_s0
|
Indemnity has significant receivables from the Exchange that result in a concentration of credit risk.
|
We have significant receivables from the Exchange that result in a concentration of credit risk.
| 2 |
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922621_16_item7_p170_s1
|
922621_15_item7_p354_s1
|
These receivables include management fees due for services performed by Indemnity for the Exchange under the subscriber s agreement, and costs Indemnity pays on behalf of the Exchange.
|
These receivables include management fees due for services performed by us for the Exchange under the subscriber s agreement, and certain costs we pay on behalf of the Exchange and EFL.
| 2 |
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922621_16_item7_p171_s1
|
922621_15_item7_p355_s2
|
The receivable from the Exchange for management fees and costs Indemnity pays on behalf of the Exchange is settled monthly.
|
The receivable from the Exchange for management fees and costs we pay on behalf of the Exchange and EFL is settled monthly.
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922621_16_item7_p172_s2
|
922621_15_item7_p357_s2
|
The Exchange recognized interest income on the note of $1 million in both 2014 and 2013 .
|
We recognized interest income on the note of $1.7 million in 2015 , 2014 and 2013 .
| 2 |
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922621_16_item7_p29_s0
|
922621_15_item7_p44_s0
|
General Conditions and Trends Affecting Our Business Economic conditions Unfavorable changes in economic conditions, including declining consumer confidence, inflation, high unemployment, and the threat of recession, among others, may lead the Property and Casualty Group s customers to modify coverage, not renew policies, or even cancel policies, which could adversely affect the premium revenue of the Property and Casualty Group, and consequently Indemnity s management fee.
|
General Conditions and Trends Affecting Our Business Economic conditions Unfavorable changes in economic conditions, including declining consumer confidence, inflation, high unemployment, and the threat of recession, among others, may lead the Exchange s customers to modify coverage, not renew policies, or even cancel policies, which could adversely affect the premium revenue of the Exchange, and consequently our management fee.
| 2 |
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922621_16_item7_p31_s0
|
922621_15_item7_p47_s0
|
The consolidated financial statements include amounts based upon estimates and assumptions that have a significant effect on reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and related disclosures.
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The financial statements include amounts based upon estimates and assumptions that have a significant effect on reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and related disclosures.
| 2 |
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922621_17_item7_p121_s1
|
922621_16_item7_p116_s1
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The increase in earnings in 2015 was due to higher earnings from private equity investments that were partially offset by lower earnings from real estate investments.
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The decrease in earnings in 2016 was the result of lower earnings from private equity investments that were partially offset by higher earnings from real estate investments.
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922621_17_item7_p135_s0
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922621_16_item7_p133_s0
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(1) Includes certain exchange traded funds with underlying holdings of fixed maturity securities.
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Common Stock Equity securities classified as available-for-sale include certain exchange traded funds with underlying holdings of fixed maturity securities.
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922621_17_item7_p138_s2
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922621_16_item7_p138_s2
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The 2015 actuarial gain was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.57% in 2015 , from 4.17% in 2014 .
|
The 2016 actuarial loss was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.24% in 2016 , from 4.57% in 2015 .
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922621_17_item7_p138_s4
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922621_16_item7_p138_s4
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The 2014 actuarial loss was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.17% in 2014 , from 5.11% in 2013 .
|
The 2015 actuarial gain was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.57% in 2015 , from 4.17% in 2014 .
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922621_17_item7_p160_s1
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922621_16_item7_p143_s7
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Our funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made.
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922621_17_item7_p151_s1
|
922621_16_item7_p149_s1
|
These shares were delivered in 2015.
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These shares were delivered in 2016 .
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922621_17_item7_p151_s1
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922621_16_item7_p150_s1
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922621_17_item7_p151_s1
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922621_16_item7_p151_s1
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922621_17_item7_p152_s1
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922621_16_item7_p151_s1
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922621_17_item7_p145_s6
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922621_16_item7_p158_s1
|
Any contributions required in future years will be an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made.
|
Our funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made.
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922621_17_item7_p161_s1
|
922621_16_item7_p159_s1
|
We have no material off-balance sheet obligations or guarantees, other than limited partnership investment commitments.
|
We have no material off-balance sheet obligations or guarantees, other than the unused portion of the senior secured draw term loan credit facility and limited partnership investment commitments.
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922621_17_item7_p161_s2
|
922621_16_item7_p159_s2
|
See the preceding Contractual Obligations section for further discussion of limited partnership investment commitments.
|
See the preceding Contractual Obligations section for further discussion of these commitments.
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922621_17_item7_p17_s5
|
922621_16_item7_p15_s6
|
The remaining services we provide include customer service and administrative costs.
|
The remaining services we provide include customer service and administrative support.
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922621_17_item7_p173_s0
|
922621_16_item7_p166_s0
|
Intercompany Agreements Service agreements We make certain payments on behalf of the Exchange and EFL.
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on behalf of the Exchange and EFL.
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922621_17_item7_p30_s2
|
922621_16_item7_p27_s0
|
may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.
|
Realized capital gains and losses, including impairment losses, may vary significantly between periods and are generally driven by business decisions and economic developments such as capital market conditions which are not related to our ongoing operations.
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922621_17_item7_p3_s0
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922621_16_item7_p2_s0
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dependence upon our relationship with the Exchange and the growth of the Exchange, including:
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dependence upon our relationship with the Exchange and the financial condition of the Exchange, including:
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922621_17_item7_p34_s0
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922621_16_item7_p30_s2
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Depending upon market conditions, which are unpredictable and remain uncertain, considerable fluctuation could exist in the fair value of our investment portfolio and reported total investment income, which could have an adverse impact on our financial condition, results of operations, and cash flows.
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922621_17_item7_p2_s0
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922621_16_item7_p3_s0
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dependence upon our relationship with the Exchange and the financial condition of the Exchange, including:
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dependence upon our relationship with the Exchange and the growth of the Exchange, including:
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922621_17_item7_p50_s0
|
922621_16_item7_p45_s1
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All significant inputs are observable, or derived from observable information in the marketplace, or are supported by observable levels at which transactions are executed in the marketplace.
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from observable information in the marketplace, or are supported by observable levels at which transactions are executed in the marketplace.
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922621_17_item7_p54_s1
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922621_16_item7_p49_s1
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The presence of at least one unobservable input would result in classification as a Level 3 instrument.
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The presence of at least one unobservable input that has significant impact to the fair value measurement would result in classification as a Level 3 instrument.
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922621_17_item7_p54_s2
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922621_16_item7_p50_s0
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and considers factors specific to the asset, such as the relative impact on the fair value as a result of including a particular input and market conditions.
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922621_17_item7_p83_s3
|
922621_16_item7_p51_s2
|
The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
|
The methodologies used by the trustee and custodian that support a financial instrument Level 2 classification include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuers spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
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922621_17_item7_p62_s2
|
922621_16_item7_p58_s2
|
Due to this delay, these financial statements do not reflect the market conditions experienced in the fourth quarter of 2015 .
|
Due to this delay, these financial statements do not reflect the market conditions experienced in the fourth quarter of 2016 .
| 2 |
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922621_17_item7_p81_s2
|
922621_16_item7_p76_s2
|
The market-related asset experience during 2015 that related to the actual investment return being different from that assumed during the prior year was a loss of $37.0 million .
|
The market-related asset experience during 2016 that related to the actual investment return being different from that assumed during the prior year was a loss of $1.5 million .
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922621_17_item7_p55_s2
|
922621_16_item7_p78_s3
|
The methodologies used by the trustee and custodian that support a financial instrument Level 2 classification include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuers spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
|
The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
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922621_17_item7_p98_s0
|
922621_16_item7_p93_s0
|
The Exchange plans to continue its efforts to grow premiums and improve its competitive position in the marketplace.
|
Future trends-premium revenue The Exchange plans to continue its efforts to grow premiums and improve its competitive position in the marketplace.
| 2 |
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922621_17_item7_p104_s3
|
922621_16_item7_p99_s3
|
The consistency in the service agreement revenue compared to the growth in policies in force reflects the continued shift in policies to the monthly direct debit payment plan, which does not incur service charges, and the no-fee single payment plan, which offers a premium discount.
|
The decrease in service agreement revenue compared to the growth in policies in force reflects the continued shift in policies to the monthly direct debit payment plan, which does not incur service charges, and the no-fee single payment plan, which offers a premium discount.
| 2 |
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922621_18_item7_p109_s1
|
922621_17_item7_p116_s1
|
Net realized gains in 2016 were primarily attributable to gains from sales of common stock trading securities.
|
Net realized gains in 2017 were primarily due to gains from the sales of fixed maturity securities, partially offset by losses from sales of equity securities, while gains in 2016 were primarily attributable to gains from sales of common stock trading securities.
| 2 |
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922621_18_item7_p115_s0
|
922621_17_item7_p121_s2
|
The increase in earnings in 2015 was due to higher earnings from private equity investments that were partially offset by lower earnings from real estate investments.
|
The decrease in earnings in 2016 was primarily the result of lower earnings from private equity investments that were partially offset by higher earnings from real estate investments.
| 2 |
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922621_18_item7_p131_s0
|
922621_17_item7_p135_s0
|
Common Stock Equity securities classified as available-for-sale include certain exchange traded funds with underlying holdings of fixed maturity securities.
|
(1) Includes certain exchange traded funds with underlying holdings of fixed maturity securities.
| 2 |
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922621_18_item7_p134_s4
|
922621_17_item7_p138_s4
|
The 2015 actuarial gain was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.57% in 2015 , from 4.17% in 2014 .
|
The 2016 actuarial loss was primarily due to the change in the discount rate assumption used to measure the future benefit obligations to 4.24% in 2016 , from 4.57% in 2015 .
| 2 |
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922621_18_item7_p148_s6
|
922621_17_item7_p151_s1
|
These shares were delivered in 2016 .
|
These shares were delivered in 2015 .
| 2 |
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[] |
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922621_18_item7_p148_s2
|
922621_17_item7_p152_s1
|
These shares were delivered in 2015 .
|
These shares were delivered in 2017 .
| 2 |
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[
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922621_18_item7_p148_s4
|
922621_17_item7_p152_s1
|
These shares were delivered in 2015 .
|
These shares were delivered in 2016 .
| 2 |
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