Company Quick10K Filing
⚲
Old Republic
Financials
Price23.18 EPS2
Shares304 P/E10
MCap7,037 P/FCF11
Net Debt-110 EBIT870
TEV6,927 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-03-01
Reports
8-K 2020-10-22
8-K 2020-07-23
8-K 2020-07-16
8-K 2020-05-22
8-K 2020-04-23
8-K 2020-04-15
8-K 2020-03-30
8-K 2020-03-12
8-K 2020-02-26
8-K 2020-02-26
8-K 2020-01-23
8-K 2019-12-11
8-K 2019-10-24
8-K 2019-10-01
8-K 2019-08-21
8-K 2019-08-21
8-K 2019-07-25
8-K 2019-05-24
8-K 2019-05-09
8-K 2019-04-25
8-K 2019-01-30
8-K 2019-01-24
8-K 2018-10-25
8-K 2018-08-23
8-K 2018-07-26
8-K 2018-05-25
8-K 2018-04-26
8-K 2018-03-15
8-K 2018-01-25
8-K 2017-12-31

ORI 10Q Quarterly Report

Content
Item 3 - Quantitative and Qualitative Disclosure About Market Risk
Item 4 - Controls and Procedures
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 6 - Exhibits
Exhibits
EX-31.1 a3q20crscertificatione.htm
EX-31.2 a3q20kwmcertificatione.htm
EX-32.1 a3q20crscertexhibit321.htm
EX-32.2 a3q20kwmcertexhibit322.htm

Old Republic Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
 1.91.51.10.60.2-0.22012201420172020
Rev, G Profit, Net Income
 0.50.2-0.0-0.3-0.5-0.82012201420172020
Ops, Inv, Fin
ori-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM10-Q
☒Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
for the quarterly period ended: September 30, 2020
or
☐Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
Commission File Number:001-10607
OLD REPUBLIC INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-2678171
(State or other jurisdiction of(IRS Employer Identification No.)
incorporation or organization)
307 North Michigan AvenueChicagoIllinois60601
(Address of principal executive office)(Zip Code)

Registrant's telephone number, including area code: 312-346-8100

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock / $1 par valueORINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒ No: ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes: ☒ No: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).Yes: ☐  No: ☒

The number of shares of the Registrant's Common Stock outstanding at September 30, 2020 was 304,062,837.

There are 54 pages in this report


OLD REPUBLIC INTERNATIONAL CORPORATION
Report on Form 10-Q / September 30, 2020
INDEX
PAGE NO.
PART IFINANCIAL INFORMATION:
CONSOLIDATED BALANCE SHEETS3
CONSOLIDATED STATEMENTS OF INCOME4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME5
CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON
SHAREHOLDERS' EQUITY6
CONSOLIDATED STATEMENTS OF CASH FLOWS7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS8 - 19
MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS20 - 49
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK50
CONTROLS AND PROCEDURES50
PART IIOTHER INFORMATION:
ITEM 1 - LEGAL PROCEEDINGS51
ITEM 1A - RISK FACTORS51
ITEM 6 - EXHIBITS52
SIGNATURE53
EXHIBIT INDEX54




2

Old Republic International Corporation and Subsidiaries
Consolidated Balance Sheets
($ in Millions, Except Share Data)
(Unaudited)
September 30,December 31,
20202019
Assets
Investments:
Available for sale:
Fixed maturity securities (at fair value) (amortized cost: $9,620.9 and $8,537.3)$10,206.6 $8,796.5 
Short-term investments (at fair value which approximates cost)748.1 484.3 
Total10,954.8 9,280.9 
Held to maturity:
Fixed maturity securities (at amortized cost) (fair value: $- and $1,058.2)— 1,021.7 
Equity securities (at fair value) (cost: $3,271.0 and $3,089.1)3,682.9 4,030.5 
Other investments25.2 26.0 
Total investments14,662.9 14,359.2 
Other Assets:
Cash95.0 78.8 
Accrued investment income88.0 89.3 
Accounts and notes receivable1,734.0 1,466.7 
Federal income tax recoverable: Current— 5.7 
Reinsurance balances and funds held202.2 178.4 
Reinsurance recoverable: Paid losses81.0 68.5 
 Policy and claim reserves4,278.8 3,755.3 
Deferred policy acquisition costs328.8 325.4 
Sundry assets777.6 748.5 
Total Other Assets7,585.7 6,717.1 
Total Assets$22,248.7 $21,076.3 
Liabilities, Preferred Stock, and Common Shareholders' Equity
Liabilities:
Losses, claims, and settlement expenses$10,557.1 $9,929.5 
Unearned premiums2,495.6 2,224.7 
Other policyholders' benefits and funds194.3 194.4 
Total policy liabilities and accruals13,247.1 12,348.7 
Commissions, expenses, fees, and taxes540.3 550.9 
Reinsurance balances and funds852.1 616.0 
Federal income tax payable: Current9.4 — 
Federal income tax payable: Deferred66.4 112.2 
Debt966.2 974.0 
Sundry liabilities492.5 474.1 
Commitments and contingent liabilities
Total Liabilities16,174.0 15,076.1 
Preferred Stock (1)
— — 
Common Shareholders' Equity:
Common stock (1)304.0 303.6 
Additional paid-in capital1,305.6 1,297.5 
Retained earnings4,234.9 4,386.0 
Accumulated other comprehensive income (loss)336.1 77.7 
Unallocated ESSOP shares (at cost)(106.1)(64.8)
Total Common Shareholders' Equity6,074.6 6,000.1 
Total Liabilities, Preferred Stock and Common Shareholders' Equity$22,248.7 $21,076.3 
________

(1)    At September 30, 2020 and December 31, 2019, there were 75,000,000 shares of $0.01 par value preferred stock authorized, of which no shares were outstanding. As of the same dates, there were 500,000,000 shares of common stock, $1.00 par value, authorized, of which 304,062,837 and 303,652,553 were issued as of September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, there were 100,000,000 shares of Class B Common Stock, $1.00 par value, authorized, of which no shares were issued.
See accompanying Notes to Consolidated Financial Statements.

3

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
($ in Millions, Except Share Data)
Quarters EndedNine Months Ended
September 30,September 30,
2020201920202019
Revenues:
Net premiums earned$1,496.0 $1,423.4 $4,225.8 $4,016.5 
Title, escrow, and other fees168.9 138.2 418.9 363.8 
Total premiums and fees1,664.9 1,561.7 4,644.8 4,380.4 
Net investment income106.4 112.7 329.3 337.8 
Other income31.7 32.9 98.5 97.4 
Total operating revenues1,803.0 1,707.3 5,072.7 4,815.7 
Investment gains (losses):
Realized from actual transactions1.4 6.3 12.7 31.3 
Realized from impairments— — — (2.0)
Unrealized from changes in fair value of
equity securities79.2 57.3 (529.4)439.3 
Total realized and unrealized investment
gains (losses)80.7 63.6 (516.7)468.7 
Total revenues1,883.8 1,771.0 4,556.0 5,284.4 
Benefits, Claims and Expenses:
Benefits, claims and settlement expenses633.2 659.5 1,870.8 1,887.9 
Dividends to policyholders4.9 4.2 14.0 17.2 
Underwriting, acquisition, and other expenses929.1 845.0 2,603.0 2,372.0 
Interest and other charges9.5 9.7 31.8 30.8 
Total expenses1,576.8 1,518.6 4,519.8 4,308.0 
Income (loss) before income taxes (credits)306.9 252.4 36.1 976.3 
Income Taxes (Credits):
Current45.0 38.9 110.9 113.2 
Deferred15.9 10.5 (113.7)82.4 
Total60.9 49.5 (2.7)195.6 
Net Income (Loss)$246.0 $202.8 $38.9 $780.6 
Net Income (Loss) Per Share:
Basic$.83 $.68 $.13 $2.60 
Diluted$.83 $.67 $.13 $2.59 
Average shares outstanding: Basic297,729,418299,894,995298,526,123299,740,751
Diluted297,990,822301,384,364299,015,526301,034,156

See accompanying Notes to Consolidated Financial Statements.

4

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
($ in Millions)
Quarters EndedNine Months Ended
September 30,September 30,
2020201920202019
Net Income (Loss) As Reported$246.0 $202.8 $38.9 $780.6 
Other comprehensive income (loss):
Unrealized gains (losses) on securities:
Unrealized gains (losses) before reclassifications,
not included in the statements of income32.3 53.3 321.5 366.6 
Amounts reclassified as realized investment (gains)
losses in the statements of income(.7)7.3 7.8 10.7 
Pretax unrealized gains (losses) on securities31.6 60.7 329.3 377.3 
Deferred income taxes (credits)6.6 12.7 69.5 79.5 
Net unrealized gains (losses) on securities, net of tax24.9 48.0 259.8 297.8 
Defined benefit pension plans:
Net pension adjustment before reclassifications— — — (2.6)
Amounts reclassified as underwriting, acquisition,
and other expenses in the statements of income.9 1.0 2.7 3.0 
Pretax net adjustment related to defined benefit
pension plans.9 1.0 2.7 .4 
Deferred income taxes (credits).1 .2 .5 .1 
Net adjustment related to defined benefit pension
plans, net of tax.7 .8 2.1 .3 
Foreign currency translation and other adjustments2.8 (1.6)(3.6)3.8 
Total other comprehensive income (loss)28.5 47.2 258.3 302.0 
Comprehensive Income (Loss)$274.5 $250.1 $297.3 $1,082.7 


See accompanying Notes to Consolidated Financial Statements.

5

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Preferred Stock
and Common Shareholders' Equity (Unaudited)
($ in Millions)
Quarters EndedNine Months Ended
September 30,September 30,
2020201920202019
Convertible Preferred Stock:
Balance, beginning and end of period$— $— $— $— 
Common Stock:
Balance, beginning of period$304.0 $303.2 $303.6 $302.7 
Dividend reinvestment plan— — — — 
Net issuance of shares under stock based compensation plans— .3 .3 .7 
Balance, end of period$304.0 $303.5 $304.0 $303.5 
Additional Paid-in Capital:
Balance, beginning of period$1,305.1 $1,288.6 $1,297.5 $1,277.6 
Dividend reinvestment plan.2 1.0 .7 1.4 
Net issuance of shares under stock based compensation plans.1 4.3 4.8 10.3 
Stock based compensation.4 .4 2.0 3.6 
ESSOP shares released— .8 .7 2.1 
Other - net(.2)— (.2)— 
Balance, end of period$1,305.6 $1,295.2 $1,305.6 $1,295.2 
Retained Earnings:
Balance, beginning of period$4,051.2 $4,326.7 $4,386.0 $3,849.8 
Change in accounting principle— — (2.3)18.4 
Balance, beginning of period, as adjusted4,051.2 4,326.7 4,383.6 3,868.3 
Net income (loss)246.0 202.8 38.9 780.6 
Dividends on common shares ($.21, $1.20, $.63 and $1.60 per
common share)(62.4)(359.4)(187.7)(478.8)
Balance, end of period$4,234.9 $4,170.1 $4,234.9 $4,170.1 
Accumulated Other Comprehensive Income (Loss):
Balance, beginning of period$307.5 $44.8 $77.7 $(210.0)
Net unrealized gains (losses) on securities, net of tax24.9 48.0 259.8 297.8 
Net adjustment related to defined benefit pension plans,
net of tax.7 .8 2.1 .3 
Foreign currency translation and other adjustments2.8 (1.6)(3.6)3.8 
Balance, end of period$336.1 $92.0 $336.1 $92.0 
Unallocated ESSOP Shares:
Balance, beginning of period$(109.0)$(69.4)$(64.8)$(73.9)
ESSOP shares released2.8 2.2 8.6 6.8 
Purchase of unallocated ESSOP shares— — (50.0)— 
Balance, end of period$(106.1)$(67.1)$(106.1)$(67.1)

See accompanying Notes to Consolidated Financial Statements.

6

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
($ in Millions)
Nine Months Ended
September 30,
20202019
Cash flows from operating activities:
Net income (loss)$38.9 $780.6 
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Deferred policy acquisition costs(3.3)(16.5)
Premiums and other receivables(263.5)(188.3)
Unpaid claims and related items328.8 142.8 
Unearned premiums and other policyholders' liabilities46.0 81.0 
Income taxes(99.7)97.1 
Prepaid federal income taxes— (8.6)
Reinsurance balances193.1 130.5 
Realized investment (gains) losses from actual transactions and impairments(12.7)(29.3)
Unrealized investment (gains) losses from changes in fair value
of equity securities529.4 (439.3)
Accounts payable, accrued expenses and other51.9 116.1 
Total808.9 666.2 
Cash flows from investing activities:
Fixed maturity securities:
Available for sale:
Maturities and early calls935.3 464.4 
Sales343.6 430.3 
Sales of:
Equity securities159.1 520.6 
Other - net7.1 28.2 
Purchases of:
Fixed maturity securities:
Available for sale(1,380.2)(1,016.4)
Equity securities(321.0)(430.2)
Other - net(31.7)(42.4)
Net decrease (increase) in short-term investments(263.6)(132.0)
Other - net(.4)(1.2)
Total(551.9)(178.6)
Cash flows from financing activities:
Issuance of common shares6.0 12.7 
Redemption of debentures and notes(8.6)(8.4)
Purchase of unallocated common shares by ESSOP(50.0)— 
Dividends on common shares (including a special dividend paid in September
2019 of $303.4)(187.7)(478.8)
Other - net(.5)(3.7)
Total(240.8)(478.3)
Increase (decrease) in cash16.1 9.2 
Cash, beginning of period78.8 100.3 
Cash, end of period$95.0 $109.6 
Supplemental cash flow information:
Cash paid (received) during the period for: Interest$41.3 $41.9 
                                                                         Income taxes$98.2 $99.0 
See accompanying Notes to Consolidated Financial Statements.

7

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
($ in Millions, Except Share Data)

1. Accounting Policies and Basis of Presentation:

The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP"). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2019 Annual Report on Form 10-K incorporated herein by reference.

Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. Recent pronouncements are discussed below.

a) Effective January 1, 2019, the Company adopted FASB guidance on lease accounting which requires balance sheet recognition of all leases with a term greater than 12 months. The Company's adoption of this guidance is discussed in Note 7.

b) Effective January 1, 2020, the Company adopted the FASB’s current expected credit loss standard ("CECL") which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of certain financial assets measured at amortized cost, including the Company’s reinsurance recoverables, held to maturity securities and its accounts and notes receivable. CECL replaces the current incurred loss impairment model that recognizes losses when a probability threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased and at subsequent measurement dates. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheet.

The guidance also modifies the impairment model for available for sale fixed maturity securities by requiring the recognition of other than temporary impairments ("OTTI") relating to credit losses through an allowance account, as opposed to a charge that cannot be revised should the underlying security recover. Under the guidance, the length of time a security has been in an unrealized loss position will no longer impact the determination as to whether an OTTI loss exists.

The guidance relating to financial assets measured at amortized cost was adopted on a modified retrospective basis, resulting in a net of tax adjustment to January 1, 2020 retained earnings of $2.3. The Company’s total credit loss allowance relating to financial assets increased from $30.1 as of January 1, 2020 to $35.7 at September 30, 2020. The September 30, 2020 allowance was comprised of $16.0 related to reinsurance recoverables and $19.7 related to accounts and notes receivable. At adoption, the allowance included $14.5 related to reinsurance recoverables, $15.5 related to accounts and notes receivable, and an immaterial amount related to held to maturity securities.

The Company performs an ongoing evaluation of reinsurance balances outstanding and uses a probability-of-default methodology to estimate the credit allowance for uncollectible amounts. Allowances for uncollectible accounts and notes receivable are established based on a review of amounts outstanding, historical charge off activity, and current and forecasted economic conditions.

The revised impairment guidance for available for sale fixed maturity securities was adopted on a prospective basis. Related disclosures relative to this standard’s impact on the Company’s investment portfolio are included in Note 3.

The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Necessary reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation.

2. Common Share Data:

Earnings Per Share - Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the quarterly and year-to-date periods. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.
8

Quarters EndedNine Months Ended
September 30,September 30,
2020201920202019
Numerator:
Basic and diluted earnings per share -
income (loss) available to common stockholders$246.0 $202.8 $38.9 $780.6 
Denominator:
Basic earnings per share -
weighted-average shares (a)297,729,418 299,894,995 298,526,123 299,740,751 
Effect of dilutive securities - stock based
   compensation awards261,404 1,489,369 489,403 1,293,405 
Diluted earnings per share -
adjusted weighted-average shares (a)297,990,822301,384,364299,015,526301,034,156
Earnings per share: Basic$.83 $.68 $.13 $2.60 
Diluted$.83 $.67 $.13 $2.59 
Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock based compensation awards8,063,111 40,000 5,858,669 2,238,055 
__________

(a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.

3. Investments:

The Company classifies its fixed maturity securities as those it either (1) has the positive intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. As of June 30, 2020 the Company changed its intent to hold its tax exempt municipal bond portfolio until maturity and consequently, reclassified these securities from their previous held to maturity designation to available for sale. As a result, cumulative net of tax unrealized gains of $48.5 were recognized in other comprehensive income as of that date. The Company's entire fixed maturity portfolio is now classified as available for sale.

Fixed maturity securities classified as "available for sale" are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Fixed maturity securities classified as "held to maturity" are carried at amortized cost. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values for fixed maturity securities and equity securities are based on quoted market prices or estimates using values obtained from recognized independent pricing services.

The status and fair value changes of each of the fixed maturity investments are reviewed at least once per quarter during the year, and estimates of other-than-temporary impairments ("OTTI") in the portfolio's value are evaluated and established at each quarterly balance sheet date. In reviewing investments for OTTI, the Company, in addition to a security's market price history, considers the totality of such factors as the issuer's operating results, financial condition and liquidity, its ability to access capital markets, credit rating trends, most current audited financial statements, industry and securities markets conditions, and analyst expectations to reach its conclusions. Sudden fair value declines caused by such adverse developments as newly emerged or imminent bankruptcy filings, issuer default on significant obligations, or reports of financial accounting developments that bring into question the validity of the issuer's previously reported earnings or financial condition, are recognized as realized losses as soon as credible publicly available information emerges to confirm such developments. In the event the Company's estimate of OTTI is insufficient at any point in time, future periods' net income (loss) would be negatively impacted by the recognition of additional impairment losses, but its financial position would not necessarily be affected adversely inasmuch as such losses, or a portion of them, could have been recognized previously as unrealized losses directly in shareholders' equity. The Company recognized no OTTI adjustments for the quarter and nine months ended September 30, 2020, and $0 and $2.0 of OTTI adjustments for the quarter and nine months ended September 30, 2019, respectively.

A summary of fixed maturity securities by type, contractual maturity and credit quality are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
9

Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Fixed Maturity Securities by Type:
September 30, 2020:
Available for sale:
U.S. & Canadian Governments$1,860.2 $105.4 $.1 $1,965.5 
Tax-exempt1,004.1 66.8 — 1,071.0 
Corporate6,756.5 425.5 11.9 7,170.1 
$9,620.9 $597.8 $12.1 $10,206.6 
December 31, 2019:
Available for sale:
U.S. & Canadian Governments$1,842.3 $36.9 $.4 $1,878.8 
Corporate6,694.9 225.5 2.8 6,917.6 
$8,537.3 $262.5 $3.3 $8,796.5 
Held to maturity:
Tax-exempt$1,021.7 $36.5 $— $1,058.2 
Amortized
Cost		Estimated
Fair
Value
Fixed Maturity Securities Stratified by Contractual Maturity at September 30, 2020:
Available for sale:
Due in one year or less$993.2 $1,003.2 
Due after one year through five years5,444.9 5,750.7 
Due after five years through ten years3,036.4 3,303.2 
Due after ten years146.3 149.3 
$9,620.9 $10,206.6 
Fixed Maturity Securities Stratified by Credit Quality (a):
All Fixed Maturity SecuritiesHeld to Maturity
September 30,December 31,December 31,
20202019