10-Q 1 sigi-20240630.htm 10-Q sigi-20240630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: June 30, 2024
or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from_____________________________to_____________________________
 
Commission File Number: 001-33067

Selective Insurance Logo.jpg

SELECTIVE INSURANCE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)

New Jersey22-2168890
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (973) 948-3000

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, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit 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 the 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☐Emerging growth company☐
Non-accelerated filer☐Smaller reporting 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 Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 19, 2024, there were 60,833,139 shares of common stock, par value $2.00 per share, outstanding. 

    
SELECTIVE INSURANCE GROUP, INC.
Table of Contents
  Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
SELECTIVE INSURANCE GROUP, INC.
CONSOLIDATED BALANCE SHEETS		Unaudited
($ in thousands, except share amounts)June 30, 2024December 31, 2023
ASSETS  
Investments:  
Fixed income securities, held-to-maturity – at carrying value (fair value: $18,556 – 2024; $21,923 – 2023)
$19,496 22,700 
Less: allowance for credit losses— — 
Fixed income securities, held-to-maturity, net of allowance for credit losses19,496 22,700 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $31,309 – 2024 and $28,212 – 2023; amortized cost: $8,080,498 – 2024 and $7,880,697 – 2023)
7,669,033 7,499,197 
Commercial mortgage loans – at carrying value (fair value: $209,041 – 2024 and $178,913 – 2023)
219,613 188,708 
Less: allowance for credit losses(154)(291)
Commercial mortgage loans, net of allowance for credit losses219,459 188,417 
Equity securities – at fair value (cost: $187,286 – 2024; $183,076 – 2023)
191,964 187,155 
Short-term investments417,346 309,317 
Alternative investments414,780 395,779 
Other investments89,742 91,164 
Total investments (Note 4 and 5)$9,021,820 8,693,729 
Cash160 180 
Restricted cash10,748 13,092 
Accrued investment income72,305 66,339 
Premiums receivable1,600,765 1,331,979 
Less: allowance for credit losses (Note 6)(21,100)(18,900)
Premiums receivable, net of allowance for credit losses1,579,665 1,313,079 
Reinsurance recoverable687,288 658,525 
Less: allowance for credit losses (Note 7)(1,700)(1,700)
Reinsurance recoverable, net of allowance for credit losses685,588 656,825 
Prepaid reinsurance premiums219,785 203,320 
Current federal income tax38,588 — 
Deferred federal income tax145,897 140,237 
Property and equipment – at cost, net of accumulated depreciation and amortization of: $278,525 – 2024; $271,409 – 2023
89,196 83,272 
Deferred policy acquisition costs476,519 424,864 
Goodwill7,849 7,849 
Other assets217,370 199,760 
Total assets$12,565,490 11,802,546 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Reserve for loss and loss expense (Note 8)$5,903,525 5,336,911 
Unearned premiums2,598,668 2,330,656 
Long-term debt508,801 503,946 
Current federal income tax— 6,251 
Accrued salaries and benefits92,585 122,003 
Other liabilities539,220 548,398 
Total liabilities$9,642,799 8,848,165 
Stockholders’ Equity:  
Preferred stock of $0 par value per share:
$200,000 200,000 
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2024 and 2023
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,516,194 – 2024; 105,223,307 – 2023
211,032 210,447 
Additional paid-in capital545,263 522,748 
Retained earnings3,001,054 3,029,396 
Accumulated other comprehensive income (loss) (Note 11)(392,721)(373,001)
Treasury stock – at cost (shares:  44,656,246 – 2024; 44,586,870 – 2023)
(641,937)(635,209)
Total stockholders’ equity$2,922,691 2,954,381 
Commitments and contingencies
Total liabilities and stockholders’ equity$12,565,490 11,802,546 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME		Quarter ended June 30,Six Months ended June 30,
($ in thousands, except per share amounts)2024202320242023
Revenues:  
Net premiums earned$1,080,231 942,150 $2,131,175 1,844,486 
Net investment income earned108,642 97,696 216,491 189,202 
Net realized and unrealized investment gains (losses)1,297 (5,426)(338)(2,082)
Other income5,835 6,104 13,636 8,738 
Total revenues1,196,005 1,040,524 2,360,964 2,040,344 
Expenses:  
Loss and loss expense incurred925,548 646,130 1,629,840 1,213,568 
Amortization of deferred policy acquisition costs226,426 194,793 445,861 384,554 
Other insurance expenses107,773 108,857 223,760 217,445 
Interest expense7,202 7,258 14,383 14,424 
Corporate expenses9,154 9,329 24,652 21,437 
Total expenses1,276,103 966,367 2,338,496 1,851,428 
Income (loss) before federal income tax
(80,098)74,157 22,468 188,916 
Federal income tax expense (benefit):
  
Current(17,622)17,366 3,791 42,871 
Deferred843 (1,817)(522)(5,137)
Total federal income tax expense (benefit)
(16,779)15,549 3,269 37,734 
Net income (loss)
$(63,319)58,608 $19,199 151,182 
Preferred stock dividends2,300 2,300 4,600 4,600 
Net income (loss) available to common stockholders
$(65,619)56,308 $14,599 146,582 
Earnings per common share:  
Net income (loss) available to common stockholders - Basic
$(1.08)0.93 $0.24 2.42 
Net income (loss) available to common stockholders - Diluted
$(1.08)0.92 $0.24 2.41 
    
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


2
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Quarter ended June 30,Six Months ended June 30,
($ in thousands)2024202320242023
Net income (loss)$(63,319)58,608 $19,199 151,182 
Other comprehensive income (loss), net of tax:  
Unrealized gains (losses) on investment securities:  
Unrealized holding gains (losses) arising during period(6,594)(47,937)(18,887)4,142 
Unrealized gains (losses) on securities with credit loss recognized in earnings(2,927)(4,764)(5,401)12,957 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities33 7,413 (28)12,235 
Credit loss (benefit) expense975 (683)3,068 (8,210)
Total unrealized gains (losses) on investment securities(8,513)(45,971)(21,248)21,124 
Defined benefit pension and post-retirement plans:  
Amounts reclassified into net income (loss):
Net actuarial loss764 598 1,528 1,196 
Total defined benefit pension and post-retirement plans764 598 1,528 1,196 
Other comprehensive income (loss)(7,749)(45,373)(19,720)22,320 
Comprehensive income (loss)$(71,068)13,235 $(521)173,502 
 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


3
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY		Quarter ended June 30,Six Months ended June 30,
($ in thousands, except share and per share amounts)2024202320242023
Preferred stock:
Beginning of period$200,000 200,000 $200,000 200,000 
Issuance of preferred stock— — — — 
End of period200,000 200,000 200,000 200,000 
Common stock:  
Beginning of period210,895 210,149 210,447 209,694 
Dividend reinvestment plan10 10 20 19 
Stock purchase and compensation plans127 137 565 583 
End of period211,032 210,296 211,032 210,296 
Additional paid-in capital:  
Beginning of period534,327 502,713 522,748 493,488 
Dividend reinvestment plan484 449 972 908 
Stock purchase and compensation plans10,452 8,878 21,543 17,644 
End of period545,263 512,040 545,263 512,040 
Retained earnings:  
Beginning of period3,088,150 2,821,613 3,029,396 2,749,703 
Net income (loss)
(63,319)58,608 19,199 151,182 
Dividends to preferred stockholders(2,300)(2,300)(4,600)(4,600)
Dividends to common stockholders(21,477)(18,352)(42,941)(36,716)
End of period3,001,054 2,859,569 3,001,054 2,859,569 
Accumulated other comprehensive income (loss):  
Beginning of period(384,972)(430,349)(373,001)(498,042)
Other comprehensive income (loss) (7,749)(45,373)(19,720)22,320 
End of period(392,721)(475,722)(392,721)(475,722)
Treasury stock:  
Beginning of period(641,906)(634,722)(635,209)(627,279)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(31)(69)(6,728)(7,512)
End of period(641,937)(634,791)(641,937)(634,791)
Total stockholders’ equity$2,922,691 2,671,392 $2,922,691 2,671,392 
Dividends declared per preferred share$287.50 287.50 $575.00 575.00 
Dividends declared per common share$0.35 0.30 $0.70 0.60 
Preferred stock, shares outstanding:
Beginning of period 8,000 8,000 8,000 8,000 
Issuance of preferred stock— — — — 
End of period8,000 8,000 8,000 8,000 
Common stock, shares outstanding:
Beginning of period60,791,439 60,492,586 60,636,437 60,338,900 
Dividend reinvestment plan5,153 4,665 9,959 9,315 
Stock purchase and compensation plan63,664 68,923 282,928 291,739 
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(308)(691)(69,376)(74,471)
End of period60,859,948 60,565,483 60,859,948 60,565,483 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

4
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS		Six Months ended June 30,
($ in thousands)20242023
Operating Activities  
Net income (loss)$19,199 151,182 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  
Depreciation and amortization18,915 17,179 
Stock-based compensation expense16,709 12,886 
Undistributed gains of equity method investments(14,572)(13,478)
Distributions in excess of current year income of equity method investments10,377 6,698 
Net realized and unrealized (gains) losses338 2,082 
Loss (gain) on disposal of fixed assets321 5 
Changes in assets and liabilities:  
Increase in reserve for loss and loss expense, net of reinsurance recoverable537,851 168,221 
Increase in unearned premiums, net of prepaid reinsurance251,547 240,189 
(Increase) decrease in net federal income taxes(45,257)1,006 
Increase in premiums receivable(266,586)(200,807)
Increase in deferred policy acquisition costs(51,655)(45,189)
Increase in accrued investment income(5,926)(264)
Decrease in accrued salaries and benefits(29,418)(23,192)
Increase in other assets(22,122)(4,667)
Decrease in other liabilities(39,385)(18,205)
Net cash provided by (used in) operating activities380,336 293,646 
Investing Activities  
Purchases of fixed income securities, available-for-sale(1,027,136)(1,562,206)
Purchases of commercial mortgage loans(34,281)(27,201)
Purchases of equity securities(13,738)(8,373)
Purchases of alternative investments and other investments(34,000)(21,161)
Purchases of short-term investments(3,016,380)(2,422,123)
Sales of fixed income securities, available-for-sale451,386 959,248 
Proceeds from commercial mortgage loans3,376 968 
Sales of short-term investments2,908,653 2,543,683 
Redemption and maturities of fixed income securities, held-to-maturity3,204 7,481 
Redemption and maturities of fixed income securities, available-for-sale415,790 227,884 
Sales of equity securities12,252 51,763 
Sales of other investments— 892 
Distributions from alternative investments and other investments11,526 5,130 
Purchases of property and equipment(13,932)(9,549)
Net cash provided by (used in) investing activities(333,280)(253,564)
Financing Activities  
Dividends to preferred stockholders(4,600)(4,600)
Dividends to common stockholders(41,573)(35,385)
Acquisition of treasury stock(6,728)(7,512)
Net proceeds from stock purchase and compensation plans4,747 4,695 
Proceeds from borrowings— 20,000 
Repayments of borrowings— (20,000)
Repayments of finance lease obligations(1,266)(1,231)
Net cash provided by (used in) financing activities(49,420)(44,033)
Net increase (decrease) in cash and restricted cash(2,364)(3,951)
Cash and restricted cash, beginning of period13,272 25,209 
Cash and restricted cash, end of period$10,908 21,258 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
5
NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation
The words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2024 (“Second Quarter 2024”) and June 30, 2023 (“Second Quarter 2023”), and the six-month periods ended June 30, 2024 ("Six Months 2024") and June 30, 2023 ("Six Months 2023"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 
In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. We adopted this guidance on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low income housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. We adopted ASU 2023-02 on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

Pronouncements to be effective in the future
In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends disclosure requirements for segment reporting by modifying and adding disclosure requirements. The additional disclosure requirements include the following on both an interim and annual basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"); (ii) amounts for "other segment items" by reportable segment and a description of its composition; and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting, to now be disclosed in interim periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-07 will not have a material impact on our financial condition or results of operations.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures
6
are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.

NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

 Six Months ended June 30,
($ in thousands)20242023
Cash paid (received) during the period for:  
Interest$14,209 14,164 
Federal income tax46,000 34,000 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases3,884 4,038 
Operating cash flows from financing leases65 20 
Financing cash flows from finance leases1,266 1,231 
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
10,250 23,150 
Corporate actions related to equity securities1
29,250 — 
Assets acquired under finance lease arrangements5,947 — 
Assets acquired under operating lease arrangements10,257 4,509 
Non-cash purchase of property and equipment9 — 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)June 30, 2024December 31, 2023
Cash$160 180 
Restricted cash10,748 13,092 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$10,908 13,272 

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments
(a) Information regarding our AFS securities as of June 30, 2024 and December 31, 2023, were as follows:

June 30, 2024Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$170,819 — 56 (19,907)150,968 
Foreign government10,687 (26)— (1,427)9,234 
Obligations of states and political subdivisions558,455 (639)770 (33,151)525,435 
Corporate securities2,987,824 (15,950)17,803 (143,725)2,845,952 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")1,972,687 (3,022)16,359 (69,904)1,916,120 
Residential mortgage-backed securities ("RMBS")
1,624,078 (11,660)2,954 (111,420)1,503,952 
Commercial mortgage-backed securities ("CMBS")755,948 (12)814 (39,378)717,372 
Total AFS fixed income securities$8,080,498 (31,309)38,756 (418,912)7,669,033 

7
December 31, 2023Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$223,157 — 139 (18,261)205,035 
Foreign government11,140 (35)— (1,302)9,803 
Obligations of states and political subdivisions612,938 (669)2,623 (28,927)585,965 
Corporate securities2,834,048 (12,999)28,078 (137,888)2,711,239 
CLO and other ABS1,911,831 (2,854)11,855 (86,005)1,834,827 
RMBS1,568,960 (11,649)6,023 (85,851)1,477,483 
CMBS718,623 (6)1,358 (45,130)674,845 
Total AFS fixed income securities$7,880,697 (28,212)50,076 (403,364)7,499,197 

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$29 — — (3)— — 26 
Obligations of states and political subdivisions695 18 — (74)— — 639 
Corporate securities15,442 846 — (126)(212)— 15,950 
CLO and other ABS2,627 271 — 126 (2)— 3,022 
RMBS11,580 — — 171 (91)— 11,660 
CMBS8 — — 4 — — 12 
Total AFS fixed income securities$30,381 1,135 — 98 (305)— 31,309 

Quarter ended June 30, 2023Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$36 — — (2)— — 34 
Obligations of states and political subdivisions737 67 — (35)— — 769 
Corporate securities16,756 1,438 — (1,070)(939)(36)16,149 
CLO and other ABS3,895 622 — (1,595)(7)— 2,915 
RMBS11,740 1 — (50)(141)— 11,550 
CMBS390 — — (240)(142)— 8 
Total AFS fixed income securities$33,554 2,128 — (2,992)(1,229)(36)31,425 

Six Months ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$35 — — (3)(6)— 26 
Obligations of states and political subdivisions669 37 — (59)(8)— 639 
Corporate securities12,999 2,362 — 1,166 (568)(9)15,950 
CLO and other ABS2,854 427 — (255)(4)— 3,022 
RMBS11,649 — — 202 (191)— 11,660 
CMBS6 2 — 4 — — 12 
Total AFS fixed income securities$28,212 2,828 — 1,055 (777)(9)31,309 
8
Six Months ended June 30, 2023Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$284 — — (250)— — 34 
Obligations of states and political subdivisions1,024 67 — (239)(83)— 769 
Corporate securities30,330 4,141 — (14,884)(3,387)(51)16,149 
CLO and other ABS2,375 677 — (127)(10)