10-Q 1 sigi-20230930.htm 10-Q sigi-20230930
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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: September 30, 2023
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 October 31, 2023, there were 60,588,494 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)September 30, 2023December 31, 2022
ASSETS  
Investments:  
Fixed income securities, held-to-maturity – at carrying value (fair value: $21,892 – 2023; $29,837 – 2022)
$23,240 31,157 
Less: allowance for credit losses— — 
Fixed income securities, held-to-maturity, net of allowance for credit losses23,240 31,157 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $33,538 – 2023 and $45,721 – 2022; amortized cost: $7,689,350 – 2023 and $7,185,754 – 2022)
7,027,104 6,612,107 
Commercial mortgage loans – at carrying value (fair value: $171,386 – 2023 and $139,243 – 2022)
186,114 149,305 
Less: allowance for credit losses(181)(116)
Commercial mortgage loans, net of allowance for credit losses185,933 149,189 
Equity securities – at fair value (cost:  $122,388 – 2023; $167,431 – 2022)
125,618 162,000 
Short-term investments315,026 440,456 
Alternative investments446,805 371,316 
Other investments72,188 71,244 
Total investments (Note 4 and 5)$8,195,914 7,837,469 
Cash109 26 
Restricted cash13,236 25,183 
Accrued investment income62,172 59,167 
Premiums receivable1,348,948 1,101,787 
Less: allowance for credit losses (Note 6)(18,900)(16,100)
Premiums receivable, net of allowance for credit losses1,330,048 1,085,687 
Reinsurance recoverable687,141 784,410 
Less: allowance for credit losses (Note 7)(1,800)(1,600)
Reinsurance recoverable, net of allowance for credit losses685,341 782,810 
Prepaid reinsurance premiums205,189 172,371 
Current federal income tax— 3,545 
Deferred federal income tax199,317 172,733 
Property and equipment – at cost, net of accumulated depreciation and amortization of:
$268,260 – 2023; $251,209 – 2022
81,372 84,306 
Deferred policy acquisition costs425,754 368,624 
Goodwill7,849 7,849 
Other assets221,658 202,491 
Total assets$11,427,959 10,802,261 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Reserve for loss and loss expense (Note 8)$5,301,370 5,144,821 
Unearned premiums2,342,196 1,992,781 
Long-term debt504,591 504,676 
Current federal income tax2,538 — 
Accrued salaries and benefits114,239 115,185 
Other liabilities518,602 517,234 
Total liabilities$8,783,536 8,274,697 
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 – 2023 and 2022
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,172,002 – 2023; 104,847,111 – 2022
210,344 209,694 
Additional paid-in capital516,854 493,488 
Retained earnings2,928,177 2,749,703 
Accumulated other comprehensive income (loss) (Note 11)(575,869)(498,042)
Treasury stock – at cost (shares:  44,585,641 – 2023; 44,508,211 – 2022)
(635,083)(627,279)
Total stockholders’ equity$2,644,423 2,527,564 
Commitments and contingencies
Total liabilities and stockholders’ equity$11,427,959 10,802,261 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME		Quarter ended September 30,Nine Months ended September 30,
($ in thousands, except per share amounts)2023202220232022
Revenues:  
Net premiums earned$981,917 853,879 $2,826,403 2,500,601 
Net investment income earned100,863 63,889 290,065 206,713 
Net realized and unrealized investment gains (losses)(6,880)(25,681)(8,962)(108,913)
Other income5,181 2,933 13,919 7,499 
Total revenues1,081,081 895,020 3,121,425 2,605,900 
Expenses:  
Loss and loss expense incurred645,897 547,826 1,859,465 1,566,930 
Amortization of deferred policy acquisition costs201,106 179,048 585,660 522,186 
Other insurance expenses108,504 102,806 325,949 298,310 
Interest expense7,186 7,179 21,610 21,599 
Corporate expenses5,871 5,522 27,308 24,442 
Total expenses968,564 842,381 2,819,992 2,433,467 
Income before federal income tax112,517 52,639 301,433 172,433 
Federal income tax expense:  
Current24,133 14,813 67,004 41,682 
Deferred(824)(4,699)(5,961)(7,624)
Total federal income tax expense23,309 10,114 61,043 34,058 
Net income$89,208 42,525 $240,390 138,375 
Preferred stock dividends2,300 2,300 6,900 6,900 
Net income available to common stockholders$86,908 40,225 $233,490 131,475 
Earnings per common share:  
Net income available to common stockholders - Basic$1.43 0.67 $3.85 2.18 
Net income available to common stockholders - Diluted$1.42 0.66 $3.83 2.16 
    
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		Quarter ended September 30,Nine Months ended September 30,
($ in thousands)2023202220232022
Net income $89,208 42,525 $240,390 138,375 
Other comprehensive income (loss), net of tax:  
Unrealized gains (losses) on investment securities:  
Unrealized holding gains (losses) arising during period(80,361)(149,803)(76,219)(532,744)
Unrealized gains (losses) on securities with credit loss recognized in earnings(25,989)(53,946)(13,032)(179,803)
Amounts reclassified into net income:
Held-to-maturity securities— 1 — 2 
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities3,656 11,246 15,891 38,233 
Credit loss (benefit) expense1,949 3,532 (6,261)33,214 
Total unrealized gains (losses) on investment securities(100,745)(188,970)(79,621)(641,098)
Defined benefit pension and post-retirement plans:  
Amounts reclassified into net income:
Net actuarial loss598 329 1,794 988 
Total defined benefit pension and post-retirement plans598 329 1,794 988 
Other comprehensive income (loss)(100,147)(188,641)(77,827)(640,110)
Comprehensive income (loss)$(10,939)(146,116)$162,563 (501,735)
 
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 September 30,Nine Months ended September 30,
($ in thousands, except share and per share amounts)2023202220232022
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 period210,296 209,506 209,694 208,902 
Dividend reinvestment plan8 11 27 34 
Stock purchase and compensation plans40 41 623 622 
End of period210,344 209,558 210,344 209,558 
Additional paid-in capital:  
Beginning of period512,040 481,380 493,488 464,347 
Dividend reinvestment plan427 438 1,335 1,325 
Stock purchase and compensation plans4,387 4,421 22,031 20,567 
End of period516,854 486,239 516,854 486,239 
Retained earnings:  
Beginning of period2,859,569 2,660,584 2,749,703 2,603,472 
Net income89,208 42,525 240,390 138,375 
Dividends to preferred stockholders(2,300)(2,300)(6,900)(6,900)
Dividends to common stockholders(18,300)(17,046)(55,016)(51,184)
End of period2,928,177 2,683,763 2,928,177 2,683,763 
Accumulated other comprehensive income (loss):  
Beginning of period(475,722)(336,370)(498,042)115,099 
Other comprehensive income (loss) (100,147)(188,641)(77,827)(640,110)
End of period(575,869)(525,011)(575,869)(525,011)
Treasury stock:  
Beginning of period(634,791)(621,010)(627,279)(608,935)
Acquisition of treasury stock - share repurchase authorization— (5,931)— (12,423)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(292)(75)(7,804)(5,658)
End of period(635,083)(627,016)(635,083)(627,016)
Total stockholders’ equity$2,644,423 2,427,533 $2,644,423 2,427,533 
Dividends declared per preferred share$287.50 287.50 $862.50 862.50 
Dividends declared per common share$0.30 0.28 $0.90 0.84 
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 period60,565,483 60,327,734 60,338,900 60,184,382 
Dividend reinvestment plan4,362 5,647 13,677 17,152 
Stock purchase and compensation plan19,475 20,073 311,214 310,760 
Acquisition of treasury stock - share repurchase authorization— (79,100)— (165,159)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(2,959)(863)(77,430)(73,644)
End of period60,586,361 60,273,491 60,586,361 60,273,491 

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		Nine Months ended September 30,
($ in thousands)20232022
Operating Activities  
Net income$240,390 138,375 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Depreciation and amortization23,432 34,350 
Stock-based compensation expense16,374 15,123 
Undistributed gains of equity method investments(16,266)(12,971)
Distributions in excess of current year income of equity method investments8,656 33,365 
Net realized and unrealized losses8,962 108,913 
Loss (gain) on disposal of fixed assets(6)— 
Changes in assets and liabilities:  
Increase in reserve for loss and loss expense, net of reinsurance recoverable254,018 271,311 
Increase in unearned premiums, net of prepaid reinsurance316,597 223,332 
Decrease (increase) in net federal income taxes216 (31,607)
Increase in premiums receivable(244,361)(168,286)
Increase in deferred policy acquisition costs(57,130)(44,010)
Increase in accrued investment income(3,038)(5,936)
Decrease in accrued salaries and benefits(946)(8,830)
Increase in other assets(12,496)(31,241)
Decrease in other liabilities(12,096)(36,444)
Net cash provided by (used in) operating activities522,306 485,444 
Investing Activities  
Purchases of fixed income securities, held-to-maturity— (6,692)
Purchases of fixed income securities, available-for-sale(1,999,665)(2,183,013)
Purchases of commercial mortgage loans(38,281)(57,289)
Purchases of equity securities(13,731)(21,044)
Purchases of alternative investments and other investments(83,810)(45,495)
Purchases of short-term investments(3,483,923)(3,123,086)
Sales of fixed income securities, available-for-sale1,115,260 986,367 
Proceeds from commercial mortgage loans1,473 7,875 
Sales of short-term investments3,609,991 3,302,140 
Redemption and maturities of fixed income securities, held-to-maturity7,918 2,508 
Redemption and maturities of fixed income securities, available-for-sale367,495 539,680 
Sales of equity securities53,344 155,670 
Sales of other investments900 2,156 
Distributions from alternative investments and other investments7,765 11,114 
Purchases of property and equipment(14,763)(21,758)
Net cash provided by (used in) investing activities(470,027)(450,867)
Financing Activities  
Dividends to preferred stockholders(6,900)(6,900)
Dividends to common stockholders(53,122)(49,307)
Acquisition of treasury stock(7,804)(18,081)
Net proceeds from stock purchase and compensation plans5,616 5,500 
Proceeds from borrowings20,000 35,000 
Repayments of borrowings(20,000)(35,000)
Repayments of finance lease obligations(1,933)(1,819)
Net cash provided by (used in) financing activities(64,143)(70,607)
Net decrease in cash and restricted cash(11,864)(36,030)
Cash and restricted cash, beginning of period25,209 45,063 
Cash and restricted cash, end of period$13,345 9,033 

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 third quarters ended September 30, 2023 (“Third Quarter 2023”) and September 30, 2022 (“Third Quarter 2022”), and the nine-month periods ended September 30, 2023 ("Nine Months 2023") and September 30, 2022 ("Nine Months 2022"). 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, 2022 (“2022 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 issued in December 2022. We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate.

Pronouncements to be effective in the future
In June 2022, the FASB issued 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. Early adoption is permitted. We are currently evaluating the impact of this guidance.

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 are currently evaluating the impact of this guidance.
6
NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

 Nine Months ended September 30,
($ in thousands)20232022
Cash paid (received) during the period for:  
Interest$22,712 22,699 
Federal income tax57,000 61,000 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases5,773 6,096 
Operating cash flows from financing leases41 33 
Financing cash flows from finance leases1,933 1,819 
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
18,840 32,546 
Conversion of AFS fixed income securities to equity securities— 1,463 
Assets acquired under finance lease arrangements1,584 650 
Assets acquired under operating lease arrangements5,068 15,514 
Non-cash purchase of property and equipment22 — 
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)September 30, 2023December 31, 2022
Cash$109 26 
Restricted cash13,236 25,183 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$13,345 25,209 

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 September 30, 2023 and December 31, 2022, were as follows:

September 30, 2023Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$253,174 — — (26,445)226,729 
Foreign government11,155 (32)— (1,807)9,316 
Obligations of states and political subdivisions672,075 (892)125 (56,557)614,751 
Corporate securities2,684,453 (17,765)2,003 (228,556)2,440,135 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")1,819,454 (3,218)4,144 (106,665)1,713,715 
Residential mortgage-backed securities ("RMBS")
1,548,758 (11,625)500 (153,174)1,384,459 
Commercial mortgage-backed securities ("CMBS")700,281 (6)— (62,276)637,999 
Total AFS fixed income securities$7,689,350 (33,538)6,772 (635,480)7,027,104 

December 31, 2022Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$209,528 — 37 (20,326)189,239 
Foreign government11,199 (284)— (1,307)9,608 
Obligations of states and political subdivisions965,231 (1,024)1,812 (48,001)918,018 
Corporate securities2,558,655 (30,330)3,509 (196,809)2,335,025 
CLO and other ABS1,607,660 (2,375)2,408 (121,720)1,485,973 
RMBS1,169,546 (11,597)1,148 (99,265)1,059,832 
CMBS663,935 (111)348 (49,760)614,412 
Total AFS fixed income securities$7,185,754 (45,721)9,262 (537,188)6,612,107 
7
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 September 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$34 — — (2)— — 32 
Obligations of states and political subdivisions769 96 — 55 (28)— 892 
Corporate securities16,149 1,939 — (111)(212)— 17,765 
CLO and other ABS2,915 148 — 167 (12)— 3,218 
RMBS11,550 23 — 154 (102)— 11,625 
CMBS8 — — (1)(1)— 6 
Total AFS fixed income securities$31,425 2,206 — 262 (355)— 33,538 

Quarter ended September 30, 2022Beginning 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$265 40 — 15 — — 320 
Obligations of states and political subdivisions1,206 313 — (181)(27)— 1,311 
Corporate securities35,072 4,061 — 633 (2,733)(63)36,970 
CLO and other ABS3,623 35 — (527)(17)— 3,114 
RMBS10,616 35 — 46 (94)— 10,603 
CMBS18 — — 1 — — 19 
Total AFS fixed income securities$50,800 4,484 — (13)(2,871)(63)52,337 

Nine Months ended September 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 — — (252)— — 32 
Obligations of states and political subdivisions1,024 100 — (120)(112)— 892 
Corporate securities30,330 6,078 — (14,992)(3,600)(51)17,765 
CLO and other ABS2,375 904 — (40)(21)— 3,218 
RMBS11,597 24 — 334 (330)— 11,625 
CMBS111 1 — 38 (144)— 6 
Total AFS fixed income securities$45,721 7,107 — (15,032)(4,207)(51)33,538 

Nine Months ended September 30, 2022Beginning 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$46 292 — (4)(14)—