ACAP » Topics » Investments

This excerpt taken from the ACAP 8-K filed Oct 29, 2009.

Investments

Investment income was $7.4 million in the third quarter of 2009, down from $8.9 million for the same period in 2008. Our investment income for the first nine months of 2009 was down $4.5 million compared to the same period in 2008. Year-to-date our investment yield was 3.88% through September 30, 2009 compared to 4.43% through September 30, 2008. These decreases were primarily attributable to our increased position in tax-exempt securities, which typically have a lower yield than comparable taxable securities, and the decline in short-term interest rates. Year-to-date our pre-tax investment yield decreased 55 basis points to 3.88% for the first nine months of 2009 compared to 4.43% for the same period a year ago. However, as a result of the additional tax savings associated with the increase in our tax-exempt investment income, our year-to-date after tax-yield decreased only 27 basis points to 3.05% in 2009, as compared to 3.32% a year ago. Our bond portfolio continued to perform well with no impairments in 2009.

This excerpt taken from the ACAP 8-K filed Jul 30, 2009.

Investments

Investment income was $8.0 million in the second quarter of 2009, down from $9.2 million for the same period in 2008. The overall investment yield decreased from 4.38% in the second quarter 2008 to 3.97% in the second quarter of 2009. Year-to-date our investment yield was 3.97% through June 2009 compared to 4.53% through June 30, 2008. These decreases were primarily attributable to our increased position in tax-exempt securities, and the decline in short-term interest rates. Our year-to-date after tax-yield was 3.11% through June 30, 2009 as compared to 3.36% a year ago. Our bond portfolio continued to perform well with no impairments in 2009.


This excerpt taken from the ACAP 8-K filed Apr 30, 2009.

Investments

Investment income was $8.2 million in the first quarter of 2009, down from $10.0 million for the same period in 2008. The overall investment yield decreased from 4.7% in the first quarter 2008 to 4.0% in the first quarter of 2009. These decreases are primarily attributable to lower short-term interest rates and the increased allocation to tax-exempt securities in our investment portfolio. Our after-tax yield was 3.11%, down 32 basis points from the first quarter of 2008. Our bond portfolio continued to perform well with no impairments in the quarter. We have included a detailed listing of our fixed-income investment portfolio as of March 31, 2009 as a supplement to this press release.

These excerpts taken from the ACAP 10-K filed Mar 12, 2009.
Investments
 
The Company classifies all investment securities as either held-to-maturity or available-for-sale at the date of purchase based on the Company’s ability and intent to hold individual securities until they mature. In addition, on a periodic basis, the Company reviews its fixed-income and equity security portfolio for proper classification as trading, available-for-sale or held-to-maturity. Based on such a review in 2005, we transferred a significant portion of our fixed-income security portfolio from the available-for-sale category to the held-to-maturity category. Securities were transferred at their estimated fair value. Any unrealized gains or losses, net of taxes, at the date of transfer continue to be reported as a component of accumulated other comprehensive income, and are being amortized over the remaining life of the securities through other comprehensive income.
 
Available-for-sale fixed-income and equity securities are reported at their estimated fair value, with any unrealized gains and losses reported net of any related tax effects, as a component of accumulated other comprehensive income. Any change in the estimated fair value of available-for-sale investment securities during the period is reported as unrealized appreciation or depreciation, net of any related tax effects, in other comprehensive income. Held-to-maturity securities, other than those transferred to the held-to-maturity category as described above, are carried at amortized cost. Investment income includes amortization of premium and accrual of discount for both held-to-maturity and available for sale securities on the yield-to-maturity method if investments are acquired at other than par value.
 
The fair values of our investment securities are determined by following the guidance and hierarchy in SFAS No. 157. If securities are traded in active markets, quoted prices are used to measure fair value (Level 1). If quoted prices are not available, prices are obtained from various independent pricing vendors based on pricing models that consider a variety of observable inputs (Level 2). Benchmark yields, prices for similar securities in active markets and quoted bid or ask prices are just a few of the observable inputs utilized. Prices determined by the model are then compared with prices provided by other pricing vendors and against prior prices to confirm that deviations are within tolerable limits. If the pricing vendors are unable to provide a current price for a security, a fair value is developed using alternative sources based on a variety of less objective assumptions and inputs (Level 3).
 
We currently have only two Level 1 securities in our investment portfolio, which are publicly traded equity securities. We have two Level 3 securities, one of which is valued by a pricing vendor using a pricing model as discussed above. However, due to a lack of comparable values from other pricing vendors with which to validate the fair value of this security, we have elected to classify this security as a Level 3. The other Level 3 security is valued based on cash flows, interest rate and other assumptions made by us, and results in a fair value for the security that approximates its par value. The rest of our fixed-income security portfolio consists of securities deemed to be Level 2, and are valued in accordance with the processes and procedures discussed above and in Note 4 of the Notes to Consolidated Financial Statements included elsewhere in this report for Level 2 fair values.
 
We periodically review our investment portfolio for any potential credit quality or collection issues and for any securities with respect to which we consider a decline in fair value to be other than temporary. Investments which are considered to be other than temporarily impaired, or OTTI, are written down to their estimated fair value as of the end of the period in which the OTTI was noted and the amount written down is recognized as a current period expense. Subsequent recoveries in the fair value of impaired securities are not reported in income, but rather as unrealized gains, net of tax, in comprehensive income. Inherent in our evaluation of a particular security are


18


 

assumptions and estimates about the operations of the issuer, and its future liquidity and earnings potential. Some of the factors considered in evaluating whether a decline in fair value is other than temporary are:
 
  •  Our ability and intent to retain the investment for a period of time sufficient to allow for an anticipated recovery in value;
 
  •  The recoverability of principal and interest related to the security;
 
  •  The duration and extent to which the fair value has been less than cost for equity securities, or amortized cost for fixed maturity securities;
 
  •  The financial condition, near-term and long-term earnings and cash flow prospects of the issuer, including relevant industry conditions and trends, and implications of rating agency actions; and
 
  •  The specific reasons that a security is in a significant unrealized loss position, including market conditions that could affect access to liquidity.
 
During 2008 we recorded an expense of $858,000 related to the impairment of bonds whose decline in fair value was deemed to be other than temporary. These bonds were subsequently sold in 2008, with a gain of $10,000, based on the new cost basis, recognized upon their sale. We recorded no expenses for OTTI charges during 2007.
 
At December 31, 2008 we had approximately $1.4 million of unrealized losses on our available-for-sale investment security portfolio and $1.5 million of unrecognized losses on our held-to-maturity investment security portfolio. Approximately $0.2 million of the held-to-maturity unrecognized losses pertained to securities that had been in an unrecognized loss position for more than twelve months. All unrealized or unrecognized losses at December 31, 2008 were considered to be interest rate related and temporary in nature. For further information regarding the nature and amounts of these unrealized and unrecognized losses, see Note 3 of the Notes to Consolidated Financial Statements included elsewhere in this report.
 
Investments


 



The Company classifies all investment securities as either
held-to-maturity or available-for-sale at the date of purchase
based on the Company’s ability and intent to hold
individual securities until they mature. In addition, on a
periodic basis, the Company reviews its fixed-income and equity
security portfolio for proper classification as trading,
available-for-sale or held-to-maturity. Based on such a review
in 2005, we transferred a significant portion of our
fixed-income security portfolio from the available-for-sale
category to the held-to-maturity category. Securities were
transferred at their estimated fair value. Any unrealized gains
or losses, net of taxes, at the date of transfer continue to be
reported as a component of accumulated other comprehensive
income, and are being amortized over the remaining life of the
securities through other comprehensive income.


 



Available-for-sale fixed-income and equity securities are
reported at their estimated fair value, with any unrealized
gains and losses reported net of any related tax effects, as a
component of accumulated other comprehensive income. Any change
in the estimated fair value of available-for-sale investment
securities during the period is reported as unrealized
appreciation or depreciation, net of any related tax effects, in
other comprehensive income. Held-to-maturity securities, other
than those transferred to the held-to-maturity category as
described above, are carried at amortized cost. Investment
income includes amortization of premium and accrual of discount
for both held-to-maturity and available for sale securities on
the yield-to-maturity method if investments are acquired at
other than par value.


 



The fair values of our investment securities are determined by
following the guidance and hierarchy in SFAS No. 157.
If securities are traded in active markets, quoted prices are
used to measure fair value (Level 1). If quoted prices are
not available, prices are obtained from various independent
pricing vendors based on pricing models that consider a variety
of observable inputs (Level 2). Benchmark yields, prices
for similar securities in active markets and quoted bid or ask
prices are just a few of the observable inputs utilized. Prices
determined by the model are then compared with prices provided
by other pricing vendors and against prior prices to confirm
that deviations are within tolerable limits. If the pricing
vendors are unable to provide a current price for a security, a
fair value is developed using alternative sources based on a
variety of less objective assumptions and inputs (Level 3).


 



We currently have only two Level 1 securities in our
investment portfolio, which are publicly traded equity
securities. We have two Level 3 securities, one of which is
valued by a pricing vendor using a pricing model as discussed
above. However, due to a lack of comparable values from other
pricing vendors with which to validate the fair value of this
security, we have elected to classify this security as a
Level 3. The other Level 3 security is valued based on
cash flows, interest rate and other assumptions made by us, and
results in a fair value for the security that approximates its
par value. The rest of our fixed-income security portfolio
consists of securities deemed to be Level 2, and are valued
in accordance with the processes and procedures discussed above
and in Note 4 of the Notes to Consolidated Financial
Statements included elsewhere in this report for Level 2
fair values.


 



We periodically review our investment portfolio for any
potential credit quality or collection issues and for any
securities with respect to which we consider a decline in fair
value to be other than temporary. Investments which are
considered to be other than temporarily impaired, or OTTI, are
written down to their estimated fair value as of the end of the
period in which the OTTI was noted and the amount written down
is recognized as a current period expense. Subsequent recoveries
in the fair value of impaired securities are not reported in
income, but rather as unrealized gains, net of tax, in
comprehensive income. Inherent in our evaluation of a particular
security are





18





 






assumptions and estimates about the operations of the issuer,
and its future liquidity and earnings potential. Some of the
factors considered in evaluating whether a decline in fair value
is other than temporary are:


 
























































  • 

Our ability and intent to retain the investment for a period of
time sufficient to allow for an anticipated recovery in value;
 
  • 

The recoverability of principal and interest related to the
security;
 
  • 

The duration and extent to which the fair value has been less
than cost for equity securities, or amortized cost for fixed
maturity securities;
 
  • 

The financial condition, near-term and long-term earnings and
cash flow prospects of the issuer, including relevant industry
conditions and trends, and implications of rating agency
actions; and
 
  • 

The specific reasons that a security is in a significant
unrealized loss position, including market conditions that could
affect access to liquidity.


 



During 2008 we recorded an expense of $858,000 related to the
impairment of bonds whose decline in fair value was deemed to be
other than temporary. These bonds were subsequently sold in
2008, with a gain of $10,000, based on the new cost basis,
recognized upon their sale. We recorded no expenses for OTTI
charges during 2007.


 



At December 31, 2008 we had approximately $1.4 million
of unrealized losses on our available-for-sale investment
security portfolio and $1.5 million of unrecognized losses
on our held-to-maturity investment security portfolio.
Approximately $0.2 million of the held-to-maturity
unrecognized losses pertained to securities that had been in an
unrecognized loss position for more than twelve months. All
unrealized or unrecognized losses at December 31, 2008 were
considered to be interest rate related and temporary in nature.
For further information regarding the nature and amounts of
these unrealized and unrecognized losses, see Note 3 of the
Notes to Consolidated Financial Statements included elsewhere in
this report.


 




This excerpt taken from the ACAP 8-K filed Feb 12, 2009.

Investments

Investment income was $8.8 million in the fourth quarter of 2008 and $36.9 million for the year. Both amounts are down over 15% from comparable amounts in 2007. For the year ended December 31, 2008, our gross investment yield was 4.38% compared to 5.0% a year ago. The decline in return is due to the decline in the overall interest rate environment, especially short-term rates, and our increased allocation to tax-exempt securities compared to 2007. Accordingly, our investment yield net of tax for the full year declined a much smaller amount from 3.57% in 2007 to 3.31% in 2008.

We incurred no subprime losses in 2008. Our only material realized loss was a $558,000 after-tax loss from a pre-emptive sale of CIT bonds in April, 2008. Our investment portfolio has an overall average rating of AA+. All of our mortgage-backed securities were issued by government sponsored agencies. Our insured municipal securities have an underlying rating of “A” or higher and are essential purpose bonds. We have incurred no other impairments in 2008.

These excerpts taken from the ACAP 10-K filed Mar 13, 2008.
Investments
 
The Company classifies all investment securities as either held-to-maturity or available-for-sale at the date of purchase based on the Company’s ability and intent to hold individual securities until they mature. In addition, on a periodic basis, the Company reviews its fixed-income and equity security portfolio for proper classification as trading, available-for-sale or held-to-maturity. Based on such a review in 2005, we transferred a significant portion of our fixed-income security portfolio from the available-for-sale category to the held-to-maturity category. Securities were transferred at their estimated fair value. Any unrealized gains or losses, net of taxes, at the date of transfer continue to be reported as a component of accumulated other comprehensive income, and are being amortized over the remaining life of the securities through other comprehensive income.
 
Available-for-sale fixed-income and equity securities are reported at their estimated fair value, with any unrealized gains and losses reported net of any related tax effects, as a component of accumulated other comprehensive income. Any change in the estimated fair value of available-for-sale investment securities during the period is reported as unrealized appreciation or depreciation, net of any related tax effects, in other comprehensive income. Held-to-maturity securities, other than those transferred to the held-to-maturity category as described above, are carried at amortized cost. Investment income includes amortization of premium and accrual of discount for both held-to-maturity and available for sale securities on the yield-to-maturity method if investments are acquired at other than par value.
 
The fair value of fixed-income securities is based on market quotations provided to us by our third-party custodian who engages independent third party pricing sources that use valuation models. The valuation models used by the independent third party pricing sources use indicative information such as ratings, industry, coupon, and maturity along with publicly traded bond prices to determine security specific spreads, and the ultimate fair value of the non-publicly traded fixed maturity securities. Realized gains or losses on sales or maturities of investments are determined on a specific identification basis and are credited or charged to income.
 
We periodically review our investment portfolio for any potential credit quality or collection issues and for any securities with respect to which we consider any decline in market value to be other than temporary. Investments which are considered to be other than temporarily impaired, or OTTI, are written down to their estimated net realizable value as of the end of the period in which the OTTI was noted and the amount written down is recognized


18


Table of Contents

as a current period expense. Subsequent recoveries in the fair value of impaired securities are not reported in income, but rather as unrealized gains, net of tax, in comprehensive income. Inherent in our evaluation of a particular security are assumptions and estimates about the operations of the issuer, and its future liquidity and earnings potential. Some of the factors considered in evaluating whether a decline in market value is other than temporary are:
 
  •  Our ability and intent to retain the investment for a period of time sufficient to allow for an anticipated recovery in value;
 
  •  The recoverability of principal and interest related to the security;
 
  •  The duration and extent to which the fair value has been less than cost for equity securities, or amortized cost for fixed maturity securities;
 
  •  The financial condition, near-term and long-term earnings and cash flow prospects of the issuer, including relevant industry conditions and trends, and implications of rating agency actions; and
 
  •  The specific reasons that a security is in a significant unrealized loss position, including market conditions that could affect access to liquidity.
 
We recorded no expenses for OTTI charges during 2007. During the year ended December 31, 2006, we recorded expenses of $178,000 related to various equity securities whose decline in fair value was deemed to be other than temporary based on their anticipated liquidation. At December 31, 2007, we had eight, available-for-sale securities whose market value was less than amortized cost. Of these eight, only two had been in an unrealized loss position greater than 12 months. Our held-to-maturity portfolio had 70 securities whose market value was less than amortized cost at December 31, 2007, with 53 of those having been in that position for 12 months or more. For further information regarding the nature and amounts of these unrealized and unrecognized losses, see Note 3 of the Notes to Consolidated Financial Statements included elsewhere in this report.
 
Our available-for-sale equity securities are reported in the “Other Investments” line of the Consolidated Balance Sheets included elsewhere in this report. Also included in Other Investments are the common stock of the statutory trusts used to issue manditorily redeemable trust preferred securities, as described in Note 8 of the Notes to Consolidated Financial Statements included elsewhere in this report, as well as investment real estate located in the East Lansing, Michigan area and membership interests in investment real estate LLCs that hold property adjacent to our investment real estate holdings. Investment real estate is carried at its historical cost as this is less than the market value of the land based on recent appraisals. The membership interests in the LLCs are accounted for following the equity method of accounting.
 
Investments


 



The Company classifies all investment securities as either
held-to-maturity or available-for-sale at the date of purchase
based on the Company’s ability and intent to hold
individual securities until they mature. In addition, on a
periodic basis, the Company reviews its fixed-income and equity
security portfolio for proper classification as trading,
available-for-sale or held-to-maturity. Based on such a review
in 2005, we transferred a significant portion of our
fixed-income security portfolio from the available-for-sale
category to the held-to-maturity category. Securities were
transferred at their estimated fair value. Any unrealized gains
or losses, net of taxes, at the date of transfer continue to be
reported as a component of accumulated other comprehensive
income, and are being amortized over the remaining life of the
securities through other comprehensive income.


 



Available-for-sale fixed-income and equity securities are
reported at their estimated fair value, with any unrealized
gains and losses reported net of any related tax effects, as a
component of accumulated other comprehensive income. Any change
in the estimated fair value of available-for-sale investment
securities during the period is reported as unrealized
appreciation or depreciation, net of any related tax effects, in
other comprehensive income. Held-to-maturity securities, other
than those transferred to the held-to-maturity category as
described above, are carried at amortized cost. Investment
income includes amortization of premium and accrual of discount
for both held-to-maturity and available for sale securities on
the yield-to-maturity method if investments are acquired at
other than par value.


 



The fair value of fixed-income securities is based on market
quotations provided to us by our third-party custodian who
engages independent third party pricing sources that use
valuation models. The valuation models used by the independent
third party pricing sources use indicative information such as
ratings, industry, coupon, and maturity along with publicly
traded bond prices to determine security specific spreads, and
the ultimate fair value of the non-publicly traded fixed
maturity securities. Realized gains or losses on sales or
maturities of investments are determined on a specific
identification basis and are credited or charged to income.


 



We periodically review our investment portfolio for any
potential credit quality or collection issues and for any
securities with respect to which we consider any decline in
market value to be other than temporary. Investments which are
considered to be other than temporarily impaired, or OTTI, are
written down to their estimated net realizable value as of the
end of the period in which the OTTI was noted and the amount
written down is recognized





18





Table of Contents






as a current period expense. Subsequent recoveries in the fair
value of impaired securities are not reported in income, but
rather as unrealized gains, net of tax, in comprehensive income.
Inherent in our evaluation of a particular security are
assumptions and estimates about the operations of the issuer,
and its future liquidity and earnings potential. Some of the
factors considered in evaluating whether a decline in market
value is other than temporary are:


 
























































  • 

Our ability and intent to retain the investment for a period of
time sufficient to allow for an anticipated recovery in value;
 
  • 

The recoverability of principal and interest related to the
security;
 
  • 

The duration and extent to which the fair value has been less
than cost for equity securities, or amortized cost for fixed
maturity securities;
 
  • 

The financial condition, near-term and long-term earnings and
cash flow prospects of the issuer, including relevant industry
conditions and trends, and implications of rating agency
actions; and
 
  • 

The specific reasons that a security is in a significant
unrealized loss position, including market conditions that could
affect access to liquidity.


 



We recorded no expenses for OTTI charges during 2007. During the
year ended December 31, 2006, we recorded expenses of
$178,000 related to various equity securities whose decline in
fair value was deemed to be other than temporary based on their
anticipated liquidation. At December 31, 2007, we had
eight, available-for-sale securities whose market value was less
than amortized cost. Of these eight, only two had been in an
unrealized loss position greater than 12 months. Our
held-to-maturity portfolio had 70 securities whose market value
was less than amortized cost at December 31, 2007, with 53
of those having been in that position for 12 months or
more. For further information regarding the nature and amounts
of these unrealized and unrecognized losses, see Note 3 of
the Notes to Consolidated Financial Statements included
elsewhere in this report.


 



Our available-for-sale equity securities are reported in the
“Other Investments” line of the Consolidated Balance
Sheets included elsewhere in this report. Also included in Other
Investments are the common stock of the statutory trusts used to
issue manditorily redeemable trust preferred securities, as
described in Note 8 of the Notes to Consolidated Financial
Statements included elsewhere in this report, as well as
investment real estate located in the East Lansing, Michigan
area and membership interests in investment real estate LLCs
that hold property adjacent to our investment real estate
holdings. Investment real estate is carried at its historical
cost as this is less than the market value of the land based on
recent appraisals. The membership interests in the LLCs are
accounted for following the equity method of accounting.


 




This excerpt taken from the ACAP 10-K filed Mar 14, 2007.
Investments
 
The Company classifies all investment securities as either held-to-maturity or available-for-sale at the date of purchase based on the Company’s ability and intent to hold individual securities until they mature. In addition, on a periodic basis, the Company reviews its fixed-income and equity security portfolio for proper classification as trading, available-for-sale or held-to-maturity. In 2005, the Company concluded that it had both the intent and ability to hold a significant portion of the Company’s fixed-income securities to maturity. Accordingly, the Company transferred fixed-income securities, with an estimated fair value of approximately $398.3 million at the date of transfer, from the available-for-sale category to the held-to-maturity category. The remainder of the Company’s fixed-income security portfolio, as well as its equity securities held for investment, remained in the available-for-sale category.
 
The Company accounted for the transfer of these fixed-income securities from the available-for-sale to the held-to-maturity category at the estimated fair value of the securities at the date of transfer. Any unrealized gains or losses, net of taxes, at the date of transfer continue to be reported as a component of accumulated other comprehensive income, and in effect will be amortized over the remaining life of the security through other comprehensive income. The original premium or discount will continue to be amortized as an adjustment to yield as a component of investment income.
 
Available-for-sale fixed-income and equity securities are reported at their estimated fair value, with any unrealized gains and losses reported net of any related tax effects, as a component of accumulated other comprehensive income. Any change in the estimated fair value of available-for-sale investment securities during the period is reported as unrealized appreciation or depreciation, net of any related tax effects, in other comprehensive income. Held-to-maturity securities, other than those transferred to the held-to-maturity category as described above, are carried at amortized cost. Investment income includes amortization of premium and accrual of discount for both held-to-maturity and available for sale securities on the yield-to-maturity method if investments are acquired at other than par value.


18


Table of Contents

 
The fair value of fixed-income securities is based on market quotations provided to us by our third-party custodian who engages independent third party pricing sources that use valuation models. The valuation models used by the independent third party pricing sources use indicative information such as ratings, industry, coupon, and maturity along with publicly traded bond prices to determine security specific spreads, and the ultimate fair value of the non-publicly traded fixed maturity securities. Investment real estate is carried at the lesser of historical cost or at estimated fair value based on recent sales or offers for similar properties. Realized gains or losses on sales or maturities of investments are determined on a specific identification basis and are credited or charged to income.
 
We periodically review our investment portfolio for any potential credit quality or collection issues and for any securities with respect to which we consider any decline in market value to be other than temporary. Investments which are considered to be other than temporarily impaired, or OTTI, are written down to their estimated net realizable value as of the end of the period in which the OTTI was noted. Subsequent recoveries in the fair value of impaired securities are not reported in income, but rather as unrealized gains, net of tax, in comprehensive income. Inherent in our evaluation of a particular security are assumptions and estimates about the operations of the issuer, and its future liquidity and earnings potential. Some of the factors considered in evaluating whether a decline in market value is other than temporary are:
 
  •  Our ability and intent to retain the investment for a period of time sufficient to allow for an anticipated recovery in value;
 
  •  The recoverability of principal and interest related to the security;
 
  •  The duration and extent to which the fair value has been less than cost for equity securities, or amortized cost for fixed maturity securities;
 
  •  The financial condition, near-term and long-term earnings and cash flow prospects of the issuer, including relevant industry conditions and trends, and implications of rating agency actions; and
 
  •  The specific reasons that a security is in a significant unrealized loss position, including market conditions that could affect access to liquidity.
 
During the year ended December 31, 2006, we recorded losses of $178,000 related to various equity securities whose decline in fair value was deemed to be other than temporary based on their anticipated liquidation.
 
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