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ASSURANT, INC. – 2014 Form 10-K F-27
6 Fair Value Disclosures
The following tables summarize the change in balance sheet carrying value associated with Level 3 fi nancial assets and
liabilities carried at fair value during the years ended December 31, 2014 and 2013:
Financial Assets
Year Ended December 31, 2014
Balance,
beginning
of period
Total gains
(losses)
(realized/
unrealized)
included in
earnings(1)
Net unrealized
gains (losses)
included in
other
comprehensive
income(2) Purchases Sales
Transfers
in(3)
Transfers
out(3)
Balance,
end of
period
Fixed Maturity Securities
States, municipalities and
political subdivisions $ 22,657 $ — $ — $ — $ — $ —
$
(22,657) $ —
Foreign governments 16,857 (2) 18 — — — (16,873) —
Commercial mortgage-backed 598 — (18) — (177) — — 403
Residential mortgage-backed 4,167 — (78) 4,723 — — (4,167) 4,645
Corporate 115,344 2,438 1,546 23,578 (16,958) 1,515 (23,188) 104,275
Equity Securities
Non-redeemable preferred
stocks 7,510 562 (517) — (3,779) — (1,776) 2,000
Other investments 4,171 (2,174) 10 440 (128) — (198) 2,121
Other assets 2,491 (1,684) — — — — — 807
Financial Liabilities
Other liabilities (20,330) (822) — (4,081) — — — (25,233)
TOTAL LEVEL 3 ASSETS AND
LIABILITIES
$ 153,465 $ (1,682) $ 961 $ 24,660 $(21,042) $ 1,515 $ (68,859) $ 89,018
Financial Assets
Year Ended December 31, 2013
Balance,
beginning
of period
Total
(losses) gains
(realized/
unrealized)
included in
earnings(1)
Net unrealized
(losses) gains
included in
other
comprehensive
income(2) Purchases Sales
Transfers
in(3)
Transfers
out(3)
Balance,
end of
period
Fixed Maturity Securities
United States Government
and government agencies and
authorities $ 4,175 $ — $ (3) $ — $ (4,172) $ — $ — $ —
States, municipalities and
political subdivisions — (3) 1,675 20,985 — — — 22,657
Foreign governments 23,097 (6) (3,582) — — — (2,652) 16,857
Commercial mortgage-backed 1,774 20 (30) — (1,166) — — 598
Residential mortgage-backed 8,211 (19) (1,156) 29,938 (2,406) — (30,401) 4,167
Corporate 158,003 6,979 (5,383) 5,325 (33,974) 4,997 (20,603) 115,344
Equity Securities
Non-redeemable preferred
stocks 14 12 (42) 5,275 (2,041) 4,305 (13) 7,510
Other investments 11,327 (1,274) 1,827 8 (7,717) — — 4,171
Other assets 5,886 (3,395) — — — — — 2,491
Financial Liabilities
Other liabilities (2,560) 127 — (17,897) — — — (20,330)
TOTAL LEVEL 3 ASSETS AND
LIABILITIES
$ 209,927 $ 2,441 $ (6,694) $ 43,634 $(51,476) $ 9,302 $ (53,669) $ 153,465
(1) Included as part of net realized gains on investments in the consolidated statement of operations.
(2) Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income.
(3) Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of
pricing inputs.