Mercury Insurance 2015 Annual Report Download - page 59

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47
The following table presents the credit quality ratings of the Company’s fixed maturity portfolio at fair value.
December 31, 2015
By Security Type AAA AA(1) A(1) BBB(1) Non-Rated/
Other Total
(Dollars in thousands)
U.S. government bonds and
agencies:
Treasuries $ 14,300 $ — $ — $ — $ — $ 14,300
Government agency 8,207————8,207
Total 22,507————22,507
100.0% 100.0%
Municipal securities:
Insured 4,270 350,964 425,750 13,490 5,136 799,610
Uninsured 269,973 667,782 582,463 181,507 3,704 1,705,429
Total 274,243 1,018,746 1,008,213 194,997 8,840 2,505,039
10.9% 40.7% 40.2% 7.7% 0.5% 100.0%
Mortgage-backed securities:
Commercial 7,278 8,440 7,961 13,652 — 37,331
Agencies 4,204————4,204
Non-agencies:
Prime — 31 698 — 2,175 2,904
Alt-A — — 1,197 — 4,203 5,400
Total 11,482 8,471 9,856 13,652 6,378 49,839
23.0% 17.0% 19.8% 27.4% 12.8% 100.0%
Corporate securities:
Basic materials — — — 6,190 2,950 9,140
Communications — — 344 678 — 1,022
Consumer—cyclical — — 3,074 5,731 4,185 12,990
Consumer—non-cyclical — 334 0 6,994 4,061 11,389
Energy — 0 438 46,164 7,738 54,340
Financial 5,059 3,635 60,628 52,455 4,130 125,907
Industrial — — — 4,569 2,647 7,216
Technology — — — 6,475 2,821 9,296
Utilities — — 1,968 10,104 — 12,072
Total 5,059 3,969 66,452 139,360 28,532 243,372
2.1% 1.6% 27.3% 57.3% 11.7% 100.0%
Collateralized loan obligations:
Corporate — 2,974 47,574 — — 50,548
Total — 2,974 47,574 — — 50,548
5.9% 94.1% 100.0%
Other asset-backed securities — 3,967 4,731 — — 8,698
45.6% 54.4% 100.0%
Total $ 313,291 $ 1,038,127 $ 1,136,826 $ 348,009 $ 43,750 $ 2,880,003
10.9% 36.0% 39.5% 12.1% 1.5% 100.0%
__________
(1) Intermediate ratings are included at each level (e.g., AA includes AA+, AA and AA-).