3 unchanged sentences
Our primary market risks have been equity price risk associated with investments in equity securities and interest rate risk associated with investments in fixed maturities.
−Removed: Credit risk is the potential loss resulting from adverse changes in an issuer’s ability to repay its debt obligations.
−Removed: General concern exists about a number of issuers experiencing financial difficulties as a result of the impact of the
−Removed: COVID-19 pandemic.
+Added: Credit risk is the potential loss resulting from adverse changes in an issuer’s ability to repay its debt obligations.
+Added: General concern exists about a number of issuers experiencing financial difficulties as a result of the impact of the COVID-19 pandemic.
In general, we manage the exposure to credit risk in our investment portfolio by investing in high quality securities and by diversifying our holdings.
2 unchanged sentences
We also invest in higher yielding fixed maturities and equity securities.
−Removed: Our fixed maturity portfolio has an average rating by at least one nationally recognized rating organization of “AA−,”
−Removed: with approximately 78.2% rated “A−”
−Removed: At March 31, 2020, none of our fixed maturity portfolio was unrated or rated below investment grade.
+Added: Our fixed maturity portfolio has an average rating by at least one nationally recognized rating organization of “AA−,” with approximately 76% rated “A−” or better.
+Added: At June 30, 2020, none of our fixed maturity portfolio was unrated or rated below investment grade.
Our fixed maturity portfolio includes some securities issued with financial guaranty insurance.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.