4 unchanged sentences
We do not have material exposure to foreign currency exchange rate risk or commodity risk.
−Removed: Credit risk is the potential loss resulting from adverse changes in an issuer’s ability to repay its debt obligations.
+Added: Credit risk is the potential loss resulting from adverse changes in an issuer’s ability to repay its debt obligations.
General concern exists about the number of municipalities experiencing financial difficulties in light of the adverse economic conditions experienced over the past several years.
4 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 81.8% rated “A−”
−Removed: At December 31, 2019, 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 74.2% rated “A−” or better.
+Added: At December 31, 2020, 0.6% of our fixed maturity portfolio was unrated or rated below investment grade.
Our fixed maturity portfolio includes some securities issued with financial guaranty insurance.
5 unchanged sentences
As of December 31, 2020 the estimated fair value of our fixed maturities was $398.0 million.
−Removed: We estimate that a 100‑basis point increase in interest rates would cause a 3.8% decline in the estimated fair value of our fixed maturities portfolio, while a 100‑basis point decrease in interest rates would cause a 3.9% increase in the estimated fair value of that portfolio.
+Added: We estimate that a 100-basis point increase in interest rates would cause a 3.9% decline in the estimated fair value of our fixed maturities portfolio, while a 100-basis point decrease in interest rates would cause a 4.2% increase in the estimated fair value of
+Added: that portfolio.
The selected scenarios are not predictions of future events, but rather illustrate the effect that such events may have on the fair value of our fixed maturities portfolio.
2 unchanged sentences
Inflation in excess of the levels we have assumed could cause losses and loss adjustment expenses to be higher than we anticipated.
−Removed: Substantial future increases in inflation could also result in future increases in interest rates, which in turn are likely to result in a decline in the market value of the investment portfolio and cause unrealized losses or reductions in total stockholders’
+Added: Substantial future increases in inflation could also result in future increases in interest rates, which in turn are likely to result in a decline in the market value of the investment portfolio and cause unrealized losses or reductions in total stockholders’ equity.
Our Commercial All Risk, Specialty Homeowners and Hawaii Hurricane businesses expose us to claims from seasonal weather events such as hurricanes and windstorms.
3 unchanged sentences
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.