2 unchanged sentences
The volatility and liquidity in the markets in which the underlying assets are traded directly influence market risk.
−Removed: The following is a discussion of our primary market risk exposures and how those exposures are currently managed as of September 30, 2020.
+Added: The following is a discussion of our primary market risk exposures and how those exposures are currently managed as of March 31, 2021.
Our market risk sensitive instruments are primarily related to fixed income securities, which are available-for-sale and not held for trading purposes.
Interest Rate Risk
−Removed: At September 30, 2020, the fair value of our investment portfolio, excluding cash and cash equivalents, was $180.3 million.
+Added: At March 31, 2021, the fair value of our investment portfolio, excluding cash and cash equivalents, was $180.0 million.
Our investment portfolio consists principally of investment-grade, fixed-income securities, all of which are classified as available-for-sale.
2 unchanged sentences
We attempt to mitigate interest rate risks by investing in securities with varied maturity dates and by managing the duration of our investment portfolio to a defined range of three to four years.
−Removed: The effective duration of our portfolio as of September 30, 2020 and December 31, 2019 was 3.9 and 3.0 years, respectively.
−Removed: The table below illustrates the sensitivity of the fair value of our debt investments, classified as debt securities and short-term investments, to selected hypothetical changes in interest rates as of September 30, 2020.
+Added: The effective duration of our portfolio as of March 31, 2021 and December 31, 2020 was 3.9 and 3.6 years, respectively.
+Added: The table below illustrates the sensitivity of the fair value of our debt investments, classified as debt securities and short-term investments, to selected hypothetical changes in interest rates as of March 31, 2021.
The selected scenarios are not predictions of future events, but rather illustrate the effect that events may have on the fair value of the debt portfolio and shareholders’ equity (dollars in thousands).
3 unchanged sentences
Shareholders'
−Removed: As of September 30, 2020
+Added: As of March 31, 2021
200 basis point increase
9 unchanged sentences
Best rating of “A-” or better and continue to evaluate their financial condition throughout the duration of our agreements.
−Removed: At September 30, 2020, the net amount due to the Company from reinsurers, including prepaid reinsurance premiums, was $26.6 million.
+Added: At March 31, 2021, the net amount due to the Company from reinsurers, including prepaid reinsurance premiums, was $34.1 million.
We believe all amounts recorded as due from reinsurers are recoverable.
5 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.