v2.3.0.15

Investments (Tables)

9 Months Ended

Sep. 30, 2011

Investments [Abstract]

Available-For-Sale Investments

		September 30, 2011
(dollars in thousands)		Amortized Cost				Gross Unrealized Holding Gains				Gross Unrealized Holding Losses				Unrealized Other-Than- Temporary Impairment Losses				Estimated Fair Value
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies		$	284,438			$	23,733			$	(12	)		$	0			$	308,159
Obligations of states, municipalities and political subdivisions			2,743,359				176,163				(1,359	)			0				2,918,163
Foreign governments			683,747				56,616				0				0				740,363
Residential mortgage-backed securities			392,534				31,355				(13	)			(5,922	)			417,954
Asset-backed securities			16,723				837				(8	)			0				17,552
Public utilities			70,482				5,625				0				0				76,107
All other corporate bonds			1,032,696				74,636				(2,328	)			(6,718	)			1,098,286
Total fixed maturities			5,223,979				368,965				(3,720	)			(12,640	)			5,576,584
Equity securities:
Insurance companies, banks and trusts			371,004				250,441				(9,050	)			0				612,395
Industrial, consumer and all other			721,658				284,859				(9,713	)			0				996,804
Total equity securities			1,092,662				535,300				(18,763	)			0				1,609,199
Short-term investments			491,730				27				(1	)			0				491,756
Investments, available-for-sale		$	6,808,371			$	904,292			$	(22,484	)		$	(12,640	)		$	7,677,539

		December 31, 2010
(dollars in thousands)		Amortized Cost				Gross Unrealized Holding Gains				Gross Unrealized Holding Losses				Unrealized Other-Than- Temporary Impairment Losses				Estimated Fair Value
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies		$	300,555			$	20,832			$	(49	)		$	0			$	321,338
Obligations of states, municipalities and political subdivisions			2,767,169				61,620				(29,450	)			0				2,799,339
Foreign governments			550,755				24,662				(2,599	)			0				572,818
Residential mortgage-backed securities			409,415				29,664				(1,738	)			(11,778	)			425,563
Asset-backed securities			21,704				1,052				0				0				22,756
Public utilities			95,770				6,674				0				0				102,444
Convertible bonds			16,725				0				0				0				16,725
All other corporate bonds			1,094,887				83,752				(603	)			(7,793	)			1,170,243
Total fixed maturities			5,256,980				228,256				(34,439	)			(19,571	)			5,431,226
Equity securities:
Insurance companies, banks and trusts			388,848				323,634				(1,496	)			0				710,986
Industrial, consumer and all other			607,240				404,444				(699	)			0				1,010,985
Total equity securities			996,088				728,078				(2,195	)			0				1,721,971
Short-term investments			325,336				4				0				0				325,340
Investments, available-for-sale		$	6,578,404			$	956,338			$	(36,634	)		$	(19,571	)		$	7,478,537

Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position

		September 30, 2011
		Less than 12 months								12 months or longer								Total
(dollars in thousands)		Estimated Fair Value				Gross Unrealized Holding and Other-Than- Temporary Impairment Losses				Estimated Fair Value				Gross Unrealized Holding and Other-Than- Temporary Impairment Losses				Estimated Fair Value				Gross Unrealized Holding and Other-Than- Temporary Impairment Losses
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies		$	6,747			$	(12	)		$	0			$	0			$	6,747			$	(12	)
Obligations of states, municipalities and political subdivisions			2,736				(1	)			43,021				(1,358	)			45,757				(1,359	)
Residential mortgage-backed securities			3,893				(5,925	)			2,241				(10	)			6,134				(5,935	)
Asset-backed securities			121				(1	)			35				(7	)			156				(8	)
All other corporate bonds			47,893				(7,554	)			8,141				(1,492	)			56,034				(9,046	)
Total fixed maturities			61,390				(13,493	)			53,438				(2,867	)			114,828				(16,360	)
Equity securities:
Insurance companies, banks and trusts			56,755				(9,050	)			0				0				56,755				(9,050	)
Industrial, consumer and all other			117,382				(8,591	)			12,283				(1,122	)			129,665				(9,713	)
Total equity securities			174,137				(17,641	)			12,283				(1,122	)			186,420				(18,763	)
Short-term investments			89,999				(1	)			0				0				89,999				(1	)
Total		$	325,526			$	(31,135	)		$	65,721			$	(3,989	)		$	391,247			$	(35,124	)

		December 31, 2010
		Less than 12 months								12 months or longer								Total
(dollars in thousands)		Estimated Fair Value				Gross Unrealized Holding and Other-Than- Temporary Impairment Losses				Estimated Fair Value				Gross Unrealized Holding and Other-Than- Temporary Impairment Losses				Estimated Fair Value				Gross Unrealized Holding and Other-Than- Temporary Impairment Losses
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies		$	23,574			$	(49	)		$	0			$	0			$	23,574			$	(49	)
Obligations of states, municipalities and political subdivisions			942,935				(27,463	)			22,468				(1,987	)			965,403				(29,450	)
Foreign governments			119,211				(2,440	)			4,955				(159	)			124,166				(2,599	)
Residential mortgage-backed securities			20,972				(10,822	)			10,534				(2,694	)			31,506				(13,516	)
All other corporate bonds			15,294				(7,921	)			15,966				(475	)			31,260				(8,396	)
Total fixed maturities			1,121,986				(48,695	)			53,923				(5,315	)			1,175,909				(54,010	)
Equity securities:
Insurance companies, banks and trusts			22,750				(1,496	)			0				0				22,750				(1,496	)
Industrial, consumer and all other			16,712				(699	)			0				0				16,712				(699	)
Total equity securities			39,462				(2,195	)			0				0				39,462				(2,195	)
Total		$	1,161,448			$	(50,890	)		$	53,923			$	(5,315	)		$	1,215,371			$	(56,205	)

Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity Date

(dollars in thousands)		Amortized Cost				Estimated Fair Value
Due in one year or less		$	213,328			$	216,747
Due after one year through five years			1,179,686				1,254,046
Due after five years through ten years			1,835,956				1,979,274
Due after ten years			1,585,752				1,691,011
			4,814,722				5,141,078
Residential mortgage-backed securities			392,534				417,954
Asset-backed securities			16,723				17,552
Total fixed maturities		$	5,223,979			$	5,576,584

Summary Of Activity For Credit Losses Recognized

		Quarter Ended September 30,
(dollars in thousands)		2011				2010
Cumulative credit loss, beginning balance		$	15,167			$	10,307
Additions:
Other-than-temporary impairment losses not previously recognized			875				0
Increases related to other-than-temporary impairment losses previously recognized			598				0
Total additions			1,473				0
Reductions:
Sales of fixed maturities on which credit losses were recognized			0				0
Cumulative credit loss, ending balance		$	16,640			$	10,307

		Nine Months Ended September 30,
(dollars in thousands)		2011				2010
Cumulative credit loss, beginning balance		$	10,307			$	9,141
Additions:
Other-than-temporary impairment losses not previously recognized			875				0
Increases related to other-than-temporary impairment losses previously recognized			5,473				1,185
Total additions			6,348				1,185
Reductions:
Sales of fixed maturities on which credit losses were recognized			(15	)			(19	)
Cumulative credit loss, ending balance		$	16,640			$	10,307

Summary Of Net Realized Investment Gains And The Change In Net Unrealized Gains On Investments

		Quarter Ended September 30,
(dollars in thousands)		2011				2010
Realized gains:
Sales of fixed maturities		$	1,858			$	2,083
Sales of equity securities			20,078				6,952
Other			940				0
Total realized gains			22,876				9,035
Realized losses:
Sales of fixed maturities			(53	)			(103	)
Other-than-temporary impairments			(9,984	)			0
Other			0				(150	)
Total realized losses			(10,037	)			(253	)
Net realized investment gains		$	12,839			$	8,782
Change in net unrealized gains on investments:
Fixed maturities		$	113,936			$	107,060
Equity securities			(262,264	)			159,385
Short-term investments			1				(20	)
Net increase (decrease)		$	(148,327	)		$	266,425

		Nine Months Ended September 30,
(dollars in thousands)		2011				2010
Realized gains:
Sales of fixed maturities		$	12,560			$	15,469
Sales of equity securities			25,896				19,215
Other			2,459				1,966
Total realized gains			40,915				36,650
Realized losses:
Sales of fixed maturities			(633	)			(678	)
Other-than-temporary impairments			(14,859	)			(6,264	)
Other			0				(7,612	)
Total realized losses			(15,492	)			(14,554	)
Net realized investment gains		$	25,423			$	22,096
Change in net unrealized gains on investments:
Fixed maturities		$	178,359			$	209,203
Equity securities			(209,346	)			118,122
Short-term investments			22				(17	)
Net increase (decrease)		$	(30,965	)		$	327,308

Summary Of Other-Than-Temporary Impairment Losses Recognized

		Quarter Ended September 30,
(dollars in thousands)		2011				2010
Fixed maturities:
Residential mortgage-backed securities		$	(1,473	)		$	0
Total fixed maturities			(1,473	)			0
Equity securities:
Insurance companies, banks and trusts			(4,048	)			0
Industrial, consumer and all other			(4,463	)			0
Total equity securities			(8,511	)			0
Total		$	(9,984	)		$	0

		Nine Months Ended September 30,
(dollars in thousands)		2011				2010
Fixed maturities:
Residential mortgage-backed securities		$	(6,348	)		$	(1,185	)
Total fixed maturities			(6,348	)			(1,185	)
Equity securities:
Insurance companies, banks and trusts			(4,048	)			(2,872	)
Industrial, consumer and all other			(4,463	)			(965	)
Total equity securities			(8,511	)			(3,837	)
Other			0				(1,242	)
Total		$	(14,859	)		$	(6,264	)

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