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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows:
|  | September 30, 2016 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Fair value assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | - |  |  | $ | 16,061 |  |  | $ | - |  |  | $ | 16,061 |
Foreign government |  |  | - |  |  |  | 131,730 |  |  |  | - |  |  |  | 131,730 |
States and political subdivisions |  |  | - |  |  |  | 46,459 |  |  |  | - |  |  |  | 46,459 |
Corporates |  |  | 3,374 |  |  |  | 1,317,982 |  |  |  | 1,724 |  |  |  | 1,323,080 |
Residential mortgage-backed securities |  |  | - |  |  |  | 83,984 |  |  |  | 1,294 |  |  |  | 85,278 |
Commercial mortgage-backed securities |  |  | - |  |  |  | 108,775 |  |  |  | - |  |  |  | 108,775 |
Other asset-backed securities |  |  | - |  |  |  | 46,321 |  |  |  | 3,470 |  |  |  | 49,791 |
Total fixed-maturity securities |  |  | 3,374 |  |  |  | 1,751,312 |  |  |  | 6,488 |  |  |  | 1,761,174 |
Equity securities |  |  | 41,821 |  |  |  | 5,644 |  |  |  | 74 |  |  |  | 47,539 |
Trading securities |  |  | - |  |  |  | 12,259 |  |  |  | - |  |  |  | 12,259 |
Separate accounts |  |  | - |  |  |  | 2,347,816 |  |  |  | - |  |  |  | 2,347,816 |
Total fair value assets |  | $ | 45,195 |  |  | $ | 4,117,031 |  |  | $ | 6,562 |  |  | $ | 4,168,788 |
Fair value liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Separate accounts |  | $ | - |  |  | $ | 2,347,816 |  |  | $ | - |  |  | $ | 2,347,816 |
Total fair value liabilities |  | $ | - |  |  | $ | 2,347,816 |  |  | $ | - |  |  | $ | 2,347,816 |
|  | December 31, 2015 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Fair value assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | - |  |  | $ | 20,659 |  |  | $ | - |  |  | $ | 20,659 |
Foreign government |  |  | - |  |  |  | 120,216 |  |  |  | - |  |  |  | 120,216 |
States and political subdivisions |  |  | - |  |  |  | 40,565 |  |  |  | - |  |  |  | 40,565 |
Corporates |  |  | 2,146 |  |  |  | 1,299,613 |  |  |  | 3 |  |  |  | 1,301,762 |
Residential mortgage-backed securities |  |  | - |  |  |  | 100,493 |  |  |  | 732 |  |  |  | 101,225 |
Commercial mortgage-backed securities |  |  | - |  |  |  | 99,986 |  |  |  | - |  |  |  | 99,986 |
Other asset-backed securities |  |  | - |  |  |  | 47,046 |  |  |  | - |  |  |  | 47,046 |
Total fixed-maturity securities |  |  | 2,146 |  |  |  | 1,728,578 |  |  |  | 735 |  |  |  | 1,731,459 |
Equity securities |  |  | 41,341 |  |  |  | 6,450 |  |  |  | 48 |  |  |  | 47,839 |
Trading securities |  |  | - |  |  |  | 5,358 |  |  |  | - |  |  |  | 5,358 |
Separate accounts |  |  | - |  |  |  | 2,063,899 |  |  |  | - |  |  |  | 2,063,899 |
Total fair value assets |  | $ | 43,487 |  |  | $ | 3,804,285 |  |  | $ | 783 |  |  | $ | 3,848,555 |
Fair value liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Separate accounts |  | $ | - |  |  | $ | 2,063,899 |  |  | $ | - |  |  | $ | 2,063,899 |
Total fair value liabilities |  | $ | - |  |  | $ | 2,063,899 |  |  | $ | - |  |  | $ | 2,063,899 |
Roll forward of Level 3 Assets Measured on Recurring Basis | The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 717 |  |  | $ | 862 |  |  | $ | 783 |  |  | $ | 1,165 |
Net unrealized gains (losses) included in other comprehensive income |  |  | 12 |  |  |  | 2 |  |  |  | 17 |  |  |  | (4 | )
Realized gains (losses) and accretion (amortization) recognized in earnings, including OTTI |  |  | 1 |  |  |  | - |  |  |  | 6 |  |  |  | - |
Purchases(1) |  |  | 4,183 |  |  |  | - |  |  |  | 4,183 |  |  |  | - |
Sales |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | - |
Settlements |  |  | (25 | ) |  |  | (35 | ) |  |  | (98 | ) |  |  | (111 | )
Transfers into Level 3 |  |  | 1,675 |  |  |  | - |  |  |  | 1,676 |  |  |  | 2 |
Transfers out of Level 3 |  |  | (1 | ) |  |  | (2 | ) |  |  | (2 | ) |  |  | (225 | )
Level 3 assets, end of period |  | $ | 6,562 |  |  | $ | 827 |  |  | $ | 6,562 |  |  | $ | 827 |
(1) | During the three and nine months ended September 30, 2016, purchases of Level 3 assets primarily consisted of newly issued fixed maturity securities in the third quarter for which observable inputs, most notably quoted prices, used to derive valuations are not yet readily available.
Carrying Value and Estimated Fair Value for Financial Instruments | The table below is a summary of the estimated fair value for financial instruments.
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | Carrying value |  |  | Estimated fair value |  |  | Carrying value |  |  | Estimated fair value |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities (available-for-sale) |  | $ | 1,761,174 |  |  | $ | 1,761,174 |  |  | $ | 1,731,459 |  |  | $ | 1,731,459 |
Fixed-maturity security (held-to-maturity) |  |  | 454,000 |  |  |  | 500,823 |  |  |  | 365,220 |  |  |  | 371,742 |
Equity securities |  |  | 47,539 |  |  |  | 47,539 |  |  |  | 47,839 |  |  |  | 47,839 |
Trading securities |  |  | 12,259 |  |  |  | 12,259 |  |  |  | 5,358 |  |  |  | 5,358 |
Policy loans |  |  | 30,801 |  |  |  | 30,801 |  |  |  | 28,627 |  |  |  | 28,627 |
Deposit asset underlying 10% coinsurance agreement |  |  | 198,275 |  |  |  | 198,275 |  |  |  | 181,889 |  |  |  | 181,889 |
Separate accounts |  |  | 2,347,816 |  |  |  | 2,347,816 |  |  |  | 2,063,899 |  |  |  | 2,063,899 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes payable(1) |  | $ | 372,827 |  |  | $ | 410,296 |  |  | $ | 372,552 |  |  | $ | 398,649 |
Surplus note(1) |  |  | 453,247 |  |  |  | 498,256 |  |  |  | 364,424 |  |  |  | 371,498 |
Separate accounts |  |  | 2,347,816 |  |  |  | 2,347,816 |  |  |  | 2,063,899 |  |  |  | 2,063,899 |
(1) | Carrying value amounts shown are net of issuance costs.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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