XML 39 R30.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Note 5 - Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2015
Investments [Abstract] |
Unrealized Gain (Loss) on Investments [Table Text Block] | Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated:
| March 31, 2015
(In thousands) | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
Fixed-maturities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 5,727 |  |  | $ | 5,783 |  |  | $ | 56 |  |  | $ | — |
State and municipal obligations | 17,698 |  |  | 18,971 |  |  | 1,273 |  |  | — |
Corporate bonds and notes | 402,308 |  |  | 415,333 |  |  | 13,636 |  |  | 611 |
RMBS | 40,334 |  |  | 41,845 |  |  | 1,511 |  |  | — |
CMBS | 67,194 |  |  | 69,373 |  |  | 2,181 |  |  | 2 |
Other ABS | 122,605 |  |  | 122,237 |  |  | 559 |  |  | 927 |
Foreign government and agency securities | 21,174 |  |  | 21,543 |  |  | 576 |  |  | 207 |
| 677,040 |  |  | 695,085 |  |  | 19,792 |  |  | 1,747 |
Equity securities available for sale (1) | 76,900 |  |  | 143,533 |  |  | 66,633 |  |  | — |
Total debt and equity securities | $ | 753,940 |  |  | $ | 838,618 |  |  | $ | 86,425 |  |  | $ | 1,747 |
______________________
(1) | Comprising broadly diversified domestic equity mutual funds ($143.1 million fair value) and a preferred stock investment in Freddie Mac ($0.4 million fair value).
| December 31, 2014
(In thousands) | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
Fixed-maturities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 5,709 |  |  | $ | 5,751 |  |  | $ | 48 |  |  | $ | 6 |
State and municipal obligations | 17,727 |  |  | 18,910 |  |  | 1,183 |  |  | — |
Corporate bonds and notes | 277,678 |  |  | 284,408 |  |  | 7,288 |  |  | 558 |
RMBS | 41,467 |  |  | 42,520 |  |  | 1,053 |  |  | — |
CMBS | 57,358 |  |  | 58,234 |  |  | 876 |  |  | — |
Other ABS | 109,420 |  |  | 107,701 |  |  | 8 |  |  | 1,727 |
Foreign government and agency securities | 19,301 |  |  | 19,366 |  |  | 307 |  |  | 242 |
| 528,660 |  |  | 536,890 |  |  | 10,763 |  |  | 2,533 |
Equity securities available for sale (1) | 76,900 |  |  | 143,368 |  |  | 66,468 |  |  | — |
Total debt and equity securities | $ | 605,560 |  |  | $ | 680,258 |  |  | $ | 77,231 |  |  | $ | 2,533 |
______________________
(1) | Comprising broadly diversified domestic equity mutual funds ($143.0 million fair value) and a preferred stock investment in Freddie Mac ($0.4 million fair value).
Trading Securities (and Certain Trading Assets) [Table Text Block] | The “trading securities” within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated:
(In thousands) | March 31, 2015 |  | December 31, 2014
Trading securities: |  |  |
U.S. government and agency securities | $ | 135,801 |  |  | $ | 134,530 |
State and municipal obligations | 334,052 |  |  | 343,926 |
Corporate bonds and notes | 699,621 |  |  | 708,361 |
RMBS | 86,294 |  |  | 89,810 |
CMBS | 178,563 |  |  | 188,615 |
Other ABS | 55,386 |  |  | 77,755 |
Foreign government and agency securities | 13,731 |  |  | 18,331 |
Equity securities | 71,347 |  |  | 72,256 |
Total | $ | 1,574,795 |  |  | $ | 1,633,584 |
Gain (Loss) on Investments [Table Text Block] | Net realized and unrealized gains (losses) on investments and other financial instruments consisted of:
| Three Months Ended March 31,
(In thousands) | 2015 |  | 2014
Net realized gains (losses): |  |  |
Fixed-maturities held to maturity | $ | — |  |  | $ | (9 | )
Fixed-maturities available for sale | (51 | ) |  | 5 |
Trading securities | (4,568 | ) |  | (4,351 | )
Other | 105 |  |  | 10 |
Net realized losses on investments | (4,514 | ) |  | (4,345 | )
Unrealized gains on trading securities | 20,701 |  |  | 47,631 |
Total net gains on investments | 16,187 |  |  | 43,286 |
Net gains (losses) on other financial instruments | 592 |  |  | (318 | )
Net gains on investments and other financial instruments | $ | 16,779 |  |  | $ | 42,968 |
Schedule Of Unrealized Losses [Table Text Block] | The following tables show the gross unrealized losses and fair value of our securities deemed “available for sale” aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated:
March 31, 2015: ($ in thousands) Description of Securities |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
# of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses
Corporate bonds and notes |  | 22 |  |  | $ | 41,307 |  |  | $ | 445 |  |  | 1 |  |  | $ | 1,024 |  |  | $ | 166 |  |  | 23 |  |  | $ | 42,331 |  |  | $ | 611 |
CMBS |  | 1 |  |  | 2,057 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2,057 |  |  | 2 |
Other ABS |  | 21 |  |  | 54,604 |  |  | 817 |  |  | 2 |  |  | 8,418 |  |  | 110 |  |  | 23 |  |  | 63,022 |  |  | 927 |
Foreign government and agency securities |  | 5 |  |  | 4,706 |  |  | 207 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 4,706 |  |  | 207 |
Total |  | 49 |  |  | $ | 102,674 |  |  | $ | 1,471 |  |  | 3 |  |  | $ | 9,442 |  |  | $ | 276 |  |  | 52 |  |  | $ | 112,116 |  |  | $ | 1,747 |
December 31, 2014: ($ in thousands) Description of Securities |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
# of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 3,455 |  |  | $ | 6 |  |  | 1 |  |  | $ | 3,455 |  |  | $ | 6 |
Corporate bonds and notes |  | 24 |  |  | 40,917 |  |  | 410 |  |  | 1 |  |  | 1,027 |  |  | 148 |  |  | 25 |  |  | 41,944 |  |  | 558 |
Other ABS |  | 34 |  |  | 97,356 |  |  | 1,727 |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | 97,356 |  |  | 1,727 |
Foreign government and agency securities |  | 4 |  |  | 6,353 |  |  | 242 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 6,353 |  |  | 242 |
Total |  | 62 |  |  | $ | 144,626 |  |  | $ | 2,379 |  |  | 2 |  |  | $ | 4,482 |  |  | $ | 154 |  |  | 64 |  |  | $ | 149,108 |  |  | $ | 2,533 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The contractual maturities of fixed-maturity investments are as follows:
| March 31, 2015
| Available for Sale
(In thousands) | Amortized Cost |  | Fair Value
Due in one year or less (1) | $ | 2,262 |  |  | $ | 2,297 |
Due after one year through five years (1) | 44,413 |  |  | 44,741 |
Due after five years through ten years (1) | 257,586 |  |  | 263,269 |
Due after ten years (1) | 142,646 |  |  | 151,323 |
RMBS (2) | 40,334 |  |  | 41,845 |
CMBS (2) | 67,194 |  |  | 69,373 |
Other ABS (2) | 122,605 |  |  | 122,237 |
Total | $ | 677,040 |  |  | $ | 695,085 |
______________________
(1) | Actual maturities may differ as a result of calls before scheduled maturity.
(2) | RMBS, CMBS, and Other ABS are shown separately, as they are not due at a single maturity date.

X
- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360136&loc=d3e22054-111558 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.M) -URI http://asc.fasb.org/extlink&oid=27011274&loc=d3e87990-122713 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c)-(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investments in trading securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Trading Securities -URI http://asc.fasb.org/extlink&oid=6526789 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6467456&loc=d3e113888-111728 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c),(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration