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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2011
Fair Value Measurements [Abstract] |
Fair Value Measurements | NOTE 7. Fair Value Measurements The following table presents the carrying amounts and estimated fair values of our financial instruments as of June 30, 2011 and December 31, 2010:
|  | June 30, 2011 |  | December 31, 2010
|  | Carrying |  | Fair |  | Carrying |  | Fair
($ in thousands) |  | Amount |  | Value |  | Amount |  | Value
Financial Assets |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |
HTM | $ | 1,070,578 |  | 1,120,977 |  | 1,214,324 |  | 1,256,294
AFS |  | 2,525,237 |  | 2,525,237 |  | 2,342,742 |  | 2,342,742
Equity securities, AFS |  | 136,577 |  | 136,577 |  | 69,636 |  | 69,636
Short-term investments |  | 142,809 |  | 142,809 |  | 161,155 |  | 161,155
Receivable for proceeds related to sale of Selective |  |  |  |  |  |  |  |
HR Solutions ("Selective HR") |  | 4,531 |  | 4,531 |  | 5,002 |  | 5,002
Financial Liabilities |  |  |  |  |  |  |  |
Notes payable: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | 49,906 |  | 55,699 |  | 49,904 |  | 55,190
6.70% Senior Notes |  | 99,440 |  | 98,250 |  | 99,429 |  | 90,097
7.50% Junior Notes |  | 100,000 |  | 100,400 |  | 100,000 |  | 99,840
2.90% borrowings from FHLBI |  | 13,000 |  | 13,620 |  | 13,000 |  | 13,389
Total notes payable | $ | 262,346 |  | 267,969 |  | 262,333 |  | 258,516
There have been no significant changes to the techniques used to value our financial instruments during Six Months 2011. For a discussion regarding these techniques, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." in our 2010 Annual Report. For discussion of the sale of Selective HR, refer to Note 14. "Discontinued Operations" of this Form 10-Q. The following tables provide quantitative disclosures of our financial assets that were measured at fair value at June 30, 2011 and December 31, 2010:
June 30, 2011 |  |  | Fair Value Measurements Using
|  |  |  | Quoted Prices in |  |  |  |
|  | Assets |  | Active Markets for |  | Significant Other |  | Significant
|  | Measured at |  | Identical Assets/ |  | Observable |  | Unobservable
|  | Fair Value |  | Liabilities |  | Inputs |  | Inputs
($ in thousands) |  | at 6/30/11 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Description |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |
U.S. government and government agencies1 | $ | 296,931 |  | 99,101 |  | 197,830 |  | -
Foreign government |  | 30,100 |  | - |  | 30,100 |  | -
Obligations of states and political subdivisions |  | 542,616 |  | - |  | 542,616 |  | -
Corporate securities |  | 1,078,503 |  | - |  | 1,078,503 |  | -
ABS |  | 78,205 |  | - |  | 78,205 |  | -
CMBS |  | 109,124 |  | - |  | 108,683 |  | 441
RMBS |  | 389,758 |  | - |  | 389,758 |  | -
Total AFS fixed maturity securities |  | 2,525,237 |  | 99,101 |  | 2,425,695 |  | 441
Equity securities |  | 136,577 |  | 136,577 |  | - |  | -
Short-term investments |  | 142,809 |  | 142,809 |  | - |  | -
Receivable for proceeds related to sale of Selective HR |  | 4,531 |  | - |  | - |  | 4,531
Total financial assets measured on a recurring basis | $ | 2,809,154 |  | 378,487 |  | 2,425,695 |  | 4,972
##
December 31, 2010 |  |  | Fair Value Measurements Using
|  |  |  | Quoted Prices in |  |  |  |
|  | Assets |  | Active Markets for |  | Significant Other |  | Significant
|  | Measured at |  | Identical Assets/ |  | Observable |  | Unobservable
|  | Fair Value |  | Liabilities |  | Inputs |  | Inputs
($ in thousands) |  | at 12/31/10 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Description |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |
U.S. government and government agencies1 | $ | 320,529 |  | 105,317 |  | 215,212 |  | -
Foreign government |  | 18,966 |  | - |  | 18,966 |  | -
Obligations of states and political subdivisions |  | 533,897 |  | - |  | 533,897 |  | -
Corporate securities |  | 993,725 |  | - |  | 993,725 |  | -
ABS |  | 48,733 |  | - |  | 48,733 |  | -
CMBS |  | 104,475 |  | - |  | 104,290 |  | 185
RMBS |  | 322,417 |  | - |  | 322,417 |  | -
Total AFS fixed maturity securities |  | 2,342,742 |  | 105,317 |  | 2,237,240 |  | 185
Equity securities |  | 69,636 |  | 69,636 |  | - |  | -
Short-term investments |  | 161,155 |  | 161,155 |  | - |  | -
Receivable for proceeds related to sale of Selective HR |  | 5,002 |  | - |  | - |  | 5,002
Total financial assets measured on a recurring basis | $ | 2,578,535 |  | 336,108 |  | 2,237,240 |  | 5,187
1 U.S. government includes corporate securities fully guaranteed by the FDIC. The following tables provide a summary of the changes in fair value of securities using Level 3 inputs. The transfers of the CMBS, AFS securities in 2010 between levels in the fair value hierarchy were driven primarily by the availability and nature of the broker quotes used at the valuation dates:
Six Months 2011 ($ in thousands) |  | CMBS, AFS | Receivable for Proceeds Related to Sale of Selective HR | Total
Fair value, December 31, 2010 | $ | 185 | 5,002 | 5,187
Total net gains (losses) for the period included in: |  |  |  |
OCI1 |  | 440 | - | 440
Net income2 |  | (179) | 199 | 20
Purchases |  | - | - | -
Sales |  | - | - | -
Issuances |  | - | - | -
Settlements |  | (5) | (670) | (675)
Net transfers in and/or out of Level 3 |  | - | - | -
Fair value, June 30, 2011 | $ | 441 | 4,531 | 4,972
##
2010 ($ in thousands) |  | ABS, AFS | CMBS, AFS | Receivable for Proceeds Related to Sale of Selective HR | Total
Fair Value, December 31, 2009 | $ | - | - | 12,300 | 12,300
Total net (losses) gains for the period included in: |  |  |  |  |
OCI1 |  | (22) | 1,862 | - | 1,840
Net income2,3 |  | - | 41 | (5,460) | (5,419)
Purchases, sales, issuances, and settlements (net) |  | 2,737 | (148) | (1,838) | 751
Net transfers in and/or out of Level 3 |  | (2,715) | (1,570) | - | (4,285)
Fair value, December 31, 2010 | $ | - | 185 | 5,002 | 5,187
##
1 | Amounts are reported in "Other net unrealized gains on investment securities, net of deferred income tax" on the Consolidated Statements of Stockholders' Equity.
2 | Amounts are reported in "Net realized investment gains (losses)" for the ABS and CMBS securities and "Other income" for the receivable related to the sale of Selective HR on the Consolidated Statements of Income.
3 | Amounts are reported in "Loss on disposal of discontinued operations, net of tax" for the receivable related to sale of Selective HR on the Consolidated Statements of Income.

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- Definition This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 + Details
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