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Retirement Plans (Table)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Schedule Of Plan Terms In Effect And Revisions Of Retirement Savings Plan [Table Text Block]

 

As of December 31, 2010

Effective January 1, 2011

 

 

 

SICA match

65% of participant contributions up to 7% of defined compensation

100% of participant contributions up to the first 3% of defined compensation and 50% up to the next 3%

 

 

 

Enhanced match/non-elective contribution1

100% match up to 2% of defined compensation and non-elective contributions equal to 2% of defined compensation

Enhanced match eliminated and non-elective contributions increased to 4%

 

 

 

Vesting of match/non-elective contribution

Vesting period of six years for SICA match and three years for SICA non-elective contribution

Immediately vested

 

 

 

HCE contributions

Limited

No longer subject to previous limitation

 

 

 

 
Funded Status Of Retirement Income Plan And Retirement Life Plan [Table Text Block]

December 31,

 

Retirement Income Plan

 

Retirement Life Plan

($ in thousands)

 

2011

 

2010

 

2011

 

2010

Change in Benefit Obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

$

230,642

 

200,041 

 

5,700

 

5,503 

Service cost

 

7,575

 

7,626 

 

 

Interest cost

 

12,349

 

11,914 

 

306

 

316 

Actuarial losses

 

9,177

 

16,339 

 

224

 

201 

Benefits paid

 

(5,734)

 

(5,278) 

 

(333)

 

(320)

Benefit obligation, end of year

$

254,009

 

230,642 

 

5,897

 

5,700 

 

 

 

 

 

 

 

 

 

Change in Fair Value of Assets:

 

 

 

 

 

 

 

 

Fair value of assets, beginning of year

$

173,311

 

139,749 

 

-

 

Actual return on plan assets, net of expenses

 

6,526

 

15,743 

 

-

 

Contributions by the employer to funded plans

 

8,400

 

23,000 

 

-

 

Contributions by the employer to unfunded plans

 

111

 

97 

 

-

 

Benefits paid

 

(5,734)

 

(5,278) 

 

-

 

Fair value of assets, end of year

$

182,614

 

173,311 

 

-

 

 

 

 

 

 

 

 

 

 

Funded status

 

(71,395)

 

(57,331) 

 

(5,897)

 

(5,700)

 
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Amounts Recognized in the Consolidated Balance Sheet:

 

 

 

 

 

 

 

 

Liabilities

 

(71,395)

 

(57,331) 

 

(5,897)

 

(5,700)

Net pension liability, end of year

$

(71,395)

 

(57,331) 

 

(5,897)

 

(5,700)

 
Amounts recognized in AOCI

Amounts Recognized in AOCI

 

 

 

 

 

 

 

 

Prior service cost

$

176

 

326 

 

 

Net actuarial loss

 

83,321

 

70,901 

 

1,047

 

841 

Total

$

83,497

 

71,227 

 

1,047

 

841 

 
Other Information as of December 31

Other Information as of December 31:

 

 

 

 

 

 

 

 

Accumulated benefit obligation

$

223,655

 

199,028 

 

-

 

 
Weighted-Average Liability Assumptions as of December 31

Weighted-Average Liability Assumptions as of

 

 

 

 

 

 

 

 

December 31:

 

 

 

 

 

 

 

 

Discount rate

 

5.16

%

5.55 

%

5.16

%

5.55 

Rate of compensation increase

 

4.00

%

4.00 

%

-

 

 
Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income Loss [Table Text Block]

 

 

Retirement Income Plan

 

Retirement Life Plan

($ in thousands)

 

2011

 

2010

 

2009

 

2011

 

2010

 

2009

Components of Net Periodic Benefit Cost and

 

 

 

 

 

 

 

 

 

 

 

 

Other Amounts Recognized in Other

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (Income) Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

7,575

 

7,626 

 

7,078 

 

-

 

 

32 

Interest cost

 

12,349

 

11,914 

 

10,944 

 

306

 

316 

 

361 

Expected return on plan assets

 

(13,924)

 

(11,247)

 

(9,214)

 

-

 

 

Amortization of unrecognized prior service cost (credit)

 

150

 

150 

 

150 

 

-

 

 

(44)

Amortization of unrecognized actuarial loss

 

4,154

 

4,128 

 

4,660 

 

18

 

 

Curtailment income

 

-

 

 

 

-

 

 

(4,217)

Total net periodic cost/(income)

 

10,304

 

12,571 

 

13,618 

 

324

 

322 

 

(3,868)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Changes in Plan Assets and Benefit

 

 

 

 

 

 

 

 

 

 

 

 

Obligations Recognized in Other Comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

(Income) Loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

$

16,575

 

11,844 

 

(3,470)

 

224

 

201 

 

646 

Reversal of amortization of net actuarial loss

 

(4,154)

 

(4,128)

 

(4,660)

 

(18)

 

(6)

 

(614)

Reversal of amortization of prior service (cost) credit

 

(150)

 

(150)

 

(150)

 

-

 

 

2,045 

Total recognized in other comprehensive (income) loss

 

12,271

 

7,566 

 

(8,280)

 

206

 

195 

 

2,077 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost and other

 

 

 

 

 

 

 

 

 

 

 

 

     comprehensive (income) loss

$

22,575

 

20,137 

 

5,338 

 

530

 

517 

 

(1,791)

 
Schedule Of Assumptions Used Expense [Table Text Block]

 

 

Retirement Income Plan

 

Retirement Life Plan

($ in thousands)

 

2011

 

2010

 

2009

 

2011

 

2010

 

2009

Weighted-Average Expense Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.55

%

5.93 

%

6.24 

 

5.55

 

5.93 

 

6.24 

Expected return on plan assets

 

8.00

%

8.00 

%

8.00 

 

-

 

 

Rate of compensation increase

 

4.00

%

4.00 

%

4.00 

 

-

 

 

4.00 

 
Schedule of Allocation of Plan Assets [Table Text Block]

 

2011

 

2010

 

 

Target

 

Range

 

Actual

 

Actual

 

 

Percentage

 

Percentage

 

Percentage

 

Percentage

 

Equity

 

 

 

 

 

 

 

 

  Large capitalization

24

 

17 - 31

 

18

 

19

 

  Small and mid capitalization

10

 

6 14

 

8

 

9

 

  International

10

 

6 - 14

 

7

 

8

 

 

 

 

 

 

 

 

 

 

Alternative investments

15

 

20 - 34

 

9

 

11

 

 

 

 

 

 

 

 

 

 

Fixed income

 

 

 

 

 

 

 

 

  Domestic core

16

 

0 - 21

 

17

 

15

 

  Global emerging markets

13

 

0 - 18

 

14

 

12

 

  Liability driven investments

12

 

0- 45

 

20

 

16

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

0

 

0- 5

 

7

 

10

 

Total

 

 

 

 

100

 

100

 

 
Fair Value, Assets Measured on Recurring Basis [Text Block]

 

December 31, 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 12/31/11

 

(Level 1)

 

(Level 2)

 

(Level 3)

Description

 

 

 

 

 

 

 

 

Measured on a recurring basis:

 

 

 

 

 

 

 

 

U.S. government and government agencies1

$

353,796

 

126,475

 

205,580

 

21,741

Foreign government

 

34,173

 

-

 

34,173

 

-

Obligations of states and political subdivisions

 

622,659

 

-

 

622,659

 

-

Corporate securities

 

1,213,310

 

-

 

1,210,707

 

2,603

ABS

 

78,949

 

-

 

78,949

 

-

CMBS

 

112,598

 

-

 

112,244

 

354

RMBS

 

481,888

 

-

 

481,888

 

-

   Total AFS fixed maturity securities

 

2,897,373

 

126,475

 

2,746,200

 

24,698

Equity securities

 

157,355

 

157,355

 

-

 

-

Short-term investments

 

217,044

 

217,044

 

-

 

-

Receivable for proceeds related to sale of Selective HR

 

3,212

 

-

 

-

 

3,212

   Total assets

$

3,274,984

 

500,874

 

2,746,200

 

27,910

 

 

 

 

 

 

 

 

 

 

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 assets

$

2,578,535

 

336,108

 

2,237,240

 

5,187

 

 

 

 

 

 

 

 

 

1 U.S. government includes corporate securities fully guaranteed by the FDIC.

 

 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

December 31, 2011

 

Investments in

 

($ in thousands)

 

Limited Partnerships

 

 

 

Fair value, December 31, 2010

$

17,179 

Total gains (realized and unrealized)

 

 

   included in changes in net assets

 

1,949 

Purchases, sales, issuances, and settlements (net)

 

(3,948)

Transfers in and/or out of Level 3

 

Fair value, December 31, 2011

$

15,180 

December 31, 2010

 

Investments in

 

($ in thousands)

 

Limited Partnerships

 

 

 

Fair value, December 31, 2009

$

18,764 

Total gains (realized and unrealized)

 

 

   included in changes in net assets

 

969 

Purchases, sales, issuances, and settlements (net)

 

(2,554)

Transfers in and/or out of Level 3

 

Fair value, December 31, 2010

$

17,179 

Schedule of Expected Benefit Payments [Table Text Block]

 

 ($ in thousands)

 

Retirement Income Plan

 

Retirement Life Plan

Benefits Expected to be Paid in Future

 

 

 

 

Fiscal Years:

 

 

 

 

2012

$

7,291

 

342

2013

 

8,038

 

352

2014

 

8,740

 

360

2015

 

9,514

 

369

2016

 

10,467

 

377

2017-2021

 

69,022

 

1,980

 
Retirement Income Plan [Member]
   
Fair Value, Assets Measured on Recurring Basis [Text Block]

December 31, 2011

 

 

 

Fair Value Measurements at 12/31/11 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 12/31/11

 

(Level 1)

 

(Level 2)

 

(Level 3)

Description

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

  International equity

$

13,205

 

13,205

 

-

 

-

  Domestic large capitalization

 

22,200

 

22,200

 

-

 

-

  Small and mid capitalization

 

6,750

 

6,750

 

-

 

-

  Global long-term investment grade fixed income

 

36,881

 

36,881

 

-

 

-

  Domestic core fixed income

 

32,930

 

32,930

 

-

 

-

  Global emerging markets fixed income

 

25,644

 

25,644

 

-

 

-

     Total mutual funds

 

137,610

 

137,610

 

-

 

-

Limited partnership investments:

 

 

 

 

 

 

 

 

  Equity long/short hedge

 

1,836

 

-

 

1,836

 

-

  Private equity

 

12,586

 

-

 

-

 

12,586

  Real estate

 

2,594

 

-

 

-

 

2,594

     Total limited partnerships

 

17,016

 

-

 

1,836

 

15,180

Common stocks:

 

 

 

 

 

 

 

 

  Domestic large capitalization

 

11,618

 

11,618

 

-

 

-

  Small and mid capitalization

 

8,326

 

8,326

 

-

 

-

     Total common stocks

 

19,944

 

19,944

 

-

 

-

Short-term investments

 

7,225

 

7,225

 

-

 

-

Deposit administration contracts

 

979

 

-

 

979

 

-

     Total assets

$

182,774

 

164,779

 

2,815

 

15,180

 

 

 

 

 

 

 

 

 

 
Schedule Of Other Investment Portfolio By Strategy And Remaining Commitment Amount Associated With Each Strategy [Table Text Block]

Alternative Investments

 

Carrying Value

 

2011

 

 

December 31,

 

December 31,

 

Remaining

($ in millions)

 

2011

 

2010

 

Amount

    Equity long/short hedge

$

1.8

 

1.8 

 

-

    Private equity

 

12.6

 

14.5 

 

4.2

    Real estate

 

2.6

 

2.7 

 

0.6

Total alternative investments

$

17.0

 

19.0 

 

4.8