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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2012
Fair Value Measurements [Abstract] |
The Carrying Amounts and Estimated Fair Values of Financial Instruments |
|  | March 31, 2012 |  | December 31, 2011
|  | Carrying |  | Fair |  | Carrying |  | Fair
($ in thousands) |  | Amount |  | Value |  | Amount |  | Value
Financial Assets |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |
HTM | $ | 667,192 |  | 711,731 |  | 712,348 |  | 758,043
AFS |  | 3,034,511 |  | 3,034,511 |  | 2,897,373 |  | 2,897,373
Equity securities, AFS |  | 152,986 |  | 152,986 |  | 157,355 |  | 157,355
Short-term investments |  | 174,472 |  | 174,472 |  | 217,044 |  | 217,044
Receivable for proceeds related to sale of Selective |  |  |  |  |  |  |  |
HR Solutions ("Selective HR") |  | 2,989 |  | 2,989 |  | 3,212 |  | 3,212
Financial Liabilities |  |  |  |  |  |  |  |
Notes payable: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | 49,909 |  | 59,814 |  | 49,908 |  | 51,111
6.70% Senior Notes |  | 99,457 |  | 113,261 |  | 99,452 |  | 113,195
7.50% Junior Notes |  | 100,000 |  | 100,520 |  | 100,000 |  | 100,360
2.90% borrowings from FHLBI |  | 13,000 |  | 13,725 |  | 13,000 |  | 13,759
1.25% borrowings from FHLBI |  | 45,000 |  | 44,688 |  | 45,000 |  | 44,629
Total notes payable | $ | 307,366 |  | 332,008 |  | 307,360 |  | 323,054
Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value |
March 31, 2012 |  |  |  | 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 3/31/12 |  | (Level 1) 1 |  | (Level 2) 1 |  | (Level 3)
Description |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |
U.S. government and government agencies2 | $ | 335,180 |  | 130,189 |  | 183,768 |  | 21,223
Foreign government |  | 37,817 |  | - |  | 37,817 |  | -
Obligations of states and political subdivisions |  | 669,073 |  | - |  | 669,073 |  | -
Corporate securities |  | 1,294,945 |  | - |  | 1,292,433 |  | 2,512
ABS |  | 94,742 |  | - |  | 94,742 |  | -
CMBS |  | 112,048 |  | - |  | 111,667 |  | 381
RMBS |  | 490,706 |  | - |  | 490,706 |  | -
Total AFS fixed maturity securities |  | 3,034,511 |  | 130,189 |  | 2,880,206 |  | 24,116
Equity securities |  | 152,986 |  | 152,986 |  | - |  | -
Short-term investments |  | 174,472 |  | 174,472 |  | - |  | -
Receivable for proceeds related to sale of Selective HR |  | 2,989 |  | - |  | - |  | 2,989
Total assets | $ | 3,364,958 |  | 457,647 |  | 2,880,206 |  | 27,105
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 agencies2 | $ | 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
1 There were no transfers of securities between Level 1 and Level 2 in First Quarter 2012. 2 U.S. government includes corporate securities fully guaranteed by the FDIC.
Summary of the Changes in Fair Value of Securities Using Level 3 Inputs |
($ in thousands) |  | Government | Corporate | CMBS | Receivable for Proceeds Related to Sale of Selective HR | Total
Fair value, December 31, 2011 | $ | 21,741 | 2,603 | 354 | 3,212 | 27,910
Total net (losses) gains for the period included in: |  |  |  |  |  |
OCI1 |  | 105 | 99 | 27 | - | 231
Net income2,3 |  | (46) | - | - | 64 | 18
Purchases |  | - | - | - | - | -
Sales |  | - | - | - | - | -
Issuances |  | - | - | - | - | -
Settlements |  | (577) | (190) | - | (287) | (1,054)
Transfers into Level 3 |  | - | - | - | - | -
Transfers out of Level 3 |  | - | - | - | - | -
Fair value, March 31, 2012 | $ | 21,223 | 2,512 | 381 | 2,989 | 27,105
1 Amounts are reported in "Unrealized holding gains (losses) arising during period" on the Consolidated Statements of Comprehensive Income.
2 Amounts are reported in "Net realized gains (losses)" for realized gains and losses and "Net investment income earned" for amortization of securities on the Consolidated Statements of Income.
3 Amounts are reported in "Other income" for the receivable related to the sale of Selective HR on the Consolidated Statements of Income and are related to interest accretion on the receivable.
2011 ($ in thousands) |  | Government | Corporate | CMBS | Receivable for Proceeds Related to Sale of Selective HR | Total
Fair value, December 31, 2010 | $ | - | ## - | ## 185 | ## 5,002 | ## 5,187
Total net (losses) gains for the period included in: |  |  |  |  |  |
OCI1 |  | - | - | 507 | - | 507
Net income2,3 |  | - | - | (322) | (638) | (960)
Purchases |  | - | - | - | - | -
Sales |  | - | - | - | - | -
Issuances |  | - | - | - | - | -
Settlements |  | - | - | (16) | (1,152) | (1,168)
Transfers into Level 3 |  | 21,741 | 2,603 | - | - | 24,344
Transfers out of Level 3 |  | - | - | - | - | -
Fair value, December 31, 2011 | $ | 21,741 | 2,603 | 354 | 3,212 | 27,910
1 Amounts are reported in "Other net unrealized gains on investment securities, net of deferred income tax" on the Consolidated Statements of Stockholders' Equity in our 2011 Annual Report.
2 Amounts are reported in "Net realized gains (losses)" for realized gains and losses and "Net investment income earned" for amortization for the CMBS securities on the Consolidated Statements of Income in our 2011 Annual Report.
3 Amounts are reported in either "Loss on disposal of discontinued operations, net of tax" or "Other income" for the receivable related to the sale of Selective HR on the Consolidated Statements of Income. Amounts in "Loss on disposal of discontinued operations, net of tax" related to charges to reduce the fair value of our receivable, and amounts in "Other income" related to interest accretion on the receivable in our 2011 Annual Report.
Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value |
March 31, 2012 |  |  |  | Fair Value Measurements Using
|  | Assets/ |  | Quoted Prices in |  |  |  |
|  | Liabilities |  | Active Markets for |  | Significant Other |  | Significant
|  | Disclosed at |  | Identical Assets/ |  | Observable |  | Unobservable
|  | Fair Value |  | Liabilities |  | Inputs |  | Inputs
($ in thousands) |  | at 3/31/12 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial Assets |  |  |  |  |  |  |  |
HTM: |  |  |  |  |  |  |  |
Foreign government | $ | 5,455 |  | - |  | 5,455 |  | -
Obligations of states and political subdivisions |  | 612,293 |  | - |  | 612,293 |  | -
Corporate securities |  | 69,063 |  | - |  | 63,280 |  | 5,783
ABS |  | 7,863 |  | - |  | 6,188 |  | 1,675
CMBS |  | 17,057 |  | - |  | 14,366 |  | 2,691
Total HTM fixed maturity securities | $ | 711,731 |  | - |  | 701,582 |  | 10,149
Financial Liabilities |  |  |  |  |  |  |  |
Notes payable: |  |  |  |  |  |  |  |
7.25% Senior Notes | $ | 59,814 |  | 59,814 |  | - |  | -
6.70% Senior Notes |  | 113,261 |  | 113,261 |  | - |  | -
7.50% Junior Notes |  | 100,520 |  | 100,520 |  | - |  | -
2.90% borrowings from FHLBI |  | 13,725 |  | - |  | 13,725 |  | -
1.25% borrowings from FHLBI |  | 44,688 |  | - |  | 44,688 |  | -
Total notes payable | $ | 332,008 |  | 273,595 |  | 58,413 |  | -

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- Definition Tabular disclosure of assets and liabilities that are disclosed at fair value. 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 No definition available. + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring 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=6925170&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + Details
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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, 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, issuances, 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 Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=6925170&loc=d3e19279-110258 Reference 3: 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=6925170&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of 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 certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: 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=6947722&loc=d3e13433-108611 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=6925170&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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=6947722&loc=d3e13476-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: 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=6947722&loc=d3e13467-108611 Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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