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Investments (Tables)
 12 Months Ended
Dec. 31, 2012
Investments [Abstract]  
Unrealized Gains On Investments
($ in thousands)
 
2012
 
2011
 
2010
AFS securities:
 
 

 
 

 
 

Fixed maturity securities
 
$
165,330

 
130,517

 
56,754

Equity securities
 
18,941

 
13,529

 
11,597

Total AFS securities
 
184,271

 
144,046

 
68,351

 
 
 
 
 
 
 
HTM securities:
 
 

 
 

 
 

Fixed maturity securities
 
3,926

 
5,566

 
14,523

Total HTM securities
 
3,926

 
5,566

 
14,523

 
 
 
 
 
 
 
Total net unrealized gains
 
188,197

 
149,612

 
82,874

Deferred income tax expense
 
(65,869
)
 
(52,364
)
 
(29,006
)
Net unrealized gains, net of deferred income tax
 
122,328

 
97,248

 
53,868

 
 
 
 
 
 
 
Increase in net unrealized gains in OCI, net of deferred income tax
 
$
25,080

 
43,380

 
24,529
Held-to-maturity Securities
December 31, 2012
 
 
 
Net
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized
 
 
 
Unrecognized
 
Unrecognized
 
 
 
 
Amortized
 
Gains
 
Carrying
 
Holding
 
Holding
 
Fair
($ in thousands)
 
Cost
 
(Losses)
 
Value
 
Gains
 
Losses
 
Value
Foreign government
 
$
5,292

 
212

 
5,504

 
367

 
—

 
5,871

Obligations of state and political subdivisions
 
491,180

 
6,769

 
497,949

 
28,996

 
(23
)
 
526,922

Corporate securities
 
38,285

 
(812
)
 
37,473

 
4,648

 
—

 
42,121

ABS
 
6,980

 
(1,052
)
 
5,928

 
1,170

 
—

 
7,098

CMBS
 
8,406

 
(1,191
)
 
7,215

 
5,434

 
—

 
12,649

Total HTM fixed maturity securities
 
$
550,143

 
3,926

 
554,069

 
40,615

 
(23
)
 
594,661


 
December 31, 2011
 
 
 
Net
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized
 
 
 
Unrecognized
 
Unrecognized
 
 
 
 
Amortized
 
Gains
 
Carrying
 
Holding
 
Holding
 
Fair
($ in thousands)
 
Cost
 
(Losses)
 
Value
 
Gains
 
Losses
 
Value
Foreign government
 
$
5,292

 
292

 
5,584

 
—

 
(88
)
 
5,496

Obligations of state and political subdivisions
 
614,118

 
11,894

 
626,012

 
31,529

 
(156
)
 
657,385

Corporate securities
 
64,840

 
(2,189
)
 
62,651

 
6,887

 
—

 
69,538

ABS
 
8,077

 
(1,469
)
 
6,608

 
1,353

 
(7
)
 
7,954

CMBS
 
14,455

 
(2,962
)
 
11,493

 
6,177

 
—

 
17,670

Total HTM fixed maturity securities
 
$
706,782

 
5,566

 
712,348

 
45,946

 
(251
)
 
758,043
Schedule Of Available For Sale Securities
December 31, 2012
 
 
 
 
 
 
 
 
 
 
Cost/
 
 
 
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
($ in thousands)
 
Cost
 
Gains
 
Losses
 
Value
U.S. government and government agencies
 
$
241,874

 
17,219

 
(1
)
 
259,092

Foreign government
 
28,813

 
1,540

 
(124
)
 
30,229

Obligations of states and political subdivisions
 
773,953

 
44,398

 
(327
)
 
818,024

Corporate securities
 
1,368,954

 
81,696

 
(402
)
 
1,450,248

ABS
 
126,330

 
2,319

 
(9
)
 
128,640

CMBS1
 
133,763

 
4,572

 
(1,216
)
 
137,119

RMBS2
 
456,996

 
15,961

 
(296
)
 
472,661

AFS fixed maturity securities
 
3,130,683

 
167,705

 
(2,375
)
 
3,296,013

AFS equity securities
 
132,441

 
19,400

 
(459
)
 
151,382

Total AFS securities
 
$
3,263,124

 
187,105

 
(2,834
)
 
3,447,395


 
December 31, 2011
 
 
 
 
 
 
 
 
 
 
Cost/
 
 
 
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
($ in thousands)
 
Cost
 
Gains
 
Losses
 
Value
U.S. government and government agencies3
 
$
333,504

 
20,292

 
—

 
353,796

Foreign government
 
33,687

 
1,042

 
(556
)
 
34,173

Obligations of states and political subdivisions
 
578,214

 
44,491

 
(46
)
 
622,659

Corporate securities
 
1,168,439

 
50,167

 
(5,296
)
 
1,213,310

ABS
 
77,706

 
1,289

 
(46
)
 
78,949

CMBS1
 
107,838

 
6,427

 
(1,667
)
 
112,598

RMBS2
 
467,468

 
16,187

 
(1,767
)
 
481,888

AFS fixed maturity securities
 
2,766,856

 
139,895

 
(9,378
)
 
2,897,373

AFS equity securities
 
143,826

 
13,617

 
(88
)
 
157,355

Total AFS securities
 
$
2,910,682

 
153,512

 
(9,466
)
 
3,054,728


1 CMBS includes government guaranteed agency securities with a fair value of $48.9 million at December 31, 2012 and $72.9 million at December 31, 2011.
2 RMBS includes government guaranteed agency securities with a fair value of $91.0 million at December 31, 2012 and $98.2 million at December 31, 2011.
3 U.S. government includes corporate securities fully guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) with a fair value of $76.5 million at December 31, 2011.
Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time
December 31, 2012
 
Less than 12 months
 
12 months or longer
($ in thousands)
 
Fair 
Value
 
Unrealized
Losses1
 
Fair
Value
 
Unrealized
Losses1
AFS securities:
 
 

 
 

 
 

 
 

U.S. government and government agencies
 
$
518

 
(1
)
 
—

 
—

Foreign government
 
—

 
—

 
2,871

 
(124
)
Obligations of states and political subdivisions
 
32,383

 
(327
)
 
—

 
—

Corporate securities
 
50,880

 
(402
)
 
—

 
—

ABS
 
9,137

 
(9
)
 
—

 
—

CMBS
 
7,637

 
(19
)
 
11,830

 
(1,197
)
RMBS
 
8,710

 
(59
)
 
5,035

 
(237
)
Total fixed maturity securities
 
109,265

 
(817
)
 
19,736

 
(1,558
)
Equity securities
 
15,901

 
(459
)
 
—

 
—

Subtotal
 
$
125,166

 
(1,276
)
 
19,736

 
(1,558
)
 
 
 
Less than 12 months
 
12 months or longer
($ in thousands)
 
Fair
Value
 
Unrealized
Losses1
 
Unrecognized
Gains2
 
Fair
Value
 
Unrealized
Losses1
 
Unrecognized
Gains2
HTM securities:
 
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
 
$
1,218

 
(33
)
 
29

 
1,108

 
(47
)
 
38

ABS
 
—

 
—

 
—

 
2,860

 
(840
)
 
753

Subtotal
 
$
1,218

 
(33
)
 
29

 
3,968

 
(887
)
 
791

Total AFS and HTM
 
$
126,384

 
(1,309
)
 
29

 
23,704

 
(2,445
)
 
791


 
December 31, 2011
 
Less than 12 months
 
12 months or longer
($ in thousands)
 
Fair 
Value
 
Unrealized
Losses1
 
Fair
Value
 
Unrealized
Losses1
AFS securities:
 
 

 
 

 
 

 
 

Foreign government
 
$
8,299

 
(556
)
 
—

 
—

Obligations of states and political subdivisions
 
517

 
(1
)
 
1,740

 
(45
)
Corporate securities
 
157,510

 
(4,415
)
 
14,084

 
(881
)
ABS
 
15,808

 
(14
)
 
702

 
(32
)
CMBS
 
4,822

 
(48
)
 
14,564

 
(1,619
)
RMBS
 
29,803

 
(625
)
 
15,007

 
(1,142
)
Total fixed maturity securities
 
216,759

 
(5,659
)
 
46,097

 
(3,719
)
Equity securities
 
743

 
(88
)
 
—

 
—

Subtotal
 
$
217,502

 
(5,747
)
 
46,097

 
(3,719
)
 
 
 
Less than 12 months
 
12 months or longer
($ in thousands)
 
Fair
Value
 
Unrealized
Losses1
 
Unrecognized
Gains2
 
Fair
Value
 
Unrealized
Losses1
 
Unrecognized
Gains2
HTM securities:
 
 

 
 

 
 

 
 

 
 

 
 

Obligations of states and political subdivisions
 
$
7,244

 
(94
)
 
78

 
9,419

 
(519
)
 
324

ABS
 
—

 
—

 
—

 
2,816

 
(1,009
)
 
737

CMBS
 
—

 
—

 
—

 
2,794

 
(1,447
)
 
761

Subtotal
 
$
7,244

 
(94
)
 
78

 
15,029

 
(2,975
)
 
1,822

Total AFS and HTM
 
$
224,746

 
(5,841
)
 
78

 
61,126

 
(6,694
)
 
1,822


1 Gross unrealized losses include non-OTTI unrealized amounts and OTTI losses recognized in AOCI. In addition, this column includes remaining unrealized gain or loss amounts on securities that were transferred to an HTM designation in the first quarter of 2009 for those securities that are in a net unrealized/unrecognized loss position.
2 Unrecognized holding gains/(losses) represent fair value fluctuations from the later of: (i) the date a security is designated as HTM; or (ii) the date that an OTTI charge is recognized on an HTM security.
Schedule of the Number of Securities in an Unrealized Unrecognized Loss Position
($ in thousands)
 
 
December 31, 2012
 
December 31, 2011
Number of
Issues
 
% of 
Market/Book
 
Unrealized
Unrecognized
Loss
 
Number of
Issues
 
% of
Market/Book
 
Unrealized
Unrecognized
Loss
100

 
80% - 99%
 
$
2,701

 
140

 
80% - 99%
 
$
10,166

1

 
60% - 79%
 
233

 
—

 
60% - 79%
 
—

—

 
40% - 59%
 
—

 
1

 
40% - 59%
 
469

—

 
20% - 39%
 
—

 
—

 
20% - 39%
 
—

—

 
0% - 19%
 
—

 
—

 
0% - 19%
 
—

 

 
 
 
$
2,934

 
 

 
 
 
$
10,635
Schedule Of Held To Maturity Fixed Maturity Securities By Contractual Maturities
($ in thousands)
 
Carrying Value
 
Fair Value
Due in one year or less
 
$
103,671

 
108,524

Due after one year through five years
 
399,560

 
428,480

Due after five years through 10 years
 
44,255

 
49,635

Due after 10 years
 
6,583

 
8,022

Total HTM fixed maturity securities
 
$
554,069

 
594,661
Schedule of Available-for-Sale Fixed Maturity Securities By Contractual Maturity
($ in thousands)
 
Fair Value
Due in one year or less
 
$
359,291

Due after one year through five years
 
1,875,834

Due after five years through 10 years
 
1,026,073

Due after 10 years
 
34,815

Total AFS fixed maturity securities
 
$
3,296,013
Schedule of Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy
Other Investments
 
Carrying Value
 
2012
 
 
December 31,
 
December 31,
 
Remaining
($ in thousands)
 
2012
 
2011
 
Commitment
Alternative Investments
 
 

 
 

 
 

Secondary private equity
 
$
28,032

 
30,114

 
7,592

Energy/power generation
 
18,640

 
25,913

 
8,692

Private equity
 
18,344

 
21,736

 
4,594

Distressed debt
 
12,728

 
16,953

 
2,916

Mezzanine financing
 
12,692

 
8,817

 
21,333

Real estate
 
11,751

 
13,767

 
10,381

Venture capital
 
7,477

 
7,248

 
400

Total alternative investments
 
109,664

 
124,548

 
55,908

Other securities
 
4,412

 
3,753

 
982

Total other investments
 
$
114,076

 
128,301

 
56,890
Schedule Of Aggregated Summarized Balance Sheet Financial Information For Partnerhips In Our Alternative Investment Portfolio
Balance Sheet Information
 
 
 
 
September 30,
 
 
 
 
($ in millions)
 
2012
 
2011
Investments
 
$
12,214

 
13,553

Total assets
 
12,912

 
14,253

Total liabilities
 
657

 
1,105

Partners’ capital
 
12,255

 
13,148
Schedule Of Aggregated Summarized Income Statement Financial Information For Partnerhips In Our Alternative Investment Portfolio
Income Statement Information
 
 
 
 
 
 
12 months ended September 30,
 
 
 
 
 
 
($ in millions)
 
2012
 
2011
 
2010
Net investment income
 
$
226

 
564

 
563

Realized gains (losses)
 
1,015

 
893

 
(358
)
Net change in unrealized (depreciation) appreciation 
 
(100
)
 
1,485

 
2,250

Net income
 
$
1,141

 
2,942

 
2,455

 
 
 
 
 
 
 
Insurance Subsidiaries' other investments income 
 
9

 
21

 
20
Net Investment Income
($ in thousands)
 
2012
 
2011
 
2010
Fixed maturity securities
 
$
124,687

 
129,710

 
130,990

Equity securities, dividend income
 
6,215

 
4,535

 
2,238

Short-term investments
 
151

 
160

 
437

Other investments
 
8,996

 
20,539

 
20,313

Miscellaneous income
 
—

 
133

 
139

Investment expenses
 
(8,172
)
 
(7,634
)
 
(8,409
)
Net investment income earned
 
$
131,877

 
147,443

 
145,708
Schedule of OTTI by asset type
2012
 
 
 
 
 
Recognized in
($ in thousands)
 
Gross
 
Included in OCI
 
Earnings
Fixed maturity securities
 
 

 
 

 
 

ABS
 
$
98

 
—

 
98

CMBS
 
(1,525
)
 
(2,335
)
 
810

RMBS
 
(35
)
 
(218
)
 
183

Total fixed maturity securities
 
(1,462
)
 
(2,553
)
 
1,091

Equity securities
 
3,173

 
—

 
3,173

OTTI losses
 
$
1,711

 
(2,553
)
 
4,264


2011
 
 
 
 
 
Recognized in
($ in thousands)
 
Gross
 
Included in OCI
 
Earnings
Fixed maturity securities
 
 

 
 

 
 

Obligations of state and political subdivisions
 
$
17

 
—

 
17

Corporate securities
 
244

 
—

 
244

ABS
 
175

 
(546
)
 
721

CMBS
 
(149
)
 
(843
)
 
694

RMBS
 
346

 
201

 
145

Total fixed maturity securities
 
633

 
(1,188
)
 
1,821

Equity securities
 
11,365

 
—

 
11,365

OTTI losses
 
$
11,998

 
(1,188
)
 
13,186

2010
 
 
 
 
 
Recognized in
($ in thousands)
 
Gross
 
Included in OCI
 
Earnings
Fixed maturity securities
 
 

 
 

 
 

Obligations of state and political subdivisions
 
$
197

 
—

 
197

ABS
 
(20
)
 
(179
)
 
159

CMBS
 
5,552

 
(863
)
 
6,415

RMBS
 
7,953

 
(391
)
 
8,344

Total fixed maturity securities
 
13,682

 
(1,433
)
 
15,115

Equity securities
 
2,543

 
—

 
2,543

OTTI losses
 
$
16,225

 
(1,433
)
 
17,658
Gross Credit Loss Impairments on Fixed Maturity Securities for Which a Portion of the OTTI Charge Was Recognized In OCI
($ in thousands)
 
2012
 
2011
 
2010
Balance, beginning of year
 
$
6,602

 
17,723

 
22,189

Credit losses remaining in retained earnings after adoption of OTTI accounting guidance
 
—

 
—

 
—

Addition for the amount related to credit loss for which an OTTI was not previously recognized
 
—

 
—

 
2,326

Reductions for securities sold during the period
 
—

 
—

 
(2,990
)
Reductions for securities for which the amount previously recognized in OCI was recognized in earnings because of intention or potential requirement to sell before recovery of amortized cost
 
—

 
—

 
—

Reductions for securities for which the entire amount previously recognized in OCI was recognized in earnings due to a decrease in cash flows expected
 
—

 
(11,672
)
 
(8,143
)
Additional increases to the amount related to credit loss for which an OTTI was previously recognized
 
875

 
551

 
4,341

Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected
 
—

 
—

 
—

Balance, end of year
 
$
7,477

 
6,602

 
17,723
Components of Net Realized Gains (Losses) Excluding OTTI Charges
($ in thousands)
 
2012
 
2011
 
2010
HTM fixed maturity securities
 
 

 
 

 
 

Gains
 
$
194

 
4

 
569

Losses
 
(217
)
 
(564
)
 
(894
)
AFS fixed maturity securities
 
 

 
 

 
 

Gains
 
4,452

 
9,385

 
8,161

Losses
 
(472
)
 
(70
)
 
(7,619
)
AFS equity securities
 
 

 
 

 
 

Gains
 
10,901

 
6,671

 
16,698

Losses
 
(1,205
)
 
—

 
(1,156
)
Short-term investments
 
 
 
 
 
 
Losses
 
(2
)
 
—

 
—

Other investments
 
 

 
 

 
 

Gains
 
1

 
—

 
—

Losses
 
(400
)
 
—

 
(5,184
)
Total other net realized investment gains
 
13,252

 
15,426

 
10,575

Total OTTI charges recognized in earnings
 
(4,264
)
 
(13,186
)
 
(17,658
)
Total net realized gains (losses)
 
$
8,988

 
2,240

 
(7,083
)