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Investments (Tables)
 6 Months Ended
Jun. 30, 2013
Investments [Abstract]  
Schedule of Held-to-maturity Securities
June 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
 
Amortized Cost
 
Net
 Unrealized Gains
 (Losses)
 
Carrying
Value
 
Unrecognized
 Holding
Gains
 
Unrecognized Holding
 Losses
 
Fair
Value
Foreign government
 
$
5,292

 
172

 
5,464

 
194

 
—

 
5,658

Obligations of state and political subdivisions
 
421,460

 
4,947

 
426,407

 
20,520

 
(34
)
 
446,893

Corporate securities
 
35,983

 
(643
)
 
35,340

 
3,541

 
—

 
38,881

Asset-backed securities (“ABS”)
 
6,536

 
(824
)
 
5,712

 
868

 
—

 
6,580

Commercial mortgage-backed securities (“CMBS”)
 
7,623

 
(1,039
)
 
6,584

 
3,029

 
—

 
9,613

Total HTM fixed maturity securities
 
$
476,894

 
2,613

 
479,507

 
28,152

 
(34
)
 
507,625


December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
 
Amortized Cost
 
Net
 Unrealized Gains
 (Losses)
 
Carrying
Value
 
Unrecognized
 Holding
Gains
 
Unrecognized Holding
 Losses
 
Fair
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

 
Schedule Of Available For Sale Securities
June 30, 2013
 
 
 
 
 
 
 
 
($ in thousands)
 
Cost/
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. government and government agencies
 
$
165,844

 
12,519

 
(369
)
 
177,994

Foreign government
 
28,802

 
995

 
(127
)
 
29,670

Obligations of states and political subdivisions
 
884,615

 
28,521

 
(18,818
)
 
894,318

Corporate securities
 
1,491,837

 
46,984

 
(14,850
)
 
1,523,971

ABS
 
155,338

 
999

 
(911
)
 
155,426

CMBS1
 
137,048

 
2,318

 
(3,782
)
 
135,584

Residential mortgage-backed
securities (“RMBS”)2
 
500,510

 
8,906

 
(6,568
)
 
502,848

AFS fixed maturity securities
 
3,363,994

 
101,242

 
(45,425
)
 
3,419,811

AFS equity securities
 
142,434

 
30,395

 
(765
)
 
172,064

Total AFS securities
 
$
3,506,428

 
131,637

 
(46,190
)
 
3,591,875

 
December 31, 2012
 
 
 
 
 
 
 
 
($ in thousands)
 
Cost/
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
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



1 CMBS includes government guaranteed agency securities with a fair value of $39.9 million at June 30, 2013 and $48.9 million at December 31, 2012.
2 RMBS includes government guaranteed agency securities with a fair value of $72.2 million at June 30, 2013 and $91.0 million at December 31, 2012.
Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time
June 30, 2013
 
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
 
$
16,151

 
(369
)
 
—

 
—

Foreign government
 
1,058

 
(10
)
 
2,880

 
(117
)
Obligations of states and political subdivisions
 
393,204

 
(18,818
)
 
—

 
—

Corporate securities
 
431,753

 
(14,699
)
 
2,952

 
(151
)
ABS
 
98,136

 
(911
)
 
—

 
—

CMBS
 
67,456

 
(3,340
)
 
2,158

 
(442
)
RMBS
 
220,814

 
(6,387
)
 
1,626

 
(181
)
Total fixed maturity securities
 
1,228,572

 
(44,534
)
 
9,616

 
(891
)
Equity securities
 
16,948

 
(765
)
 
—

 
—

Subtotal
 
$
1,245,520

 
(45,299
)
 
9,616

 
(891
)
 
 
 
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
 
$
180

 
(3
)
 
3

 
702

 
(28
)
 
20

ABS
 
—

 
—

 
—

 
2,803

 
(709
)
 
647

Subtotal
 
$
180


(3
)
 
3

 
3,505

 
(737
)
 
667

Total AFS and HTM
 
$
1,245,700

 
(45,302
)
 
3

 
13,121

 
(1,628
)
 
667


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

 1Gross 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.
2Unrecognized gains 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)
 
 
June 30, 2013
 
December 31, 2012
Number of
Issues
% of Market/Book
Unrealized/
Unrecognized Loss
 
Number of
Issues
% of
Market/Book
Unrealized/
Unrecognized
Loss
504

80% - 99%
$
46,022

 
100

80% - 99%
2,701

1

60% - 79%
238

 
1

60% - 79%
233

—

40% - 59%
—

 
—

40% - 59%
—

—

20% - 39%
—

 
—

20% - 39%
—

—

0% - 19%
—

 
—

0% - 19%
—

 

 
$
46,260

 
 

 
2,934

 
Schedule Of Held To Maturity Fixed Maturity Securities By Contractual Maturities
($ in thousands)
 
Carrying Value
 
Fair Value
Due in one year or less
 
$
93,387

 
96,086

Due after one year through five years
 
348,188

 
369,227

Due after five years through 10 years
 
35,044

 
38,777

Due after 10 years
 
2,888

 
3,535

Total HTM fixed maturity securities
 
$
479,507

 
507,625

 
Schedule of Available for Sale Fixed Maturity Securities by Contractual Maturities
($ in thousands)
 
Fair Value
Due in one year or less
 
$
326,454

Due after one year through five years
 
1,840,956

Due after five years through 10 years
 
1,202,597

Due after 10 years
 
49,804

Total AFS fixed maturity securities
 
$
3,419,811

  
Schedule Of Other Investment Portfolio By Strategy And Remaining Commitment Amount Associated With Each Strategy
Other Investments
 
Carrying Value
 
June 30,
2013
($ in thousands)
 
June 30,
2013
 
December 31,
2012
 
Remaining Commitment
Alternative Investments
 
 

 
 

 
 

  Secondary private equity
 
$
26,489

 
28,032

 
7,527

  Energy/power generation
 
18,417

 
18,640

 
7,825

  Private equity
 
17,809

 
18,344

 
11,542

  Mezzanine financing
 
12,868

 
12,692

 
19,712

  Real estate
 
12,149

 
11,751

 
10,290

  Distressed debt
 
12,106

 
12,728

 
2,929

  Venture capital
 
7,378

 
7,477

 
400

Total alternative investments
 
107,216

 
109,664

 
60,225

Other securities
 
1,861

 
4,412

 
1,289

Total other investments
 
$
109,077

 
114,076

 
61,514
Schedule Of Aggregated Summarized Income Statement Financial Information For Partnerhips In Our Alternative Investment Portfolio
Income Statement Information
 
Quarter ended March 31,
 
Six Months ended March 31,
($ in millions)
 
2013
 
2012
 
2013
 
2012
Net investment income
 
$
46.8

 
54.0

 
255.0

 
90.1

Realized (losses) gains
 
(22.1
)
 
234.6

 
599.7

 
985.3

Net change in unrealized depreciation
 
378.8

 
53.4

 
(18.9
)
 
(434.0
)
Net income
 
$
403.5

 
342.0

 
835.8

 
641.4

Selective’s insurance subsidiaries’ other investments income
 
$
3.9

 
3.0

 
7.5

 
5.0

 
Schedule of Net Investment Income earned
 
 
Quarter ended June 30,
 
Six Months ended June 30,
($ in thousands)
 
2013
 
2012
 
2013
 
2012
Fixed maturity securities
 
$
30,298


31,759

 
60,387

 
63,109

Equity securities
 
1,874


1,280

 
3,081

 
2,517

Short-term investments
 
29


29

 
81

 
67

Other investments
 
3,869


2,963

 
7,471

 
4,963

Miscellaneous income
 
—


25

 
—

 
64

Investment expenses
 
(2,067
)

(2,050
)
 
(4,147
)
 
(4,086
)
Net investment income earned
 
$
34,003

 
34,006

 
66,873

 
66,634
OTTI By Asset Type
Second Quarter 2013
 
Gross 
 
Included in Other
Comprehensive
Income (“OCI”)
 
Recognized in
Earnings
($ in thousands) 
 
 
 
HTM fixed maturity securities
 
 

 
 

 
 

ABS
 
$
(44
)
 
(47
)
 
3

Total HTM fixed maturity securities
 
(44
)
 
(47
)
 
3

Equity securities
 
429

 
—

 
429

Other investments
 
123

 
—

 
123

OTTI losses
 
$
508

 
(47
)
 
555

 
Second Quarter 2012
 
Gross
 
Included in OCI
 
Recognized in Earnings
($ in thousands)
 
 
 
AFS fixed maturity securities
 
 

 
 

 
 

ABS
 
$
30

 
—

 
30

RMBS
 
10

 
(54
)
 
64

OTTI losses
 
$
40

 
(54
)
 
94


Six Months 2013
 
Gross 
 
Included in OCI
 
Recognized in
Earnings
($ in thousands) 
 
 
 
HTM fixed maturity securities
 
 
 
 
 
 
ABS
 
$
(44
)
 
(47
)
 
3

Total HTM fixed maturity securities
 
(44
)
 
(47
)
 
3

AFS fixed maturity securities
 
 

 
 

 
 

RMBS
 
(22
)
 
(30
)
 
8

Total AFS fixed maturity securities
 
(22
)
 
(30
)
 
8

Equity securities
 
646

 
—

 
646

Total AFS securities
 
624

 
(30
)
 
654

Other investments
 
1,847

 
—

 
1,847

OTTI losses
 
$
2,427

 
(77
)
 
2,504


Six Months 2012
 
Gross 
 
Included in OCI
 
Recognized in
Earnings
($ in thousands) 
 
 
 
AFS fixed maturity securities
 
 

 
 

 
 

ABS
 
$
62

 
—

 
62

CMBS
 
108

 
—

 
108

RMBS
 
(44
)
 
(218
)
 
174

Total AFS fixed maturity securities
 
126

 
(218
)
 
344

Equity securities
 
171

 
—

 
171

Total AFS securities
 
297

 
(218
)
 
515

OTTI losses
 
$
297

 
(218
)
 
515
Gross Credit Loss Impairments on Fixed Maturity Securities for Which a Portion of the OTTI Charge was Recognized in OCI
 
 
Quarter ended June 30,
($ in thousands)
 
2013
 
2012
Balance, beginning of period
 
$
7,486

 
6,711

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

 
—

Reductions for securities sold during the period
 
—

 
—

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
 
—

 
—

Additional increases to the amount related to credit loss for which an OTTI was previously recognized
 
2

 
64

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

 
—

Balance, end of period
 
$
7,488

 
6,775


 
 
Six Months ended June 30,
($ in thousands)
 
2013
 
2012
Balance, beginning of period
 
$
7,477

 
6,602

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

 
—

Reductions for securities sold during the period
 
—

 
—

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
 
—

 
—

Additional increases to the amount related to credit loss for which an OTTI was previously recognized
 
11

 
173

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

 
—

Balance, end of period
 
$
7,488

 
6,775
Components of Net Realized Gains Excluding OTTI Charges
 
 
Quarter ended June 30,
 
Six Months ended June 30,
($ in thousands)
 
2013
 
2012
 
2013
 
2012
HTM fixed maturity securities
 
 
 
 
 
 
 
 
Gains
 
$
3

 
2

 
3

 
155

Losses
 
(12
)
 
(25
)
 
(49
)
 
(106
)
AFS fixed maturity securities
 
 

 
 

 
 
 
 
Gains
 
967

 
368

 
1,918

 
773

Losses
 
(46
)
 
(74
)
 
(299
)
 
(117
)
AFS equity securities
 
 

 
 

 
 
 
 
Gains
 
4,800

 
—

 
10,471

 
4,775

Losses
 
(3
)
 
—

 
(171
)
 
(428
)
Short-term investments
 
 

 
 

 
 
 
 
Losses
 
—

 
—

 
—

 
(2
)
Other Investments
 
 
 
 
 
 
 
 
Gains
 
—

 
1

 
—

 
1

     Losses
 
—


—

 
(860
)
 
—

Total other net realized investment gains
 
5,709


272

 
11,013

 
5,051

Total OTTI charges recognized in earnings
 
(555
)

(94
)
 
(2,504
)
 
(515
)
Total net realized gains
 
$
5,154


178

 
8,509

 
4,536