Investments (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Unrealized Gains On Investments



($ in thousands)	2013			2012		2011
AFS securities:
Fixed maturity securities	$	39,559		165,330		130,517
Equity securities	37,421			18,941		13,529
Total AFS securities	76,980			184,271		144,046

HTM securities:
Fixed maturity securities	2,257			3,926		5,566
Total HTM securities	2,257			3,926		5,566

Total net unrealized gains	79,237			188,197		149,612
Deferred income tax expense	(27,733		)	(65,869	)	(52,364	)
Net unrealized gains, net of deferred income tax	51,504			122,328		97,248

(Decrease) increase in net unrealized gains in OCI, net of deferred income tax	$	(70,824	)	25,080		43,380

Schedule of Held-to-maturity Securities



December 31, 2013			Net
			Unrealized			Unrecognized	Unrecognized
	Amortized		Gains		Carrying	Holding	Holding	Fair
($ in thousands)	Cost		(Losses)		Value	Gains	Losses	Value
Foreign government	$	5,292	131		5,423	168	—	5,591
Obligations of state and political subdivisions	348,109		4,013		352,122	17,634	—	369,756
Corporate securities	28,174		(346	)	27,828	2,446	—	30,274
ABS	3,413		(655	)	2,758	657	—	3,415
CMBS	5,634		(886	)	4,748	3,197	—	7,945
Total HTM fixed maturity securities	$	390,622	2,257		392,879	24,102	—	416,981



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

Schedule of Available For Sale Securities



December 31, 2013
	Cost/
	Amortized		Unrealized	Unrealized		Fair
($ in thousands)	Cost		Gains	Losses		Value
U.S. government and government agencies	$	163,218	10,661	(504	)	173,375
Foreign government	29,781		906	(72	)	30,615
Obligations of states and political subdivisions	946,455		25,194	(20,025	)	951,624
Corporate securities	1,707,928		44,004	(17,049	)	1,734,883
ABS	140,430		934	(468	)	140,896
CMBS¹	172,288		2,462	(3,466	)	171,284
RMBS²	515,877		7,273	(10,291	)	512,859
AFS fixed maturity securities	3,675,977		91,434	(51,875	)	3,715,536
AFS equity securities	155,350		37,517	(96	)	192,771
Total AFS securities	$	3,831,327	128,951	(51,971	)	3,908,307



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

¹CMBS includes government guaranteed agency securities with a fair value of $30.0 million at December 31, 2013 and $48.9 million at December 31, 2012.

² RMBS includes government guaranteed agency securities with a fair value of $55.2 million at December 31, 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



December 31, 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	$	16,955	(500	)	507	(4	)
Foreign government	2,029		(30	)	2,955	(42	)
Obligations of states and political subdivisions	442,531		(19,120	)	13,530	(905	)
Corporate securities	511,100		(15,911	)	14,771	(1,138	)
ABS	68,725		(468	)	—	—
CMBS	100,396		(2,950	)	6,298	(516	)
RMBS	268,943		(10,031	)	2,670	(260	)
Total fixed maturity securities	1,410,679		(49,010	)	40,731	(2,865	)
Equity securities	1,124		(96	)	—	—
Subtotal	$	1,411,803	(49,106	)	40,731	(2,865	)



	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	$	65	(5	)	5	441	(20	)	14
ABS	—		—		—	2,490	(655	)	621
Subtotal	$	65	(5	)	5	2,931	(675	)	635
Total AFS and HTM	$	1,411,868	(49,111	)	5	43,662	(3,540	)	635



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.

² Unrecognized holding 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)
December 31, 2013				December 31, 2012
Number of Issues	% of Market/Book	Unrealized/Unrecognized Loss		Number of Issues	% of Market/Book	Unrealized/ Unrecognized Loss
556	80% - 99%	$	51,835	100	80% - 99%	$	2,701
1	60% - 79%	176		1	60% - 79%	233
—	40% - 59%	—		—	40% - 59%	—
—	20% - 39%	—		—	20% - 39%	—
—	0% - 19%	—		—	0% - 19%	—
		$	52,011			$	2,934

Schedule of Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy



Other Investments	Carrying Value			2013
	December 31,		December 31,	Remaining
($ in thousands)	2013		2012	Commitment
Alternative Investments
Secondary private equity	$	25,618	28,032	7,739
Private equity	20,192		18,344	9,998
Energy/power generation	17,361		18,640	6,984
Mezzanine financing	12,738		12,692	18,249
Real estate	11,698		11,751	10,203
Distressed debt	11,579		12,728	2,965
Venture capital	7,025		7,477	400
Total alternative investments	106,211		109,664	56,538
Other securities	1,664		4,412	—
Total other investments	$	107,875	114,076	56,538

Schedule of Aggregated Summarized Balance Sheet Financial Information For Partnerhips In Our Alternative Investment Portfolio



Balance Sheet Information
September 30,
($ in millions)	2013		2012
Investments	$	11,020	12,214
Total assets	11,727		12,912
Total liabilities	573		657
Partners’ capital	11,154		12,255

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)	2013		2012		2011
Net investment income	$	406	226		564
Realized gains	913		1,015		893
Net change in unrealized appreciation (depreciation)	382		(100	)	1,485
Net income	$	1,701	1,141		2,942

Insurance Subsidiaries' other investments income	15		9		21

Schedule of Components of Net Investment Income Earned



($ in thousands)	2013			2012		2011
Fixed maturity securities	$	121,582		124,687		129,710
Equity securities, dividend income	6,140			6,215		4,535
Short-term investments	117			151		160
Other investments	15,208			8,996		20,539
Miscellaneous income	—			—		133
Investment expenses	(8,404		)	(8,172	)	(7,634	)
Net investment income earned	$	134,643		131,877		147,443

Schedule of OTTI by Asset Type



2013							Recognized in
($ in thousands)	Gross			Included in OCI			Earnings
HTM fixed maturity securities:
ABS	$	(44	)	(47		)	3
Total HTM fixed maturity securities	(44		)	(47		)	3
AFS fixed maturity securities:
RMBS	16			(30		)	46
Total AFS fixed maturity securities	16			(30		)	46
Equity securities	3,747			—			3,747
Total AFS securities	3,763			(30		)	3,793
Other investments	1,847			—			1,847
OTTI losses	$	5,566		$	(77	)	$	5,643



2012						Recognized in
($ in thousands)	Gross			Included in OCI		Earnings
AFS fixed maturity securities:
ABS	98			—		98
CMBS	(1,525		)	(2,335	)	810
RMBS	(35		)	(218	)	183
Total AFS 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
AFS 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 AFS fixed maturity securities	633			(1,188	)	1,821
Equity securities	11,365			—		11,365
OTTI losses	$	11,998		(1,188	)	13,186

Schedule of Gross Credit Loss Impairments on Fixed Maturity Securities for Which a Portion of the OTTI Charge Was Recognized In OCI



($ in thousands)	2013		2012	2011
Balance, beginning of year	$	7,477	6,602	17,723
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	—		—	—
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	—		—	(11,672	)
Additional increases to the amount related to credit loss for which an OTTI was previously recognized	11		875	551
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected	—		—	—
Balance, end of year	$	7,488	7,477	6,602

Schedule of Components of Net Realized Gains (Losses) Excluding OTTI Charges



($ in thousands)	2013			2012		2011
HTM fixed maturity securities
Gains	$	195		194		4
Losses	(95		)	(217	)	(564	)
AFS fixed maturity securities
Gains	3,340			4,452		9,385
Losses	(373		)	(472	)	(70	)
AFS equity securities
Gains	24,776			10,901		6,671
Losses	(408		)	(1,205	)	—
Short-term investments
Losses	—			(2	)	—
Other investments
Gains	—			1		—
Losses	(1,060		)	(400	)	—
Total other net realized investment gains	26,375			13,252		15,426
Total OTTI charges recognized in earnings	(5,643		)	(4,264	)	(13,186	)
Total net realized gains	$	20,732		8,988		2,240

Held-to-maturity Securities [Member]

Investment [Line Items]

Schedule Of Fixed Maturity Securities By Contractual Maturities



($ in thousands)	Carrying Value		Fair Value
Due in one year or less	$	67,784	70,422
Due after one year through five years	293,947		312,109
Due after five years through 10 years	31,148		34,450
Total HTM fixed maturity securities	$	392,879	$	416,981

AFS Fixed Maturity Securities [Member]

Investment [Line Items]

Schedule Of Fixed Maturity Securities By Contractual Maturities



($ in thousands)	Fair Value
Due in one year or less	$	375,313
Due after one year through five years	1,947,709
Due after five years through 10 years	1,363,912
Due after 10 years	28,602
Total AFS fixed maturity securities	$	3,715,536