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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of Plan Terms In Effect And Revisions Of Retirement Savings Plan
 
 
As of January 1, 2011
 
As of April 5, 2013
SICA match
 
100% of participant contributions up to the first 3% of defined compensation and 50% up to the next 3%
 
100% of participant contributions up to the first 3% of defined compensation and 50% up to the next 3%
Non-elective contribution
 
Non-elective contributions of 4% of defined compensation for employees not eligible to participate in the Retirement Income Plan due to a date of hire after December 31, 2005
 
Non-elective contributions of 4% of defined compensation expanded to include employees impacted by the curtailment of the Retirement Income Plan
Vesting of match/non-elective contribution
 
Immediately vested
 
Immediately vested

Schedule of Funded Status Of Retirement Income Plan And Retirement Life Plan
December 31,
 
Retirement Income Plan
 
Retirement Life Plan
($ in thousands)
 
2013
 
2012
 
2013
 
2012
Change in Benefit Obligation:
 
 

 
 

 
 

 
 

Benefit obligation, beginning of year
 
$
302,647

 
254,009

 
6,471

 
5,897

Service cost
 
7,517

 
8,091

 

 

Interest cost
 
12,477

 
12,981

 
283

 
302

Actuarial (gains) losses
 
(29,656
)
 
33,596

 
(224
)
 
660

Benefits paid
 
(6,978
)
 
(6,030
)
 
(329
)
 
(388
)
Impact of curtailment
 
(29,603
)
 

 

 

Benefit obligation, end of year
 
$
256,404

 
302,647

 
6,201

 
6,471

 
 
 
 
 
 
 
 
 
Change in Fair Value of Assets:
 
 

 
 

 
 

 
 

Fair value of assets, beginning of year
 
$
207,150

 
182,614

 

 

Actual return on plan assets, net of expenses
 
15,925

 
21,896

 

 

Contributions by the employer to funded plans
 
9,600

 
8,550

 

 

Contributions by the employer to unfunded plans
 
120

 
120

 

 

Benefits paid
 
(6,978
)
 
(6,030
)
 

 

Fair value of assets, end of year
 
$
225,817

 
207,150

 

 

 
 
 
 
 
 
 
 
 
Funded status
 
$
(30,587
)
 
(95,497
)
 
(6,201
)
 
(6,471
)
Schedule of Amounts Recognized in Consolidated Balance Sheet
Amounts Recognized in the Consolidated Balance Sheet:
 
 

 
 

 
 

 
 

Liabilities
 
$
(30,587
)
 
(95,497
)
 
(6,201
)
 
(6,471
)
Net pension liability, end of year
 
$
(30,587
)
 
(95,497
)
 
(6,201
)
 
(6,471
)
Schedule of Amounts recognized in Accumulated Other than Comprehensive Income
Amounts Recognized in AOCI:
 
 

 
 

 
 

 
 

Prior service cost
 
$

 
26

 

 

Net actuarial loss
 
39,640

 
103,365

 
1,363

 
1,667

Total
 
$
39,640

 
103,391

 
1,363

 
1,667

Schedule of Other Information as of December 31
Other Information as of December 31:
 
 

 
 

 
 

 
 

Accumulated benefit obligation
 
250,546

 
265,899

 

 

Schedule of Weighted-Average Liability Assumptions as of December 31
Weighted-Average Liability Assumptions as of December 31:
 
 

 
 
 
 
 
 
Discount rate
 
5.16
%
 
4.42
 
4.85
 
4.42
Rate of compensation increase
 
4.00
%
 
4.00
 
 
Schedule of Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income
 
 
Retirement Income Plan
 
Retirement Life Plan
($ in thousands)
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income:
 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Net Periodic Benefit Cost:
 
 

 
 

 
 

 
 

 
 

 
 

Service cost
 
$
7,517

 
8,091

 
7,575

 

 

 

Interest cost
 
12,477

 
12,981

 
12,349

 
283

 
302

 
306

Expected return on plan assets
 
(15,755
)
 
(14,206
)
 
(13,924
)
 

 

 

Amortization of unrecognized prior service cost
 
10

 
150

 
150

 

 

 

Amortization of unrecognized actuarial loss
 
4,294

 
5,863

 
4,154

 
80

 
40

 
18

Curtailment expense
 
16

 

 

 

 

 

Total net periodic cost
 
8,559

 
12,879

 
10,304

 
363

 
342

 
324

 
 
 
 
 
 
 
 
 
 
 
 
 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
 
 

 
 

 
 

 
 

 
 

 
 

Net actuarial (gain) loss
 
(59,430
)
 
25,906

 
16,575

 
(224
)
 
660

 
224

Reversal of amortization of net actuarial loss
 
(4,294
)
 
(5,863
)
 
(4,154
)
 
(80
)
 
(40
)
 
(18
)
Reversal of amortization of prior service cost
 
(10
)
 
(150
)
 
(150
)
 

 

 

Curtailment expense
 
(16
)
 

 

 

 

 

Total recognized in other comprehensive income
 
(63,750
)
 
19,893

 
12,271

 
(304
)
 
620

 
206

 
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
 
$
(55,191
)
 
32,772

 
22,575

 
59

 
962

 
530

Schedule Of Weighted- Average Expense Assumptions
 
 
Retirement Income Plan
 
Retirement Life Plan
 
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Weighted-Average Expense Assumptions for the years ended December 31:
 
 

 
 
 
 
 
 
 
 
 
 
Discount rate 1
 
4.66
%
 
5.16
 
5.55
 
4.42
 
5.16
 
5.55
Expected return on plan assets
 
7.40
%
 
7.75
 
8.00
 
 
 
Rate of compensation increase
 
4.00
%
 
4.00
 
4.00
 
 
 

Discount rate for the Retirement Income Plan changed from 4.42% as of December 31, 2012 to 4.66% as of March 31, 2013 due to the remeasurement that was performed with the curtailment of the Plan.
Schedule of Allocation of Plan Assets
 
 
2013
 
2012
 
 
Target
Percentage
 
Range
Percentage
 
Actual
Percentage
 
Actual
Percentage
Equity:
 
 
 
 
 
 
 
 
International
 
10
 
4 - 18
 
8
 
7
Large Capitalization
 
15
 
8 - 32
 
13
 
15
Small and mid capitalization
 
5
 
3 - 15
 
5
 
7
Global asset allocation
 
10
 
0 - 15
 
12
 
10
Alternative investments
 
10
 
0 - 15
 
5
 
6
Fixed maturity:
 

 

 

 
 
Extended duration fixed maturity
 
50
 
20 - 80
 
42
 
24
Domestic core1
 
 
 
 
 
 
14
Global bond/high yield/emerging markets1
 
 
 
 
 
12
 
13
Cash and short-term investments
 
 
0 - 5
 
3
 
4
Total
 
 
 
 
 
100
 
100

1The Retirement Income Plan currently has fixed maturity security exposures that do not have target and range percentages since these exposures will be phased out over time as we opportunistically migrate from intermediate to long duration fixed maturity security strategies.
Schedule of Quantitative Disclosures of our Financial Assets that were Measured at Fair Value
December 31, 2013
 
 
 
Fair Value Measurements Using
($ in thousands)
 
Assets Measured at Fair Value 12/31/13
 
Quoted Prices in Active Markets for Identical Assets/ Liabilities
(Level 1)1
 
Significant Other Observable Inputs (Level 2)1
 
Significant Unobservable Inputs
 (Level 3)
Description
 
 

 
 

 
 

 
 

Measured on a recurring basis:
 
 

 
 

 
 

 
 

AFS:
 
 
 
 
 
 
 
 
U.S. government and government agencies
 
$
173,375

 
52,153

 
121,222

 

Foreign government
 
30,615

 

 
30,615

 

Obligations of states and political subdivisions
 
951,624

 

 
951,624

 

Corporate securities
 
1,734,883

 

 
1,734,883

 

ABS
 
140,896

 

 
140,896

 

CMBS
 
171,284

 

 
171,284

 

RMBS
 
512,859

 

 
512,859

 

Total fixed maturity securities
 
3,715,536

 
52,153

 
3,663,383

 

Equity securities
 
192,771

 
189,871

 

 
2,900

Total AFS securities
 
3,908,307

 
242,024

 
3,663,383

 
2,900

Short-term investments
 
174,251

 
174,251

 

 

Total assets
 
$
4,082,558

 
416,275

 
3,663,383

 
2,900


 
December 31, 2012
 
 
 
Fair Value Measurements Using
($ in thousands)
 
Assets Measured at Fair Value 12/31/12
 
Quoted Prices in Active Markets for Identical Assets/ Liabilities
(Level 1)1
 
Significant Other Observable Inputs (Level 2)1
 
Significant Unobservable Inputs
 (Level 3)
Description
 
 

 
 

 
 

 
 

Measured on a recurring basis:
 
 

 
 

 
 

 
 

AFS:
 
 
 
 
 
 
 
 
U.S. government and government agencies
 
$
259,092

 
115,861

 
123,442

 
19,789

Foreign government
 
30,229

 

 
30,229

 

Obligations of states and political subdivisions
 
818,024

 

 
818,024

 

Corporate securities
 
1,450,247

 

 
1,447,301

 
2,946

ABS
 
128,640

 

 
122,572

 
6,068

CMBS
 
137,119

 

 
129,957

 
7,162

RMBS
 
472,662

 

 
472,662

 

Total fixed maturity securities
 
3,296,013

 
115,861

 
3,144,187

 
35,965

Equity securities
 
151,382

 
147,775

 

 
3,607

Total AFS securities
 
3,447,395

 
263,636

 
3,144,187

 
39,572

Short-term investments
 
214,479

 
214,479

 

 

Receivable for proceeds related to sale of Selective HR
 
2,705

 

 

 
2,705

Total assets
 
$
3,664,579

 
478,115

 
3,144,187

 
42,277


1 There were no transfers of securities between Level 1 and Level 2.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
Investments in Limited Partnerships
 
 
 
 
($ in thousands)
 
2013
 
2012
Fair value, beginning of year
 
$
12,631

 
15,180

Total gains (realized and unrealized)
 
 

 
 

included in changes in net assets
 
2,131

 
1,118

Purchases
 
560

 
434

Sales
 

 

Issuances
 

 

Settlements
 
(3,163
)
 
(4,142
)
Transfers into Level 3
 

 
41

Transfers out of Level 3
 

 

Fair value, end of year
 
$
12,159

 
12,631

Schedule of Expected Benefit Payments
($ in thousands)
 
Retirement Income Plan
 
Retirement Life Plan
Benefits Expected to be Paid in Future
 
 

 
 

Fiscal Years:
 
 

 
 

2014
 
$
8,424

 
372

2015
 
9,263

 
382

2016
 
10,226

 
391

2017
 
11,245

 
400

2018
 
12,336

 
407

2019-2023
 
76,244

 
2,108

Retirement Income Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Quantitative Disclosures of our Financial Assets that were Measured at Fair Value
December 31, 2013
 
 
 
Fair Value Measurements at 12/31/13 Using
($ in thousands)
 
Assets Measured at Fair Value At 12/31/13
 
Quoted Prices in Active Markets for Identical Assets/ Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Description
 
 

 
 

 
 

 
 

Investment funds:
 
 

 
 

 
 

 
 

International equity
 
$
17,548

 
5,574

 
11,974

 

Domestic large capitalization
 
30,436

 
30,436

 

 

Small and mid capitalization
 
6,326

 
6,326

 

 

Global asset allocation fund
 
27,257

 
27,257

 

 

Extended duration fixed maturity
 
96,920

 
96,920

 

 

Global bond/high yield/emerging markets fixed maturity
 
26,984

 
26,984

 

 

Total investment funds
 
205,471

 
193,497

 
11,974

 

Limited partnership investments:
 
 

 
 

 
 

 
 

Equity long/short hedge
 
41

 

 

 
41

Private equity
 
9,899

 

 

 
9,899

Real estate
 
2,219

 

 

 
2,219

Total limited partnerships
 
12,159

 

 

 
12,159

Common stocks:
 
 

 
 

 
 

 
 
Small and mid capitalization
 
6,350

 
6,350

 

 

Total common stocks
 
6,350

 
6,350

 

 

Short-term investments
 
963

 
963

 

 

Deposit administration contracts
 
1,023

 

 
1,023

 

Total invested assets
 
$
225,966

 
200,810

 
12,997

 
12,159


December 31, 2012
 
 
 
Fair Value Measurements at 12/31/12 Using
($ in thousands)
 
Assets Measured at Fair Value At 12/31/12
 
Quoted Prices in Active Markets for Identical Assets/ Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Description
 
 

 
 

 
 

 
 

Investment funds:
 
 

 
 

 
 

 
 

International equity
 
$
15,751

 
6,025

 
9,726

 

Domestic large capitalization
 
22,910

 
22,910

 

 

Small and mid capitalization
 
6,805

 
6,805

 

 

Global asset allocation
 
20,778

 
20,778

 

 

Extended duration fixed maturity
 
50,556

 
50,556

 

 

Domestic core fixed maturity
 
29,984

 
29,984

 

 

Global bond/high yield/emerging markets fixed maturity
 
27,230

 
27,230

 

 

Total investment funds
 
174,014

 
164,288

 
9,726

 

Limited partnership investments:
 
 

 
 

 
 

 
 

Equity long/short hedge
 
41

 

 

 
41

Private equity
 
10,385

 

 

 
10,385

Real estate
 
2,205

 

 

 
2,205

Total limited partnerships
 
12,631

 

 

 
12,631

Common stocks:
 
 

 
 

 
 

 
 

Domestic large capitalization
 
9,938

 
9,938

 

 

Small and mid capitalization
 
7,897

 
7,897

 

 

Total common stocks
 
17,835

 
17,835

 

 

Short-term investments
 
1,629

 
1,629

 

 

Deposit administration contracts
 
979

 

 
979

 

Total invested assets
 
$
207,088

 
183,752

 
10,705

 
12,631

Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount Associated With Each Strategy
Alternative Investments
 
Carrying Value
 
2013
 
 
December 31,
 
December 31,
 
Remaining
($ in thousands)
 
2013
 
2012
 
Amount
Equity long/short hedge
 
$
41

 
41

 

Private equity
 
9,899

 
10,385

 
3,293

Real estate
 
2,219

 
2,205

 
558

Total alternative investments
 
$
12,159

 
12,631

 
3,851