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Investments | 6 Months Ended
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Jun. 30, 2012
Investments [Abstract] |
Investments | Note 3 – Investments The Company holds investments in fixed-maturity securities as well as equity securities, which are classified as available for sale. At June 30, 2012 and December 31, 2011, the amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | 516 |  |  |  | 56 |  |  |  | — |  |  |  | 572 |
Corporate bonds |  |  | 12,274 |  |  |  | 316 |  |  |  | (104 | ) |  |  | 12,486 |
Commercial mortgage-backed securities |  |  | 10,797 |  |  |  | 627 |  |  |  | (1 | ) |  |  | 11,423 |
State, municipalities, and political subdivisions |  |  | 10,279 |  |  |  | 698 |  |  |  | — |  |  |  | 10,977 |
Other |  |  | 4,497 |  |  |  | 186 |  |  |  | — |  |  |  | 4,683 |
Total |  | $ | 38,363 |  |  |  | 1,883 |  |  |  | (105 | ) |  |  | 40,141 |
Equity securities |  | $ | 8,690 |  |  |  | 274 |  |  |  | (295 | ) |  |  | 8,669 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | 509 |  |  |  | 47 |  |  |  | — |  |  |  | 556 |
Corporate bonds |  |  | 10,199 |  |  |  | 58 |  |  |  | (417 | ) |  |  | 9,840 |
Commercial mortgage-backed securities |  |  | 10,574 |  |  |  | 314 |  |  |  | (14 | ) |  |  | 10,874 |
State, municipalities, and political subdivisions |  |  | 9,982 |  |  |  | 393 |  |  |  | (3 | ) |  |  | 10,372 |
Other |  |  | 2,883 |  |  |  | 117 |  |  |  | — |  |  |  | 3,000 |
Total |  | $ | 34,147 |  |  |  | 929 |  |  |  | (434 | ) |  |  | 34,642 |
Equity securities |  | $ | 5,364 |  |  |  | 133 |  |  |  | (290 | ) |  |  | 5,207 |
The scheduled maturities of fixed-maturity securities at June 30, 2012 are as follows (in thousands):
|  | Amortized Cost |  |  | Fair Value |
Available-for-sale |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 2,397 |  |  |  | 2,420 |
Due after one year through five years |  |  | 9,408 |  |  |  | 9,517 |
Due after five years through ten years |  |  | 10,895 |  |  |  | 11,392 |
Due after ten years |  |  | 4,866 |  |  |  | 5,389 |
Commercial mortgage-backed securities |  |  | 10,797 |  |  |  | 11,423 |
|  | $ | 38,363 |  |  |  | 40,141 |
Investment Sales Proceeds received, and the gross realized gains and losses from sales of available for sale securities, for the three and six months ended June 30, 2012 and 2011 were as follows (in thousands):
|  | Proceeds |  |  | Gross Realized Gains |  |  | Gross Realized Losses |
Three months ended June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 1,197 |  |  |  | 11 |  |  |  | — |
Equity securities |  | $ | 1,412 |  |  |  | 8 |  |  |  | (10 | )
Three months ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 11,916 |  |  |  | 238 |  |  |  | (15 | )
Equity securities |  | $ | 574 |  |  |  | 53 |  |  |  | (136 | )
Six months ended June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 2,419 |  |  |  | 40 |  |  |  | (3 | )
Equity securities |  | $ | 1,512 |  |  |  | 8 |  |  |  | (15 | )
Six months ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 19,614 |  |  |  | 369 |  |  |  | (38 | )
Equity securities |  | $ | 1,106 |  |  |  | 105 |  |  |  | (143 | )
Amounts reported for the three and six months ended June 30, 2011 include the gross realized gains and losses from equity option contracts. During the three and six months ended June 30, 2011, the Company entered into equity contracts for exchange traded call and put options to meet certain investment objectives. With respect to these option contracts, the Company received net proceeds of $22,000 and $73,000 and realized gains of $22,000 and $73,000 for the three and six months ended June 30, 2011, respectively, which is included in the realized investment gains in the Condensed Consolidated Statements of Income. There were no open option contracts at June 30, 2011. The Company held no option contracts during the three and six months ended June 30, 2012. Other-than-temporary Impairment The Company regularly reviews its individual investment securities for other-than-temporary impairment (“OTTI”). The Company considers various factors in determining whether each individual security is OTTI, including:
| • |  | the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings;
| • |  | the length of time and the extent to which the market value of the security has been below its cost or amortized cost;
| • |  | general market conditions and industry or sector specific factors;
| • |  | nonpayment by the issuer of its contractually obligated interest and principal payments; and
| • |  | the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs.
Securities with gross unrealized loss positions at June 30, 2012, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows (in thousands):
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |
As of June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Bonds |  | $ | (5 | ) |  |  | 839 |  |  |  | (99 | ) |  |  | 1,938 |  |  |  | (104 | ) |  |  | 2,777 |
Commercial mortgage-backed securities |  |  | (1 | ) |  |  | 224 |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | 224 |
Total fixed-maturity securities |  |  | (6 | ) |  |  | 1,063 |  |  |  | (99 | ) |  |  | 1,938 |  |  |  | (105 | ) |  |  | 3,001 |
Equity securities |  |  | (123 | ) |  |  | 2,559 |  |  |  | (172 | ) |  |  | 109 |  |  |  | (295 | ) |  |  | 2,668 |
Total available-for-sale securities |  | $ | (129 | ) |  |  | 3,622 |  |  |  | (271 | ) |  |  | 2,047 |  |  |  | (400 | ) |  |  | 5,669 |
The Company believes there were no fundamental issues such as credit losses or other factors with respect to any of its available-for-sale securities. The unrealized losses on investments in fixed-maturity securities were caused by interest-rate changes. It is expected that the securities would not be settled at a price less than the par value of the investments. In determining whether equity securities are other than temporarily impaired, the Company considers its intent and ability to hold a security for a period of time sufficient to allow for the recovery of cost. Because the decline in fair value is attributable to changes in interest rates or market conditions and not credit quality, and because the Company has the ability and intent to hold its available-for-sale investments until a market price recovery or maturity, the Company does not consider any of its investments to be other-than-temporarily impaired at June 30, 2012. Other Investments Other investments consist primarily of real estate and the related assets and operations of the marina acquired in 2011 and the real estate and related assets of the marina and restaurant facilities acquired in 2012. Operating activities related to the Company’s real estate investments include leasing of office and retail space to tenants, wet and dry boat storage, a restaurant, and fuel services with respect to marina clients and other recreational boaters. Other investments consist of the following as of June 30, 2012 and December 31, 2011 (in thousands):
|  | At June 30, 2012 |  |  | At December 31, 2011 |
Building |  | $ | 2,788 |  |  |  | 1,418 |
Land |  |  | 10,619 |  |  |  | 4,438 |
Land improvements |  |  | 1,307 |  |  |  | 283 |
Other |  |  | 1,076 |  |  |  | 404 |
Total, at cost |  |  | 15,790 |  |  |  | 6,543 |
Less accumulated depreciation and amortization |  |  | (154 | ) |  |  | (60 | )
Other investments |  | $ | 15,636 |  |  |  | 6,483 |

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