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Investments (Tables) | 9 Months Ended
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Sep. 30, 2012
Investments [Abstract] |
Distribution of company's fixed maturity securities |
|  | Percent of Total Fair Value |  |  | September 30, 2012 |
|  | September 30, |  |  | December 31, |  |  | Fair |  |  | Amortized |
|  | 2012 |  |  | 2011 |  |  | Value |  |  | Cost |
Estimated expected maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due in 1 year or less |  |  | 4.1 | % |  |  | 4.8 | % |  | $ | 234,365 |  |  | $ | 208,189 |
Due after 1 year through 5 years |  |  | 18.3 |  |  |  | 19.4 |  |  |  | 1,059,693 |  |  |  | 941,341 |
Due after 5 years through 10 years |  |  | 37.7 |  |  |  | 33.2 |  |  |  | 2,180,310 |  |  |  | 1,936,801 |
Due after 10 years through 20 years |  |  | 20.7 |  |  |  | 22.1 |  |  |  | 1,194,868 |  |  |  | 1,061,418 |
Due after 20 years |  |  | 19.2 |  |  |  | 20.5 |  |  |  | 1,112,816 |  |  |  | 988,531 |
Total |  |  | 100.0 | % |  |  | 100.0 | % |  | $ | 5,782,052 |  |  | $ | 5,136,280 |
Average option-adjusted duration, in years |  |  | 6.3 |  |  |  | 6.4 |  |  |  |  |  |  |  |  |
Proceeds received from sales of fixed maturities and equity securities |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds received |  | $ | 191,155 |  |  | $ | 246,127 |  |  | $ | 470,684 |  |  | $ | 457,411 |
Gross gains realized |  |  | 10,528 |  |  |  | 19,272 |  |  |  | 27,891 |  |  |  | 28,954 |
Gross losses realized |  |  | (139 | ) |  |  | (9 | ) |  |  | (11,968 | ) |  |  | (92 | )
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds received |  | $ | 1,970 |  |  |  | — |  |  | $ | 2,894 |  |  |  | — |
Gross gains realized |  |  | 67 |  |  |  | — |  |  |  | 84 |  |  |  | — |
Gross losses realized |  |  | (157 | ) |  |  | — |  |  |  | (233 | ) |  |  | — |
Unrealized gains and losses on fixed maturities and equity securities |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  | OTTI in |
|  | Cost/Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | AOCI (2) |
September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federally sponsored agency obligations (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 548,160 |  |  | $ | 78,745 |  |  | $ | 8 |  |  | $ | 626,897 |  |  | $ | — |
Other |  |  | 423,863 |  |  |  | 39,716 |  |  |  | 1 |  |  |  | 463,578 |  |  |  | — |
Municipal bonds |  |  | 1,374,655 |  |  |  | 185,834 |  |  |  | 1,280 |  |  |  | 1,559,209 |  |  |  | — |
Foreign government bonds |  |  | 48,489 |  |  |  | 8,484 |  |  |  | — |  |  |  | 56,973 |  |  |  | — |
Corporate bonds |  |  | 2,147,783 |  |  |  | 302,751 |  |  |  | 6,359 |  |  |  | 2,444,175 |  |  |  | — |
Other mortgage-backed securities |  |  | 593,330 |  |  |  | 40,078 |  |  |  | 2,188 |  |  |  | 631,220 |  |  |  | 3,039 |
Totals |  | $ | 5,136,280 |  |  | $ | 655,608 |  |  | $ | 9,836 |  |  | $ | 5,782,052 |  |  | $ | 3,039 |
Equity securities |  | $ | 37,292 |  |  | $ | 2,673 |  |  | $ | 754 |  |  | $ | 39,211 |  |  | $ | — |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federally sponsored agency obligations (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 532,554 |  |  | $ | 71,402 |  |  | $ | 144 |  |  | $ | 603,812 |  |  | $ | — |
Other |  |  | 560,036 |  |  |  | 43,705 |  |  |  | — |  |  |  | 603,741 |  |  |  | — |
Municipal bonds |  |  | 1,291,281 |  |  |  | 122,857 |  |  |  | 1,020 |  |  |  | 1,413,118 |  |  |  | — |
Foreign government bonds |  |  | 44,529 |  |  |  | 5,095 |  |  |  | — |  |  |  | 49,624 |  |  |  | — |
Corporate bonds |  |  | 1,967,229 |  |  |  | 205,413 |  |  |  | 16,098 |  |  |  | 2,156,544 |  |  |  | — |
Other mortgage-backed securities |  |  | 588,760 |  |  |  | 22,024 |  |  |  | 15,791 |  |  |  | 594,993 |  |  |  | 2,136 |
Totals |  | $ | 4,984,389 |  |  | $ | 470,496 |  |  | $ | 33,053 |  |  | $ | 5,421,832 |  |  | $ | 2,136 |
Equity securities |  | $ | 23,070 |  |  | $ | 4,030 |  |  | $ | 326 |  |  | $ | 26,774 |  |  | $ | — |
(1) | Fair value includes securities issued by Federal National Mortgage Association (“FNMA”) of $436,396 and $547,521; Federal Home Loan Mortgage Corporation (“FHLMC”) of $413,300 and $374,361; and Government National Mortgage Association (“GNMA”) of $135,204 and $124,515 as of September 30, 2012 and December 31, 2011, respectively.
(2) | Represents the amount of other-than-temporary impairment losses in AOCI which, beginning April 1, 2009, was not included in earnings under current accounting guidance. Amounts also include unrealized gains and losses on impaired securities relating to changes in the fair value of such securities subsequent to the impairment measurement date.
Reconciliation of net unrealized investment gains (losses) on fixed maturity securities and equity securities |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Net unrealized investment gains (losses) on fixed maturity securities, net of tax Beginning of period |  | $ | 356,104 |  |  | $ | 163,967 |  |  | $ | 284,338 |  |  | $ | 118,498 |
Change in unrealized investment gains and losses |  |  | 70,702 |  |  |  | 125,937 |  |  |  | 146,569 |  |  |  | 178,913 |
Reclassification of net realized investment (gains) losses to net income |  |  | (7,054 | ) |  |  | (13,655 | ) |  |  | (11,155 | ) |  |  | (21,162 | )
End of period |  | $ | 419,752 |  |  | $ | 276,249 |  |  | $ | 419,752 |  |  | $ | 276,249 |
Net unrealized investment gains (losses) on equity securities, net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 543 |  |  | $ | 2,885 |  |  | $ | 2,408 |  |  | $ | 2,139 |
Change in unrealized investment gains and losses |  |  | 646 |  |  |  | (761 | ) |  |  | 1,373 |  |  |  | (12 | )
Reclassification of net realized investment (gains) losses to net income |  |  | 58 |  |  |  | (73 | ) |  |  | (2,534 | ) |  |  | (76 | )
End of period |  | $ | 1,247 |  |  | $ | 2,051 |  |  | $ | 1,247 |  |  | $ | 2,051 |
Summary of cumulative credit losses |
|  | Nine Months Ended |
|  | September 30, |
|  | 2012 |  |  | 2011 |
Cumulative credit loss (1) |  |  |  |  |  |  |  |
Beginning of period |  | $ | 3,957 |  |  | $ | 4,518 |
New credit losses |  |  | 2 |  |  |  | — |
Losses related to securities sold or paid down during the period |  |  | (1,082 | ) |  |  | (561 | )
End of period |  | $ | 2,877 |  |  | $ | 3,957 |
(1) | The cumulative credit loss amounts exclude other-than-temporary impairment losses on securities held as of the periods indicated that the Company intended to sell or it was more likely than not that the Company would be required to sell the security before the recovery of the amortized cost basis. The definition, reporting and disclosure of “credit loss” was effective as of April 1, 2009.
Summary of fair value and gross unrealized losses of fixed maturity securities and equity securities in an unrealized loss position |
|  | 12 Months or Less |  |  | More than 12 Months |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federally sponsored agency obligations Mortgage-backed securities |  | $ | 1,562 |  |  | $ | 8 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 1,575 |  |  | $ | 8 |
Other |  |  | 6,985 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 6,985 |  |  |  | 1 |
Municipal bonds |  |  | 30,205 |  |  |  | 1,021 |  |  |  | 3,774 |  |  |  | 259 |  |  |  | 33,979 |  |  |  | 1,280 |
Foreign government bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 41,129 |  |  |  | 1,098 |  |  |  | 36,004 |  |  |  | 5,261 |  |  |  | 77,133 |  |  |  | 6,359 |
Other mortgage-backed securities |  |  | 22,046 |  |  |  | 347 |  |  |  | 34,712 |  |  |  | 1,841 |  |  |  | 56,758 |  |  |  | 2,188 |
Total fixed maturity securities |  |  | 101,927 |  |  |  | 2,475 |  |  |  | 74,503 |  |  |  | 7,361 |  |  |  | 176,430 |  |  |  | 9,836 |
Equity securities (1) |  |  | 6,077 |  |  |  | 752 |  |  |  | 14 |  |  |  | 2 |  |  |  | 6,091 |  |  |  | 754 |
Combined totals |  | $ | 108,004 |  |  | $ | 3,227 |  |  | $ | 74,517 |  |  | $ | 7,363 |  |  | $ | 182,521 |  |  | $ | 10,590 |
Number of positions with a gross unrealized loss |  |  | 100 |  |  |  |  |  |  |  | 43 |  |  |  |  |  |  |  | 143 |  |  |  |  |
Fair value as a percentage of total fixed maturities and equity securities fair value |  |  | 1.9 | % |  |  |  |  |  |  | 1.3 | % |  |  |  |  |  |  | 3.1 | % |  |  |  |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federally sponsored agency obligations Mortgage-backed securities |  | $ | 3,519 |  |  | $ | 133 |  |  | $ | 1,511 |  |  | $ | 11 |  |  | $ | 5,030 |  |  | $ | 144 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Municipal bonds |  |  | 24,047 |  |  |  | 270 |  |  |  | 19,309 |  |  |  | 750 |  |  |  | 43,356 |  |  |  | 1,020 |
Foreign government bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 273,209 |  |  |  | 9,752 |  |  |  | 26,977 |  |  |  | 6,346 |  |  |  | 300,186 |  |  |  | 16,098 |
Other mortgage-backed securities |  |  | 115,986 |  |  |  | 3,222 |  |  |  | 36,944 |  |  |  | 12,569 |  |  |  | 152,930 |  |  |  | 15,791 |
Total fixed maturity securities |  |  | 416,761 |  |  |  | 13,377 |  |  |  | 84,741 |  |  |  | 19,676 |  |  |  | 501,502 |  |  |  | 33,053 |
Equity securities (1) |  |  | — |  |  |  | — |  |  |  | 4,865 |  |  |  | 326 |  |  |  | 4,865 |  |  |  | 326 |
Combined totals |  | $ | 416,761 |  |  | $ | 13,377 |  |  | $ | 89,606 |  |  | $ | 20,002 |  |  | $ | 506,367 |  |  | $ | 33,379 |
Number of positions with a gross unrealized loss |  |  | 159 |  |  |  |  |  |  |  | 44 |  |  |  |  |  |  |  | 203 |  |  |  |  |
Fair value as a percentage of total fixed maturities and equity securities fair value |  |  | 7.7 | % |  |  |  |  |  |  | 1.6 | % |  |  |  |  |  |  | 9.3 | % |  |  |  |
(1) | Includes nonredeemable (perpetual) preferred stocks and common stocks.

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