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Investments (Tables)

9 Months Ended

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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This item represents the schedule for Available-for-sale Securities at amortized cost, unrealized gains (losses) and fair value.

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27340-111563



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 18B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

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