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Investments (Tables)

12 Months Ended

Dec. 31, 2012

Investments [Abstract]

Components of net investment income

The components of net investment income for the following periods were:

		Year Ended December 31,
		2012				2011				2010
Fixed maturities		$	297,042			$	285,782			$	266,894
Equity securities			2,814				1,685				4,070
Short-term and other investments			8,109				7,891				8,588
Other invested asset			5,892				-				-
Total investment income			313,857				295,358				279,552
Investment expenses			(7,854	)			(7,047	)			(7,498	)
Net investment income		$	306,003			$	288,311			$	272,054

Summary of realized investment gains (losses)

Realized investment gains (losses) for the following periods were:

		Year Ended December 31,
		2012				2011				2010
Fixed maturities		$	23,218			$	37,466			$	21,796
Equity securities			4,080				197				(220	)
Short-term and other investments			-				-				2,193
Realized investment gains		$	27,298			$	37,663			$	23,769

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
							Unrealized										Unrealized										Unrealized
		Fair Value					Losses					Fair Value					Losses					Fair Value					Losses
December 31, 2012
Fixed maturity securities
U.S. government and federally sponsored agency obligations:
Mortgage-backed securities			$	11,006				$	124				$	50				$	1				$	11,056				$	125
Other				9,944					135					-					-					9,944					135
Municipal bonds				108,578					2,605					3,990					43					112,568					2,648
Foreign government bonds				-					-					-					-					-					-
Corporate bonds				56,481					875					26,725					4,075					83,206					4,950
Other mortgage-backed securities				58,218					621					25,014					1,411					83,232					2,032
Total fixed maturity securities				244,227					4,360					55,779					5,530					300,006					9,890
Equity securities (1)				19,344					1,288					9					2					19,353					1,290
Combined totals			$	263,571				$	5,648				$	55,788				$	5,532				$	319,359				$	11,180
Number of positions with a gross unrealized loss				156										43										199
Fair value as a percentage of total fixed maturities and equity securities fair value				4.4	%									0.9	%									5.3	%
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.

Unrealized gains and losses on fixed maturities and equity securities

		Amortized					Unrealized					Unrealized					Fair					OTTI in
		Cost or Cost					Gains					Losses					Value					AOCI (2)
December 31, 2012
Fixed maturity securities
U.S. government and federally sponsored agency obligations (1):
Mortgage-backed securities			$	547,040				$	72,644				$	125				$	619,559				$	-
Other, including
U.S. Treasury securities				371,706					37,857					135					409,428					-
Municipal bonds				1,402,424					186,261					2,648					1,586,037					-
Foreign government bonds				48,476					9,393					-					57,869					-
Corporate bonds				2,258,554					313,430					4,950					2,567,034					-
Other mortgage-backed securities				683,257					41,080					2,032					722,305					3,214
Totals			$	5,311,457				$	660,665				$	9,890				$	5,962,232				$	3,214
Equity securities			$	52,396				$	2,397				$	1,290				$	53,503				$	-
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, including
U.S. Treasury securities				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 $375,111 and $547,521; Federal Home Loan Mortgage Corporation (“FHLMC”) of $418,174 and $374,361; and Government National Mortgage Association (“GNMA”) of $136,998 and $124,515 as of December 31, 2012 and 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/(losses) on impaired securities relating to changes in the fair value of such securities subsequent to the impairment measurement date.

Summary of cumulative credit losses

		Year Ended December 31,
		2012					2011
Cumulative credit loss (1)
Beginning of period			$	3,957				$	4,518
New credit losses				-					-
Losses related to securities sold or paid down during the period				(1,080	)				(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.

Distribution of the Company's fixed maturity portfolio by estimated expected maturity

		December 31, 2012
												Percent of
		Amortized					Fair					Total Fair
		Cost					Value					Value
Estimated expected maturity:
Due in 1 year or less			$	228,109				$	256,057					4.3	%
Due after 1 year through 5 years				1,104,146					1,239,429					20.8
Due after 5 years through 10 years				2,037,645					2,287,304					38.4
Due after 10 years through 20 years				993,533					1,115,264					18.7
Due after 20 years				948,024					1,064,178					17.8
Total			$	5,311,457				$	5,962,232					100.0	%
Average option-adjusted duration, in years				6.3

Proceeds received from sales of fixed maturities and equity securities

		Year Ended December 31,
		2012					2011					2010
Fixed maturity securities
Proceeds received			$	576,708				$	587,909				$	673,882
Gross gains realized				32,532					39,463					39,939
Gross losses realized				(11,971	)				(2,047	)				(18,495	)
Equity securities
Proceeds received			$	6,057				$	1,078				$	35,499
Gross gains realized				231					247					1,520
Gross losses realized				(438	)				-					(1,801	)

Reconciliation of net unrealized investment gains (losses) on fixed maturity securities and equity securities

		Year Ended December 31,
		2012					2011					2010
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning of period			$	284,338				$	118,498				$	24,599
Change in unrealized investment gains and losses				153,758					190,193					108,066
Reclassification of net realized investment (gains) losses to net income				(15,092	)				(24,353	)				(14,167	)
End of period			$	423,004				$	284,338				$	118,498
Net unrealized investment gains (losses) on equity securities, net of tax
Beginning of period			$	2,408				$	2,139				$	(1,189	)
Change in unrealized investment gains and losses				964					397					3,185
Reclassification of net realized investment (gains) losses to net income				(2,652	)				(128	)				143
End of period			$	720				$	2,408				$	2,139

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