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Investments (Tables) | 3 Months Ended
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Mar. 31, 2013
Investments [Abstract] |
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 |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federally sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 11,913 |  |  | $ | 438 |  |  | $ | 48 |  |  | $ | 1 |  |  | $ | 11,961 |  |  | $ | 439 |
Other |  |  | 33,825 |  |  |  | 658 |  |  |  | - |  |  |  | - |  |  |  | 33,825 |  |  |  | 658 |
Municipal bonds |  |  | 134,086 |  |  |  | 3,555 |  |  |  | 14,908 |  |  |  | 507 |  |  |  | 148,994 |  |  |  | 4,062 |
Foreign government bonds |  |  | 1,966 |  |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | 1,966 |  |  |  | 17 |
Corporate bonds |  |  | 100,923 |  |  |  | 678 |  |  |  | 22,637 |  |  |  | 3,526 |  |  |  | 123,560 |  |  |  | 4,204 |
Other mortgage-backed securities |  |  | 118,824 |  |  |  | 1,113 |  |  |  | 29,298 |  |  |  | 1,402 |  |  |  | 148,122 |  |  |  | 2,515 |
Total fixed maturity securities |  |  | 401,537 |  |  |  | 6,459 |  |  |  | 66,891 |  |  |  | 5,436 |  |  |  | 468,428 |  |  |  | 11,895 |
Equity securities (1) |  |  | 4,564 |  |  |  | 283 |  |  |  | 1,033 |  |  |  | 424 |  |  |  | 5,597 |  |  |  | 707 |
Combined totals |  | $ | 406,101 |  |  | $ | 6,742 |  |  | $ | 67,924 |  |  | $ | 5,860 |  |  | $ | 474,025 |  |  | $ | 12,602 |
Number of positions with a gross unrealized loss |  |  | 138 |  |  |  |  |  |  |  | 41 |  |  |  |  |  |  |  | 179 |  |  |  |  |
Fair value as a percentage of total fixed maturities and equity securities fair value |  |  | 6.5 | % |  |  |  |  |  |  | 1.1 | % |  |  |  |  |  |  | 7.6 | % |  |  |  |
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 | % |  |  |  |
(1) | Includes nonredeemable (perpetual) preferred stocks and common stocks.
Unrealized gains and losses on fixed maturities and equity securities |
|  | Amortized Cost/Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | OTTI in AOCI (2) |
March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and federally sponsored agency obligations (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 562,657 |  |  | $ | 69,206 |  |  | $ | 439 |  |  | $ | 631,424 |  |  | $ | - |
Other, including U.S. Treasury securities |  |  | 415,050 |  |  |  | 34,127 |  |  |  | 658 |  |  |  | 448,519 |  |  |  | - |
Municipal bonds |  |  | 1,422,405 |  |  |  | 185,899 |  |  |  | 4,062 |  |  |  | 1,604,242 |  |  |  | - |
Foreign government bonds |  |  | 50,445 |  |  |  | 8,915 |  |  |  | 17 |  |  |  | 59,343 |  |  |  | - |
Corporate bonds |  |  | 2,347,748 |  |  |  | 305,976 |  |  |  | 4,204 |  |  |  | 2,649,520 |  |  |  | - |
Other mortgage-backed securities |  |  | 711,554 |  |  |  | 41,586 |  |  |  | 2,515 |  |  |  | 750,625 |  |  |  | 2,880 |
Totals |  | $ | 5,509,859 |  |  | $ | 645,709 |  |  | $ | 11,895 |  |  | $ | 6,143,673 |  |  | $ | 2,880 |
Equity securities |  | $ | 53,117 |  |  | $ | 6,251 |  |  | $ | 707 |  |  | $ | 58,661 |  |  | $ | - |
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 |  |  | $ | - |
(1) | Fair value includes securities issued by Federal National Mortgage Association (“FNMA”) of $402,512 and $375,111; Federal Home Loan Mortgage Corporation (“FHLMC”) of $432,559 and $418,174; and Government National Mortgage Association (“GNMA”) of $133,930 and $136,998 as of March 31, 2013 and December 31, 2012, 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 |
|  | Three Months Ended March 31, |
|  | 2013 |  |  | 2012 |
Cumulative credit loss (1) |  |  |  |  |  |  |  |
Beginning of period |  | $ | 2,877 |  |  | $ | 3,957 |
New credit losses |  |  | - |  |  |  | - |
Losses related to securities sold or paid down during the period |  |  | - |  |  |  | - |
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 |
|  | Percent of Total Fair Value |  |  | March 31, 2013 |
|  | March 31, 2013 |  |  | December 31, 2012 |  |  | Fair Value |  |  | Amortized Cost |
Estimated expected maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due in 1 year or less |  |  | 4.2 | % |  |  | 4.3 | % |  | $ | 259,774 |  |  | $ | 232,974 |
Due after 1 year through 5 years |  |  | 20.3 |  |  |  | 20.8 |  |  |  | 1,246,044 |  |  |  | 1,117,496 |
Due after 5 years through 10 years |  |  | 38.4 |  |  |  | 38.4 |  |  |  | 2,362,252 |  |  |  | 2,118,549 |
Due after 10 years through 20 years |  |  | 19.4 |  |  |  | 18.7 |  |  |  | 1,189,199 |  |  |  | 1,066,515 |
Due after 20 years |  |  | 17.7 |  |  |  | 17.8 |  |  |  | 1,086,404 |  |  |  | 974,325 |
Total |  |  | 100.0 | % |  |  | 100.0 | % |  | $ | 6,143,673 |  |  | $ | 5,509,859 |
Average option-adjusted duration, in years |  |  | 6.2 |  |  |  | 6.3 |  |  |  |  |  |  |  |  |
Proceeds received from sales of fixed maturities and equity securities |
|  | Three Months Ended March 31, |
|  | 2013 |  |  | 2012 |
Fixed maturity securities |  |  |  |  |  |  |  |
Proceeds received |  | $ | 99,182 |  |  | $ | 158,292 |
Gross gains realized |  |  | 4,512 |  |  |  | 8,892 |
Gross losses realized |  |  | (10 | ) |  |  | (9,145 | )
Equity securities |  |  |  |  |  |  |  |
Proceeds received |  | $ | 4,834 |  |  | $ | 9 |
Gross gains realized |  |  | 568 |  |  |  | 9 |
Gross losses realized |  |  | (215 | ) |  |  | - |
Reconciliation of net unrealized investment gains (losses) on fixed maturity securities and equity securities |
|  | Three Months Ended March 31, |
|  | 2013 |  |  | 2012 |
Net unrealized investment gains (losses) on fixed maturity securities, net of tax |  |  |  |
Beginning of period |  | $ | 423,004 |  |  | $ | 284,338 |
Change in unrealized investment gains and losses |  |  | (6,909 | ) |  |  | 13,998 |
Reclassification of net realized investment (gains) losses to net income |  |  | (4,116 | ) |  |  | (240 | )
End of period |  | $ | 411,979 |  |  | $ | 298,096 |
Net unrealized investment gains (losses) on equity securities, net of tax |  |  |  |
Beginning of period |  | $ | 720 |  |  | $ | 2,408 |
Change in unrealized investment gains and losses |  |  | 3,228 |  |  |  | (155 | )
Reclassification of net realized investment (gains) losses to net income |  |  | (344 | ) |  |  | (15 | )
End of period |  | $ | 3,604 |  |  | $ | 2,238 |

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- Definition 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. + Details
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