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Investments (Tables) | 12 Months Ended
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Dec. 31, 2013
Gross Unrealized Gains and Losses and the Amortized Cost and Fair Value of Investments Classified as Held-to-maturity | The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2013 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
States and political subdivisions |  | $ | 381,674 |  |  | $ | 18,634 |  |  | $ | (1,153) |  |  | $ | 399,155 |
Corporate bonds |  |  | 67,423 |  |  |  | 861 |  |  |  | (41) |  |  |  | 68,243 |
Commercial mortgage-backed securities |  |  | 50,813 |  |  |  | 3,431 |  |  |  | — |  |  |  | 54,244 |
U.S. agency-based mortgage-backed securities |  |  | 21,775 |  |  |  | 1,790 |  |  |  | — |  |  |  | 23,565 |
U.S. Treasury securities and obligations of U.S. Government agencies |  |  | 11,514 |  |  |  | 1,002 |  |  |  | — |  |  |  | 12,516 |
Asset-backed securities |  |  | 3,384 |  |  |  | 216 |  |  |  | (144) |  |  |  | 3,456 |
Totals |  | $ | 536,583 |  |  | $ | 25,934 |  |  | $ | (1,338) |  |  | $ | 561,179 |
The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2012 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
States and political subdivisions |  | $ | 400,687 |  |  | $ | 31,387 |  |  | $ | (106) |  |  | $ | 431,968 |
Corporate bonds |  |  | 82,824 |  |  |  | 1,565 |  |  |  | (12) |  |  |  | 84,377 |
Commercial mortgage-backed securities |  |  | 51,529 |  |  |  | 6,433 |  |  |  | — |  |  |  | 57,962 |
U.S. agency-based mortgage-backed securities |  |  | 32,984 |  |  |  | 3,063 |  |  |  | (5) |  |  |  | 36,042 |
U.S. Treasury securities and obligations of U.S. Government agencies |  |  | 11,034 |  |  |  | 1,721 |  |  |  | — |  |  |  | 12,755 |
Asset-backed securities |  |  | 4,229 |  |  |  | 192 |  |  |  | (176) |  |  |  | 4,245 |
Totals |  | $ | 583,287 |  |  | $ | 44,361 |  |  | $ | (299) |  |  | $ | 627,349 |
Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale | The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2013 are summarized as follows:
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Fixed Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 154,024 |  |  | $ | 1,491 |  |  | $ | (5,140) |  |  | $ | 150,375 |
Corporate bonds |  |  | 80,344 |  |  |  | 445 |  |  |  | (361) |  |  |  | 80,428 |
U.S. agency-based mortgage-backed securities |  |  | 10,041 |  |  |  | — |  |  |  | (2,967) |  |  |  | 7,074 |
Total Fixed Maturity |  |  | 244,409 |  |  |  | 1,936 |  |  |  | (8,468) |  |  |  | 237,877 |
Other investments |  |  | 10,000 |  |  |  | 591 |  |  |  | — |  |  |  | 10,591 |
Equity securities |  |  | 9,482 |  |  |  | 387 |  |  |  | (567) |  |  |  | 9,302 |
Totals |  | $ | 263,891 |  |  | $ | 2,914 |  |  | $ | (9,035) |  |  | $ | 257,770 |
The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2012 are summarized as follows:
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Fixed Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 93,362 |  |  | $ | 5,022 |  |  | $ | (142) |  |  | $ | 98,242 |
Corporate bonds |  |  | 39,211 |  |  |  | 623 |  |  |  | (24) |  |  |  | 39,810 |
U.S. agency-based mortgage-backed securities |  |  | 11,941 |  |  |  | 5 |  |  |  | (859) |  |  |  | 11,087 |
Total Fixed Maturity |  |  | 144,514 |  |  |  | 5,650 |  |  |  | (1,025) |  |  |  | 149,139 |
Equity securities |  |  | 7,000 |  |  |  | 451 |  |  |  | (685) |  |  |  | 6,766 |
Totals |  | $ | 151,514 |  |  | $ | 6,101 |  |  | $ | (1,710) |  |  | $ | 155,905 |
A Summary of the Company's Realized Gains and Losses on Sales, Calls or Redemptions of Investments | A summary of the Company’s realized gains and losses on sales, calls or redemptions of investments for 2013, 2012 and 2011 is as follows:
|  | Fixed Maturity Securities Available for Sale |  |  | Equity Securities |  |  | Other |  |  | Total |
|  | (In thousands) |
Year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 2,090 |  |  | $ | 8,900 |  |  | $ | — |  |  | $ | 10,990 |
Gross realized investment gains |  | $ | 90 |  |  | $ | 1,264 |  |  | $ | — |  |  | $ | 1,354 |
Gross realized investment (losses) |  |  | — |  |  |  | (471) |  |  |  | — |  |  |  | (471) |
Net realized investment gains |  |  | 90 |  |  |  | 793 |  |  |  | — |  |  |  | 883 |
Impairments |  |  | — |  |  |  | (2,229) |  |  |  | — |  |  |  | (2,229) |
Other, including gains on calls and redemptions |  |  | 38 |  |  |  | — |  |  |  | 97 |  |  |  | 135 |
Net realized investment gains (losses) |  | $ | 128 |  |  | $ | (1,436) |  |  | $ | 97 |  |  | $ | (1,211) |
Year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 22,363 |  |  | $ | 10,777 |  |  | $ | — |  |  | $ | 33,140 |
Gross realized investment gains |  | $ | 1,555 |  |  | $ | 1,186 |  |  | $ | — |  |  | $ | 2,741 |
Gross realized investment (losses) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized investment gains |  |  | 1,555 |  |  |  | 1,186 |  |  |  | — |  |  |  | 2,741 |
Other, including gains on calls and redemptions |  |  | 15 |  |  |  | — |  |  |  | 223 |  |  |  | 238 |
Net realized investment gains |  | $ | 1,570 |  |  | $ | 1,186 |  |  | $ | 223 |  |  | $ | 2,979 |
Year ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 21,560 |  |  | $ | 14,769 |  |  | $ | — |  |  | $ | 36,329 |
Gross realized investment gains |  | $ | 815 |  |  | $ | 1,621 |  |  | $ | — |  |  | $ | 2,436 |
Gross realized investment (losses) |  |  | — |  |  |  | (98) |  |  |  | (1) |  |  |  | (99) |
Net realized investment gains (losses) |  |  | 815 |  |  |  | 1,523 |  |  |  | (1) |  |  |  | 2,337 |
Impairments |  |  | — |  |  |  | — |  |  |  | (169) |  |  |  | (169) |
Other, including gains on calls and redemptions |  |  | — |  |  |  | — |  |  |  | 60 |  |  |  | 60 |
Net realized investment gains (losses) |  | $ | 815 |  |  | $ | 1,523 |  |  | $ | (110) |  |  | $ | 2,228 |
Major Categories of the Company's Net Investment Income | Major categories of the Company’s net investment income are summarized as follows:
|  | Year Ended December 31, |
| 2013 |  |  | 2012 |  |  | 2011 |
|  | (In thousands) |
Gross investment income: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  | $ | 26,422 |  |  | $ | 27,167 |  |  | $ | 26,769 |
Short-term investments and cash and cash equivalents |  |  | 634 |  |  |  | 489 |  |  |  | 590 |
Equity securities |  |  | 543 |  |  |  | 446 |  |  |  | 181 |
Other investments |  |  | 803 |  |  |  | — |  |  |  | — |
Total gross investment income |  |  | 28,402 |  |  |  | 28,102 |  |  |  | 27,540 |
Investment expenses |  |  | (1,373) |  |  |  | (1,084) |  |  |  | (1,200) |
Net investment income |  | $ | 27,029 |  |  | $ | 27,018 |  |  | $ | 26,340 |
Investment Securities Continuous Unrealized Loss Position | The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position:
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |
|  | (In thousands) |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 14,090 |  |  | $ | 41 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,090 |  |  | $ | 41 |
States and political subdivisions |  |  | 54,895 |  |  |  | 1,147 |  |  |  | 311 |  |  |  | 6 |  |  |  | 55,206 |  |  |  | 1,153 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 1,916 |  |  |  | 144 |  |  |  | 1,916 |  |  |  | 144 |
Total held-to-maturity securities |  |  | 68,985 |  |  |  | 1,188 |  |  |  | 2,227 |  |  |  | 150 |  |  |  | 71,212 |  |  |  | 1,338 |
Available-for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 29,691 |  |  | $ | 361 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,691 |  |  | $ | 361 |
States and political subdivisions |  |  | 101,908 |  |  |  | 4,798 |  |  |  | 1,753 |  |  |  | 342 |  |  |  | 103,661 |  |  |  | 5,140 |
U.S. agency-based mortgage-backed securities |  |  | 1,303 |  |  |  | 465 |  |  |  | 5,772 |  |  |  | 2,502 |  |  |  | 7,075 |  |  |  | 2,967 |
Equity Securities |  |  | 5,205 |  |  |  | 567 |  |  |  | — |  |  |  | — |  |  |  | 5,205 |  |  |  | 567 |
Total available-for-sale securities |  |  | 138,107 |  |  |  | 6,191 |  |  |  | 7,525 |  |  |  | 2,844 |  |  |  | 145,632 |  |  |  | 9,035 |
Total |  | $ | 207,092 |  |  | $ | 7,379 |  |  | $ | 9,752 |  |  | $ | 2,994 |  |  | $ | 216,844 |  |  | $ | 10,373 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 10,734 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,734 |  |  | $ | 12 |
States and political subdivisions |  |  | 11,913 |  |  |  | 106 |  |  |  | — |  |  |  | — |  |  |  | 11,913 |  |  |  | 106 |
U.S. agency-based mortgage-backed securities |  |  | 117 |  |  |  | — |  |  |  | 68 |  |  |  | 5 |  |  |  | 185 |  |  |  | 5 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 2,277 |  |  |  | 176 |  |  |  | 2,277 |  |  |  | 176 |
Total held-to-maturity securities |  |  | 22,764 |  |  |  | 118 |  |  |  | 2,345 |  |  |  | 181 |  |  |  | 25,109 |  |  |  | 299 |
Available-for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 6,411 |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,411 |  |  | $ | 24 |
States and political subdivisions |  |  | 6,281 |  |  |  | 142 |  |  |  | — |  |  |  | — |  |  |  | 6,281 |  |  |  | 142 |
U.S. agency-based mortgage-backed securities |  |  | 10,919 |  |  |  | 859 |  |  |  | — |  |  |  | — |  |  |  | 10,919 |  |  |  | 859 |
Equity Securities |  |  | 4,186 |  |  |  | 685 |  |  |  | — |  |  |  | — |  |  |  | 4,186 |  |  |  | 685 |
Total available-for-sale securities |  |  | 27,797 |  |  |  | 1,710 |  |  |  | — |  |  |  | — |  |  |  | 27,797 |  |  |  | 1,710 |
Total |  | $ | 50,561 |  |  | $ | 1,828 |  |  | $ | 2,345 |  |  | $ | 181 |  |  | $ | 52,906 |  |  | $ | 2,009 |
Held-to-maturity securities [Member] |
Summary of the Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at December 31, 2013, by contractual maturity, is as follows:
|  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Maturity: |  |  |  |  |  |  |  |
Due in 2014 |  | $ | 55,379 |  |  | $ | 55,758 |
In 2015 through 2018 |  |  | 139,890 |  |  |  | 147,515 |
In 2019 through 2023 |  |  | 134,404 |  |  |  | 143,566 |
After 2023 |  |  | 130,938 |  |  |  | 133,075 |
U.S. agency-based mortgage-backed securities |  |  | 21,775 |  |  |  | 23,565 |
Commercial mortgage-backed securities |  |  | 50,813 |  |  |  | 54,244 |
Asset-backed securities |  |  | 3,384 |  |  |  | 3,456 |
Totals |  | $ | 536,583 |  |  | $ | 561,179 |
Available-for-sale securities [Member] |
Summary of the Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale at December 31, 2013, by contractual maturity, is as follows:
|  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Maturity: |  |  |  |  |  |  |  |
Due in 2014 |  | $ | 36,497 |  |  | $ | 36,576 |
In 2015 through 2018 |  |  | 34,339 |  |  |  | 34,486 |
In 2019 through 2023 |  |  | 21,141 |  |  |  | 21,358 |
After 2023 |  |  | 142,391 |  |  |  | 138,383 |
U.S. agency-based mortgage-backed securities |  |  | 10,041 |  |  |  | 7,074 |
Totals |  | $ | 244,409 |  |  | $ | 237,877 |

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