XML 72 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2014
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 March 31, 2014 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 368,697 |  |  | $ | 19,970 |  |  | $ | (303 | ) |  | $ | 388,364 |
Corporate bonds |  |  | 94,099 |  |  |  | 945 |  |  |  | (74 | ) |  |  | 94,970 |
Commercial mortgage-backed securities |  |  | 49,884 |  |  |  | 3,079 |  |  |  | — |  |  |  | 52,963 |
U.S. agency-based mortgage-backed securities |  |  | 20,418 |  |  |  | 1,794 |  |  |  | — |  |  |  | 22,212 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 12,265 |  |  |  | 1,077 |  |  |  | (6 | ) |  |  | 13,336 |
Asset-backed securities |  |  | 3,249 |  |  |  | 214 |  |  |  | (133 | ) |  |  | 3,330 |
Totals |  | $ | 548,612 |  |  | $ | 27,079 |  |  | $ | (516 | ) |  | $ | 575,175 |
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 |
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 March 31, 2014 are summarized as follows:
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Fixed maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 153,335 |  |  | $ | 3,530 |  |  | $ | (2,790 | ) |  | $ | 154,075 |
Corporate bonds |  |  | 106,789 |  |  |  | 503 |  |  |  | (198 | ) |  |  | 107,094 |
U.S. agency-based mortgage-backed securities |  |  | 10,011 |  |  |  | — |  |  |  | (2,991 | ) |  |  | 7,020 |
Total fixed maturity |  |  | 270,135 |  |  |  | 4,033 |  |  |  | (5,979 | ) |  |  | 268,189 |
Other investments |  |  | 10,000 |  |  |  | 820 |  |  |  | — |  |  |  | 10,820 |
Equity securities |  |  | 3,447 |  |  |  | 261 |  |  |  | (26 | ) |  |  | 3,682 |
Totals |  | $ | 283,582 |  |  | $ | 5,114 |  |  | $ | (6,005 | ) |  | $ | 282,691 |
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 |
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) |
March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 24,290 |  |  | $ | 74 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,290 |  |  | $ | 74 |
States and political subdivisions |  |  | 27,027 |  |  |  | 262 |  |  |  | 2,012 |  |  |  | 41 |  |  |  | 29,039 |  |  |  | 303 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 1,866 |  |  |  | 133 |  |  |  | 1,866 |  |  |  | 133 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 3,387 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 3,387 |  |  |  | 6 |
Total held-to-maturity securities |  |  | 54,704 |  |  |  | 342 |  |  |  | 3,878 |  |  |  | 174 |  |  |  | 58,582 |  |  |  | 516 |
Available-for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 45,493 |  |  | $ | 198 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,493 |  |  | $ | 198 |
States and political subdivisions |  |  | 43,605 |  |  |  | 1,371 |  |  |  | 12,247 |  |  |  | 1,419 |  |  |  | 55,852 |  |  |  | 2,790 |
U.S. agency-based mortgage-backed securities |  |  | 1,324 |  |  |  | 423 |  |  |  | 5,695 |  |  |  | 2,568 |  |  |  | 7,019 |  |  |  | 2,991 |
Equity securities |  |  | 461 |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | 461 |  |  |  | 26 |
Total available-for-sale securities |  |  | 90,883 |  |  |  | 2,018 |  |  |  | 17,942 |  |  |  | 3,987 |  |  |  | 108,825 |  |  |  | 6,005 |
Total |  | $ | 145,587 |  |  | $ | 2,360 |  |  | $ | 21,820 |  |  | $ | 4,161 |  |  | $ | 167,407 |  |  | $ | 6,521 |
|  | 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 |
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 cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at March 31, 2014, by contractual maturity, is as follows:
Remaining Time to Maturity |  | Amortized Cost Basis |  |  | Fair Value |
|  | (in thousands) |
Less than one year |  | $ | 55,114 |  |  | $ | 55,575 |
One to five years |  |  | 171,828 |  |  |  | 179,609 |
Five to ten years |  |  | 127,493 |  |  |  | 136,840 |
More than ten years |  |  | 120,626 |  |  |  | 124,646 |
U.S. agency-based mortgage-backed securities |  |  | 20,418 |  |  |  | 22,212 |
Commercial mortgage-backed securities |  |  | 49,884 |  |  |  | 52,963 |
Asset-backed securities |  |  | 3,249 |  |  |  | 3,330 |
Total |  | $ | 548,612 |  |  | $ | 575,175 |
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 cost and fair value of investments in fixed maturity securities, classified as available-for-sale at March 31, 2014, by contractual maturity, is as follows:
Remaining Time to Maturity |  | Amortized Cost Basis |  |  | Fair Value |
|  | (in thousands) |
Less than one year |  | $ | 41,459 |  |  | $ | 41,542 |
One to five years |  |  | 60,956 |  |  |  | 61,229 |
Five to ten years |  |  | 15,939 |  |  |  | 16,289 |
More than ten years |  |  | 141,770 |  |  |  | 142,109 |
U.S. agency-based mortgage-backed securities |  |  | 10,011 |  |  |  | 7,020 |
Total |  | $ | 270,135 |  |  | $ | 268,189 |

X
- Definition Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5086-111524 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6435544&loc=d3e41834-113960 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration