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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

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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

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-Name Accounting Standards Codification

-Topic 320

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