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Investments (Tables)

6 Months Ended

Jun. 30, 2014

Gross Unrealized Gains and Losses and 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 June 30, 2014 are summarized as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
States and political subdivisions		$	392,381			$	21,821			$	(66	)		$	414,136
Corporate bonds			102,925				756				(57	)			103,624
Commercial mortgage-backed securities			49,327				2,767				—				52,094
U.S. agency-based mortgage-backed securities			19,170				1,892				—				21,062
U.S. Treasury securities and obligations of U.S. government agencies			12,259				1,132				(1	)			13,390
Asset-backed securities			3,083				243				(120	)			3,206
Totals		$	579,145			$	28,611			$	(244	)		$	607,512

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 June 30, 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		$	151,140			$	5,711			$	(1,759	)		$	155,092
Corporate bonds			121,088				708				(33	)			121,763
U.S. agency-based mortgage-backed securities			10,012				1				(2,255	)			7,758
Total fixed maturity			282,240				6,420				(4,047	)			284,613
Other investments			10,000				1,092				—				11,092
Equity securities			3,446				540				(6	)			3,980
Totals		$	295,686			$	8,052			$	(4,053	)		$	299,685

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)
June 30, 2014
Held-to-Maturity
Fixed maturity securities:
Corporate bonds		$	19,268			$	57			$	—			$	—			$	19,268			$	57
States and political subdivisions			14,872				64				1,423				2				16,295				66
Asset-backed securities			—				—				1,799				120				1,799				120
U.S. Treasury securities and obligations of U.S. government agencies			2,852				1				—				—				2,852				1
Total held-to-maturity securities			36,992				122				3,222				122				40,214				244
Available-for Sale
Fixed maturity securities:
Corporate bonds		$	20,127			$	30			$	986			$	3			$	21,113			$	33
States and political subdivisions			14,689				82				12,700				1,677				27,389				1,759
U.S. agency-based mortgage-backed securities			605				79				7,031				2,176				7,636				2,255
Equity securities			480				6				—				—				480				6
Total available-for-sale securities			35,901				197				20,717				3,856				56,618				4,053
Total		$	72,893			$	319			$	23,939			$	3,978			$	96,832			$	4,297

		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 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 June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity		Amortized Cost Basis				Fair Value
		(in thousands)
Less than one year		$	55,153			$	55,726
One to five years			186,929				194,771
Five to ten years			140,954				150,762
More than ten years			124,529				129,891
U.S. agency-based mortgage-backed securities			19,170				21,062
Commercial mortgage-backed securities			49,327				52,094
Asset-backed securities			3,083				3,206
Total		$	579,145			$	607,512

Available-for-sale securities [Member]

Summary of 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 June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity		Amortized Cost Basis				Fair Value
		(in thousands)
Less than one year		$	34,052			$	34,120
One to five years			84,799				85,482
Five to ten years			14,305				14,661
More than ten years			139,072				142,592
U.S. agency-based mortgage-backed securities			10,012				7,758
Total		$	282,240			$	284,613

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

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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

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