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Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2014 are summarized as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
States and political subdivisions		$	374,869			$	21,092			$	(34	)		$	395,927
Corporate bonds			144,898				579				(204	)			145,273
Commercial mortgage-backed securities			47,657				2,371				—				50,028
U.S. agency-based mortgage-backed securities			18,012				1,735				—				19,747
U.S. Treasury securities and obligations of U.S. Government agencies			10,703				1,016				(1	)			11,718
Asset-backed securities			2,948				227				(85	)			3,090
Totals		$	599,087			$	27,020			$	(324	)		$	625,783

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 September 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		$	151,839			$	6,549			$	(1,599	)		$	156,789
Corporate bonds			152,560				424				(314	)			152,670
U.S. agency-based mortgage-backed securities			9,908				—				(2,089	)			7,819
Total fixed maturity			314,307				6,973				(4,002	)			317,278
Other investments			10,000				1,228				—				11,228
Equity securities			3,446				244				(92	)			3,598
Totals		$	327,753			$	8,445			$	(4,094	)		$	332,104

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)
September 30, 2014
Held-to-Maturity
Fixed maturity securities:
Corporate bonds		$	77,260			$	204			$	—			$	—			$	77,260			$	204
States and political subdivisions			7,760				34				—				—				7,760				34
Asset-backed securities			—				—				1,746				85				1,746				85
U.S. Treasury securities and obligations of U.S. Government agencies			2,851				1				—				—				2,851				1
Total held-to-maturity securities			87,871				239				1,746				85				89,617				324
Available-for Sale
Fixed maturity securities:
Corporate bonds		$	78,350			$	314			$	—			$	—			$	78,350			$	314
States and political subdivisions			6,894				33				11,070				1,566				17,964				1,599
U.S. agency-based mortgage-backed securities			724				60				7,095				2,029				7,819				2,089
Equity securities			1,182				92				—				—				1,182				92
Total available-for-sale securities			87,150				499				18,165				3,595				105,315				4,094
Total		$	175,021			$	738			$	19,911			$	3,680			$	194,932			$	4,418

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

Remaining Time to Maturity		Amortized Cost Basis				Fair Value
		(in thousands)
Within one year		$	130,685			$	132,090
After one year through five years			328,360				343,614
After five years through ten years			70,889				76,599
After ten years			536				615
U.S. agency-based mortgage-backed securities			18,012				19,747
Commercial mortgage-backed securities			47,657				50,028
Asset-backed securities			2,948				3,090
Total		$	599,087			$	625,783

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

Remaining Time to Maturity		Amortized Cost Basis				Fair Value
		(in thousands)
Within one year		$	71,210			$	71,345
After one year through five years			167,036				170,290
After five years through ten years			47,917				50,249
After ten years			18,236				17,575
U.S. agency-based mortgage-backed securities			9,908				7,819
Total		$	314,307			$	317,278

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).

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