XML 75 R32.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Investments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 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 December 31, 2014 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 385,623 |  |  | $ | 20,100 |  |  | $ | (58) |  |  | $ | 405,665 |
Corporate bonds |  |  | 176,880 |  |  |  | 374 |  |  |  | (520) |  |  |  | 176,734 |
Commercial mortgage-backed securities |  |  | 46,662 |  |  |  | 1,867 |  |  |  | — |  |  |  | 48,529 |
U.S. agency-based mortgage-backed securities |  |  | 16,972 |  |  |  | 1,702 |  |  |  | (2) |  |  |  | 18,672 |
U.S. Treasury securities and obligations of U.S. Government agencies |  |  | 10,697 |  |  |  | 1,097 |  |  |  | (2) |  |  |  | 11,792 |
Asset-backed securities |  |  | 2,797 |  |  |  | 264 |  |  |  | (82) |  |  |  | 2,979 |
Totals |  | $ | 639,631 |  |  | $ | 25,404 |  |  | $ | (664) |  |  | $ | 664,371 |
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 December 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 |  | $ | 151,744 |  |  | $ | 7,302 |  |  | $ | (1,672) |  |  | $ | 157,374 |
Corporate bonds |  |  | 165,412 |  |  |  | 428 |  |  |  | (470) |  |  |  | 165,370 |
U.S. agency-based mortgage-backed securities |  |  | 9,848 |  |  |  | 2 |  |  |  | (1,352) |  |  |  | 8,498 |
Total fixed maturity |  |  | 327,004 |  |  |  | 7,732 |  |  |  | (3,494) |  |  |  | 331,242 |
Other investments |  |  | 10,000 |  |  |  | 1,748 |  |  |  | — |  |  |  | 11,748 |
Equity securities |  |  | — |  |  |  | 28 |  |  |  | — |  |  |  | 28 |
Totals |  | $ | 337,004 |  |  | $ | 9,508 |  |  | $ | (3,494) |  |  | $ | 343,018 |
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 |
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 2014, 2013 and 2012 is as follows:
|  | Fixed Maturity Securities Available for Sale |  | Equity Securities |  | Other |  | Total
|  | (in thousands)
Year ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 768 |  |  | $ | 9,780 |  |  | $ | — |  |  | $ | 10,548 |
Gross realized investment gains |  | $ | 1 |  |  | $ | 749 |  |  | $ | — |  |  | $ | 750 |
Gross realized investment (losses) |  |  | — |  |  |  | (451 | ) |  |  | — |  |  |  | (451 | )
Net realized investment gains |  |  | 1 |  |  |  | 298 |  |  |  | — |  |  |  | 299 |
Impairments |  |  | (222 | ) |  |  | — |  |  |  | — |  |  |  | (222 | )
Other, including gains on calls and redemptions |  |  | 244 |  |  |  | — |  |  |  | 376 |  |  |  | 620 |
Net realized investment gains |  | $ | 23 |  |  | $ | 298 |  |  | $ | 376 |  |  | $ | 697 |
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 |
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,
| 2014 |  | 2013 |  | 2012
|  | (in thousands)
Gross investment income: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  | $ | 26,622 |  |  | $ | 26,422 |  |  | $ | 27,167 |
Short-term investments and cash and cash equivalents |  |  | 426 |  |  |  | 634 |  |  |  | 489 |
Equity securities |  |  | 232 |  |  |  | 543 |  |  |  | 446 |
Other investments |  |  | 1,611 |  |  |  | 803 |  |  |  | — |
Total gross investment income |  |  | 28,891 |  |  |  | 28,402 |  |  |  | 28,102 |
Investment expenses |  |  | (1,677 | ) |  |  | (1,373 | ) |  |  | (1,084 | )
Net investment income |  | $ | 27,214 |  |  | $ | 27,029 |  |  | $ | 27,018 |
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, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 129,788 |  |  | $ | 520 |  |  | $ | — |  |  | $ | — |  |  | $ | 129,788 |  |  | $ | 520 |
States and political subdivisions |  |  | 16,896 |  |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | 16,896 |  |  |  | 58 |
U.S. Treasury securities and obligations of U.S. Government agencies |  |  | 3,385 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 3,385 |  |  |  | 2 |
U.S. agency-based mortgage-backed securities |  |  | 78 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 78 |  |  |  | 2 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 1,662 |  |  |  | 82 |  |  |  | 1,662 |  |  |  | 82 |
Total held-to-maturity securities |  |  | 150,147 |  |  |  | 582 |  |  |  | 1,662 |  |  |  | 82 |  |  |  | 151,809 |  |  |  | 664 |
Available-for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 106,185 |  |  | $ | 470 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,185 |  |  | $ | 470 |
States and political subdivisions |  |  | 3,810 |  |  |  | 6 |  |  |  | 10,347 |  |  |  | 1,666 |  |  |  | 14,157 |  |  |  | 1,672 |
U.S. agency-based mortgage-backed securities |  |  | 627 |  |  |  | 11 |  |  |  | 7,757 |  |  |  | 1,341 |  |  |  | 8,384 |  |  |  | 1,352 |
Total available-for-sale securities |  |  | 110,622 |  |  |  | 487 |  |  |  | 18,104 |  |  |  | 3,007 |  |  |  | 128,726 |  |  |  | 3,494 |
Total |  | $ | 260,769 |  |  | $ | 1,069 |  |  | $ | 19,766 |  |  | $ | 3,089 |  |  | $ | 280,535 |  |  | $ | 4,158 |
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 amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at December 31, 2014, by contractual maturity, is as follows:
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 120,896 |  |  | $ | 121,909 |
After one year through five years |  |  | 262,486 |  |  |  | 271,332 |
After five years through ten years |  |  | 102,703 |  |  |  | 110,139 |
After ten years |  |  | 87,115 |  |  |  | 90,811 |
U.S. agency-based mortgage-backed securities |  |  | 16,972 |  |  |  | 18,672 |
Commercial mortgage-backed securities |  |  | 46,662 |  |  |  | 48,529 |
Asset-backed securities |  |  | 2,797 |  |  |  | 2,979 |
Totals |  | $ | 639,631 |  |  | $ | 664,371 |
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, 2014, by contractual maturity, is as follows:
|  | Amortized Cost |  | Fair Value
|  | (in thousands)
Maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 51,403 |  |  | $ | 51,448 |
After one year through five years |  |  | 127,842 |  |  |  | 128,060 |
After five years through ten years |  |  | 10,056 |  |  |  | 10,275 |
After ten years |  |  | 127,855 |  |  |  | 132,961 |
U.S. agency-based mortgage-backed securities |  |  | 9,848 |  |  |  | 8,498 |
Totals |  | $ | 327,004 |  |  | $ | 331,242 |

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=35738203&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 investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
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 Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
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

X
- Details
Name: | us-gaap_InformationByCategoryOfDebtSecurityAxis=us-gaap_AvailableforsaleSecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_InformationByCategoryOfDebtSecurityAxis=us-gaap_HeldtomaturitySecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |