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Investments (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015 are summarized as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
States and political subdivisions		$	417,804			$	16,307			$	(195	)		$	433,916
Corporate bonds			170,176				555				(241	)			170,490
Commercial mortgage-backed securities			43,396				586				—				43,982
U.S. agency-based mortgage-backed securities			14,094				1,393				(1	)			15,486
U.S. Treasury securities and obligations of U.S. Government agencies			12,365				1,074				—				13,439
Asset-backed securities			2,415				224				(59	)			2,580
Totals		$	660,250			$	20,139			$	(496	)		$	679,893

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

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, 2015 are summarized as follows:

		Cost or Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
Fixed maturity:
States and political subdivisions		$	166,520			$	6,685			$	(447	)		$	172,758
Corporate bonds			189,169				762				(451	)			189,480
U.S. agency-based mortgage-backed securities			9,059				7				(1,471	)			7,595
Total fixed maturity			364,748				7,454				(2,369	)			369,833
Other investments			10,000				1,759				—				11,759
Equity securities			—				31				—				31
Totals		$	374,748			$	9,244			$	(2,369	)		$	381,623

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

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, 2015
Held-to-Maturity
Fixed maturity securities:
Corporate bonds		$	52,041			$	192			$	20,270			$	49			$	72,311			$	241
States and political subdivisions			36,630				195				—				—				36,630				195
U.S. agency-based mortgage-backed securities			53				1				5				—				58				1
Asset-backed securities			—				—				1,480				59				1,480				59
Total held-to-maturity securities			88,724				388				21,755				108				110,479				496
Available-for Sale
Fixed maturity securities:
Corporate bonds		$	46,388			$	440			$	4,241			$	11			$	50,629			$	451
States and political subdivisions			11,419				61				4,263				386				15,682				447
U.S. agency-based mortgage-backed securities			486				26				7,023				1,445				7,509				1,471
Total available-for-sale securities			58,293				527				15,527				1,842				73,820				2,369
Total		$	147,017			$	915			$	37,282			$	1,950			$	184,299			$	2,865
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

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, 2015, by contractual maturity, is as follows:

Remaining Time to Maturity		Amortized Cost Basis				Fair Value
		(in thousands)
Within one year		$	125,030			$	125,807
After one year through five years			281,139				289,630
After five years through ten years			123,928				129,689
After ten years			70,248				72,719
U.S. agency-based mortgage-backed securities			14,094				15,486
Commercial mortgage-backed securities			43,396				43,982
Asset-backed securities			2,415				2,580
Total		$	660,250			$	679,893

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, 2015, by contractual maturity, is as follows:

Remaining Time to Maturity		Amortized Cost Basis				Fair Value
		(in thousands)
Within one year		$	31,131			$	31,258
After one year through five years			183,756				185,173
After five years through ten years			25,294				25,470
After ten years			115,508				120,337
U.S. agency-based mortgage-backed securities			9,059				7,595
Total		$	364,748			$	369,833

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.

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