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Investments (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016 are summarized as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
States and political subdivisions		$	423,631			$	19,066			$	(3	)		$	442,694
Corporate bonds			163,648				1,739				(117	)			165,270
Commercial mortgage-backed securities			6,681				37				(6	)			6,712
U.S. agency-based mortgage-backed securities			11,849				1,280				(1	)			13,128
U.S. Treasury securities and obligations of U.S. government agencies			12,261				1,057				—				13,318
Asset-backed securities			2,095				183				(76	)			2,202
Totals		$	620,165			$	23,362			$	(203	)		$	643,324

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, 2015 are summarized as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
States and political subdivisions		$	408,447			$	15,352			$	(45	)		$	423,754
Corporate bonds			171,224				159				(810	)			170,573
Commercial mortgage-backed securities			37,494				204				(15	)			37,683
U.S. agency-based mortgage-backed securities			13,223				1,249				(1	)			14,471
U.S. Treasury securities and obligations of U.S. government agencies			12,487				897				(4	)			13,380
Asset-backed securities			2,289				202				(76	)			2,415
Totals		$	645,164			$	18,063			$	(951	)		$	662,276

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, 2016 are summarized as follows:

		Cost or Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
Fixed maturity:
States and political subdivisions		$	171,931			$	9,788			$	(70	)		$	181,649
Corporate bonds			201,031				2,590				(288	)			203,333
U.S. agency-based mortgage-backed securities			12,672				46				(703	)			12,015
U.S. Treasury securities and obligations of U.S. government agencies			62,354				1,346				—				63,700
Total fixed maturity			447,988				13,770				(1,061	)			460,697
Other investments			10,000				850				—				10,850
Equity securities			—				32				—				32
Totals		$	457,988			$	14,652			$	(1,061	)		$	471,579

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, 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		$	164,684			$	6,942			$	(207	)		$	171,419
Corporate bonds			202,537				253				(1,486	)			201,304
U.S. agency-based mortgage-backed securities			8,888				4				(1,593	)			7,299
Total fixed maturity			376,109				7,199				(3,286	)			380,022
Other investments			10,000				2,217				—				12,217
Equity securities			—				31				—				31
Totals		$	386,109			$	9,447			$	(3,286	)		$	392,270

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, 2016
Held-to-Maturity
Fixed maturity securities:
Corporate bonds		$	14,753			$	71			$	5,498			$	46			$	20,251			$	117
States and political subdivisions			4,780				3				—				—				4,780				3
U.S. agency-based mortgage-backed securities			—				—				25				1				25				1
Commercial mortgage-backed securities			1,720				6				—				—				1,720				6
Asset-backed securities			—				—				1,269				76				1,269				76
Total held-to-maturity securities			21,253				80				6,792				123				28,045				203
Available-for Sale
Fixed maturity securities:
Corporate bonds		$	10,008			$	103			$	3,078			$	185			$	13,086			$	288
States and political subdivisions			1,807				1				4,722				69				6,529				70
U.S. agency-based mortgage-backed securities			—				—				7,792				703				7,792				703
Total available-for-sale securities			11,815				104				15,592				957				27,407				1,061
Total		$	33,068			$	184			$	22,384			$	1,080			$	55,452			$	1,264

		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, 2015
Held-to-Maturity
Fixed maturity securities:
Corporate bonds		$	128,436			$	687			$	18,139			$	123			$	146,575			$	810
States and political subdivisions			24,068				45				—				—				24,068				45
U.S. Treasury securities and obligations of U.S. government agencies			2,980				4				—				—				2,980				4
U.S. agency-based mortgage-backed securities			18				—				28				1				46				1
Commercial mortgage-backed securities			9,784				15				—				—				9,784				15
Asset-backed securities			—				—				1,389				76				1,389				76
Total held-to-maturity securities			165,286				751				19,556				200				184,842				951
Available-for Sale
Fixed maturity securities:
Corporate bonds		$	141,857			$	1,475			$	4,216			$	11			$	146,073			$	1,486
States and political subdivisions			6,560				9				4,439				198				10,999				207
U.S. agency-based mortgage-backed securities			434				37				6,794				1,556				7,228				1,593
Total available-for-sale securities			148,851				1,521				15,449				1,765				164,300				3,286
Total		$	314,137			$	2,272			$	35,005			$	1,965			$	349,142			$	4,237

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, 2016, by contractual maturity, is as follows:

Maturity		Amortized Cost				Fair Value
		(in thousands)
Within one year		$	101,082			$	102,092
After one year through five years			294,889				304,442
After five years through ten years			117,736				123,845
After ten years			85,833				90,903
U.S. agency-based mortgage-backed securities			11,849				13,128
Commercial mortgage-backed securities			6,681				6,712
Asset-backed securities			2,095				2,202
Totals		$	620,165			$	643,324

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, 2016, by contractual maturity, is as follows:

Maturity		Amortized Cost				Fair Value
		(in thousands)
Within one year		$	59,564			$	59,891
After one year through five years			214,075				217,789
After five years through ten years			52,827				54,534
After ten years			108,850				116,468
U.S. agency-based mortgage-backed securities			12,672				12,015
Totals		$	447,988			$	460,697

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- 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
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+ References

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