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Investments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2016 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 418,155 |  |  | $ | 15,675 |  |  | $ | (96 | ) |  | $ | 433,734 |
Corporate bonds |  |  | 158,042 |  |  |  | 1,698 |  |  |  | (81 | ) |  |  | 159,659 |
Commercial mortgage-backed securities |  |  | 290 |  |  |  | — |  |  |  | — |  |  |  | 290 |
U.S. agency-based mortgage-backed securities |  |  | 10,943 |  |  |  | 1,193 |  |  |  | — |  |  |  | 12,136 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 11,863 |  |  |  | 986 |  |  |  | (1 | ) |  |  | 12,848 |
Asset-backed securities |  |  | 2,021 |  |  |  | 158 |  |  |  | (65 | ) |  |  | 2,114 |
Totals |  | $ | 601,314 |  |  | $ | 19,710 |  |  | $ | (243 | ) |  | $ | 620,781 |
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 September 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 |  | $ | 188,689 |  |  | $ | 8,450 |  |  | $ | (359 | ) |  | $ | 196,780 |
Corporate bonds |  |  | 197,167 |  |  |  | 2,259 |  |  |  | (214 | ) |  |  | 199,212 |
U.S. agency-based mortgage-backed securities |  |  | 12,026 |  |  |  | 51 |  |  |  | (797 | ) |  |  | 11,280 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 62,615 |  |  |  | 821 |  |  |  | (88 | ) |  |  | 63,348 |
Total fixed maturity |  |  | 460,497 |  |  |  | 11,581 |  |  |  | (1,458 | ) |  |  | 470,620 |
Other investments |  |  | 10,000 |  |  |  | 2,174 |  |  |  | — |  |  |  | 12,174 |
Equity securities |  |  | — |  |  |  | 32 |  |  |  | — |  |  |  | 32 |
Totals |  | $ | 470,497 |  |  | $ | 13,787 |  |  | $ | (1,458 | ) |  | $ | 482,826 |
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) |
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 23,075 |  |  | $ | 96 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,075 |  |  | $ | 96 |
Corporate bonds |  |  | 9,696 |  |  |  | 55 |  |  |  | 3,173 |  |  |  | 26 |  |  |  | 12,869 |  |  |  | 81 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 637 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 637 |  |  |  | 1 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 1,221 |  |  |  | 65 |  |  |  | 1,221 |  |  |  | 65 |
Total held-to-maturity securities |  |  | 33,408 |  |  |  | 152 |  |  |  | 4,394 |  |  |  | 91 |  |  |  | 37,802 |  |  |  | 243 |
Available-for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 22,147 |  |  | $ | 328 |  |  | $ | 4,746 |  |  | $ | 31 |  |  | $ | 26,893 |  |  | $ | 359 |
Corporate bonds |  |  | 7,673 |  |  |  | 9 |  |  |  | 7,900 |  |  |  | 205 |  |  |  | 15,573 |  |  |  | 214 |
U.S. agency-based mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 6,930 |  |  |  | 797 |  |  |  | 6,930 |  |  |  | 797 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 3,266 |  |  |  | 88 |  |  |  | — |  |  |  | — |  |  |  | 3,266 |  |  |  | 88 |
Total available-for-sale securities |  |  | 33,086 |  |  |  | 425 |  |  |  | 19,576 |  |  |  | 1,033 |  |  |  | 52,662 |  |  |  | 1,458 |
Total |  | $ | 66,494 |  |  | $ | 577 |  |  | $ | 23,970 |  |  | $ | 1,124 |  |  | $ | 90,464 |  |  | $ | 1,701 |
|  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 24,068 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,068 |  |  | $ | 45 |
Corporate bonds |  |  | 128,436 |  |  |  | 687 |  |  |  | 18,139 |  |  |  | 123 |  |  |  | 146,575 |  |  |  | 810 |
Commercial mortgage-backed securities |  |  | 9,784 |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 9,784 |  |  |  | 15 |
U.S. agency-based mortgage-backed securities |  |  | 18 |  |  |  | — |  |  |  | 28 |  |  |  | 1 |  |  |  | 46 |  |  |  | 1 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 2,980 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 2,980 |  |  |  | 4 |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 6,560 |  |  | $ | 9 |  |  | $ | 4,439 |  |  | $ | 198 |  |  | $ | 10,999 |  |  | $ | 207 |
Corporate bonds |  |  | 141,857 |  |  |  | 1,475 |  |  |  | 4,216 |  |  |  | 11 |  |  |  | 146,073 |  |  |  | 1,486 |
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 amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at September 30, 2016, by contractual maturity, is as follows:
Maturity |  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Within one year |  | $ | 95,695 |  |  | $ | 96,339 |
After one year through five years |  |  | 302,699 |  |  |  | 311,060 |
After five years through ten years |  |  | 107,854 |  |  |  | 113,247 |
After ten years |  |  | 81,812 |  |  |  | 85,595 |
U.S. agency-based mortgage-backed securities |  |  | 290 |  |  |  | 290 |
Commercial mortgage-backed securities |  |  | 10,943 |  |  |  | 12,136 |
Asset-backed securities |  |  | 2,021 |  |  |  | 2,114 |
Totals |  | $ | 601,314 |  |  | $ | 620,781 |
Available-for-Sale Securities [Member] |
Summary of 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 September 30, 2016, by contractual maturity, is as follows:
Maturity |  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Within one year |  | $ | 68,399 |  |  | $ | 68,884 |
After one year through five years |  |  | 213,596 |  |  |  | 216,619 |
After five years through ten years |  |  | 38,679 |  |  |  | 39,845 |
After ten years |  |  | 127,797 |  |  |  | 133,992 |
U.S. agency-based mortgage-backed securities |  |  | 12,026 |  |  |  | 11,280 |
Totals |  | $ | 460,497 |  |  | $ | 470,620 |

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