XML 48 R22.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2014
Cash And Cash Equivalents [Abstract] |
Investment Holdings by Type of Instrument | The following table presents the Company’s investment holdings by type of instrument as of the dates presented (in thousands):
|  | As of March 31, 2014 |  |  | As of December 31, 2013 |
|  | Cost or |  |  |  |  |  |  |  |  | Cost or |  |  |  |  |  |  |
|  | Amortized |  |  |  |  |  | Carrying |  |  | Amortized |  |  |  |  |  | Carrying |
|  | Cost |  |  | Fair Value |  |  | Value |  |  | Cost |  |  | Fair Value |  |  | Value |
Cash and cash equivalents (1) |  | $ | 122,771 |  |  | $ | 122,771 |  |  | $ | 122,771 |  |  | $ | 117,275 |  |  | $ | 117,275 |  |  | $ | 117,275 |
Restricted cash and cash equivalents |  |  | 2,635 |  |  |  | 2,635 |  |  |  | 2,635 |  |  |  | 2,600 |  |  |  | 2,600 |  |  |  | 2,600 |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | 116,808 |  |  |  | 115,961 |  |  |  | 115,961 |  |  |  | 105,229 |  |  |  | 104,215 |  |  |  | 104,215 |
Corporate bonds |  |  | 94,086 |  |  |  | 93,831 |  |  |  | 93,831 |  |  |  | 94,708 |  |  |  | 94,203 |  |  |  | 94,203 |
Mortgage-backed and asset-backed securities |  |  | 90,953 |  |  |  | 90,554 |  |  |  | 90,554 |  |  |  | 91,502 |  |  |  | 91,000 |  |  |  | 91,000 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 7,024 |  |  |  | 7,250 |  |  |  | 7,250 |  |  |  | 8,500 |  |  |  | 9,295 |  |  |  | 9,295 |
Mutual funds |  |  | 52,057 |  |  |  | 52,902 |  |  |  | 52,902 |  |  |  | 55,113 |  |  |  | 55,727 |  |  |  | 55,727 |
Total |  |  | 360,928 |  |  |  | 360,498 |  |  |  | 360,498 |  |  |  | 355,052 |  |  |  | 354,440 |  |  |  | 354,440 |
Total investments |  | $ | 486,334 |  |  | $ | 485,904 |  |  | $ | 485,904 |  |  | $ | 474,927 |  |  | $ | 474,315 |  |  | $ | 474,315 |
(1) | Cash and cash equivalents include short-term debt securities consisting of direct obligations of the U.S. Treasury or money-market accounts that invest in or are collateralized by direct obligations of the U.S. Treasury and other U.S. government guaranteed securities.
Investment Income (Expense) Comprised Primarily of Interest and Dividends | The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
|  | Three Months Ended March 31, |
|  | 2014 |  |  | 2013 |
Cash and cash equivalents (1) |  | $ | 12 |  |  | $ | 120 |
Fixed maturities |  |  | 728 |  |  |  | — |
Equity securities |  |  | 302 |  |  |  | 88 |
Total investment income |  |  | 1,042 |  |  |  | 208 |
Less investment expenses |  |  | (524 | ) |  |  | (196 | )
Net investment (expense) income |  | $ | 518 |  |  | $ | 12 |
(1) | Includes interest earned on restricted cash and cash equivalents.
Effect of Trading Activities by Type of Instrument and by Line Item in Condensed Consolidated Statements of Income | The following table provides the effect of trading activities on the Company’s results of operations for the period presented by type of instrument and by line item in the Condensed Consolidated Statements of Income (in thousands):
|  | Three Months Ended March 31, 2013 |
Realized gains (losses) on investments: |  |  |  |
Equity securities |  | $ | (15,969 | )
Derivatives (non-hedging instruments) (1) |  |  | (68 | )
Total realized gains (losses) on trading portfolio |  |  | (16,037 | )
Change in unrealized gains (losses) on investments: |  |  |  |
Fixed maturities |  |  | 13 |
Equity securities |  |  | 7,758 |
Derivatives (non-hedging instruments) (1) |  |  | 89 |
Other |  |  | 14 |
Total change in unrealized gains (losses) on trading portfolio |  |  | 7,874 |
Net gains (losses) recognized on trading portfolio |  | $ | (8,163 | )
(1) | This table provides the alternative quantitative disclosures permitted for derivatives that are not used as hedging instruments and are included in the trading portfolio.
Cost or Amortized Cost and Fair Value of Securities Available for Sale | The following table provides the cost or amortized cost and fair value of securities available for sale as of the dates presented (in thousands):
|  | March 31, 2014 |
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  | $ | 116,808 |  |  | $ | 39 |  |  | $ | (886 | ) |  | $ | 115,961 |
Corporate bonds |  |  | 94,086 |  |  |  | 190 |  |  |  | (445 | ) |  |  | 93,831 |
Mortgage-backed and asset-backed securities |  |  | 90,953 |  |  |  | 126 |  |  |  | (525 | ) |  |  | 90,554 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 7,024 |  |  |  | 439 |  |  |  | (213 | ) |  |  | 7,250 |
Mutual funds |  |  | 52,057 |  |  |  | 2,206 |  |  |  | (1,361 | ) |  |  | 52,902 |
Total |  | $ | 360,928 |  |  | $ | 3,000 |  |  | $ | (3,430 | ) |  | $ | 360,498 |
|  | December 31, 2013 |
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  | $ | 105,229 |  |  | $ | 19 |  |  | $ | (1,033 | ) |  | $ | 104,215 |
Corporate bonds |  |  | 94,708 |  |  |  | 265 |  |  |  | (770 | ) |  |  | 94,203 |
Mortgage-backed and asset-backed securities |  |  | 91,502 |  |  |  | 75 |  |  |  | (577 | ) |  |  | 91,000 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 8,500 |  |  |  | 916 |  |  |  | (121 | ) |  |  | 9,295 |
Mutual funds |  |  | 55,113 |  |  |  | 2,266 |  |  |  | (1,652 | ) |  |  | 55,727 |
Total |  | $ | 355,052 |  |  | $ | 3,541 |  |  | $ | (4,153 | ) |  | $ | 354,440 |
Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale | The following table summarizes the fair value and gross unrealized losses on securities available for sale, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands):
|  | March 31, 2014 |
|  | Less than 12 months |  |  | 12 months or longer |
|  | Number of issues |  |  | Fair value |  |  | Unrealized losses |  |  | Number of issues |  |  | Fair value |  |  | Unrealized losses |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | 7 |  |  | $ | 82,798 |  |  | $ | (886 | ) |  |  | — |  |  | $ | — |  |  | $ | — |
Corporate bonds |  |  | 42 |  |  |  | 47,773 |  |  |  | (445 | ) |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed and asset-backed securities |  |  | 17 |  |  |  | 60,261 |  |  |  | (525 | ) |  |  | — |  |  |  | — |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 14 |  |  |  | 2,314 |  |  |  | (213 | ) |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds |  |  | 4 |  |  |  | 17,997 |  |  |  | (1,361 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 84 |  |  | $ | 211,143 |  |  | $ | (3,430 | ) |  |  | — |  |  | $ | — |  |  | $ | — |
|  | December 31, 2013 |
|  | Less than 12 months |  |  | 12 months or longer |
|  | Number of issues |  |  | Fair value |  |  | Unrealized losses |  |  | Number of issues |  |  | Fair value |  |  | Unrealized losses |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | 6 |  |  | $ | 71,042 |  |  | $ | (1,033 | ) |  |  | — |  |  | $ | — |  |  | $ | — |
Corporate bonds |  |  | 55 |  |  |  | 65,926 |  |  |  | (770 | ) |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed and asset-backed securities |  |  | 16 |  |  |  | 67,110 |  |  |  | (577 | ) |  |  | — |  |  |  | — |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 13 |  |  |  | 3,517 |  |  |  | (121 | ) |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds |  |  | 5 |  |  |  | 19,646 |  |  |  | (1,652 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 95 |  |  | $ | 227,241 |  |  | $ | (4,153 | ) |  |  | — |  |  | $ | — |  |  | $ | — |
Amortized Cost and Fair Value of Fixed Maturities Available for Sale by Contractual Maturity | The following table presents the amortized cost and fair value of fixed maturities available for sale by contractual maturity as of the date presented (in thousands):
|  | March 31, 2014 |
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 17,030 |  |  | $ | 17,017 |
Due after one year through five years |  |  | 190,101 |  |  |  | 189,234 |
Due after five years through ten years |  |  | 3,763 |  |  |  | 3,541 |
Due after ten years |  |  | — |  |  |  | — |
Mortgage-backed and asset-backed securities |  |  | 90,953 |  |  |  | 90,554 |
Total |  | $ | 301,847 |  |  | $ | 300,346 |
Summary of Securities Available for Sale | The following table provides certain information related to securities available for sale during the period presented (in thousands):
|  | Three Months Ended March 31, 2014 |
Sales proceeds (fair value) |  | $ | 14,441 |
Gross realized gains |  | $ | 999 |
Gross realized losses |  | $ | (97 | )
Other than temporary losses |  | $ | — |

X
- Definition Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities. + References No definition available. + Details
Name: | us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + 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 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: 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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563 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 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 + Details
Name: | us-gaap_AvailableForSaleSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_CashAndCashEquivalentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360136&loc=d3e22054-111558 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.M) -URI http://asc.fasb.org/extlink&oid=27011274&loc=d3e87990-122713 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c)-(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of data and information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments. + References No definition available. + Details
Name: | us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock
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