v2.4.0.6

Investments (Tables) | 9 Months Ended
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Sep. 30, 2012
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost, Estimated Market Value and Gross Unrealized Appreciation and Depreciation of Available-for-sale Securities | The amortized cost, estimated market value and gross unrealized appreciation and depreciation of available-for-sale securities as of September 30, 2012, are presented in the table below:
(Amounts in Thousands) | Original or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Market value
Preferred stock | $ | 5,091 |  |  | $ | 107 |  |  | $ | (211 | ) |  | $ | 4,987 |
Common stock | 15,111 |  |  | 1,085 |  |  | (2,865 | ) |  | 13,331 |
U.S. treasury securities | 45,442 |  |  | 2,905 |  |  | (6 | ) |  | 48,341 |
U.S. government agencies | 45,341 |  |  | 964 |  |  | — |  |  | 46,305 |
Municipal bonds | 251,610 |  |  | 13,487 |  |  | (86 | ) |  | 265,011 |
Corporate bonds: |  |  |  |  |  |  |  |  |  |  |
Finance | 729,724 |  |  | 50,337 |  |  | (6,587 | ) |  | 773,474 |
Industrial | 314,663 |  |  | 17,726 |  |  | (2,120 | ) |  | 330,269 |
Utilities | 32,773 |  |  | 2,455 |  |  | — |  |  | 35,228 |
Commercial mortgage backed securities | 10,057 |  |  | 152 |  |  | — |  |  | 10,209 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Agency backed | 312,258 |  |  | 20,211 |  |  | (442 | ) |  | 332,027 |
Non-agency backed | 7,831 |  |  | — |  |  | (1,072 | ) |  | 6,759 |
| $ | 1,769,901 |  |  | $ | 109,429 |  |  | $ | (13,389 | ) |  | $ | 1,865,941 |
Summary of Available for Sale Fixed Securities by Contractual Maturity | A summary of the Company’s available-for-sale fixed securities as of September 30, 2012, by contractual maturity, is shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(Amounts in Thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 7,296 |  |  | $ | 7,359 |
Due after one through five years | 388,443 |  |  | 393,753 |
Due after five through ten years | 785,711 |  |  | 848,460 |
Due after ten years | 238,103 |  |  | 249,056 |
Mortgage backed securities | 330,146 |  |  | 348,995 |
Total fixed maturities | $ | 1,749,699 |  |  | $ | 1,847,623 |
Net Investment Income | Net investment income for the three and nine months ended September 30, 2012 and 2011 was derived from the following sources:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Amounts in Thousands) | 2012 |  | 2011 |  | 2012 |  | 2011
Fixed maturity securities | $ | 18,185 |  |  | $ | 13,601 |  |  | $ | 47,908 |  |  | $ | 39,577 |
Equity maturities | 325 |  |  | 141 |  |  | 823 |  |  | 427 |
Cash and short term investments | 120 |  |  | 1,075 |  |  | 1,096 |  |  | 2,647 |
| 18,630 |  |  | 14,817 |  |  | 49,827 |  |  | 42,651 |
Less: |  |  |  |  |  |  |  |  |  |  |
Investment expenses and interest expense on securities sold under agreement to repurchase | 201 |  |  | 361 |  |  | 536 |  |  | 836 |
| $ | 18,429 |  |  | $ | 14,456 |  |  | $ | 49,291 |  |  | $ | 41,815 |
Summary of Gross Unrealized Losses of Fixed-maturities and Equity Securities | The table below summarizes the gross unrealized losses of our fixed maturity and equity securities by length of time the security has continuously been in an unrealized position as of September 30, 2012:
| Less Than 12 Months |  | 12 Months or More |  | Total
(Amounts in Thousands) | Fair Market Value |  | Unrealized Losses |  | No. of Positions Held |  | Fair Market Value |  | Unrealized Losses |  | No. of Positions Held |  | Fair Market Value |  | Unrealized Losses
Common and preferred stock | $ | 7,015 |  |  | $ | (1,446 | ) |  | 30 |  |  | $ | 2,453 |  |  | $ | (1,630 | ) |  | 9 |  |  | $ | 9,468 |  |  | $ | (3,076 | )
U.S. treasury securities | 994 |  |  | (6 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 994 |  |  | (6 | )
Municipal bonds | 24,177 |  |  | (82 | ) |  | 6 |  |  | 8,071 |  |  | (4 | ) |  | 1 |  |  | 32,248 |  |  | (86 | )
Corporate bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance | 40,776 |  |  | (1,223 | ) |  | 12 |  |  | 94,994 |  |  | (5,364 | ) |  | 15 |  |  | 135,770 |  |  | (6,587 | )
Industrial | 39,595 |  |  | (1,795 | ) |  | 17 |  |  | 5,760 |  |  | (325 | ) |  | 1 |  |  | 45,355 |  |  | (2,120 | )
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency backed | 4,674 |  |  | (1 | ) |  | 1 |  |  | 25,429 |  |  | (441 | ) |  | 1 |  |  | 30,103 |  |  | (442 | )
Non-agency backed | 6,734 |  |  | (1,069 | ) |  | 1 |  |  | 25 |  |  | (3 | ) |  | 1 |  |  | 6,759 |  |  | (1,072 | )
Total temporarily impaired securities | $ | 123,965 |  |  | $ | (5,622 | ) |  | 68 |  |  | $ | 136,732 |  |  | $ | (7,767 | ) |  | 28 |  |  | $ | 260,697 |  |  | $ | (13,389 | )
Notional Amounts of Interest Rate Swaps by Remaining Maturity | The following table presents the notional amounts by remaining maturity of the Company’s interest rate swaps as of September 30, 2012:
|  | Remaining Life of Notional Amount (1)
(Amounts in Thousands) |  | One Year |  | Two Through Five Years |  | Six Through Ten Years |  | After Ten years |  | Total
Interest rate swaps |  | $ | — |  |  | $ | 70,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,000 |
(1) | Notional amount is not representative of either market risk or credit risk and is not recorded in the consolidated balance sheet.
Fair Values of Restricted Assets | The fair values of our restricted assets as of September 30, 2012 and December 31, 2011 are as follows:
(Amounts in Thousands) | 2012 |  | 2011
Restricted cash | $ | 46,795 |  |  | $ | 23,104 |
Restricted investments | 292,941 |  |  | 187,227 |
Total restricted cash and investments | $ | 339,736 |  |  | $ | 210,331 |

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