Summary of Investments (Tables)

3 Months Ended

Mar. 31, 2013

A reconciliation of the amortized cost (cost for equity securities) to fair value of investments in held-to-maturity and available-for-sale fixed maturity and equity securities as of March 31, 2013 and December 31, 2012, is as follows:



March 31, 2013
Type of Investment	Cost or Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
HELD-TO-MATURITY
Fixed maturities
Bonds
States, municipalities and political subdivisions	$	1,187	$	18	$	—	$	1,205
Corporate bonds - financial services	200		—		—		200
Mortgage-backed securities	242		12		—		254
Collateralized mortgage obligations	9		—		—		9
Total Held-to-Maturity Fixed Maturities	$	1,638	$	30	$	—	$	1,668
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury	$	36,845	$	845	$	4	$	37,686
U.S. government agency	84,527		440		243		84,724
States, municipalities and political subdivisions	731,004		52,291		1,662		781,633
Foreign bonds	200,286		11,035		31		211,290
Public utilities	231,379		14,804		7		246,176
Corporate bonds
Energy	167,556		8,717		—		176,273
Industrials	260,157		13,345		101		273,401
Consumer goods and services	190,279		9,015		99		199,195
Health care	106,528		6,151		133		112,546
Technology, media and telecommunications	122,922		5,792		701		128,013
Financial services	252,334		14,759		377		266,716
Mortgage-backed securities	24,808		756		26		25,538
Collateralized mortgage obligations	253,855		7,130		1,450		259,535
Asset-backed securities	4,044		430		—		4,474
Redeemable preferred stocks	378		4		—		382
Total Available-for-Sale Fixed Maturities	$	2,666,902	$	145,514	$	4,834	$	2,807,582
Equity securities
Common stocks
Public utilities	$	7,231	$	9,119	$	49	$	16,301
Energy	5,094		7,552		—		12,646
Industrials	13,015		22,253		124		35,144
Consumer goods and services	10,394		11,509		42		21,861
Health care	7,920		13,045		25		20,940
Technology, media and telecommunications	6,204		6,255		80		12,379
Financial services	15,681		58,902		103		74,480
Nonredeemable preferred stocks	1,925		21		20		1,926
Total Available-for-Sale Equity Securities	$	67,464	$	128,656	$	443	$	195,677
Total Available-for-Sale Securities	$	2,734,366	$	274,170	$	5,277	$	3,003,259



December 31, 2012
Type of Investment	Cost or Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
HELD-TO-MATURITY
Fixed maturities
Bonds
States, municipalities and political subdivisions	$	1,185	$	11	$	—	$	1,196
Corporate bonds - financial services	200		—		—		200
Mortgage-backed securities	256		15		—		271
Collateralized mortgage obligations	14		—		—		14
Total Held-to-Maturity Fixed Maturities	$	1,655	$	26	$	—	$	1,681
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury	$	37,887	$	939	$	5	$	38,821
U.S. government agency	45,566		429		67		45,928
States, municipalities and political subdivisions	739,752		55,572		819		794,505
Foreign bonds	207,359		11,863		62		219,160
Public utilities	232,550		15,208		32		247,726
Corporate bonds
Energy	169,973		9,758		—		179,731
Industrials	280,185		13,690		212		293,663
Consumer goods and services	193,313		9,813		151		202,975
Health care	115,654		7,111		80		122,685
Technology, media and telecommunications	123,660		6,909		198		130,371
Financial services	271,061		13,858		1,059		283,860
Mortgage-backed securities	27,940		888		21		28,807
Collateralized mortgage obligations	208,042		7,702		1,160		214,584
Asset-backed securities	4,480		406		—		4,886
Redeemable preferred stocks	378		—		2		376
Total Available-for-Sale Fixed Maturities	$	2,657,800	$	154,146	$	3,868	$	2,808,078
Equity securities
Common stocks
Public utilities	$	7,231	$	7,268	$	83	$	14,416
Energy	5,094		6,903		—		11,997
Industrials	13,031		19,827		174		32,684
Consumer goods and services	10,394		8,535		50		18,879
Health care	7,920		10,286		125		18,081
Technology, media and telecommunications	5,367		5,155		95		10,427
Financial services	15,701		52,936		145		68,492
Nonredeemable preferred stocks	2,154		25		28		2,151
Total Available-for-Sale Equity Securities	$	66,892	$	110,935	$	700	$	177,127
Total Available-for-Sale Securities	$	2,724,692	$	265,081	$	4,568	$	2,985,205

Maturities

The amortized cost and fair value of held-to-maturity, available-for-sale and trading securities at March 31, 2013, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity.



	Held-To-Maturity				Available-For-Sale				Trading
March 31, 2013	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	594	$	597	$	275,551	$	281,662	$	2,838	$	2,803
Due after one year through five years	793		808		1,005,859		1,067,382		6,439		7,374
Due after five years through 10 years	—		—		860,281		921,673		508		533
Due after 10 years	—		—		242,504		247,318		2,685		3,028
Asset-backed securities	—		—		4,044		4,474		—		—
Mortgage-backed securities	242		254		24,808		25,538		—		—
Collateralized mortgage obligations	9		9		253,855		259,535		—		—
	$	1,638	$	1,668	$	2,666,902	$	2,807,582	$	12,470	$	13,738

Net Realized Investment Gains and Losses

The following table is a summary of net realized investment gains (losses).



	Three Months Ended March 31,
	2013		2012
Net realized investment gains (losses)
Fixed maturities:
Available-for-sale	$	720	$	1,531
Trading securities
Change in fair value	560		191
Sales	—		371
Equity securities
Available-for-sale	516		701
Trading securities
Change in fair value	113		—
Total net realized investment gains	$	1,909	$	2,794

Proceeds and Gross Realized Gains and Losses

The proceeds and gross realized gains (losses) on the sale of available-for-sale securities are as follows:



	Three Months Ended March 31,
	2013		2012
Proceeds from sales	$	2,810	$	3,000
Gross realized gains	142		470
Gross realized losses	—		(25		)

Unrealized Appreciation and Depreciation

The following table is a summary of changes in net unrealized investment appreciation during the reporting period.



	Three Months Ended March 31,
	2013			2012
Change in net unrealized investment appreciation
Available-for-sale fixed maturities	$	(9,598	)	$	(4,401	)
Equity securities	17,978			15,106
Deferred policy acquisition costs	4,871			104
Income tax effect	(4,637		)	(3,784		)
Total change in net unrealized investment appreciation, net of tax	$	8,614		$	7,025

Investments in Unrealized Loss Position




March 31, 2013	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Depreciation		Number of Issues	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury	2	$	1,717	$	4	—	$	—	$	—	$	1,717	$	4
U.S. government agency	14	45,452		243		—	—		—		45,452		243
States, municipalities and political subdivisions	82	83,557		1,662		—	—		—		83,557		1,662
Foreign bonds	1	3,327		31		—	—		—		3,327		31
Public utilities	2	3,277		7		—	—		—		3,277		7
Corporate bonds
Industrials	2	6,069		101		—	—		—		6,069		101
Consumer goods and services	1	2,344		11		6	3,301		88		5,645		99
Health care	3	7,336		133		—	—		—		7,336		133
Technology, media and telecommunications	5	18,271		701		—	—		—		18,271		701
Financial services	2	3,883		4		3	11,139		373		15,022		377
Mortgage-backed securities	7	4,244		25		2	22		1		4,266		26
Collateralized mortgage obligations	46	109,284		1,318		1	21		132		109,305		1,450
Total Available-for-Sale Fixed Maturities	167	$	288,761	$	4,240	12	$	14,483	$	594	$	303,244	$	4,834
Equity securities
Common stocks
Public utilities	3	$	259	$	49	—	$	—	$	—	$	259	$	49
Industrials	1	278		36		7	529		88		807		124
Consumer goods and services	4	243		25		3	62		17		305		42
Health care	1	33		1		1	470		24		503		25
Technology, media and telecommunications	5	299		16		5	197		64		496		80
Financial services	1	47		19		5	538		84		585		103
Nonredeemable preferred stocks	—	—		—		2	1,211		20		1,211		20
Total Available-for-Sale Equity Securities	15	$	1,159	$	146	23	$	3,007	$	297	$	4,166	$	443
Total Available-for-Sale Securities	182	$	289,920	$	4,386	35	$	17,490	$	891	$	307,410	$	5,277




December 31, 2012	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Depreciation		Number of Issues	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury	2	$	1,724	$	5	—	$	—	$	—	$	1,724	$	5
U.S. government agency	5	17,654		67		—	—		—		17,654		67
States, municipalities and political subdivisions	31	41,775		819		—	—		—		41,775		819
Foreign bonds	1	3,323		48		1	558		14		3,881		62
Public utilities	2	3,155		32		—	—		—		3,155		32
Corporate bonds
Industrials	4	12,194		109		1	2,897		103		15,091		212
Consumer goods and services	—	—		—		7	4,606		151		4,606		151
Health care	3	7,416		80		—	—		—		7,416		80
Technology, media and telecommunications	5	13,402		198		—	—		—		13,402		198
Financial services	2	1,005		1		24	24,693		1,058		25,698		1,059
Mortgage-backed securities	7	4,472		21		—	—		—		4,472		21
Collateralized mortgage obligations	27	74,702		1,004		1	29		156		74,731		1,160
Redeemable preferred stocks	2	376		2		—	—		—		376		2
Total Available-for-Sale Fixed Maturities	91	$	181,198	$	2,386	34	$	32,783	$	1,482	$	213,981	$	3,868
Equity securities
Common stocks
Public utilities	3	$	225	$	83	—	$	—	$	—	$	225	$	83
Industrials	4	482		52		9	621		122		1,103		174
Consumer goods and services	2	280		19		4	372		31		652		50
Health care	1	31		2		3	896		123		927		125
Technology, media and telecommunications	5	241		7		7	581		88		822		95
Financial services	1	47		19		7	1,109		126		1,156		145
Nonredeemable preferred stocks	—	—		—		2	1,203		28		1,203		28
Total Available-for-Sale Equity Securities	16	$	1,306	$	182	32	$	4,782	$	518	$	6,088	$	700
Total Available-for-Sale Securities	107	$	182,504	$	2,568	66	$	37,565	$	2,000	$	220,069	$	4,568

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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