Summary of Investments (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015 and December 31, 2014, is as follows:



March 31, 2015
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	$	55	$	1	$	—	$	56
Corporate bonds - financial services	200		—		—		200
Mortgage-backed securities	111		3		—		114
Total Held-to-Maturity Fixed Maturities	$	366	$	4	$	—	$	370
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	20,790	$	287	$	6	$	21,071
U.S. government agency	301,686		5,287		582		306,391
States, municipalities and political subdivisions	765,100		30,327		722		794,705
Foreign bonds	125,431		4,724		468		129,687
Public utilities	210,251		8,490		228		218,513
Corporate bonds
Energy	117,526		3,554		467		120,613
Industrials	205,678		7,967		1,656		211,989
Consumer goods and services	172,644		6,253		175		178,722
Health care	89,689		4,025		29		93,685
Technology, media and telecommunications	130,242		4,650		345		134,547
Financial services	221,491		10,252		1		231,742
Mortgage-backed securities	16,243		610		11		16,842
Collateralized mortgage obligations	345,805		10,813		2,321		354,297
Asset-backed securities	4,858		293		—		5,151
Total Available-for-Sale Fixed Maturities	$	2,727,434	$	97,532	$	7,011	$	2,817,955
Equity securities:
Common stocks
Public utilities	$	7,231	$	11,913	$	62	$	19,082
Energy	5,625		7,949		7		13,567
Industrials	13,284		33,888		162		47,010
Consumer goods and services	10,308		13,189		1		23,496
Health care	7,920		22,039		—		29,959
Technology, media and telecommunications	6,207		6,931		28		13,110
Financial services	16,679		75,500		43		92,136
Nonredeemable preferred stocks	4,984		207		—		5,191
Total Available-for-Sale Equity Securities	$	72,238	$	171,616	$	303	$	243,551
Total Available-for-Sale Securities	$	2,799,672	$	269,148	$	7,314	$	3,061,506



December 31, 2014
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	$	55	$	—	$	—	$	55
Corporate bonds - financial services	200		—		—		200
Mortgage-backed securities	142		7		—		149
Total Held-to-Maturity Fixed Maturities	$	397	$	7	$	—	$	404
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	25,856	$	168	$	52	$	25,972
U.S. government agency	349,747		4,347		2,422		351,672
States, municipalities and political subdivisions	748,632		30,395		742		778,285
Foreign bonds	136,487		4,132		446		140,173
Public utilities	206,366		6,479		488		212,357
Corporate bonds
Energy	135,068		2,858		793		137,133
Industrials	211,256		6,373		2,154		215,475
Consumer goods and services	172,623		4,702		324		177,001
Health care	86,017		3,228		210		89,035
Technology, media and telecommunications	131,465		3,863		799		134,529
Financial services	215,095		8,574		87		223,582
Mortgage-backed securities	17,121		483		46		17,558
Collateralized mortgage obligations	335,092		7,003		4,806		337,289
Asset-backed securities	2,741		277		—		3,018
Total Available-for-Sale Fixed Maturities	$	2,773,566	$	82,882	$	13,369	$	2,843,079
Equity securities:
Common stocks
Public utilities	$	7,231	$	13,103	$	44	$	20,290
Energy	5,094		8,623		—		13,717
Industrials	13,284		32,299		124		45,459
Consumer goods and services	10,294		13,295		275		23,314
Health care	7,920		22,436		—		30,356
Technology, media and telecommunications	6,207		7,846		58		13,995
Financial services	16,637		77,077		51		93,663
Nonredeemable preferred stocks	4,984		72		7		5,049
Total Available-for-Sale Equity Securities	$	71,651	$	174,751	$	559	$	245,843
Total Available-for-Sale Securities	$	2,845,217	$	257,633	$	13,928	$	3,088,922

Maturities

The amortized cost and fair value of held-to-maturity, available-for-sale and trading fixed maturity securities at March 31, 2015, 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, 2015	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	55	$	56	$	242,924	$	245,549	$	2,246	$	2,846
Due after one year through five years	200		200		815,499		854,281		7,361		7,914
Due after five years through 10 years	—		—		853,096		882,432		1,998		2,499
Due after 10 years	—		—		449,009		459,403		2,890		3,534
Asset-backed securities	—		—		4,858		5,151		—		—
Mortgage-backed securities	111		114		16,243		16,842		—		—
Collateralized mortgage obligations	—		—		345,805		354,297		—		—
	$	366	$	370	$	2,727,434	$	2,817,955	$	14,495	$	16,793

Net Realized Investment Gains and Losses

A summary of the components of net realized investment gains is as follows:



	Three Months Ended March 31,
	2015			2014
Net realized investment gains (losses)
Fixed maturities:
Available-for-sale	$	991		$	647
Trading securities
Change in fair value	(201		)	300
Sales	516			235
Equity securities:
Available-for-sale	904			835
Trading securities
Change in fair value	(56		)	177
Sales	46			—
Other long-term investments	(1,313		)	—
Total net realized investment gains	$	887		$	2,194

Proceeds and Gross Realized Gains and Losses

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



	Three Months Ended March 31,
	2015		2014
Proceeds from sales	$	5,017	$	—
Gross realized gains	973		—
Gross realized losses	—		—

Unrealized Appreciation and Depreciation

A summary of the changes in net unrealized investment appreciation during the reporting period is as follows:



	Three Months Ended March 31,
	2015			2014
Change in net unrealized investment appreciation
Available-for-sale fixed maturities	$	21,008		$	28,563
Available-for-sale equity securities	(2,879		)	2,945
Deferred policy acquisition costs	(6,911		)	(8,920		)
Income tax effect	(3,926		)	(7,907		)
Total change in net unrealized investment appreciation, net of tax	$	7,292		$	14,681

Investments in Unrealized Loss Position




March 31, 2015	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	$	3,428	$	1	2	$	1,663	$	5	$	5,091	$	6
U.S. government agency	16	40,258		216		7	22,085		366		62,343		582
States, municipalities and political subdivisions	49	55,259		510		15	10,927		212		66,186		722
Foreign bonds	6	13,685		468		—	—		—		13,685		468
Public utilities	5	8,581		81		3	2,111		147		10,692		228
Corporate bonds
Energy	6	12,156		261		3	7,211		206		19,367		467
Industrials	8	18,037		161		2	6,536		1,495		24,573		1,656
Consumer goods and services	4	12,273		170		4	2,517		5		14,790		175
Health care	2	7,052		4		2	3,895		25		10,947		29
Technology, media and telecommunications	1	3,194		8		2	9,187		337		12,381		345
Financial services	1	2,204		1		—	—		—		2,204		1
Mortgage-backed securities	4	168		11		—	—		—		168		11
Collateralized mortgage obligations	14	20,680		268		39	83,994		2,053		104,674		2,321
Total Available-for-Sale Fixed Maturities	118	$	196,975	$	2,160	79	$	150,126	$	4,851	$	347,101	$	7,011
Equity securities:
Common stocks
Public utilities	3	$	246	$	62	—	$	—	$	—	$	246	$	62
Energy	1	179		7		—	—		—		179		7
Industrials	3	237		112		2	63		50		300		162
Consumer goods and services	—	—		—		2	16		1		16		1
Technology, media and telecommunications	7	521		17		2	229		11		750		28
Financial services	1	194		43		—	—		—		194		43
Total Available-for-Sale Equity Securities	15	$	1,377	$	241	6	$	308	$	62	$	1,685	$	303
Total Available-for-Sale Securities	133	$	198,352	$	2,401	85	$	150,434	$	4,913	$	348,786	$	7,314




December 31, 2014	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	4	$	2,343	$	6	4	$	5,069	$	46	$	7,412	$	52
U.S. government agency	11	41,064		70		35	95,198		2,352		136,262		2,422
States, municipalities and political subdivisions	18	30,859		185		62	50,847		557		81,706		742
Foreign bonds	6	17,158		446		—	—		—		17,158		446
Public utilities	10	21,839		194		4	3,611		294		25,450		488
Corporate bonds
Energy	8	17,416		420		3	7,061		373		24,477		793
Industrials	8	17,103		362		3	9,592		1,792		26,695		2,154
Consumer goods and services	11	28,344		258		7	10,064		66		38,408		324
Health care	3	8,244		36		3	7,104		174		15,348		210
Technology, media and telecommunications	4	8,860		68		4	15,742		731		24,602		799
Financial services	3	5,908		31		2	6,131		56		12,039		87
Mortgage-backed securities	9	425		21		2	1,991		25		2,416		46
Collateralized mortgage obligations	10	20,746		112		56	122,550		4,694		143,296		4,806
Total Available-for-Sale Fixed Maturities	105	$	220,309	$	2,209	185	$	334,960	$	11,160	$	555,269	$	13,369
Equity securities:
Common stocks
Public utilities	3	$	263	$	44	—	$	—	$	—	$	263	$	44
Industrials	3	280		70		2	58		54		338		124
Consumer goods and services	1	129		272		2	15		3		144		275
Technology, media and telecommunications	4	503		14		5	218		44		721		58
Financial services	1	186		51		—	—		—		186		51
Nonredeemable preferred stocks	—	—		—		1	700		7		700		7
Total Available-for-Sale Equity Securities	12	$	1,361	$	451	10	$	991	$	108	$	2,352	$	559
Total Available-for-Sale Securities	117	$	221,670	$	2,660	195	$	335,951	$	11,268	$	557,621	$	13,928

- 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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