Summary of Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014, is as follows:



June 30, 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
Special revenue:
Midwest	$	55	$	—	$	—	$	55
Corporate bonds - financial services	200		—		—		200
Mortgage-backed securities	101		3		—		104
Total Held-to-Maturity Fixed Maturities	$	356	$	3	$	—	$	359
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	20,723	$	199	$	7	$	20,915
U.S. government agency	268,120		2,468		3,275		267,313
States, municipalities and political subdivisions
General obligations:
Midwest	161,011		4,801		684		165,128
Northeast	55,662		1,276		293		56,645
South	126,404		2,988		1,077		128,315
West	95,579		2,363		789		97,153
Special revenue:
Midwest	145,486		4,239		911		148,814
Northeast	19,515		633		242		19,906
South	103,185		3,423		556		106,052
West	77,401		2,518		388		79,531



Foreign bonds	101,857		3,504		167		105,194
Public utilities	199,769		4,903		936		203,736
Corporate bonds
Energy	113,766		2,545		721		115,590
Industrials	220,379		5,247		3,022		222,604
Consumer goods and services	180,165		4,007		664		183,508
Health care	93,333		2,602		964		94,971
Technology, media and telecommunications	144,328		2,345		1,339		145,334
Financial services	255,165		7,071		1,069		261,167
Mortgage-backed securities	15,096		485		60		15,521
Collateralized mortgage obligations	368,182		5,493		5,667		368,008
Asset-backed securities	5,731		239		14		5,956
Total Available-for-Sale Fixed Maturities	$	2,770,857	$	63,349	$	22,845	$	2,811,361
Equity securities:
Common stocks
Public utilities	$	7,231	$	10,365	$	84	$	17,512
Energy	5,625		7,494		15		13,104
Industrials	13,252		33,571		153		46,670
Consumer goods and services	10,308		12,445		3		22,750
Health care	7,920		24,433		—		32,353
Technology, media and telecommunications	6,151		7,086		30		13,207
Financial services	17,302		77,254		61		94,495
Nonredeemable preferred stocks	4,368		88		—		4,456
Total Available-for-Sale Equity Securities	$	72,157	$	172,736	$	346	$	244,547
Total Available-for-Sale Securities	$	2,843,014	$	236,085	$	23,191	$	3,055,908



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
Special revenue:
Midwest	$	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
General obligations:
Midwest	179,491		6,599		170		185,920
Northeast	59,084		2,120		50		61,154
South	122,055		4,453		288		126,220
West	75,102		3,350		19		78,433
Special revenue:
Midwest	126,192		5,356		146		131,402
Northeast	11,767		864		—		12,631
South	106,917		4,368		63		111,222
West	68,024		3,285		6		71,303
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 June 30, 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
June 30, 2015	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	55	$	55	$	178,468	$	180,117	$	2,765	$	3,667
Due after one year through five years	200		200		793,496		826,094		6,629		6,733
Due after five years through 10 years	—		—		930,136		937,879		2,081		2,611
Due after 10 years	—		—		479,748		477,786		2,875		3,377
Asset-backed securities	—		—		5,731		5,956		—		—
Mortgage-backed securities	101		104		15,096		15,521		—		—
Collateralized mortgage obligations	—		—		368,182		368,008		—		—
	$	356	$	359	$	2,770,857	$	2,811,361	$	14,350	$	16,388

Net Realized Investment Gains and Losses

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
Net realized investment gains (losses)
Fixed maturities:
Available-for-sale	$	965		$	705	$	1,956		$	1,352
Trading securities
Change in fair value	(261		)	648		(462		)	948
Sales	183			285		699			520
Equity securities:
Available-for-sale	30			901		934			1,736
Trading securities
Change in fair value	(148		)	169		(204		)	346
Sales	—			—		46			—
Other long-term investments	—			—		(1,313		)	—
Total net realized investment gains	$	769		$	2,708	$	1,656		$	4,902

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 June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
Proceeds from sales	$	3,211	$	10		$	8,228	$	10
Gross realized gains	57		—			1,030		—
Gross realized losses	—		(56		)	—		(56		)

Unrealized Appreciation and Depreciation

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



	Six Months Ended June 30,
	2015			2014
Change in net unrealized investment appreciation
Available-for-sale fixed maturities	$	(29,009	)	$	56,861
Available-for-sale equity securities	(1,802		)	9,148
Deferred policy acquisition costs	4,797			(17,921		)
Income tax effect	9,105			(16,831		)
Total change in net unrealized investment appreciation, net of tax	$	(16,909	)	$	31,257

Investments in Unrealized Loss Position




June 30, 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	$	3,415	$	2	2	$	1,656	$	5	$	5,071	$	7
U.S. government agency	43	124,251		2,360		7	21,534		915		145,785		3,275
States, municipalities and political subdivisions
General obligations
Midwest	28	27,667		684		—	—		—		27,667		684
Northeast	15	21,479		293		—	—		—		21,479		293
South	25	33,704		769		12	6,429		308		40,133		1,077
West	25	36,157		789		—	—		—		36,157		789
Special revenue
Midwest	36	39,349		823		1	2,443		88		41,792		911
Northeast	3	7,540		242		—	—		—		7,540		242
South	18	25,118		495		2	1,798		61		26,916		556
West	24	23,266		388		—	—		—		23,266		388
Foreign bonds	5	12,206		167		—	—		—		12,206		167
Public utilities	28	52,883		824		3	2,121		112		55,004		936
Corporate bonds
Energy	8	22,313		341		3	7,021		380		29,334		721
Industrials	29	60,462		1,189		2	6,197		1,833		66,659		3,022
Consumer goods and services	17	44,538		655		4	2,505		9		47,043		664
Health care	13	34,156		849		2	3,790		115		37,946		964
Technology, media and telecommunications	21	60,661		996		2	9,162		343		69,823		1,339
Financial services	29	58,901		1,069		—	—		—		58,901		1,069
Mortgage-backed securities	8	4,748		59		1	80		1		4,828		60
Collateralized mortgage obligations	58	106,085		2,113		37	75,457		3,554		181,542		5,667
Asset-backed securities	1	986		14		—	—		—		986		14
Total Available-for-Sale Fixed Maturities	436	$	799,885	$	15,121	78	$	140,193	$	7,724	$	940,078	$	22,845
Equity securities:
Common stocks
Public utilities	—	$	—	$	—	3	$	223	$	84	$	223	$	84
Energy	1	171		15		—	—		—		171		15
Industrials	4	229		121		2	80		32		309		153
Consumer goods and services	—	—		—		2	14		3		14		3
Technology, media and telecommunications	11	536		20		1	10		10		546		30
Financial services	5	252		61		—	—		—		252		61
Total Available-for-Sale Equity Securities	21	$	1,188	$	217	8	$	327	$	129	$	1,515	$	346
Total Available-for-Sale Securities	457	$	801,073	$	15,338	86	$	140,520	$	7,853	$	941,593	$	23,191




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
General obligations
Midwest	1	3,650		74		14	9,856		96		13,506		170
Northeast	—	—		—		9	7,377		50		7,377		50
South	1	3,085		58		19	13,475		230		16,560		288
West	1	1,023		1		5	2,700		18		3,723		19
Special revenue
Midwest	9	10,219		41		8	11,631		105		21,850		146
South	6	12,882		11		3	2,137		52		15,019		63
West	—	—		—		4	3,671		6		3,671		6
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