Investments (Tables)

6 Months Ended

Jun. 30, 2013

Gross Unrealized Gains and Losses and Cost and Fair Value of Investments Classified as Held-to-maturity

The gross unrealized gains and losses on, and the cost and fair value of, those investments classified as held-to-maturity at June 30, 2013 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	395,641	$	21,298	$	(1,262	)	$	415,677
Corporate bonds		77,235		1,045		(74	)		78,206
Commercial mortgage-backed securities		51,502		4,230		—			55,732
U.S. agency-based mortgage-backed securities		26,732		2,179		—			28,911
U.S. Treasury securities and obligations of U.S. government agencies		11,020		1,205		—			12,225
Asset-backed securities		3,744		216		(180	)		3,780
Totals	$	565,874	$	30,173	$	(1,516	)	$	594,531

The gross unrealized gains and losses on, and the cost and fair value of, those investments classified as held-to-maturity at December 31, 2012 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	400,687	$	31,387	$	(106	)	$	431,968
Corporate bonds		82,824		1,565		(12	)		84,377
Commercial mortgage-backed securities		51,529		6,433		—			57,962
U.S. agency-based mortgage-backed securities		32,984		3,063		(5	)		36,042
U.S. Treasury securities and obligations of U.S. Government agencies		11,034		1,721		—			12,755
Asset-backed securities		4,229		192		(176	)		4,245
Totals	$	583,287	$	44,361	$	(299	)	$	627,349

Gross Unrealized Gains and Losses and Cost and Fair Value of Investments Classified as Available-for-sale

The gross unrealized gains and losses on, and the cost and fair value of, those investments classified as available-for-sale at June 30, 2013 are summarized as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	132,603	$	2,229	$	(2,567	)	$	132,265
Corporate bonds		58,566		377		(273	)		58,670
U.S. agency-based mortgage-backed securities		10,418		2		(1,981	)		8,439
Total fixed maturity		201,587		2,608		(4,821	)		199,374
Equity securities		13,881		345		(728	)		13,498
Totals	$	215,468	$	2,953	$	(5,549	)	$	212,872

The gross unrealized gains and losses on, and the cost and fair value of, those investments classified as available-for-sale at December 31, 2012 are summarized as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	93,362	$	5,022	$	(142	)	$	98,242
Corporate bonds		39,211		623		(24	)		39,810
U.S. agency-based mortgage-backed securities		11,941		5		(859	)		11,087
Total fixed maturity		144,514		5,650		(1,025	)		149,139
Equity securities		7,000		451		(685	)		6,766
Totals	$	151,514	$	6,101	$	(1,710	)	$	155,905

Investment Securities Continuous Unrealized Loss Position

The following table summarizes, as of June 30, 2013, gross unrealized losses on a total of 158 securities that were at a loss for either less than twelve months or twelve months or greater:

	As of June 30, 2013
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value  of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value  of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value  of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	29,035	$	74	$	—	$	—	$	29,035	$	74
States and political subdivisions		47,223		1,262		—		—		47,223		1,262
U.S. agency-based mortgage-backed securities		—		—		9		—		9		—
Asset-backed securities		—		—		2,047		180		2,047		180
Total held-to-maturity securities		76,258		1,336		2,056		180		78,314		1,516
Available-for-Sale
Fixed maturity securities:
Corporate bonds	$	26,823	$	273	$	—	$	—	$	26,823	$	273
States and political subdivisions		69,199		2,567		—		—		69,199		2,567
U.S. agency-based mortgage-backed securities		8,309		1,981		—		—		8,309		1,981
Equity securities		3,917		728		—		—		3,917		728
Total available-for-sale securities		108,248		5,549		—		—		108,248		5,549
Total	$	184,506	$	6,885	$	2,056	$	180	$	186,562	$	7,065

The following table summarizes, as of December 31, 2012, gross unrealized losses on a total of 49 securities that were at a loss for either less than twelve months or twelve months or greater:

	As of December 31, 2012
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value  of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value  of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value  of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	10,734	$	12	$	—	$	—	$	10,734	$	12
State and political subdivisions		11,913		106		—		—		11,913		106
U.S. agency-based mortgage-backed securities		117		—		68		5		185		5
Asset-backed securities		—		—		2,277		176		2,277		176
Total held-to-maturity securities		22,764		118		2,345		181		25,109		299
Available-for-Sale
Fixed maturity securities:
Corporate bonds	$	6,411	$	24	$	—	$	—	$	6,411	$	24
States and political subdivisions		6,281		142		—		—		6,281		142
U.S. agency-based mortgage-backed securities		10,919		859		—		—		10,919		859
Equity securities		4,186		685		—		—		4,186		685
Total available-for-sale securities		27,797		1,710		—		—		27,797		1,710
Total	$	50,561	$	1,828	$	2,345	$	181	$	52,906	$	2,009

Total held-to-maturity securities [Member]

Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the cost or amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2013, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Less than one year	$	66,726	$	67,210
One to five years		143,021		150,147
Five to ten years		132,814		143,055
More than ten years		141,335		145,696
U.S. agency-based mortgage-backed securities		26,732		28,911
Commercial mortgage-backed securities		51,502		55,732
Asset-backed securities		3,744		3,780
Total	$	565,874	$	594,531

Total available-for-sale securities [Member]

Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the cost or amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2013, by contractual maturity, is as follows:

Remaining Time to Maturity	Cost Basis		Fair Value
	(in thousands)
Less than one year	$	30,653	$	30,679
One to five years		21,431		21,653
Five to ten years		18,252		18,370
More than ten years		120,833		120,233
U.S. agency-based mortgage-backed securities		10,418		8,439
Total	$	201,587	$	199,374