Investments (Tables)

12 Months Ended

Dec. 31, 2013

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

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2013 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
States and political subdivisions	$	381,674	$	18,634	$	(1,153)	$	399,155
Corporate bonds		67,423		861		(41)		68,243
Commercial mortgage-backed securities		50,813		3,431		—		54,244
U.S. agency-based mortgage-backed securities		21,775		1,790		—		23,565
U.S. Treasury securities and obligations of U.S. Government agencies		11,514		1,002		—		12,516
Asset-backed securities		3,384		216		(144)		3,456
Totals	$	536,583	$	25,934	$	(1,338)	$	561,179

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

	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 or Amortized Cost and Fair Value of Investments Classified as Available-for-sale

The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2013 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Fixed Maturity:
States and political subdivisions	$	154,024	$	1,491	$	(5,140)	$	150,375
Corporate bonds		80,344		445		(361)		80,428
U.S. agency-based mortgage-backed securities		10,041		—		(2,967)		7,074
Total Fixed Maturity		244,409		1,936		(8,468)		237,877
Other investments		10,000		591		—		10,591
Equity securities		9,482		387		(567)		9,302
Totals	$	263,891	$	2,914	$	(9,035)	$	257,770

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

	Cost or Amortized 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

A Summary of the Company's Realized Gains and Losses on Sales, Calls or Redemptions of Investments

A summary of the Company’s realized gains and losses on sales, calls or redemptions of investments for 2013, 2012 and 2011 is as follows:

	Fixed Maturity       Securities       Available for Sale		Equity       Securities		Other		Total
	(In thousands)
Year ended December 31, 2013
Proceeds from sales	$	2,090	$	8,900	$	—	$	10,990
Gross realized investment gains	$	90	$	1,264	$	—	$	1,354
Gross realized investment (losses)		—		(471)		—		(471)
Net realized investment gains		90		793		—		883
Impairments		—		(2,229)		—		(2,229)
Other, including gains on calls and redemptions		38		—		97		135
Net realized investment gains (losses)	$	128	$	(1,436)	$	97	$	(1,211)
Year ended December 31, 2012
Proceeds from sales	$	22,363	$	10,777	$	—	$	33,140
Gross realized investment gains	$	1,555	$	1,186	$	—	$	2,741
Gross realized investment (losses)		—		—		—		—
Net realized investment gains		1,555		1,186		—		2,741
Other, including gains on calls and redemptions		15		—		223		238
Net realized investment gains	$	1,570	$	1,186	$	223	$	2,979
Year ended December 31, 2011
Proceeds from sales	$	21,560	$	14,769	$	—	$	36,329
Gross realized investment gains	$	815	$	1,621	$	—	$	2,436
Gross realized investment (losses)		—		(98)		(1)		(99)
Net realized investment gains (losses)		815		1,523		(1)		2,337
Impairments		—		—		(169)		(169)
Other, including gains on calls and redemptions		—		—		60		60
Net realized investment gains (losses)	$	815	$	1,523	$	(110)	$	2,228

Major Categories of the Company's Net Investment Income

Major categories of the Company’s net investment income are summarized as follows:

	Year Ended December 31,
	2013		2012		2011
	(In thousands)
Gross investment income:
Fixed maturity securities	$	26,422	$	27,167	$	26,769
Short-term investments and cash and cash equivalents		634		489		590
Equity securities		543		446		181
Other investments		803		—		—
Total gross investment income		28,402		28,102		27,540
Investment expenses		(1,373)		(1,084)		(1,200)
Net investment income	$	27,029	$	27,018	$	26,340

Investment Securities Continuous Unrealized Loss Position

The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position:

	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)
December 31, 2013
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	14,090	$	41	$	—	$	—	$	14,090	$	41
States and political subdivisions		54,895		1,147		311		6		55,206		1,153
Asset-backed securities		—		—		1,916		144		1,916		144
Total held-to-maturity securities		68,985		1,188		2,227		150		71,212		1,338
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	29,691	$	361	$	—	$	—	$	29,691	$	361
States and political subdivisions		101,908		4,798		1,753		342		103,661		5,140
U.S. agency-based mortgage-backed securities		1,303		465		5,772		2,502		7,075		2,967
Equity Securities		5,205		567		—		—		5,205		567
Total available-for-sale securities		138,107		6,191		7,525		2,844		145,632		9,035
Total	$	207,092	$	7,379	$	9,752	$	2,994	$	216,844	$	10,373
December 31, 2012
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	10,734	$	12	$	—	$	—	$	10,734	$	12
States 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

Held-to-maturity securities [Member]

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

A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at December 31, 2013, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(In thousands)
Maturity:
Due in 2014	$	55,379	$	55,758
In 2015 through 2018		139,890		147,515
In 2019 through 2023		134,404		143,566
After 2023		130,938		133,075
U.S. agency-based mortgage-backed securities		21,775		23,565
Commercial mortgage-backed securities		50,813		54,244
Asset-backed securities		3,384		3,456
Totals	$	536,583	$	561,179

Available-for-sale securities [Member]

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

A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale at December 31, 2013, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(In thousands)
Maturity:
Due in 2014	$	36,497	$	36,576
In 2015 through 2018		34,339		34,486
In 2019 through 2023		21,141		21,358
After 2023		142,391		138,383
U.S. agency-based mortgage-backed securities		10,041		7,074
Totals	$	244,409	$	237,877