Investments (Tables)

12 Months Ended

Dec. 31, 2014

Gross Unrealized Gains and Losses and 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, 2014 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
States and political subdivisions	$	385,623	$	20,100	$	(58)	$	405,665
Corporate bonds		176,880		374		(520)		176,734
Commercial mortgage-backed securities		46,662		1,867		—		48,529
U.S. agency-based mortgage-backed securities		16,972		1,702		(2)		18,672
U.S. Treasury securities and obligations of U.S. Government agencies		10,697		1,097		(2)		11,792
Asset-backed securities		2,797		264		(82)		2,979
Totals	$	639,631	$	25,404	$	(664)	$	664,371

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

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, 2014 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	151,744	$	7,302	$	(1,672)	$	157,374
Corporate bonds		165,412		428		(470)		165,370
U.S. agency-based mortgage-backed securities		9,848		2		(1,352)		8,498
Total fixed maturity		327,004		7,732		(3,494)		331,242
Other investments		10,000		1,748		—		11,748
Equity securities		—		28		—		28
Totals	$	337,004	$	9,508	$	(3,494)	$	343,018

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

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 2014, 2013 and 2012 is as follows:

	Fixed Maturity Securities Available for Sale			Equity Securities			Other		Total
	(in thousands)
Year ended December 31, 2014
Proceeds from sales	$	768		$	9,780		$	—	$	10,548
Gross realized investment gains	$	1		$	749		$	—	$	750
Gross realized investment (losses)		—			(451	)		—		(451	)
Net realized investment gains		1			298			—		299
Impairments		(222	)		—			—		(222	)
Other, including gains on calls and redemptions		244			—			376		620
Net realized investment gains	$	23		$	298		$	376	$	697
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

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,
	2014			2013			2012
	(in thousands)
Gross investment income:
Fixed maturity securities	$	26,622		$	26,422		$	27,167
Short-term investments and cash and cash equivalents		426			634			489
Equity securities		232			543			446
Other investments		1,611			803			—
Total gross investment income		28,891			28,402			28,102
Investment expenses		(1,677	)		(1,373	)		(1,084	)
Net investment income	$	27,214		$	27,029		$	27,018

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, 2014
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	129,788	$	520	$	—	$	—	$	129,788	$	520
States and political subdivisions		16,896		58		—		—		16,896		58
U.S. Treasury securities and obligations of U.S. Government agencies		3,385		2		—		—		3,385		2
U.S. agency-based mortgage-backed securities		78		2		—		—		78		2
Asset-backed securities		—		—		1,662		82		1,662		82
Total held-to-maturity securities		150,147		582		1,662		82		151,809		664
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	106,185	$	470	$	—	$	—	$	106,185	$	470
States and political subdivisions		3,810		6		10,347		1,666		14,157		1,672
U.S. agency-based mortgage-backed securities		627		11		7,757		1,341		8,384		1,352
Total available-for-sale securities		110,622		487		18,104		3,007		128,726		3,494
Total	$	260,769	$	1,069	$	19,766	$	3,089	$	280,535	$	4,158
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

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, 2014, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	120,896	$	121,909
After one year through five years		262,486		271,332
After five years through ten years		102,703		110,139
After ten years		87,115		90,811
U.S. agency-based mortgage-backed securities		16,972		18,672
Commercial mortgage-backed securities		46,662		48,529
Asset-backed securities		2,797		2,979
Totals	$	639,631	$	664,371

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, 2014, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	51,403	$	51,448
After one year through five years		127,842		128,060
After five years through ten years		10,056		10,275
After ten years		127,855		132,961
U.S. agency-based mortgage-backed securities		9,848		8,498
Totals	$	327,004	$	331,242