Investments (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	417,361	$	19,559	$	(46	)	$	436,874
Corporate bonds		191,594		812		(207	)		192,199
Commercial mortgage-backed securities		46,094		1,495		—			47,589
U.S. agency-based mortgage-backed securities		15,953		1,691		(2	)		17,642
U.S. Treasury securities and obligations of U.S. Government agencies		12,932		1,176		—			14,108
Asset-backed securities		2,684		246		(78	)		2,852
Totals	$	686,618	$	24,979	$	(333	)	$	711,264

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

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 March 31, 2015 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	168,277	$	7,634	$	(2,189	)	$	173,722
Corporate bonds		179,275		1,026		(154	)		180,147
U.S. agency-based mortgage-backed securities		9,767		4		(836	)		8,935
Total fixed maturity		357,319		8,664		(3,179	)		362,804
Other investments		10,000		1,729		—			11,729
Equity securities		—		28		—			28
Totals	$	367,319	$	10,421	$	(3,179	)	$	374,561

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

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)
March 31, 2015
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	76,863	$	200	$	4,280	$	7	$	81,143	$	207
States and political subdivisions		18,113		46		—		—		18,113		46
U.S. agency-based mortgage-backed securities		89		2		—		—		89		2
Asset-backed securities		—		—		1,613		78		1,613		78
Total held-to-maturity securities		95,065		248		5,893		85		100,958		333
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	52,767	$	150	$	1,028	$	4	$	53,795	$	154
States and political subdivisions		4,200		22		9,888		2,167		14,088		2,189
U.S. agency-based mortgage-backed securities		—		—		8,827		836		8,827		836
Total available-for-sale securities		56,967		172		19,743		3,007		76,710		3,179
Total	$	152,032	$	420	$	25,636	$	3,092	$	177,668	$	3,512
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

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 and fair value of investments in fixed maturity securities, classified as held-to-maturity at March 31, 2015, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Within one year	$	142,860	$	143,563
After one year through five years		282,666		292,645
After five years through ten years		114,203		121,383
After ten years		82,158		85,590
U.S. agency-based mortgage-backed securities		15,953		17,642
Commercial mortgage-backed securities		46,094		47,589
Asset-backed securities		2,684		2,852
Total	$	686,618	$	711,264

Available-for-Sale Securities [Member]

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

A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at March 31, 2015, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Within one year	$	54,548	$	54,603
After one year through five years		145,418		146,672
After five years through ten years		17,163		17,429
After ten years		130,423		135,165
U.S. agency-based mortgage-backed securities		9,767		8,935
Total	$	357,319	$	362,804