Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	439,985	$	15,536	$	(961	)	$	454,560
Corporate bonds		183,246		425		(384	)		183,287
Commercial mortgage-backed securities		44,907		1,001		—			45,908
U.S. agency-based mortgage-backed securities		14,974		1,516		(2	)		16,488
U.S. Treasury securities and obligations of U.S. Government agencies		12,869		1,045		—			13,914
Asset-backed securities		2,532		236		(69	)		2,699
Totals	$	698,513	$	19,759	$	(1,416	)	$	716,856

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 June 30, 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	$	168,047	$	5,725	$	(609	)	$	173,163
Corporate bonds		163,985		398		(330	)		164,053
U.S. agency-based mortgage-backed securities		9,559		4		(2,120	)		7,443
Total fixed maturity		341,591		6,127		(3,059	)		344,659
Other investments		10,000		1,695		—			11,695
Equity securities		—		28		—			28
Totals	$	351,591	$	7,850	$	(3,059	)	$	356,382

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)
June 30, 2015
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	92,732	$	356	$	10,852	$	28	$	103,584	$	384
States and political subdivisions		77,142		961		—		—		77,142		961
U.S. agency-based mortgage-backed securities		71		2		—		—		71		2
Asset-backed securities		—		—		1,560		69		1,560		69
Total held-to-maturity securities		169,945		1,319		12,412		97		182,357		1,416
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	76,180	$	323	$	4,085	$	7	$	80,265	$	330
States and political subdivisions		33,017		333		4,392		276		37,409		609
U.S. agency-based mortgage-backed securities		577		17		7,743		2,103		8,320		2,120
Total available-for-sale securities		109,774		673		16,220		2,386		125,994		3,059
Total	$	279,719	$	1,992	$	28,632	$	2,483	$	308,351	$	4,475
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 June 30, 2015, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Within one year	$	146,632	$	147,370
After one year through five years		280,016		287,865
After five years through ten years		137,031		142,228
After ten years		72,721		74,298
U.S. agency-based mortgage-backed securities		14,974		16,488
Commercial mortgage-backed securities		44,907		45,908
Asset-backed securities		2,532		2,699
Total	$	698,513	$	716,856

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 June 30, 2015, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Within one year	$	54,714	$	54,750
After one year through five years		133,161		133,717
After five years through ten years		16,132		16,165
After ten years		128,025		132,584
U.S. agency-based mortgage-backed securities		9,559		7,443
Total	$	341,591	$	344,659