Investments (Tables)

12 Months Ended

Dec. 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 December 31, 2015 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
States and political subdivisions	$	408,447	$	15,352	$	(45)	$	423,754
Corporate bonds		171,224		159		(810)		170,573
Commercial mortgage-backed securities		37,494		204		(15)		37,683
U.S. agency-based mortgage-backed securities		13,223		1,249		(1)		14,471
U.S. Treasury securities and obligations of U.S. government agencies		12,487		897		(4)		13,380
Asset-backed securities		2,289		202		(76)		2,415
Totals	$	645,164	$	18,063	$	(951)	$	662,276

 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 December 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	$	164,684	$	6,942	$	(207	)	$	171,419
Corporate bonds		202,537		253		(1,486	)		201,304
U.S. agency-based mortgage-backed securities		8,888		4		(1,593	)		7,299
Total fixed maturity		376,109		7,199		(3,286	)		380,022
Other investments		10,000		2,217		—			12,217
Equity securities		—		31		—			31
Totals	$	386,109	$	9,447	$	(3,286	)	$	392,270

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

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 2015, 2014 and 2013 is as follows:

	Fixed Maturity Securities Available for Sale			Equity Securities			Other		Total
	(in thousands)
Year ended December 31, 2015
Proceeds from sales	$	4,432		$	—		$	—	$	4,432
Gross realized investment gains	$	177		$	—		$	—	$	177
Gross realized investment (losses)		(162	)		—			—		(162	)
Net realized investment gains		15			—			—		15
Impairments		(2,653	)		—			—		(2,653	)
Other, including gains on calls and redemptions		102			—			42		144
Net realized gains (losses) on investments	$	(2,536	)	$	—		$	42	$	(2,494	)
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 gains on investments	$	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 gains (losses) on investments	$	128		$	(1,436	)	$	97	$	(1,211	)

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,
	2015			2014			2013
	(in thousands)
Gross investment income:
Fixed maturity securities	$	28,498		$	26,622		$	26,422
Short-term investments and cash and cash equivalents		149			426			634
Equity securities		—			232			543
Other investments		763			1,611			803
Total gross investment income		29,410			28,891			28,402
Investment expenses		(1,508	)		(1,677	)		(1,373	)
Net investment income	$	27,902		$	27,214		$	27,029

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, 2015
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	128,436	$	687	$	18,139	$	123	$	146,575	$	810
States and political subdivisions		24,068		45		—		—		24,068		45
U.S. Treasury securities and obligations of U.S. Government agencies		2,980		4		—		—		2,980		4
U.S. agency-based mortgage-backed securities		18		—		28		1		46		1
Asset-backed securities		—		—		1,389		76		1,389		76
Commercial mortgage-backed securities		9,784		15		—		—		9,784		15
Total held-to-maturity securities		165,286		751		19,556		200		184,842		951
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	141,857	$	1,475	$	4,216	$	11	$	146,073	$	1,486
States and political subdivisions		6,560		9		4,439		198		10,999		207
U.S. agency-based mortgage-backed securities		434		37		6,794		1,556		7,228		1,593
Total available-for-sale securities		148,851		1,521		15,449		1,765		164,300		3,286
Total	$	314,137	$	2,272	$	35,005	$	1,965	$	349,142	$	4,237
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 amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at December 31, 2015, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	112,187	$	112,830
After one year through five years		299,100		306,633
After five years through ten years		109,901		114,362
After ten years		70,970		73,882
U.S. agency-based mortgage-backed securities		13,223		14,471
Commercial mortgage-backed securities		37,494		37,683
Asset-backed securities		2,289		2,415
Totals	$	645,164	$	662,276

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

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	32,687	$	32,724
After one year through five years		206,409		206,375
After five years through ten years		19,394		19,585
After ten years		108,731		114,039
U.S. agency-based mortgage-backed securities		8,888		7,299
Totals	$	376,109	$	380,022