Investments (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	420,800	$	16,561	$	(22	)	$	437,339
Corporate bonds		168,542		815		(315	)		169,042
Commercial mortgage-backed securities		22,855		104		(11	)		22,948
U.S. agency-based mortgage-backed securities		12,332		1,266		(1	)		13,597
U.S. Treasury securities and obligations of U.S. government agencies		12,913		1,039		—			13,952
Asset-backed securities		2,190		194		(90	)		2,294
Totals	$	639,632	$	19,979	$	(439	)	$	659,172

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

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, 2016 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	165,016	$	7,752	$	(172	)	$	172,596
Corporate bonds		212,938		2,241		(723	)		214,456
U.S. agency-based mortgage-backed securities		13,009		3		(1130	)		11,882
U.S. Treasury securities and obligations of U.S. government agencies		17,401		233		—			17,634
Total fixed maturity		408,364		10,229		(2,025	)		416,568
Other investments		10,000		1,390		—			11,390
Equity securities		—		31		—			31
Totals	$	418,364	$	11,650	$	(2,025	)	$	427,989

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

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, 2016
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	39,485	$	184	$	17,255	$	131	$	56,740	$	315
States and political subdivisions		11,130		22		—		—		11,130		22
U.S. agency-based mortgage-backed securities		—		—		33		1		33		1
Commercial mortgage-backed securities		3,083		11		—		—		3,083		11
Asset-backed securities		—		—		1,318		90		1,318		90
Total held-to-maturity securities		53,698		217		18,606		222		72,304		439
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	43,457	$	688	$	3,197	$	35	$	46,654	$	723
States and political subdivisions		4,223		3		4,637		169		8,860		172
U.S. agency-based mortgage-backed securities		2,505		34		7,212		1,096		9,717		1,130
Total available-for-sale securities		50,185		725		15,046		1,300		65,231		2,025
Total	$	103,883	$	942	$	33,652	$	1,522	$	137,535	$	2,464

	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
Commercial mortgage-backed securities		9,784		15		—		—		9,784		15
Asset-backed securities		—		—		1,389		76		1,389		76
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

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, 2016, by contractual maturity, is as follows:

Maturity:	Amortized Cost		Fair Value
	(in thousands)
Within one year	$	98,055	$	98,946
After one year through five years		305,347		313,740
After five years through ten years		113,508		118,689
After ten years		85,345		88,958
U.S. agency-based mortgage-backed securities		12,332		13,597
Commercial mortgage-backed securities		22,855		22,948
Asset-backed securities		2,190		2,294
Totals	$	639,632	$	659,172

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 cost and fair value of investments in fixed maturity securities, classified as available-for-sale at March 31, 2016, by contractual maturity, is as follows:

Maturity	Amortized Cost		Fair Value
	(in thousands)
Within one year	$	50,609	$	50,899
After one year through five years		203,059		205,540
After five years through ten years		40,481		41,455
After ten years		101,206		106,792
U.S. agency-based mortgage-backed securities		13,009		11,882
Totals	$	408,364	$	416,568