Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	418,155	$	15,675	$	(96	)	$	433,734
Corporate bonds		158,042		1,698		(81	)		159,659
Commercial mortgage-backed securities		290		—		—			290
U.S. agency-based mortgage-backed securities		10,943		1,193		—			12,136
U.S. Treasury securities and obligations of U.S. government agencies		11,863		986		(1	)		12,848
Asset-backed securities		2,021		158		(65	)		2,114
Totals	$	601,314	$	19,710	$	(243	)	$	620,781

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 September 30, 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	$	188,689	$	8,450	$	(359	)	$	196,780
Corporate bonds		197,167		2,259		(214	)		199,212
U.S. agency-based mortgage-backed securities		12,026		51		(797	)		11,280
U.S. Treasury securities and obligations of    U.S. government agencies		62,615		821		(88	)		63,348
Total fixed maturity		460,497		11,581		(1,458	)		470,620
Other investments		10,000		2,174		—			12,174
Equity securities		—		32		—			32
Totals	$	470,497	$	13,787	$	(1,458	)	$	482,826

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)
September 30, 2016
Held-to-Maturity
Fixed maturity securities:
States and political subdivisions	$	23,075	$	96	$	—	$	—	$	23,075	$	96
Corporate bonds		9,696		55		3,173		26		12,869		81
U.S. Treasury securities and obligations of    U.S. government agencies		637		1		—		—		637		1
Asset-backed securities		—		—		1,221		65		1,221		65
Total held-to-maturity securities		33,408		152		4,394		91		37,802		243
Available-for Sale
Fixed maturity securities:
States and political subdivisions	$	22,147	$	328	$	4,746	$	31	$	26,893	$	359
Corporate bonds		7,673		9		7,900		205		15,573		214
U.S. agency-based mortgage-backed securities		—		—		6,930		797		6,930		797
U.S. Treasury securities and obligations of    U.S. government agencies		3,266		88		—		—		3,266		88
Total available-for-sale securities		33,086		425		19,576		1,033		52,662		1,458
Total	$	66,494	$	577	$	23,970	$	1,124	$	90,464	$	1,701

	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:
States and political subdivisions	$	24,068	$	45	$	—	$	—	$	24,068	$	45
Corporate bonds		128,436		687		18,139		123		146,575		810
Commercial mortgage-backed securities		9,784		15		—		—		9,784		15
U.S. agency-based mortgage-backed securities		18		—		28		1		46		1
U.S. Treasury securities and obligations of    U.S. government agencies		2,980		4		—		—		2,980		4
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:
States and political subdivisions	$	6,560	$	9	$	4,439	$	198	$	10,999	$	207
Corporate bonds		141,857		1,475		4,216		11		146,073		1,486
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 amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at September 30, 2016, by contractual maturity, is as follows:

Maturity	Amortized Cost		Fair Value
	(in thousands)
Within one year	$	95,695	$	96,339
After one year through five years		302,699		311,060
After five years through ten years		107,854		113,247
After ten years		81,812		85,595
U.S. agency-based mortgage-backed securities		290		290
Commercial mortgage-backed securities		10,943		12,136
Asset-backed securities		2,021		2,114
Totals	$	601,314	$	620,781

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 September 30, 2016, by contractual maturity, is as follows:

Maturity	Amortized Cost		Fair Value
	(in thousands)
Within one year	$	68,399	$	68,884
After one year through five years		213,596		216,619
After five years through ten years		38,679		39,845
After ten years		127,797		133,992
U.S. agency-based mortgage-backed securities		12,026		11,280
Totals	$	460,497	$	470,620