Securities In An Unrealized Loss Position (Tables)

3 Months Ended

Mar. 31, 2012

Securities In An Unrealized Loss Position [Abstract]

Securities In An Unrealized Loss Position

The following table summarizes all securities in an unrealized loss position at March 31, 2012 and December 31, 2011 by the length of time those securities have been continuously in an unrealized loss position:



	Less Than 12 Months				12 Months or Greater				Total
(Dollars in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2012
U.S. government and agency	$	37,262	$	420	$	—	$	—	$	37,262	$	420
State and municipal	157,870		4,768		163,499		13,832		321,369		18,600
Mortgage-backed securities	211,782		1,736		90,061		10,814		301,843		12,550
Corporate	294,902		2,138		110,709		21,886		405,611		24,024
Foreign	186,669		1,230		8,336		44		195,005		1,274
Fixed maturity securities	888,485		10,292		372,605		46,576		1,261,090		56,868
Common stocks	47,310		735		—		—		47,310		735
Preferred stocks	26,116		79		39,395		6,644		65,511		6,723
Equity securities	73,426		814		39,395		6,644		112,821		7,458
Total	$	961,911	$	11,106	$	412,000	$	53,220	$	1,373,911	$	64,326

December 31, 2011
U.S. government and agency	$	24,668	$	169	$	4,800	$	182	$	29,468	$	351
State and municipal	131,417		827		183,205		15,723		314,622		16,550
Mortgage-backed securities	172,729		2,439		94,243		14,473		266,972		16,912
Corporate	341,764		8,327		125,654		27,760		467,418		36,087
Foreign	197,560		4,078		7,159		571		204,719		4,649
Fixed maturity securities	868,138		15,840		415,061		58,709		1,283,199		74,549
Common stocks	47,098		2,888		—		—		47,098		2,888
Preferred stocks	23,782		125		45,314		14,740		69,096		14,865
Equity securities	70,880		3,013		45,314		14,740		116,194		17,753
Total	$	939,018	$	18,853	$	460,375	$	73,449	$	1,399,393	$	92,302

Non-Investment Grade Fixed Maturity Securities

Fixed Maturity Securities – A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2012 is presented in the table below.



(Dollars in thousands)	Number of Securities	Aggregate Fair Value		Gross Unrealized Loss
Unrealized loss less than $5 million:
Mortgage-backed securities	14	$	84,813	$	4,241
Corporate	6	11,763		2,619
State and municipal	4	32,835		3,667
Foreign	1	1,219		22
Unrealized loss $5 million or more:
Mortgage-backed securitiy (1)	1	17,251		5,571
Total	26	$	147,881	$	16,120

_______________

(1) This investment is a residential mortgage-backed security that was evaluated based on the performance of the underlying collateral under various economic and default scenarios. The security has met its contractual obligations and the Company expects that it will continue to meet those contractual payment obligations as they become due. Based on this evaluation, the Company does not consider the investment to be OTTI.