Incorporated under the Laws of Ohio | 03-0483872 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | x | Accelerated filer | ¨ | |
Non-accelerated filer | o (Do not check if smaller reporting company) | Smaller reporting company | ¨ |
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Three months ended | Nine months ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Revenues: | |||||||||||||||||||||
Earned premium | $ | 342,171 | $ | 338,586 | 1.1 | % | $ | 1,019,070 | $ | 1,011,197 | 0.8 | % | |||||||||
Installment and other fee income | 26,297 | 24,005 | 9.6 | % | 77,200 | 73,122 | 5.6 | % | |||||||||||||
Net investment income | 8,125 | 9,970 | (18.5 | )% | 25,115 | 27,908 | (10.0 | )% | |||||||||||||
Net realized gains (losses) on investments (1) | 1,282 | (410 | ) | (412.8 | )% | 1,257 | 974 | 29.1 | % | ||||||||||||
Other income | 249 | 232 | 7.6 | % | 727 | 913 | (20.3 | )% | |||||||||||||
Total revenues | 378,124 | 372,383 | 1.5 | % | 1,123,370 | 1,114,113 | 0.8 | % | |||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Losses and loss adjustment expenses | 280,866 | 256,063 | 9.7 | % | 809,664 | 774,489 | 4.5 | % | |||||||||||||
Commissions and other underwriting expenses | 88,412 | 86,779 | 1.9 | % | 266,183 | 261,880 | 1.6 | % | |||||||||||||
Interest expense | 3,507 | 3,506 | 0.0 | % | 10,524 | 10,522 | 0.0 | % | |||||||||||||
Corporate general and administrative expenses | 1,768 | 1,677 | 5.5 | % | 5,532 | 5,605 | (1.3 | )% | |||||||||||||
Other expenses | 375 | 1,545 | (75.7 | )% | 1,455 | 2,900 | (49.8 | )% | |||||||||||||
Total costs and expenses | 374,929 | 349,569 | 7.3 | % | 1,093,358 | 1,055,396 | 3.6 | % | |||||||||||||
Earnings before income taxes | 3,196 | 22,814 | (86.0 | )% | 30,012 | 58,717 | (48.9 | )% | |||||||||||||
Provision for income taxes | 442 | 7,077 | (93.7 | )% | 8,536 | 18,333 | (53.4 | )% | |||||||||||||
Net Earnings | $ | 2,753 | $ | 15,737 | (82.5 | )% | $ | 21,476 | $ | 40,384 | (46.8 | )% | |||||||||
Net Earnings per Common Share: | |||||||||||||||||||||
Basic | $ | 0.25 | $ | 1.39 | (82.0 | )% | $ | 1.95 | $ | 3.55 | (45.1 | )% | |||||||||
Diluted | 0.25 | 1.38 | (81.9 | )% | 1.93 | 3.52 | (45.2 | )% | |||||||||||||
Average Number of Common Shares: | |||||||||||||||||||||
Basic | 11,018 | 11,321 | (2.7 | )% | 11,022 | 11,385 | (3.2 | )% | |||||||||||||
Diluted | 11,084 | 11,383 | (2.6 | )% | 11,105 | 11,474 | (3.2 | )% | |||||||||||||
Cash Dividends per Common Share | $ | 0.52 | $ | 0.43 | 20.9 | % | $ | 1.56 | $ | 1.29 | 20.9 | % | |||||||||
(1) Net realized gains (losses) on sales | $ | 1,282 | $ | (287 | ) | (546.6 | )% | $ | 1,573 | $ | 1,686 | (6.7 | )% | ||||||||
Total other-than-temporary impairment (OTTI) losses | 0 | (123 | ) | (100.0 | )% | (316 | ) | (713 | ) | (55.7 | )% | ||||||||||
Total net realized gains (losses) on investments | $ | 1,282 | $ | (410 | ) | (412.8 | )% | $ | 1,257 | $ | 974 | 29.1 | % |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net earnings | $ | 2,753 | $ | 15,737 | $ | 21,476 | $ | 40,384 | |||||||
Other comprehensive income before tax: | |||||||||||||||
Net change in post-retirement benefit liability | (11 | ) | 16 | (32 | ) | 49 | |||||||||
Unrealized gains (losses) on investments: | |||||||||||||||
Unrealized holding gains (losses) arising during the period | 4,702 | (11,301 | ) | 30,989 | (16,357 | ) | |||||||||
Less: Reclassification adjustments for (gains) losses included in net earnings | (1,282 | ) | 410 | (1,257 | ) | (974 | ) | ||||||||
Unrealized gains (losses) on investments, net | 3,420 | (10,891 | ) | 29,731 | (17,331 | ) | |||||||||
Other comprehensive income (loss), before tax | 3,409 | (10,875 | ) | 29,699 | (17,281 | ) | |||||||||
Income tax (expense) benefit related to components of other comprehensive income | (1,193 | ) | 3,806 | (10,395 | ) | 6,049 | |||||||||
Other comprehensive income (loss), net of tax | 2,216 | (7,069 | ) | 19,304 | (11,233 | ) | |||||||||
Comprehensive income | $ | 4,969 | $ | 8,669 | $ | 40,780 | $ | 29,151 |
September 30, 2016 | December 31, 2015 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investments: | |||||||
Fixed maturities – at fair value (amortized cost $1,379,525 and $1,381,510) | $ | 1,404,633 | $ | 1,381,467 | |||
Equity securities – at fair value (cost $77,125 and $78,815) | 92,822 | 89,935 | |||||
Short-term investments – at fair value (amortized cost $2,257 and $4,656) | 2,255 | 4,651 | |||||
Total investments | 1,499,710 | 1,476,053 | |||||
Cash and cash equivalents | 73,616 | 62,483 | |||||
Accrued investment income | 11,253 | 12,245 | |||||
Agents’ balances and premium receivable, net of allowances for doubtful accounts of $14,501 and $15,385 | 551,914 | 511,543 | |||||
Property and equipment, net of accumulated depreciation of $67,849 and $72,892 | 94,358 | 89,707 | |||||
Prepaid reinsurance premium | 3,384 | 5,385 | |||||
Recoverables from reinsurers (includes $1,078 and $362 on paid losses and LAE) | 18,659 | 15,056 | |||||
Deferred policy acquisition costs | 97,448 | 93,157 | |||||
Current and deferred income taxes | 21,803 | 33,926 | |||||
Receivable for securities sold | 1,714 | 0 | |||||
Other assets | 11,082 | 10,306 | |||||
Goodwill | 75,275 | 75,275 | |||||
Total assets | $ | 2,460,217 | $ | 2,385,135 | |||
Liabilities and Shareholders’ Equity | |||||||
Liabilities: | |||||||
Unpaid losses and loss adjustment expenses | $ | 676,526 | $ | 669,965 | |||
Unearned premium | 660,306 | 616,649 | |||||
Long-term debt (fair value $292,075 and $281,581) | 273,538 | 273,383 | |||||
Commissions payable | 16,686 | 17,406 | |||||
Payable for securities purchased | 24,118 | 7,264 | |||||
Other liabilities | 106,242 | 112,873 | |||||
Total liabilities | 1,757,416 | 1,697,540 | |||||
Commitments and contingencies (See Note 9) | |||||||
Shareholders’ equity: | |||||||
Common stock, no par value (50,000,000 shares authorized; 21,808,959 and 21,774,520 shares issued) | 21,816 | 21,794 | |||||
Additional paid-in capital | 377,757 | 376,025 | |||||
Retained earnings | 761,831 | 757,604 | |||||
Accumulated other comprehensive income, net of tax | 27,115 | 7,811 | |||||
Treasury stock, at cost (10,751,048 and 10,623,138 shares) | (485,717 | ) | (475,638 | ) | |||
Total shareholders’ equity | 702,801 | 687,595 | |||||
Total liabilities and shareholders’ equity | $ | 2,460,217 | $ | 2,385,135 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income, Net of Tax | Treasury Stock | Total | ||||||||||||||||||
Balance at December 31, 2014 | $ | 21,745 | $ | 372,368 | $ | 725,651 | $ | 23,494 | $ | (445,599 | ) | $ | 697,659 | ||||||||||
Net earnings | — | — | 40,384 | — | — | 40,384 | |||||||||||||||||
Net change in post-retirement benefit liability | — | — | — | 32 | — | 32 | |||||||||||||||||
Change in unrealized gain on investments | — | — | — | (11,703 | ) | — | (11,703 | ) | |||||||||||||||
Change in non-credit component of impairment losses on fixed maturities | — | — | — | 438 | — | 438 | |||||||||||||||||
Comprehensive income | 29,151 | ||||||||||||||||||||||
Dividends paid to common shareholders | — | — | (14,711 | ) | — | — | (14,711 | ) | |||||||||||||||
Shares issued and share-based compensation expense, including tax benefit | 31 | 2,321 | — | — | — | 2,352 | |||||||||||||||||
Acquisition of treasury stock | — | — | — | — | (17,353 | ) | (17,353 | ) | |||||||||||||||
Balance at September 30, 2015 | $ | 21,776 | $ | 374,689 | $ | 751,323 | $ | 12,261 | $ | (462,951 | ) | $ | 697,098 | ||||||||||
Net earnings | — | — | 11,097 | — | — | 11,097 | |||||||||||||||||
Net change in post-retirement benefit liability | — | — | — | 469 | — | 469 | |||||||||||||||||
Change in unrealized gain on investments | — | — | — | (5,092 | ) | — | (5,092 | ) | |||||||||||||||
Change in non-credit component of impairment losses on fixed maturities | — | — | — | 172 | — | 172 | |||||||||||||||||
Comprehensive income | 6,646 | ||||||||||||||||||||||
Dividends paid to common shareholders | — | — | (4,816 | ) | — | — | (4,816 | ) | |||||||||||||||
Shares issued and share-based compensation expense, including tax benefit | 18 | 1,336 | — | — | — | 1,354 | |||||||||||||||||
Acquisition of treasury stock | — | — | — | — | (12,687 | ) | (12,687 | ) | |||||||||||||||
Balance at December 31, 2015 | $ | 21,794 | $ | 376,025 | $ | 757,604 | $ | 7,811 | $ | (475,638 | ) | $ | 687,595 | ||||||||||
Net earnings | — | — | 21,476 | — | — | 21,476 | |||||||||||||||||
Net change in post-retirement benefit liability | — | — | — | (21 | ) | — | (21 | ) | |||||||||||||||
Change in unrealized gain on investments | — | — | — | 19,109 | — | 19,109 | |||||||||||||||||
Change in non-credit component of impairment losses on fixed maturities | — | — | — | 216 | — | 216 | |||||||||||||||||
Comprehensive income | 40,780 | ||||||||||||||||||||||
Dividends paid to common shareholders | — | — | (17,249 | ) | — | — | (17,249 | ) | |||||||||||||||
Shares issued and share-based compensation expense, including tax benefit | 22 | 1,731 | — | — | — | 1,753 | |||||||||||||||||
Acquisition of treasury stock | — | — | — | — | (10,079 | ) | (10,079 | ) | |||||||||||||||
Balance at September 30, 2016 | $ | 21,816 | $ | 377,757 | $ | 761,831 | $ | 27,115 | $ | (485,717 | ) | $ | 702,801 |
Three months ended September 30, | |||||||
2016 | 2015 | ||||||
Operating Activities: | |||||||
Net earnings | $ | 2,753 | $ | 15,737 | |||
Adjustments: | |||||||
Depreciation | 3,930 | 3,193 | |||||
Amortization | 5,643 | 5,264 | |||||
Net realized (gains) losses on investments | (1,282 | ) | 410 | ||||
Loss on disposal of property and equipment | 143 | 916 | |||||
Share-based compensation expense | 1,060 | 135 | |||||
Activity related to rabbi trust | 46 | (88 | ) | ||||
Change in accrued investment income | 482 | 1,133 | |||||
Change in agents’ balances and premium receivable | (15,356 | ) | 3,795 | ||||
Change in reinsurance receivables | 465 | (1,284 | ) | ||||
Change in deferred policy acquisition costs | (1,627 | ) | 771 | ||||
Change in other assets | (2,363 | ) | (2,948 | ) | |||
Change in unpaid losses and loss adjustment expenses | 10,316 | (2,009 | ) | ||||
Change in unearned premium | 14,911 | (7,900 | ) | ||||
Change in other liabilities | (3,179 | ) | 1,336 | ||||
Net cash provided by operating activities | 15,943 | 18,461 | |||||
Investing Activities: | |||||||
Purchases of fixed maturities | (117,638 | ) | (97,646 | ) | |||
Purchases of equity securities | 0 | (5,000 | ) | ||||
Purchases of short-term investments | (3,110 | ) | (4,752 | ) | |||
Purchases of property and equipment | (253 | ) | (5,748 | ) | |||
Maturities and redemptions of fixed maturities | 39,703 | 42,600 | |||||
Maturities and redemptions of short-term investments | 1,300 | 500 | |||||
Proceeds from sale of fixed maturities | 62,429 | 72,846 | |||||
Proceeds from sale of equity securities | 2,000 | 0 | |||||
Proceeds from sale of short-term investments | 3,592 | 3,086 | |||||
Net cash (used in) provided by investing activities | (11,977 | ) | 5,886 | ||||
Financing Activities: | |||||||
Proceeds from stock options exercised and employee stock purchases | 60 | 58 | |||||
Principal payments under capital lease obligations | (131 | ) | (125 | ) | |||
Acquisition of treasury stock | (543 | ) | (9,297 | ) | |||
Dividends paid to shareholders | (5,751 | ) | (4,858 | ) | |||
Net cash used in financing activities | (6,366 | ) | (14,222 | ) | |||
Net (decrease) increase in cash and cash equivalents | (2,400 | ) | 10,124 | ||||
Cash and cash equivalents at beginning of period | 76,016 | 60,481 | |||||
Cash and cash equivalents at end of period | $ | 73,616 | $ | 70,605 |
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
Operating Activities: | |||||||
Net earnings | $ | 21,476 | $ | 40,384 | |||
Adjustments: | |||||||
Depreciation | 10,451 | 9,116 | |||||
Amortization | 16,482 | 16,460 | |||||
Net realized gains on investments | (1,257 | ) | (974 | ) | |||
Loss on disposal of property and equipment | 544 | 1,155 | |||||
Share-based compensation expense | 1,411 | 1,863 | |||||
Excess tax benefits from share-based payment arrangements | (157 | ) | (298 | ) | |||
Activity related to rabbi trust | 112 | (77 | ) | ||||
Change in accrued investment income | 992 | 590 | |||||
Change in agents’ balances and premium receivable | (40,372 | ) | (54,108 | ) | |||
Change in reinsurance receivables | (1,602 | ) | (2,805 | ) | |||
Change in deferred policy acquisition costs | (4,292 | ) | (8,145 | ) | |||
Change in other assets | 1,097 | (6,385 | ) | ||||
Change in unpaid losses and loss adjustment expenses | 6,562 | 10,841 | |||||
Change in unearned premium | 43,657 | 55,787 | |||||
Change in other liabilities | (6,924 | ) | 6,435 | ||||
Net cash provided by operating activities | 48,182 | 69,839 | |||||
Investing Activities: | |||||||
Purchases of fixed maturities | (379,135 | ) | (385,319 | ) | |||
Purchases of equity securities | 0 | (7,000 | ) | ||||
Purchases of short-term investments | (8,250 | ) | (8,413 | ) | |||
Purchases of property and equipment | (15,648 | ) | (33,953 | ) | |||
Maturities and redemptions of fixed maturities | 115,848 | 149,102 | |||||
Maturities and redemptions of short-term investments | 1,300 | 785 | |||||
Proceeds from sale of fixed maturities | 265,544 | 224,982 | |||||
Proceeds from sale of equity securities | 2,000 | 4,489 | |||||
Proceeds from sale of short-term investments | 9,258 | 3,086 | |||||
Proceeds from sale of property and equipment | 2 | 0 | |||||
Net cash used in investing activities | (9,081 | ) | (52,240 | ) | |||
Financing Activities: | |||||||
Proceeds from stock options exercised and employee stock purchases | 185 | 191 | |||||
Excess tax benefits from share-based payment arrangements | 157 | 298 | |||||
Principal payments under capital lease obligations | (380 | ) | (371 | ) | |||
Acquisition of treasury stock | (10,681 | ) | (16,942 | ) | |||
Dividends paid to shareholders | (17,249 | ) | (14,711 | ) | |||
Net cash used in financing activities | (27,967 | ) | (31,535 | ) | |||
Net increase (decrease) in cash and cash equivalents | 11,133 | (13,936 | ) | ||||
Cash and cash equivalents at beginning of period | 62,483 | 84,541 | |||||
Cash and cash equivalents at end of period | $ | 73,616 | $ | 70,605 |
December 31, 2015 | |||||||||||
As Reported | As Adjusted | Difference | |||||||||
Other assets | $ | 11.9 | $ | 10.3 | $ | (1.6 | ) | ||||
Total assets | 2,386.8 | 2,385.1 | (1.6 | ) | |||||||
Long-term debt | 275.0 | 273.4 | (1.6 | ) | |||||||
Total liabilities | 1,699.2 | 1,697.5 | (1.6 | ) | |||||||
Total liabilities and shareholders' equity | 2,386.8 | 2,385.1 | (1.6 | ) |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net earnings | $ | 2,753 | $ | 15,737 | $ | 21,476 | $ | 40,384 | |||||||
Average basic shares outstanding | 11,018 | 11,321 | 11,022 | 11,385 | |||||||||||
Basic net earnings per share | $ | 0.25 | $ | 1.39 | $ | 1.95 | $ | 3.55 | |||||||
Average basic shares outstanding | 11,018 | 11,321 | 11,022 | 11,385 | |||||||||||
Restricted stock not vested | 27 | 18 | 24 | 16 | |||||||||||
Dilutive effect of Performance Share Plan | 39 | 45 | 59 | 73 | |||||||||||
Average diluted shares outstanding | 11,084 | 11,383 | 11,105 | 11,474 | |||||||||||
Diluted net earnings per share | $ | 0.25 | $ | 1.38 | $ | 1.93 | $ | 3.52 |
(i) | quoted prices in active markets for identical assets (Level 1); |
(ii) | quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs are observable in active markets (Level 2); or |
(iii) | valuations derived from valuation techniques in which one or more significant inputs are unobservable in the marketplace (Level 3). |
Fair Value | |||||||||||||||
September 30, 2016 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash and cash equivalents | $ | 73,616 | $ | 0 | $ | 0 | $ | 73,616 | |||||||
Fixed maturity securities: | |||||||||||||||
U.S. government | 63,937 | 5 | 0 | 63,942 | |||||||||||
State and municipal | 0 | 477,581 | 618 | 478,199 | |||||||||||
Mortgage-backed securities: | |||||||||||||||
Residential | 0 | 339,655 | 0 | 339,655 | |||||||||||
Commercial | 0 | 76,190 | 0 | 76,190 | |||||||||||
Total mortgage-backed securities | 0 | 415,845 | 0 | 415,845 | |||||||||||
Asset-backed securities | 0 | 43,969 | 495 | 44,465 | |||||||||||
Corporates | 0 | 401,177 | 1,005 | 402,182 | |||||||||||
Total fixed maturities | 63,937 | 1,338,577 | 2,118 | 1,404,633 | |||||||||||
Equity securities | 92,822 | 0 | 0 | 92,822 | |||||||||||
Short-term investments | 768 | 1,487 | 0 | 2,255 | |||||||||||
Total cash and investments | $ | 231,144 | $ | 1,340,065 | $ | 2,118 | $ | 1,573,327 | |||||||
Percentage of total cash and investments | 14.7 | % | 85.2 | % | 0.1 | % | 100.0 | % | |||||||
December 31, 2015 | |||||||||||||||
Cash and cash equivalents | $ | 62,483 | $ | 0 | $ | 0 | $ | 62,483 | |||||||
Fixed maturity securities: | |||||||||||||||
U.S. government | 64,638 | 32 | 0 | 64,669 | |||||||||||
State and municipal | 0 | 479,656 | 10 | 479,666 | |||||||||||
Mortgage-backed securities: | |||||||||||||||
Residential | 0 | 334,784 | 0 | 334,784 | |||||||||||
Commercial | 0 | 70,224 | 0 | 70,224 | |||||||||||
Total mortgage-backed securities | 0 | 405,008 | 0 | 405,008 | |||||||||||
Asset-backed securities | 0 | 54,018 | 0 | 54,018 | |||||||||||
Corporates | 0 | 376,582 | 1,524 | 378,105 | |||||||||||
Total fixed maturities | 64,638 | 1,315,295 | 1,534 | 1,381,467 | |||||||||||
Equity securities | 89,935 | 0 | 0 | 89,935 | |||||||||||
Short-term investments | 0 | 4,651 | 0 | 4,651 | |||||||||||
Total cash and investments | $ | 217,056 | $ | 1,319,946 | $ | 1,534 | $ | 1,538,536 | |||||||
Percentage of total cash and investments | 14.1 | % | 85.8 | % | 0.1 | % | 100.0 | % |
Three months ended September 30, 2016 | State and Municipal | Asset-Backed Securities | Corporates | Total | |||||||||||
Balance at beginning of period | $ | 626 | $ | 1,959 | $ | 1,107 | $ | 3,692 | |||||||
Total (losses) gains, unrealized or realized | |||||||||||||||
Included in net earnings | (6 | ) | (0 | ) | 2 | (4 | ) | ||||||||
Included in other comprehensive income | (1 | ) | 1 | (16 | ) | (17 | ) | ||||||||
Purchases | 0 | 0 | 0 | 0 | |||||||||||
Settlements | 0 | (125 | ) | (89 | ) | (214 | ) | ||||||||
Transfers in | 0 | 0 | 0 | 0 | |||||||||||
Transfers out | 0 | (1,339 | ) | 0 | (1,339 | ) | |||||||||
Balance at end of period | $ | 618 | $ | 495 | $ | 1,005 | $ | 2,118 | |||||||
Three months ended September 30, 2015 | |||||||||||||||
Balance at beginning of period | $ | 10 | $ | 0 | $ | 2,423 | $ | 2,434 | |||||||
Total (losses) gains, unrealized or realized | |||||||||||||||
Included in net earnings | (0 | ) | 0 | 6 | 6 | ||||||||||
Included in other comprehensive income | (0 | ) | 0 | (10 | ) | (10 | ) | ||||||||
Purchases | 0 | 0 | 0 | 0 | |||||||||||
Settlements | 0 | 0 | (83 | ) | (83 | ) | |||||||||
Transfers in | 0 | 0 | 0 | 0 | |||||||||||
Transfers out | 0 | 0 | (347 | ) | (347 | ) | |||||||||
Balance at end of period | $ | 10 | $ | 0 | $ | 1,989 | $ | 1,999 |
Nine months ended September 30, 2016 | State and Municipal | Asset-Backed Securities | Corporates | Total | |||||||||||
Balance at beginning of period | $ | 10 | $ | 0 | $ | 1,524 | $ | 1,534 | |||||||
Total (losses) gains, unrealized or realized | |||||||||||||||
Included in net earnings | (10 | ) | 0 | 9 | (1 | ) | |||||||||
Included in other comprehensive income | (0 | ) | 2 | (42 | ) | (40 | ) | ||||||||
Purchases | 0 | 620 | 0 | 620 | |||||||||||
Settlements | (10 | ) | (125 | ) | (487 | ) | (622 | ) | |||||||
Transfers in | 628 | 1,338 | 0 | 1,966 | |||||||||||
Transfers out | 0 | (1,339 | ) | 0 | (1,339 | ) | |||||||||
Balance at end of period | $ | 618 | $ | 495 | $ | 1,005 | $ | 2,118 | |||||||
Nine months ended September 30, 2015 | |||||||||||||||
Balance at beginning of period | $ | 0 | $ | 150 | $ | 3,134 | $ | 3,285 | |||||||
Total losses, unrealized or realized | |||||||||||||||
Included in net earnings | (0 | ) | 0 | (77 | ) | (77 | ) | ||||||||
Included in other comprehensive income | 0 | 0 | (53 | ) | (53 | ) | |||||||||
Purchases | 0 | 0 | 0 | 0 | |||||||||||
Settlements | 0 | (150 | ) | (669 | ) | (819 | ) | ||||||||
Transfers in | 10 | 0 | 0 | 10 | |||||||||||
Transfers out | 0 | 0 | (347 | ) | (347 | ) | |||||||||
Balance at end of period | $ | 10 | $ | 0 | $ | 1,989 | $ | 1,999 |
September 30, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 73,616 | $ | 73,616 | $ | 62,483 | $ | 62,483 | |||||||
Available-for-sale securities: | |||||||||||||||
Fixed maturities | 1,404,633 | 1,404,633 | 1,381,467 | 1,381,467 | |||||||||||
Equity securities | 92,822 | 92,822 | 89,935 | 89,935 | |||||||||||
Short-term investments | 2,255 | 2,255 | 4,651 | 4,651 | |||||||||||
Total cash and investments | $ | 1,573,327 | $ | 1,573,327 | $ | 1,538,536 | $ | 1,538,536 | |||||||
Liabilities: | |||||||||||||||
Long-term debt | $ | 273,538 | $ | 292,075 | $ | 273,383 | $ | 281,581 |
September 30, 2016 | Amortized Cost or Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI Recognized in Accumulated OCI(1) | ||||||||||||||
Fixed maturities: | |||||||||||||||||||
U.S. government | $ | 63,222 | $ | 726 | $ | (6 | ) | $ | 63,942 | $ | 0 | ||||||||
State and municipal | 470,074 | 8,352 | (227 | ) | 478,199 | (51 | ) | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||||
Residential | 331,827 | 7,971 | (144 | ) | 339,655 | (2,061 | ) | ||||||||||||
Commercial | 76,212 | 275 | (296 | ) | 76,190 | 0 | |||||||||||||
Total mortgage-backed securities | 408,040 | $ | 8,246 | (441 | ) | $ | 415,845 | (2,061 | ) | ||||||||||
Asset-backed securities | 44,231 | 241 | (7 | ) | 44,465 | (8 | ) | ||||||||||||
Corporates | 393,959 | 8,506 | (283 | ) | 402,182 | (41 | ) | ||||||||||||
Total fixed maturities | 1,379,525 | 26,071 | (963 | ) | 1,404,633 | (2,162 | ) | ||||||||||||
Equity securities | 77,125 | 15,697 | 0 | 92,822 | 0 | ||||||||||||||
Short-term investments | 2,257 | 0 | (2 | ) | 2,255 | 0 | |||||||||||||
Total | $ | 1,458,907 | $ | 41,768 | $ | (965 | ) | $ | 1,499,710 | $ | (2,162 | ) | |||||||
December 31, 2015 | |||||||||||||||||||
Fixed maturities: | |||||||||||||||||||
U.S. government | $ | 64,849 | $ | 103 | $ | (282 | ) | $ | 64,669 | $ | 0 | ||||||||
State and municipal | 472,402 | 7,393 | (129 | ) | 479,666 | (51 | ) | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||||
Residential | 333,554 | 3,678 | (2,448 | ) | 334,784 | (2,374 | ) | ||||||||||||
Commercial | 71,137 | 16 | (929 | ) | 70,224 | 0 | |||||||||||||
Total mortgage-backed securities | 404,691 | 3,694 | (3,377 | ) | 405,008 | (2,374 | ) | ||||||||||||
Asset-backed securities | 54,106 | 50 | (138 | ) | 54,018 | (8 | ) | ||||||||||||
Corporates | 385,462 | 1,281 | (8,638 | ) | 378,105 | (61 | ) | ||||||||||||
Total fixed maturities | 1,381,510 | 12,521 | (12,564 | ) | 1,381,467 | (2,495 | ) | ||||||||||||
Equity securities | 78,815 | 11,120 | 0 | 89,935 | 0 | ||||||||||||||
Short-term investments | 4,656 | 0 | (4 | ) | 4,651 | 0 | |||||||||||||
Total | $ | 1,464,981 | $ | 23,640 | $ | (12,568 | ) | $ | 1,476,053 | $ | (2,495 | ) | |||||||
(1) The total non-credit portion of OTTI recognized in Accumulated OCI reflecting the original non-credit loss at the time the credit impairment was determined. |
Less than 12 Months | 12 Months or More | |||||||||||||||||||||||||
September 30, 2016 | Number of Securities with Unrealized Losses | Fair Value | Gross Unrealized Losses | Unrealized Losses as % of Cost | Number of Securities with Unrealized Losses | Fair Value | Gross Unrealized Losses | Unrealized Losses as % of Cost | ||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||
U.S. government | 7 | $ | 5,953 | $ | (6 | ) | 0.1 | % | 0 | $ | 0 | $ | 0 | 0.0 | % | |||||||||||
State and municipal | 37 | 71,508 | (227 | ) | 0.3 | % | 0 | 0 | 0 | 0.0 | % | |||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential | 27 | 17,124 | (18 | ) | 0.1 | % | 42 | 13,692 | (126 | ) | 0.9 | % | ||||||||||||||
Commercial | 10 | 28,433 | (124 | ) | 0.4 | % | 8 | 30,812 | (173 | ) | 0.6 | % | ||||||||||||||
Total mortgage-backed securities | 37 | 45,557 | (142 | ) | 0.3 | % | 50 | 44,503 | (299 | ) | 0.7 | % | ||||||||||||||
Asset-backed securities | 4 | 3,676 | (6 | ) | 0.2 | % | 1 | 519 | (1 | ) | 0.1 | % | ||||||||||||||
Corporates | 25 | 27,842 | (100 | ) | 0.4 | % | 9 | 9,529 | (183 | ) | 1.9 | % | ||||||||||||||
Total fixed maturities | 110 | 154,537 | (481 | ) | 0.3 | % | 60 | 54,551 | (483 | ) | 0.9 | % | ||||||||||||||
Equity securities | 0 | 0 | 0 | 0.0 | % | 0 | 0 | 0 | 0.0 | % | ||||||||||||||||
Short-term investments | 2 | 1,487 | (2 | ) | 0.1 | % | 0 | 0 | 0 | 0.0 | % | |||||||||||||||
Total | 112 | $ | 156,024 | $ | (482 | ) | 0.3 | % | 60 | $ | 54,551 | $ | (483 | ) | 0.9 | % | ||||||||||
December 31, 2015 | ||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||
U.S. government | 18 | $ | 36,024 | $ | (241 | ) | 0.7 | % | 4 | $ | 4,687 | $ | (41 | ) | 0.9 | % | ||||||||||
State and municipal | 27 | 54,680 | (129 | ) | 0.2 | % | 0 | 0 | 0 | 0.0 | % | |||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential | 205 | 133,814 | (1,436 | ) | 1.1 | % | 64 | 39,001 | (1,012 | ) | 2.5 | % | ||||||||||||||
Commercial | 9 | 28,733 | (349 | ) | 1.2 | % | 10 | 34,169 | (580 | ) | 1.7 | % | ||||||||||||||
Total mortgage-backed securities | 214 | 162,547 | (1,785 | ) | 1.1 | % | 74 | 73,170 | (1,592 | ) | 2.1 | % | ||||||||||||||
Asset-backed securities | 36 | 35,313 | (132 | ) | 0.4 | % | 2 | 1,153 | (7 | ) | 0.6 | % | ||||||||||||||
Corporates | 172 | 239,440 | (7,149 | ) | 2.9 | % | 12 | 14,373 | (1,488 | ) | 9.4 | % | ||||||||||||||
Total fixed maturities | 467 | 528,003 | (9,436 | ) | 1.8 | % | 92 | 93,384 | (3,128 | ) | 3.2 | % | ||||||||||||||
Equity securities | 0 | 0 | 0 | 0.0 | % | 0 | 0 | 0 | 0.0 | % | ||||||||||||||||
Short-term investments | 2 | 4,651 | (4 | ) | 0.1 | % | 0 | 0 | 0 | 0.0 | % | |||||||||||||||
Total | 469 | $ | 532,654 | $ | (9,440 | ) | 1.7 | % | 92 | $ | 93,384 | $ | (3,128 | ) | 3.2 | % |
• | whether the unrealized loss is credit-driven or a result of changes in market interest rates; |
• | the length of time the security’s market value has been below its cost; |
• | the extent to which fair value is less than cost basis; |
• | the intent to sell the security; |
• | whether it is more likely than not that there will be a requirement to sell the security before its anticipated recovery; |
• | historical operating, balance sheet and cash flow data contained in issuer SEC filings; |
• | issuer news releases; |
• | near-term prospects for improvement in the issuer and/or its industry; |
• | industry research and communications with industry specialists; and |
• | third-party research and credit rating reports. |
September 30, 2016 | December 31, 2015 | ||||
Number of positions held with unrealized: | |||||
Gains | 1,057 | 602 | |||
Losses | 172 | 561 | |||
Number of positions held that individually exceed unrealized: | |||||
Gains of $500,000 | 2 | 2 | |||
Losses of $500,000 | 0 | 0 | |||
Percentage of positions held with unrealized: | |||||
Gains that were investment grade | 92 | % | 94 | % | |
Losses that were investment grade | 88 | % | 89 | % | |
Percentage of fair value held with unrealized: | |||||
Gains that were investment grade | 92 | % | 95 | % | |
Losses that were investment grade | 91 | % | 88 | % |
Age of Unrealized Losses | Fair Value of Securities with Unrealized Losses | Total Gross Unrealized Losses | Less Than 5%* | 5% - 10%* | Total Gross Greater Than 10%* | ||||||||||||||
Three months or less | $ | 143,900 | $ | (428 | ) | $ | (428 | ) | $ | 0 | $ | 0 | |||||||
Four months through six months | 6,762 | (38 | ) | (38 | ) | 0 | 0 | ||||||||||||
Seven months through nine months | 3,995 | (17 | ) | (17 | ) | 0 | 0 | ||||||||||||
Ten months through twelve months | 1,886 | (1 | ) | (1 | ) | 0 | 0 | ||||||||||||
Greater than twelve months | 54,032 | (482 | ) | (426 | ) | (56 | ) | 0 | |||||||||||
Total | $ | 210,575 | $ | (965 | ) | $ | (909 | ) | $ | (56 | ) | $ | 0 |
Pre-tax | |||||||||||||||||||
Nine months ended September 30, 2016 | Fixed Maturities | Equity Securities | Short-Term Investments | Tax Effects | Net | ||||||||||||||
Unrealized holding gains on securities arising during the period | $ | 25,941 | $ | 5,047 | $ | 0 | $ | (10,846 | ) | $ | 20,143 | ||||||||
Realized (gains) losses on securities sold | (1,106 | ) | (470 | ) | 3 | 551 | (1,023 | ) | |||||||||||
Impairment loss recognized in earnings | 316 | 0 | 0 | (111 | ) | 205 | |||||||||||||
Change in unrealized, net | $ | 25,151 | $ | 4,577 | $ | 3 | $ | (10,406 | ) | $ | 19,325 | ||||||||
Nine months ended September 30, 2015 | |||||||||||||||||||
Unrealized holding (losses) gains on securities arising during the period | $ | (9,119 | ) | $ | (7,238 | ) | $ | 0 | $ | 5,725 | $ | (10,632 | ) | ||||||
Realized gains on securities sold | (588 | ) | (1,099 | ) | (0 | ) | 590 | (1,096 | ) | ||||||||||
Impairment loss recognized in earnings | 713 | 0 | 0 | (249 | ) | 463 | |||||||||||||
Change in unrealized, net | $ | (8,994 | ) | $ | (8,337 | ) | $ | 0 | $ | 6,066 | $ | (11,265 | ) |
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
Beginning balance | $ | 683 | $ | 852 | |||
Securities sold and paid down | (105 | ) | (139 | ) | |||
Ending balance | $ | 579 | $ | 712 |
Fair Value | Amortized Cost | ||||||||||||||||||
Maturity | Securities with Unrealized Gains | Securities with Unrealized Losses | Securities with No Unrealized Gains or Losses | All Fixed Maturity Securities | All Fixed Maturity Securities | ||||||||||||||
One year or less | $ | 103,635 | $ | 2,594 | $ | 900 | $ | 107,128 | $ | 106,393 | |||||||||
After one year through five years | 497,251 | 74,810 | 2,095 | 574,155 | 565,291 | ||||||||||||||
After five years through ten years | 223,821 | 37,429 | 0 | 261,250 | 253,888 | ||||||||||||||
After ten years | 1,790 | 0 | 0 | 1,790 | 1,683 | ||||||||||||||
Mortgage- and asset-backed securities | 366,054 | 94,256 | 0 | 460,310 | 452,270 | ||||||||||||||
Total | $ | 1,192,550 | $ | 209,088 | $ | 2,995 | $ | 1,404,633 | $ | 1,379,525 |
($ in thousands) | September 30, 2016 | December 31, 2015 | |||||
Principal | $ | 275,000 | $ | 275,000 | |||
Unamortized debt issuance costs | 1,462 | 1,617 | |||||
Long-term debt less unamortized debt issuance costs | $ | 273,538 | $ | 273,383 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Earnings before income taxes | $ | 3,196 | $ | 22,814 | $ | 30,012 | $ | 58,717 | |||||||
Income taxes at statutory rate | 1,119 | 7,985 | 10,504 | 20,551 | |||||||||||
Effect of: | |||||||||||||||
Dividends-received deduction | (101 | ) | (89 | ) | (322 | ) | (337 | ) | |||||||
Tax-exempt interest | (600 | ) | (725 | ) | (1,858 | ) | (2,033 | ) | |||||||
Other | 24 | (94 | ) | 212 | 152 | ||||||||||
Provision for income taxes as shown on the Consolidated Statements of Earnings | $ | 442 | $ | 7,077 | $ | 8,536 | $ | 18,333 | |||||||
GAAP effective tax rate | 13.8 | % | 31.0 | % | 28.4 | % | 31.2 | % |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Income tax payments | $ | 3,100 | $ | 6,511 | $ | 6,651 | $ | 19,261 | |||||||
Interest payments on debt | 6,875 | 6,875 | 13,750 | 13,750 | |||||||||||
Interest payments on capital leases | 18 | 19 | 57 | 62 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Balance at Beginning of Period | |||||||||||||||
Unpaid losses on known claims | $ | 236,947 | $ | 245,863 | $ | 237,660 | $ | 235,037 | |||||||
IBNR losses | 290,767 | 281,147 | 290,097 | 277,482 | |||||||||||
LAE | 138,496 | 154,017 | 142,207 | 155,658 | |||||||||||
Total unpaid losses and LAE | 666,210 | 681,028 | 669,965 | 668,177 | |||||||||||
Reinsurance recoverables | (18,487 | ) | (14,155 | ) | (14,694 | ) | (14,370 | ) | |||||||
Unpaid losses and LAE, net of reinsurance recoverables | 647,723 | 666,873 | 655,271 | 653,808 | |||||||||||
Current Activity | |||||||||||||||
Loss and LAE incurred: | |||||||||||||||
Current accident year | 281,456 | 267,412 | 828,310 | 798,442 | |||||||||||
Prior accident years | (590 | ) | (11,349 | ) | (18,646 | ) | (23,953 | ) | |||||||
Total loss and LAE incurred | 280,866 | 256,063 | 809,664 | 774,489 | |||||||||||
Loss and LAE payments: | |||||||||||||||
Current accident year | (197,437 | ) | (192,850 | ) | (461,020 | ) | (439,519 | ) | |||||||
Prior accident years | (72,205 | ) | (66,257 | ) | (344,969 | ) | (324,949 | ) | |||||||
Total loss and LAE payments | (269,642 | ) | (259,107 | ) | (805,989 | ) | (764,469 | ) | |||||||
Balance at End of Period | |||||||||||||||
Unpaid losses and LAE, net of reinsurance recoverables | 658,946 | 663,829 | 658,946 | 663,829 | |||||||||||
Add back reinsurance recoverables | 17,580 | 15,190 | 17,580 | 15,190 | |||||||||||
Total unpaid losses and LAE | 676,526 | 679,018 | 676,526 | 679,018 | |||||||||||
Unpaid losses on known claims | 240,935 | 246,015 | 240,935 | 246,015 | |||||||||||
IBNR losses | 299,143 | 282,658 | 299,143 | 282,658 | |||||||||||
LAE | 136,449 | 150,345 | 136,449 | 150,345 | |||||||||||
Total unpaid losses and LAE | $ | 676,526 | $ | 679,018 | $ | 676,526 | $ | 679,018 |
Three months ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Before Tax | Income Tax | Net | Before Tax | Income Tax | Net | ||||||||||||||||||
Accumulated change in post-retirement benefit liability, beginning of period | $ | 923 | $ | (323 | ) | $ | 600 | $ | 206 | $ | (72 | ) | $ | 134 | |||||||||
Effect on other comprehensive income | (11 | ) | 4 | (7 | ) | 16 | (6 | ) | 11 | ||||||||||||||
Accumulated change in post-retirement benefit liability, end of period | 912 | (319 | ) | 593 | 223 | (78 | ) | 145 | |||||||||||||||
Accumulated unrealized gains on investments, net, beginning of period | 37,383 | (13,084 | ) | 24,299 | 29,532 | (10,336 | ) | 19,196 | |||||||||||||||
Other comprehensive income (loss) before reclassification | 4,702 | (1,646 | ) | 3,056 | (11,301 | ) | 3,955 | (7,346 | ) | ||||||||||||||
Reclassification adjustment for other-than-temporary impairments included in net income | 0 | 0 | 0 | 123 | (43 | ) | 80 | ||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | (1,282 | ) | 449 | (833 | ) | 287 | (100 | ) | 187 | ||||||||||||||
Effect on other comprehensive income | 3,420 | (1,197 | ) | 2,223 | (10,891 | ) | 3,812 | (7,079 | ) | ||||||||||||||
Accumulated unrealized gains on investments, net, end of period | 40,803 | (14,281 | ) | 26,522 | 18,641 | (6,524 | ) | 12,116 | |||||||||||||||
Accumulated other comprehensive income, beginning of period | 38,306 | (13,407 | ) | 24,899 | 29,738 | (10,408 | ) | 19,330 | |||||||||||||||
Change in post-retirement benefit liability | (11 | ) | 4 | (7 | ) | 16 | (6 | ) | 11 | ||||||||||||||
Change in unrealized gains on investments, net | 3,420 | (1,197 | ) | 2,223 | (10,891 | ) | 3,812 | (7,079 | ) | ||||||||||||||
Effect on other comprehensive income | 3,409 | (1,193 | ) | 2,216 | (10,875 | ) | 3,806 | (7,069 | ) | ||||||||||||||
Accumulated other comprehensive income, end of period | $ | 41,715 | $ | (14,600 | ) | $ | 27,115 | $ | 18,864 | $ | (6,602 | ) | $ | 12,261 |
Nine months ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Before Tax | Income Tax | Net | Before Tax | Income Tax | Net | ||||||||||||||||||
Accumulated change in post-retirement benefit liability, beginning of period | $ | 944 | $ | (331 | ) | $ | 614 | $ | 174 | $ | (61 | ) | $ | 113 | |||||||||
Effect on other comprehensive income | (32 | ) | 11 | (21 | ) | 49 | (17 | ) | 32 | ||||||||||||||
Accumulated change in post-retirement benefit liability, end of period | 912 | (319 | ) | 593 | 223 | (78 | ) | 145 | |||||||||||||||
Accumulated unrealized gains on investments, net, beginning of period | 11,072 | (3,875 | ) | 7,197 | 35,972 | (12,590 | ) | 23,382 | |||||||||||||||
Other comprehensive income (loss) before reclassification | 30,989 | (10,846 | ) | 20,143 | (16,357 | ) | 5,725 | (10,632 | ) | ||||||||||||||
Reclassification adjustment for other-than-temporary impairments included in net income | 316 | (111 | ) | 205 | 713 | (249 | ) | 463 | |||||||||||||||
Reclassification adjustment for realized gains included in net income | (1,573 | ) | 551 | (1,023 | ) | (1,686 | ) | 590 | (1,096 | ) | |||||||||||||
Effect on other comprehensive income | 29,731 | (10,406 | ) | 19,325 | (17,331 | ) | 6,066 | (11,265 | ) | ||||||||||||||
Accumulated unrealized gains on investments, net, end of period | 40,803 | (14,281 | ) | 26,522 | 18,641 | (6,524 | ) | 12,116 | |||||||||||||||
Accumulated other comprehensive income, beginning of period | 12,016 | (4,206 | ) | 7,811 | 36,145 | (12,651 | ) | 23,494 | |||||||||||||||
Change in post-retirement benefit liability | (32 | ) | 11 | (21 | ) | 49 | (17 | ) | 32 | ||||||||||||||
Change in unrealized gains on investments, net | 29,731 | (10,406 | ) | 19,325 | (17,331 | ) | 6,066 | (11,265 | ) | ||||||||||||||
Effect on other comprehensive income | 29,699 | (10,395 | ) | 19,304 | (17,281 | ) | 6,049 | (11,233 | ) | ||||||||||||||
Accumulated other comprehensive income, end of period | $ | 41,715 | $ | (14,600 | ) | $ | 27,115 | $ | 18,864 | $ | (6,602 | ) | $ | 12,261 |
Accident Year Combined Ratio Developed Through | Prior Accident Year (Favorable) / Unfavorable Development ($ in millions) | ||||||||||||||||||||||||||||||
Dec 2014 | Sept 2015 | Dec 2015 | Mar 2016 | June 2016 | Sept 2016 | Q3 2016 | YTD 2016 | ||||||||||||||||||||||||
Accident Year | |||||||||||||||||||||||||||||||
Prior | $ | 0.1 | $ | 0.6 | |||||||||||||||||||||||||||
2008 | 91.2 | % | 91.1 | % | 91.1 | % | 91.1 | % | 91.1 | % | 91.1 | % | 0.0 | % | 0.0 | (0.0 | )% | (0.2 | ) | ||||||||||||
2009 | 92.4 | % | 92.3 | % | 92.4 | % | 92.4 | % | 92.4 | % | 92.4 | % | 0.0 | % | 0.3 | 0.0 | % | 0.3 | |||||||||||||
2010 | 99.2 | % | 99.3 | % | 99.4 | % | 99.3 | % | 99.3 | % | 99.3 | % | 0.0 | % | 0.3 | (0.1 | )% | (1.1 | ) | ||||||||||||
2011 | 100.1 | % | 100.0 | % | 100.2 | % | 100.0 | % | 100.0 | % | 100.0 | % | (0.0 | )% | (0.3 | ) | (0.2 | )% | (1.6 | ) | |||||||||||
2012 | 100.1 | % | 99.9 | % | 100.1 | % | 99.9 | % | 99.8 | % | 99.8 | % | 0.0 | % | 0.1 | (0.3 | )% | (3.3 | ) | ||||||||||||
2013 | 96.8 | % | 95.7 | % | 95.5 | % | 95.3 | % | 95.1 | % | 94.9 | % | (0.2 | )% | (3.1 | ) | (0.6 | )% | (8.5 | ) | |||||||||||
2014 | 96.4 | % | 95.9 | % | 95.4 | % | 95.0 | % | 94.6 | % | 94.3 | % | (0.3 | )% | (3.7 | ) | (1.0 | )% | (13.3 | ) | |||||||||||
2015 | 97.6 | % | 97.8 | % | 98.3 | % | 98.0 | % | 98.4 | % | 0.4 | % | 5.6 | 0.6 | % | 8.5 | |||||||||||||||
2016 YTD | 99.4 | % | 99.5 | % | 99.8 | % | |||||||||||||||||||||||||
$ | (0.6 | ) | $ | (18.6 | ) |
• | “Focus States” – Arizona, California, Florida and Texas. |
• | “Other States” – States where we are running off our business. |
Three months ended September 30, | ||||||||||||||
2016 | 2015 | Change | % Change | |||||||||||
Gross written premium: | ||||||||||||||
Personal Auto: | ||||||||||||||
Focus States | $ | 312,538 | $ | 287,388 | $ | 25,150 | 8.8 | % | ||||||
Other States | 7,233 | 11,550 | (4,316 | ) | (37.4 | )% | ||||||||
Total Personal Auto | 319,771 | 298,938 | 20,833 | 7.0 | % | |||||||||
Commercial Vehicle | 35,326 | 31,130 | 4,196 | 13.5 | % | |||||||||
Classic Collector | 4,280 | 4,140 | 139 | 3.4 | % | |||||||||
Total gross written premium | 359,377 | 334,209 | 25,168 | 7.5 | % | |||||||||
Ceded reinsurance | (2,312 | ) | (3,568 | ) | 1,256 | (35.2 | )% | |||||||
Net written premium | 357,065 | 330,641 | 26,424 | 8.0 | % | |||||||||
Change in unearned premium | (14,895 | ) | 7,946 | (22,840 | ) | (287.5 | )% | |||||||
Net earned premium | $ | 342,171 | $ | 338,586 | $ | 3,584 | 1.1 | % | ||||||
Nine months ended September 30, | ||||||||||||||
2016 | 2015 | Change | % Change | |||||||||||
Gross written premium: | ||||||||||||||
Personal Auto: | ||||||||||||||
Focus States | $ | 926,127 | $ | 931,606 | $ | (5,478 | ) | (0.6 | )% | |||||
Other States | 25,797 | 39,145 | (13,348 | ) | (34.1 | )% | ||||||||
Total Personal Auto | 951,925 | 970,751 | (18,826 | ) | (1.9 | )% | ||||||||
Commercial Vehicle | 107,975 | 94,620 | 13,356 | 14.1 | % | |||||||||
Classic Collector | 12,406 | 11,983 | 423 | 3.5 | % | |||||||||
Total gross written premium | 1,072,306 | 1,077,354 | (5,048 | ) | (0.5 | )% | ||||||||
Ceded reinsurance | (6,511 | ) | (11,028 | ) | 4,517 | (41.0 | )% | |||||||
Net written premium | 1,065,795 | 1,066,326 | (531 | ) | 0.0 | % | ||||||||
Change in unearned premium | (46,725 | ) | (55,130 | ) | 8,404 | (15.2 | )% | |||||||
Net earned premium | $ | 1,019,070 | $ | 1,011,197 | $ | 7,874 | 0.8 | % |
At September 30, | |||||||||||
2016 | 2015 | Change | % Change | ||||||||
Personal Auto: | |||||||||||
Focus States | 711,049 | 756,690 | (45,641 | ) | (6.0 | )% | |||||
Other States | 18,637 | 30,548 | (11,911 | ) | (39.0 | )% | |||||
Total Personal Auto | 729,686 | 787,238 | (57,552 | ) | (7.3 | )% | |||||
Commercial Vehicle | 51,849 | 48,151 | 3,698 | 7.7 | % | ||||||
Classic Collector | 41,511 | 41,065 | 446 | 1.1 | % | ||||||
Total policies in force | 823,046 | 876,454 | (53,408 | ) | (6.1 | )% |
Three months ended September 30, | ||||||||||||||||||||
2016 | 2015 | % Point Change | ||||||||||||||||||
Loss & LAE Ratio | Underwriting Ratio | Combined Ratio | Loss & LAE Ratio | Underwriting Ratio | Combined Ratio | Loss & LAE Ratio | Underwriting Ratio | Combined Ratio | ||||||||||||
Personal Auto: | ||||||||||||||||||||
Focus States | 81.4 | % | 16.3 | % | 97.7 | % | 73.9 | % | 17.0 | % | 90.9 | % | 7.4 | % | (0.7 | )% | 6.8 | % | ||
Other States | 56.9 | % | 11.6 | % | 68.5 | % | 71.4 | % | 14.0 | % | 85.4 | % | (14.5 | )% | (2.4 | )% | (16.9 | )% | ||
Total Personal Auto | 80.7 | % | 16.2 | % | 96.8 | % | 73.8 | % | 16.8 | % | 90.7 | % | 6.8 | % | (0.7 | )% | 6.2 | % | ||
Commercial Vehicle | 98.3 | % | 16.7 | % | 115.0 | % | 100.7 | % | 16.1 | % | 116.8 | % | (2.4 | )% | 0.6 | % | (1.8 | )% | ||
Classic Collector | 67.1 | % | 33.8 | % | 100.9 | % | 49.3 | % | 28.4 | % | 77.7 | % | 17.9 | % | 5.4 | % | 23.3 | % | ||
Total statutory ratios | 82.3 | % | 16.4 | % | 98.7 | % | 75.7 | % | 16.9 | % | 92.6 | % | 6.5 | % | (0.5 | )% | 6.1 | % | ||
Total statutory ratios excluding development | 80.7 | % | 16.4 | % | 97.1 | % | 78.4 | % | 16.9 | % | 95.3 | % | 2.3 | % | (0.5 | )% | 1.8 | % | ||
GAAP ratios | 82.1 | % | 18.2 | % | 100.2 | % | 75.6 | % | 18.5 | % | 94.2 | % | 6.5 | % | (0.4 | )% | 6.1 | % | ||
GAAP ratios excluding development | 80.5 | % | 18.2 | % | 98.7 | % | 78.3 | % | 18.5 | % | 96.8 | % | 2.2 | % | (0.4 | )% | 1.8 | % | ||
Nine months ended September 30, | ||||||||||||||||||||
2016 | 2015 | % Point Change | ||||||||||||||||||
Loss & LAE Ratio | Underwriting Ratio | Combined Ratio | Loss & LAE Ratio | Underwriting Ratio | Combined Ratio | Loss & LAE Ratio | Underwriting Ratio | Combined Ratio | ||||||||||||
Personal Auto: | ||||||||||||||||||||
Focus States | 80.3 | % | 16.5 | % | 96.8 | % | 75.1 | % | 17.0 | % | 92.1 | % | 5.2 | % | (0.4 | )% | 4.7 | % | ||
Other States | 52.5 | % | 15.5 | % | 68.0 | % | 93.7 | % | 14.5 | % | 108.1 | % | (41.2 | )% | 1.0 | % | (40.1 | )% | ||
Total Personal Auto | 79.4 | % | 16.5 | % | 95.9 | % | 76.1 | % | 16.9 | % | 93.0 | % | 3.3 | % | (0.4 | )% | 2.9 | % | ||
Commercial Vehicle | 83.7 | % | 17.2 | % | 100.9 | % | 88.1 | % | 16.1 | % | 104.2 | % | (4.4 | )% | 1.1 | % | (3.3 | )% | ||
Classic Collector | 58.9 | % | 32.2 | % | 91.1 | % | 54.4 | % | 28.4 | % | 82.7 | % | 4.5 | % | 3.8 | % | 8.4 | % | ||
Total statutory ratios | 79.6 | % | 16.8 | % | 96.4 | % | 76.8 | % | 17.0 | % | 93.7 | % | 2.9 | % | (0.2 | )% | 2.7 | % | ||
Total statutory ratios excluding development | 81.5 | % | 16.8 | % | 98.2 | % | 79.1 | % | 17.0 | % | 96.1 | % | 2.3 | % | (0.2 | )% | 2.1 | % | ||
GAAP ratios | 79.5 | % | 18.5 | % | 98.0 | % | 76.6 | % | 18.7 | % | 95.3 | % | 2.9 | % | (0.1 | )% | 2.7 | % | ||
GAAP ratios excluding development | 81.3 | % | 18.5 | % | 99.8 | % | 79.0 | % | 18.7 | % | 97.6 | % | 2.3 | % | (0.1 | )% | 2.2 | % |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
($ in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Installment and other fee income | $ | 26,297 | $ | 24,005 | $ | 77,200 | $ | 73,122 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Gross investment income: | |||||||||||||||
Interest income on fixed maturities, cash and cash equivalents | $ | 8,191 | $ | 10,103 | $ | 25,237 | $ | 27,999 | |||||||
Dividends on equity securities | 482 | 426 | 1,545 | 1,614 | |||||||||||
Gross investment income | 8,672 | 10,529 | 26,782 | 29,613 | |||||||||||
Investment expenses | (548 | ) | (559 | ) | (1,667 | ) | (1,704 | ) | |||||||
Net investment income | 8,125 | 9,970 | 25,115 | 27,908 | |||||||||||
Average investment balance, at cost | $ | 1,499,267 | $ | 1,555,905 | $ | 1,502,808 | $ | 1,567,328 | |||||||
Annualized returns excluding realized gains and losses | 2.2% | 2.6% | 2.2% | 2.4% | |||||||||||
Annualized returns including realized gains and losses | 2.5% | 2.5% | 2.3% | 2.5% |
Expected Principal Cash Flows | |||||||||||||
($ in thousands) | MBS and ABS only | Excluding MBS and ABS | Total | Maturing Book Yield | |||||||||
For the period ending December 31, | |||||||||||||
2016 | $ | 20,900 | $ | 17,350 | $ | 38,250 | 2.5% | ||||||
2017 | 100,677 | 137,219 | 237,896 | 2.3% | |||||||||
2018 | 67,091 | 129,942 | 197,033 | 2.2% | |||||||||
2019 | 52,969 | 175,025 | 227,994 | 2.1% | |||||||||
2020 | 39,218 | 152,104 | 191,322 | 2.6% | |||||||||
Thereafter | 154,870 | 263,645 | 418,516 | 2.6% | |||||||||
Total | $ | 435,725 | $ | 875,285 | $ | 1,311,010 | 2.4% |
Three months ended September 30, 2016 | Three months ended September 30, 2015 | ||||||||||||||||||||||
Net Realized Gains (Losses) on Sales | Net Impairment Losses Recognized in Earnings | Total Net Realized Gains (Losses) on Investments | Net Realized (Losses) Gains on Sales | Net Impairment Losses Recognized in Earnings | Total Net Realized Losses on Investments | ||||||||||||||||||
Fixed maturities | $ | 813 | $ | 0 | $ | 813 | $ | (287 | ) | $ | (123 | ) | $ | (410 | ) | ||||||||
Equity securities | 470 | 0 | 470 | 0 | 0 | 0 | |||||||||||||||||
Short-term investments | (1 | ) | 0 | (1 | ) | 0 | 0 | 0 | |||||||||||||||
Total | $ | 1,282 | $ | 0 | $ | 1,282 | $ | (287 | ) | $ | (123 | ) | $ | (410 | ) | ||||||||
Nine months ended September 30, 2016 | Nine months ended September 30, 2015 | ||||||||||||||||||||||
Net Realized Gains (Losses) on Sales | Net Impairment Losses Recognized in Earnings | Total Net Realized Gains (Losses) on Investments | Net Realized Gains on Sales | Net Impairment Losses Recognized in Earnings | Total Net Realized (Losses) Gains on Investments | ||||||||||||||||||
Fixed maturities | $ | 1,106 | $ | (316 | ) | $ | 790 | $ | 588 | $ | (713 | ) | $ | (125 | ) | ||||||||
Equity securities | 470 | 0 | 470 | 1,099 | 0 | 1,099 | |||||||||||||||||
Short-term investments | (3 | ) | 0 | (3 | ) | 0 | 0 | 0 | |||||||||||||||
Total | $ | 1,573 | $ | (316 | ) | $ | 1,257 | $ | 1,686 | $ | (713 | ) | $ | 974 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
($ in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
5.0% Senior Notes | $ | 3,438 | $ | 3,438 | $ | 10,313 | $ | 10,313 | |||||||
Amortization of debt issuance costs | 52 | 49 | 154 | 147 | |||||||||||
Capital leases | 18 | 19 | 57 | 62 | |||||||||||
Total | $ | 3,507 | $ | 3,506 | $ | 10,524 | $ | 10,522 |
Total Number of Shares Purchased | Average Price Paid per Share (Excluding Commissions) | |||||
First quarter | 106,766 | $ | 78.59 | |||
Second quarter | 2,800 | 78.32 | ||||
Third quarter | 7,100 | 83.13 | ||||
Total | 116,666 | $ | 78.86 |
Amortized Cost | Fair Value | % of Total Fair Value | ||||||||
Fixed Maturities: | ||||||||||
U.S. government | $ | 63,222 | $ | 63,942 | 4.3 | % | ||||
State and municipal | 470,074 | 478,199 | 31.9 | % | ||||||
Mortgage- and asset-backed: | ||||||||||
Residential mortgage-backed securities | 331,827 | 339,655 | 22.6 | % | ||||||
Commercial mortgage-backed securities | 76,212 | 76,190 | 5.1 | % | ||||||
Asset-backed securities (ABS): | ||||||||||
Auto loans | 30,771 | 30,889 | 2.1 | % | ||||||
Equipment leases | 7,589 | 7,648 | 0.5 | % | ||||||
All other | 5,870 | 5,927 | 0.4 | % | ||||||
Total ABS | 44,231 | 44,465 | 3.0 | % | ||||||
Total mortgage- and asset-backed | 452,270 | 460,310 | 30.7 | % | ||||||
Corporates | ||||||||||
Investment grade | 279,209 | 284,191 | 18.9 | % | ||||||
Non-investment grade | 114,750 | 117,991 | 7.9 | % | ||||||
Total corporates | 393,959 | 402,182 | 26.8 | % | ||||||
Total fixed maturities | 1,379,525 | 1,404,633 | 93.7 | % | ||||||
Equity securities | 77,125 | 92,822 | 6.2 | % | ||||||
Short-term investments | 2,257 | 2,255 | 0.2 | % | ||||||
Total investments | $ | 1,458,907 | $ | 1,499,710 | 100.0 | % |
Rating | ||||||||||||||||||||||||||
AAA | AA | A | BBB | Non-investment Grade | Total Fair Value | % of Total Exposure | ||||||||||||||||||||
U.S. government | $ | 63,942 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 63,942 | 4.6 | % | ||||||||||||
State and municipal | 134,134 | 263,333 | 80,115 | 0 | 618 | 478,199 | 34.0 | % | ||||||||||||||||||
Mortgage- and asset-backed | 433,977 | 21,889 | 1,330 | 3,114 | 0 | 460,310 | 32.8 | % | ||||||||||||||||||
Corporates | 0 | 32,690 | 133,988 | 117,514 | 117,991 | 402,182 | 28.6 | % | ||||||||||||||||||
Total fair value | $ | 632,052 | $ | 317,911 | $ | 215,433 | $ | 120,627 | $ | 118,609 | $ | 1,404,633 | 100.0 | % | ||||||||||||
% of total fair value | 45.0% | 22.6% | 15.3% | 8.6% | 8.4% | 100.0% |
Period | Total Number of Shares Purchased | Average Price Paid per Share (a) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||
July 1, 2016 - July 31, 2016 | — | $ | — | — | $ | 36,746,387 | ||||||||
August 1, 2016 - August 31, 2016 | 2,900 | 82.31 | 2,900 | 36,506,410 | ||||||||||
September 1, 2016 - September 30, 2016 | 4,200 | 83.70 | 4,200 | 36,153,285 | ||||||||||
Total | 7,100 | $ | 83.13 | 7,100 | $ | 36,153,285 |
(a) | Average price paid per share excludes commissions. |
(b) | On November 4, 2014, our Board of Directors increased the authority under our current share and debt repurchase plan to a total of $75.0 million and extended the date to execute the program from December 31, 2014, to December 31, 2016. On November 1, 2016, our Board approved the extension of the date to execute the program from December 31, 2016, to December 31, 2017. |
Exhibit 31.1 | Certification of the Chief Executive Officer under Exchange Act Rule 13a-14(a) |
Exhibit 31.2 | Certification of the Chief Financial Officer under Exchange Act Rule 13a-14(a) |
Exhibit 32 | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 |
Exhibit 101.INS | XBRL Instance Document |
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document (1) |
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (1) |
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (1) |
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document (1) |
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (1) |
(1) Furnished with this report, in accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. |
Infinity Property and Casualty Corporation | ||
BY: | /s/ ROBERT H. BATEMAN | |
November 3, 2016 | Robert H. Bateman | |
Executive Vice President, Chief Financial Officer and Treasurer |
1. | I have reviewed this quarterly report on Form 10-Q of Infinity Property and Casualty Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
November 3, 2016 | BY: | /s/ JAMES R. GOBER |
James R. Gober | ||
Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Infinity Property and Casualty Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
November 3, 2016 | BY: | /s/ ROBERT H. BATEMAN |
Robert H. Bateman | ||
Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
November 3, 2016 | BY: | /s/ JAMES R. GOBER |
James R. Gober President and Chief Executive Officer | ||
November 3, 2016 | BY: | /s/ ROBERT H. BATEMAN |
Robert H. Bateman Executive Vice President, Chief Financial Officer and Treasurer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | INFINITY PROPERTY & CASUALTY CORP | |
Entity Central Index Key | 0001195933 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,055,245 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 2,753 | $ 15,737 | $ 21,476 | $ 40,384 |
Other comprehensive income before tax: | ||||
Net change in post-retirement benefit liability | (11) | 16 | (32) | 49 |
Unrealized gains (losses) on investments: | ||||
Unrealized holding gains (losses) arising during the period | 4,702 | (11,301) | 30,989 | (16,357) |
Less: Reclassification adjustments for (gains) losses included in net earnings | (1,282) | 410 | (1,257) | (974) |
Unrealized gains (losses) on investments, net | 3,420 | (10,891) | 29,731 | (17,331) |
Other comprehensive income (loss), before tax | 3,409 | (10,875) | 29,699 | (17,281) |
Income tax (expense) benefit related to components of other comprehensive income | (1,193) | 3,806 | (10,395) | 6,049 |
Other comprehensive income (loss), net of tax | 2,216 | (7,069) | 19,304 | (11,233) |
Comprehensive income | $ 4,969 | $ 8,669 | $ 40,780 | $ 29,151 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 1,379,525 | $ 1,381,510 |
Equity securities, cost | 77,125 | 78,815 |
Short term investments, amortized cost | 2,257 | 4,656 |
Agents' balances and premium receivable, allowance for doubtful accounts | 14,501 | 15,385 |
Property and equipment, accumulated depreciation | 67,849 | 72,892 |
Recoverable from reinsurers, paid losses and loss adjustment expenses | 1,078 | 362 |
Long-term debt, fair value | $ 292,075 | $ 281,581 |
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (shares) | 21,808,959 | 21,774,520 |
Treasury stock, shares (shares) | 10,751,048 | 10,623,138 |
Significant Reporting And Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Reporting And Accounting Policies | Significant Reporting and Accounting Policies Nature of Operations We are a holding company that provides insurance through our subsidiaries for personal automobiles with a concentration on nonstandard risks, commercial vehicles and classic collectors. Although licensed to write insurance in all 50 states and the District of Columbia, we focus on select states that we believe offer the greatest opportunity for premium growth and profitability. Basis of Consolidation and Reporting The accompanying consolidated financial statements are unaudited and should be read in conjunction with our Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2015. This Quarterly Report on Form 10-Q, including the Condensed Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations, focuses on our financial performance since the beginning of the year. These financial statements reflect certain adjustments necessary for a fair presentation of our results of operations and financial position. Such adjustments consist of normal, recurring accruals recorded to accurately match expenses with their related revenue streams and the elimination of all significant intercompany transactions and balances. We have evaluated events that occurred after September 30, 2016, for recognition or disclosure in our financial statements and the notes to the financial statements. Schedules may not foot due to rounding. Estimates We based certain accounts and balances within these financial statements upon our estimates and assumptions. The amount of reserves for claims not yet paid, for example, is an item that we can only record by estimation. Unrealized capital gains and losses on investments are subject to market fluctuations, and we use judgment in the determination of whether unrealized losses on certain securities are temporary or other-than-temporary. Should actual results differ significantly from these estimates, the effect on our results of operations could be material. The results of operations for the periods presented may not be indicative of our results for the entire year. Recently Adopted Accounting Standards In April 2015 the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) related to the presentation of debt issuance costs. The guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. We adopted this standard retrospectively as of January 1, 2016. The following table illustrates the effect of adopting this standard on the Consolidated Balance Sheets ($ in millions):
Recently Issued Accounting Standards In October 2016 the FASB issued an ASU related to the recognition of income tax on intra-entity transfers of assets other than inventory. The guidance requires the income tax to be recognized when the transfer occurs rather than when the asset is sold to an outside party. The standard is effective for annual periods beginning after December 15, 2017, and interim periods within the year of adoption, and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. In June 2016 the FASB issued an ASU related to the accounting for credit losses. The guidance generally requires credit losses on available-for-sale debt securities to be recognized as an allowance rather than as a reduction to the amortized cost of a security. The standard is effective for fiscal periods beginning after December 15, 2019, and interim periods within the year of adoption, with prospective application of the ASU required for debt securities for which an other-than-temporary impairment has been recognized before the implementation date. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. In March 2016 the FASB issued an ASU related to the accounting for employee share-based payments. The guidance addresses the recognition, presentation and classification of awards, forfeitures and shares withheld for tax purposes. The standard is effective for fiscal periods beginning after December 15, 2016, with each provision having a different application method. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. In February 2016 the FASB issued an ASU related to the accounting for leases. The guidance requires lessees to recognize lease assets and liabilities on the balance sheet. The standard is effective for fiscal years beginning after December 15, 2018, and is to be applied retrospectively, with an option to use a modified retrospective approach for leases which commenced prior to the effective date of this ASU. We are still evaluating the impact this ASU will have on the Company's consolidated financial statements. In January 2016 the FASB issued an ASU amending the guidance on classifying and measuring financial instruments. The guidance requires equity securities to be measured at fair value and changes in that fair value to be recognized through net income. The standard is effective for fiscal years beginning after December 15, 2017, with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We currently record equity securities at fair value and as of September 30, 2016, we have $10.2 million net unrealized gains, net of tax, recognized as a component of other comprehensive income. In May 2015 the FASB issued an ASU related to the disclosure for short-duration contracts. The guidance requires additional disclosures related to the liability for unpaid claims and claim adjustment expenses in an effort to increase transparency and comparability. The standard is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods after December 15, 2016. The new guidance, which is to be applied retrospectively, will have no material impact on our results of operations or financial position. In May 2014 the FASB issued an ASU related to the accounting for revenue from contracts with customers. Insurance contracts have been excluded from the scope of the guidance. In August 2015 the FASB issued an ASU to defer the effective date from fiscal years beginning after December 15, 2016, to fiscal years beginning after December 15, 2017. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. |
Computation Of Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Net Earnings per Share | Computation of Net Earnings per Share The following table illustrates our computations of basic and diluted net earnings per common share ($ in thousands, except per share figures):
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Fair values of instruments are based on:
The following tables present, for each of the fair value hierarchy levels, our assets and liabilities for which we report fair value on a recurring basis ($ in thousands):
We do not report our long-term debt at fair value in the Consolidated Balance Sheets. The $292.1 million and $281.6 million fair value of our long-term debt at September 30, 2016, and December 31, 2015, respectively, would be included in Level 2 of the fair value hierarchy if it were reported at fair value. Level 1 includes cash and cash equivalents, U.S. Treasury securities, an exchange-traded fund and equities held in a rabbi trust which funds our Supplemental Employee Retirement Plan (SERP). Level 2 includes securities whose fair value was determined using observable market inputs. Level 3 securities are comprised of (i) securities for which there is no active or inactive market for similar instruments; (ii) securities whose fair value is determined based on unobservable inputs; and (iii) securities, other than those backed by the U.S. Government, that are not rated by a nationally recognized statistical rating organization (NRSRO). We recognize transfers between levels at the beginning of the reporting period. A third party nationally recognized pricing service provides the fair value of securities in Level 2. A summary of the significant valuation techniques and market inputs for each class of security follows: U.S. Government: In determining the fair value for U.S. Government securities we use the market approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data and industry and economic events. State and municipal: In determining the fair value for state and municipal securities we use the market approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data and industry and economic events. Mortgage-backed securities: In determining the fair value for mortgage-backed securities we use the market approach and to a lesser extent the income approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data, industry and economic events and monthly payment information. Asset-backed securities: In determining the fair value for asset-backed securities we use the market approach and to a lesser extent the income approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data, industry and economic events, monthly payment information and collateral performance. Corporate: In determining the fair value for corporate securities we use the market approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads (for investment grade securities), observations of equity and credit default swap curves (for high-yield corporates), reference data and industry and economic events. We review the third party pricing methodologies quarterly and test for significant differences between the market price used to value the security and recent sales activity. The following tables present the progression in the Level 3 fair value category ($ in thousands):
Of the $2.1 million fair value of securities in Level 3 at September 30, 2016, which consisted of five securities, we priced three based on non-binding broker quotes, one price was provided by our unaffiliated money manager, and one security, which was included in Level 3 because it was not rated by a NRSRO, was priced by a nationally recognized pricing service. One security was transferred from Level 2 into Level 3 during the first quarter of 2016 because a price could not be determined using observable market inputs. However, during the third quarter of 2016, a price was obtained using observable market inputs and the security was transferred back into Level 2. One security was transferred from Level 2 into Level 3 during the second quarter of 2016 following an exchange after which it was no longer rated by a NRSRO. There were no transfers of securities between Levels 1 and 2 in the first nine months of 2016. The gains or losses included in net earnings are included in the line item "Net realized gains (losses) on investments" in the Consolidated Statements of Earnings. We recognize the net gains or losses included in other comprehensive income in the line item "Unrealized gains (losses) on investments, net" in the Consolidated Statements of Comprehensive Income and the line item "Change in unrealized gain on investments" or the line item "Change in non-credit component of impairment losses on fixed maturities" in the Consolidated Statements of Changes in Shareholders’ Equity. The following table presents the carrying value and estimated fair value of our financial instruments ($ in thousands):
Refer to Note 4 – Investments to the Consolidated Financial Statements for additional information on investments and Note 5 – Long-Term Debt to the Consolidated Financial Statements for additional information on long-term debt. |
Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments We consider all fixed maturity and equity securities to be available-for-sale and report them at fair value with the net unrealized gains or losses reported after-tax (net of any valuation allowance) as a component of other comprehensive income. The proceeds from sales of securities for the three and nine months ended September 30, 2016, were $68.0 million and $276.8 million, respectively, while the proceeds from sales of securities for the three and nine months ended September 30, 2015, were $75.9 million and $232.6 million, respectively. The proceeds for the nine months ended September 30, 2016, were net of $1.7 million of receivable for unsettled sales as of September 30, 2016. The proceeds for the nine months ended September 30, 2015, were net of $2.7 million of receivable for securities sold during the third quarter of 2015 that had not settled as of September 30, 2015. Gross gains of $1.3 million and gross losses of $42.0 thousand were realized on sales of available-for-sale securities during the three months ended September 30, 2016, compared with gross gains of $1.6 million and gross losses of $1.9 million realized on sales during the three months ended September 30, 2015. Gross gains of $3.5 million and gross losses of $1.9 million were realized on sales of available-for-sale securities during the nine months ended September 30, 2016, compared with gross gains of $4.3 million and gross losses of $2.6 million realized on sales during the nine months ended September 30, 2015. Gains or losses on securities are determined on a specific identification basis. Summarized information for the major categories of our investment portfolio follows ($ in thousands):
The following tables set forth the amount of unrealized loss by investment category and length of time that individual securities have been in a continuous unrealized loss position ($ in thousands):
The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective as well as objective factors. Factors we considered and resources we used in our determination include:
We regularly evaluate for potential impairment each security position that has either of the following: a fair value of less than 95% of its book value or an unrealized loss that equals or exceeds $100,000. The following table summarizes those securities, excluding the rabbi trust, with unrealized gains or losses:
The following table sets forth the amount of unrealized losses, excluding the rabbi trust, by age and severity at September 30, 2016, ($ in thousands):
The change in unrealized gains (losses) on marketable securities included the following ($ in thousands):
For fixed maturity securities that are other-than-temporarily impaired, we assess our intent to sell and the likelihood that we will be required to sell the security before recovery of our amortized cost. If a fixed maturity security is considered other-than-temporarily impaired but we do not intend to and are not more than likely to be required to sell the security before our recovery of amortized cost, we separate the amount of the impairment into a credit loss component and the amount due to all other factors ("non-credit component"). The excess of the amortized cost over the present value of the expected cash flows determines the credit loss component of an impairment charge on a fixed maturity security. The present value is determined using the best estimate of cash flows discounted at (i) the effective interest rate implicit at the date of acquisition for non-structured securities; or (ii) the book yield for structured securities. The techniques and assumptions for determining the best estimate of cash flows vary depending on the type of security. We recognize the credit loss component of an impairment charge in net earnings and the non-credit component in accumulated other comprehensive income. If we intend to sell or will, more likely than not, be required to sell a security, we treat the entire amount of the impairment as a credit loss. For our securities held with unrealized losses, we believe, based on our analysis, we will recover our cost basis in these securities and we do not intend to sell the securities nor is it more likely than not there will be a requirement to sell the securities before they recover in value. The following table is a progression of credit losses on fixed maturity securities that were bifurcated between a credit and non-credit component ($ in thousands):
The table below sets forth the scheduled maturities of fixed maturity securities at September 30, 2016, based on their fair values ($ in thousands). We report securities that do not have a single maturity date at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt
In September 2012 we issued $275 million principal of senior notes due September 2022 (the “5.0% Senior Notes”). The 5.0% Senior Notes accrue interest at 5.0%, payable semiannually. At the time we issued the 5.0% Senior Notes, we capitalized $2.2 million of debt issuance costs, which we are amortizing over the term of the 5.0% Senior Notes. We calculated the September 30, 2016, fair value of $292.1 million using a 223 basis point spread to the 10-year U.S. Treasury Note of 1.596%. In August 2014 we renewed our agreement for a $50 million three-year revolving credit facility (the “Credit Agreement”) that requires us to meet certain financial and other covenants. We are currently in compliance with all covenants under the Credit Agreement, and as of September 30, 2016, there were no borrowings outstanding against it. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following is a reconciliation of income taxes at the statutory rate of 35.0% to the effective provision for income taxes as shown in the Consolidated Statements of Earnings ($ in thousands):
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Additional Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information | Additional Information Supplemental Cash Flow Information We made the following payments that we do not separately disclose in the Consolidated Statements of Cash Flows ($ in thousands):
Negative Cash Book Balances Negative cash book balances, included in the line item “Other liabilities” in the Consolidated Balance Sheets, were $40.8 million and $41.4 million at September 30, 2016, and December 31, 2015, respectively. |
Insurance Reserves |
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Insurance Reserves | Insurance Reserves Insurance reserves include liabilities for unpaid losses, both known and estimated for incurred but not reported (IBNR), and unpaid loss adjustment expenses (LAE). The following table provides an analysis of changes in the liability for unpaid losses and LAE on a GAAP basis ($ in thousands):
The $0.6 million and $18.6 million of favorable reserve development during the three and nine months ended September 30, 2016, respectively, was primarily due to decreases in severity estimates related to Florida personal injury protection and bodily injury coverages related to accident years 2015 and prior, partially offset by unfavorable development from accident year 2015 in California material damage coverages and in bodily injury coverages in our commercial vehicle product, driven by an increase in severity. The $24.0 million of favorable reserve development during the nine months ended September 30, 2015, was primarily due to decreases in severity as well as decreases in loss adjustment expenses related to Florida bodily injury coverages in accident years 2013 and 2014. A decrease in loss adjustment expenses related to California bodily injury coverages in accident years 2013 and 2014 also contributed to the $11.3 million of favorable reserve development during the three months ended September 30, 2015. |
Commitments And Contingencies |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments We extended our building lease in Alpharetta, Georgia through November 30, 2021, at a total base rent amount over the lease period of $2.7 million. In addition, a significant portion of our fleet vehicles, which have minimum lease terms of 367 days, were traded in during the first six months of 2016. The minimum remaining lease payment on our fleet as of September 30, 2016, is $0.9 million. Other than these items, there have been no material changes from the commitments discussed on Form 10-K for the year ended December 31, 2015. For a description of our previously reported commitments, refer to Note 14 Commitments and Contingencies of our Form 10-K for the year ended December 31, 2015. Contingencies From time to time we and our subsidiaries are named as defendants in various lawsuits incidental to our insurance operations. We consider legal actions relating to claims made in the ordinary course of seeking indemnification for a loss covered by the insurance policy in establishing loss and LAE reserves. We also face, in the ordinary course of business, lawsuits that seek damages beyond policy limits, commonly known as extra-contractual claims, as well as class action and individual lawsuits that involve issues not unlike those facing other insurance companies and employers. We continually evaluate potential liabilities and reserves for litigation of these types using the criteria established by the Contingencies topic of the FASC. Under this guidance we may only record reserves for a loss if the likelihood of occurrence is probable and we can reasonably estimate the amount. If a material loss is judged to be reasonably possible, we will disclose an estimated range of loss or state that an estimate cannot be made. We consider each legal action using this guidance and record reserves for losses as warranted by establishing a reserve captured within our Consolidated Balance Sheets line-items “Unpaid losses and loss adjustment expenses” for extra-contractual claims and “Other liabilities” for class action and other non-claims related lawsuits. We record amounts incurred on the Consolidated Statements of Earnings within “Losses and loss adjustment expenses” for extra-contractual claims and “Other expenses” for class action and other non-claims related lawsuits. Certain claims and legal actions have been brought against us for which we have accrued no loss, and for which an estimate of a possible range of loss cannot be made under the above rules. While it is not possible to predict the ultimate outcome of these claims or lawsuits, we do not believe they are likely to have a material effect on our financial condition or liquidity. However, losses incurred because of these cases could have a material adverse impact on net earnings in a given period. For a description of previously reported contingencies, refer to Note 14 Commitments and Contingencies of our Form 10-K for the year ended December 31, 2015. |
Accumulated Other Comprehensive Income |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The components of other comprehensive income before and after tax are as follows ($ in thousands):
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Consolidation and Reporting | Basis of Consolidation and Reporting The accompanying consolidated financial statements are unaudited and should be read in conjunction with our Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2015. This Quarterly Report on Form 10-Q, including the Condensed Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations, focuses on our financial performance since the beginning of the year. These financial statements reflect certain adjustments necessary for a fair presentation of our results of operations and financial position. Such adjustments consist of normal, recurring accruals recorded to accurately match expenses with their related revenue streams and the elimination of all significant intercompany transactions and balances. We have evaluated events that occurred after September 30, 2016, for recognition or disclosure in our financial statements and the notes to the financial statements. Schedules may not foot due to rounding. |
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Estimates | Estimates We based certain accounts and balances within these financial statements upon our estimates and assumptions. The amount of reserves for claims not yet paid, for example, is an item that we can only record by estimation. Unrealized capital gains and losses on investments are subject to market fluctuations, and we use judgment in the determination of whether unrealized losses on certain securities are temporary or other-than-temporary. Should actual results differ significantly from these estimates, the effect on our results of operations could be material. The results of operations for the periods presented may not be indicative of our results for the entire year. |
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Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards In April 2015 the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) related to the presentation of debt issuance costs. The guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. We adopted this standard retrospectively as of January 1, 2016. The following table illustrates the effect of adopting this standard on the Consolidated Balance Sheets ($ in millions):
Recently Issued Accounting Standards In October 2016 the FASB issued an ASU related to the recognition of income tax on intra-entity transfers of assets other than inventory. The guidance requires the income tax to be recognized when the transfer occurs rather than when the asset is sold to an outside party. The standard is effective for annual periods beginning after December 15, 2017, and interim periods within the year of adoption, and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. In June 2016 the FASB issued an ASU related to the accounting for credit losses. The guidance generally requires credit losses on available-for-sale debt securities to be recognized as an allowance rather than as a reduction to the amortized cost of a security. The standard is effective for fiscal periods beginning after December 15, 2019, and interim periods within the year of adoption, with prospective application of the ASU required for debt securities for which an other-than-temporary impairment has been recognized before the implementation date. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. In March 2016 the FASB issued an ASU related to the accounting for employee share-based payments. The guidance addresses the recognition, presentation and classification of awards, forfeitures and shares withheld for tax purposes. The standard is effective for fiscal periods beginning after December 15, 2016, with each provision having a different application method. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. In February 2016 the FASB issued an ASU related to the accounting for leases. The guidance requires lessees to recognize lease assets and liabilities on the balance sheet. The standard is effective for fiscal years beginning after December 15, 2018, and is to be applied retrospectively, with an option to use a modified retrospective approach for leases which commenced prior to the effective date of this ASU. We are still evaluating the impact this ASU will have on the Company's consolidated financial statements. In January 2016 the FASB issued an ASU amending the guidance on classifying and measuring financial instruments. The guidance requires equity securities to be measured at fair value and changes in that fair value to be recognized through net income. The standard is effective for fiscal years beginning after December 15, 2017, with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We currently record equity securities at fair value and as of September 30, 2016, we have $10.2 million net unrealized gains, net of tax, recognized as a component of other comprehensive income. In May 2015 the FASB issued an ASU related to the disclosure for short-duration contracts. The guidance requires additional disclosures related to the liability for unpaid claims and claim adjustment expenses in an effort to increase transparency and comparability. The standard is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods after December 15, 2016. The new guidance, which is to be applied retrospectively, will have no material impact on our results of operations or financial position. In May 2014 the FASB issued an ASU related to the accounting for revenue from contracts with customers. Insurance contracts have been excluded from the scope of the guidance. In August 2015 the FASB issued an ASU to defer the effective date from fiscal years beginning after December 15, 2016, to fiscal years beginning after December 15, 2017. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations. |
Significant Reporting and Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effect of adopting new ASU on the Consolidated Balance Sheets | The following table illustrates the effect of adopting this standard on the Consolidated Balance Sheets ($ in millions):
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Computation of Net Earnings per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Net Earnings Per Common Share | The following table illustrates our computations of basic and diluted net earnings per common share ($ in thousands, except per share figures):
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value by hierarchy | The following tables present, for each of the fair value hierarchy levels, our assets and liabilities for which we report fair value on a recurring basis ($ in thousands):
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Fair value level 3 reconciliation | The following tables present the progression in the Level 3 fair value category ($ in thousands):
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Carrying Value and Estimated Fair Value | The following table presents the carrying value and estimated fair value of our financial instruments ($ in thousands):
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized information of investment portfolio | Summarized information for the major categories of our investment portfolio follows ($ in thousands):
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Unrealized loss by investment category and length of time | The following tables set forth the amount of unrealized loss by investment category and length of time that individual securities have been in a continuous unrealized loss position ($ in thousands):
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Summary of unrealized gains or losses | The following table summarizes those securities, excluding the rabbi trust, with unrealized gains or losses:
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Unrealized loss by age and severity | The following table sets forth the amount of unrealized losses, excluding the rabbi trust, by age and severity at September 30, 2016, ($ in thousands):
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Change in unrealized gains (losses) on marketable securities | The change in unrealized gains (losses) on marketable securities included the following ($ in thousands):
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Progression of credit losses on fixed maturity securities | The following table is a progression of credit losses on fixed maturity securities that were bifurcated between a credit and non-credit component ($ in thousands):
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Scheduled maturities of fixed maturity securities | The table below sets forth the scheduled maturities of fixed maturity securities at September 30, 2016, based on their fair values ($ in thousands). We report securities that do not have a single maturity date at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.
|
Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt |
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of provision for income taxes | The following is a reconciliation of income taxes at the statutory rate of 35.0% to the effective provision for income taxes as shown in the Consolidated Statements of Earnings ($ in thousands):
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Additional Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | We made the following payments that we do not separately disclose in the Consolidated Statements of Cash Flows ($ in thousands):
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Insurance Reserves (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for unpaid losses and LAE | The following table provides an analysis of changes in the liability for unpaid losses and LAE on a GAAP basis ($ in thousands):
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Comprehensive Income Before and After Tax | The components of other comprehensive income before and after tax are as follows ($ in thousands):
|
Significant Reporting And Accounting Policies (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016
USD ($)
state
|
Sep. 30, 2015
USD ($)
|
|
Accounting Policies [Abstract] | ||
Number of states licensed to write insurance | state | 50 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized holding gains on securities arising during period, net of tax | $ 20,143 | $ (10,632) |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized holding gains on securities arising during period, net of tax | $ 10,200 |
Significant Reporting And Accounting Policies - Effect on Line Items of Recently Adopted Accounting Policies (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | $ 11,082 | $ 10,306 |
Total assets | 2,460,217 | 2,385,135 |
Long-term debt | 273,538 | 273,383 |
Total liabilities | 1,757,416 | 1,697,540 |
Total liabilities and shareholders' equity | $ 2,460,217 | 2,385,135 |
As Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | 11,900 | |
Total assets | 2,386,800 | |
Long-term debt | 275,000 | |
Total liabilities | 1,699,200 | |
Total liabilities and shareholders' equity | 2,386,800 | |
Difference | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | (1,600) | |
Total assets | (1,600) | |
Long-term debt | (1,600) | |
Total liabilities | (1,600) | |
Total liabilities and shareholders' equity | $ (1,600) |
Computation of Net Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | |||
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Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Computation of net earnings per share | |||||
Net earnings | $ 2,753 | $ 11,097 | $ 15,737 | $ 21,476 | $ 40,384 |
Average basic shares outstanding (shares) | 11,018 | 11,321 | 11,022 | 11,385 | |
Basic net earnings per share (usd per share) | $ 0.25 | $ 1.39 | $ 1.95 | $ 3.55 | |
Average diluted shares outstanding (shares) | 11,084 | 11,383 | 11,105 | 11,474 | |
Diluted net earnings per share (usd per share) | $ 0.25 | $ 1.38 | $ 1.93 | $ 3.52 | |
Restricted stock not vested | |||||
Computation of net earnings per share | |||||
Dilutive shares (shares) | 27 | 18 | 24 | 16 | |
Dilutive effect of Performance Share Plan | |||||
Computation of net earnings per share | |||||
Dilutive shares (shares) | 39 | 45 | 59 | 73 |
Investments - Textual (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Investments, Debt and Equity Securities [Abstract] | |||||
Proceeds from sale of available-for-sale securities | $ 68,000,000 | $ 75,900,000 | $ 276,800,000 | $ 232,600,000 | |
Receivable for securities sold | 1,714,000 | 2,700,000 | 1,714,000 | 2,700,000 | $ 0 |
Gross realized gains | 1,300,000 | 1,600,000 | 3,500,000 | 4,300,000 | |
Gross realized losses | $ 42,000 | $ 1,900,000 | $ 1,900,000 | $ 2,600,000 |
Investments - Summary of unrealized gains and losses (Details) - security |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of positions held with unrealized gains (positions) | 1,057 | 602 |
Number of positions held with unrealized losses (positions) | 172 | 561 |
Number of positions held that individually exceed unrealized gains of $500,000 (positions) | 2.00 | 2 |
Number of positions held that individually exceed unrealized losses of $500,000 (positions) | 0 | 0 |
Percentage of positions held with unrealized gains that were investment grade (percent) | 92.00% | 94.00% |
Percentage of positions held with unrealized losses that were investment grade (percent) | 88.00% | 89.00% |
Percentage of fair value held with unrealized gains that were investment grade (percent) | 92.00% | 95.00% |
Percentage of fair value held with unrealized losses that were investment grade (percent) | 91.00% | 88.00% |
Investments - Change in unrealized gains and losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Unrealized holding gains (losses) on securities arising during the period, pre-tax | $ 4,702 | $ (11,301) | $ 30,989 | $ (16,357) |
Unrealized holding gains (losses) on securities arising during the period, tax effects | (10,846) | 5,725 | ||
Unrealized holding gains (losses) on securities arising during period, net of tax | 20,143 | (10,632) | ||
Realized gains on securities sold, pre-tax | (1,282) | 287 | (1,573) | (1,686) |
Realized gains on securities sold, tax effects | 551 | 590 | ||
Realized gains on securities sold, net of tax | (1,023) | (1,096) | ||
Impairment loss recognized in earnings, tax effects | (111) | (249) | ||
Impairment loss recognized in earnings | 205 | 463 | ||
Change in unrealized gains (losses) on marketable securities, net, pre-tax | $ 3,420 | $ (10,891) | 29,731 | (17,331) |
Change in unrealized gains (losses) on marketable securities, net, tax effects | (10,406) | 6,066 | ||
Change in unrealized gains (losses) on marketable securities, net, net of tax | 19,325 | (11,265) | ||
Fixed Maturities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Unrealized holding gains (losses) on securities arising during the period, pre-tax | 25,941 | (9,119) | ||
Realized gains on securities sold, pre-tax | (1,106) | (588) | ||
Impairment loss recognized in earnings, pre-tax | 316 | 713 | ||
Change in unrealized gains (losses) on marketable securities, net, pre-tax | 25,151 | (8,994) | ||
Equity securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Unrealized holding gains (losses) on securities arising during the period, pre-tax | 5,047 | (7,238) | ||
Unrealized holding gains (losses) on securities arising during period, net of tax | 10,200 | |||
Realized gains on securities sold, pre-tax | (470) | (1,099) | ||
Impairment loss recognized in earnings, pre-tax | 0 | 0 | ||
Change in unrealized gains (losses) on marketable securities, net, pre-tax | 4,577 | (8,337) | ||
Short-term investments | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Unrealized holding gains (losses) on securities arising during the period, pre-tax | 0 | 0 | ||
Realized gains on securities sold, pre-tax | 3 | 0 | ||
Impairment loss recognized in earnings, pre-tax | 0 | 0 | ||
Change in unrealized gains (losses) on marketable securities, net, pre-tax | $ 3 | $ 0 |
Investments - Credit losses rollforward (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Credit losses on fixed maturity securities | ||
Beginning balance | $ 683 | $ 852 |
Reductions for: Securities sold and paid down | (105) | (139) |
Ending balance | $ 579 | $ 712 |
Investments - Investments by contractual maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
One year or less, fair value | $ 107,128 | |
One year or less, amortized cost | 106,393 | |
After one year through five years, fair value | 574,155 | |
After one year through five years, amortized cost | 565,291 | |
After five years through ten years, fair value | 261,250 | |
After five years through ten years, amortized cost | 253,888 | |
After ten years, fair value | 1,790 | |
After ten years, amortized cost basis | 1,683 | |
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value | 460,310 | |
Mortgage-backed, asset-backed and collateralized mortgage obligations, amortized cost | 452,270 | |
Fair Value, Fixed maturities | 1,404,633 | $ 1,381,467 |
Amortized Cost, Fixed Maturities | 1,379,525 | $ 1,381,510 |
Securities with Unrealized Gains | ||
Schedule of Available-for-sale Securities [Line Items] | ||
One year or less, fair value | 103,635 | |
After one year through five years, fair value | 497,251 | |
After five years through ten years, fair value | 223,821 | |
After ten years, fair value | 1,790 | |
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value | 366,054 | |
Fair Value, Fixed maturities | 1,192,550 | |
Securities with Unrealized Losses | ||
Schedule of Available-for-sale Securities [Line Items] | ||
One year or less, fair value | 2,594 | |
After one year through five years, fair value | 74,810 | |
After five years through ten years, fair value | 37,429 | |
After ten years, fair value | 0 | |
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value | 94,256 | |
Fair Value, Fixed maturities | 209,088 | |
Securities with No Unrealized Gains or Losses | ||
Schedule of Available-for-sale Securities [Line Items] | ||
One year or less, fair value | 900 | |
After one year through five years, fair value | 2,095 | |
After five years through ten years, fair value | 0 | |
After ten years, fair value | 0 | |
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value | 0 | |
Fair Value, Fixed maturities | $ 2,995 |
Long-Term Debt - Long-term Debt Less Unamortized Debt Issuance Costs (Details) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2012 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term debt less unamortized debt issuance costs | $ 273,538,000 | $ 273,383,000 | |
Senior Notes | Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Principal | 275,000,000 | 275,000,000 | $ 275,000,000 |
Unamortized debt issuance costs | 1,462,000 | 1,617,000 | |
Long-term debt less unamortized debt issuance costs | $ 273,538,000 | $ 273,383,000 |
Long-Term Debt (Details) - USD ($) |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2014 |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2012 |
|
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ 292,075,000 | $ 281,581,000 | ||
US Treasury Note | ||||
Debt Instrument [Line Items] | ||||
Term of note used (years) | 10 years | |||
Effective percentage (percent) | 1.596% | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility capacity | $ 50,000,000 | |||
Term of revolving credit facility (years) | 3 years | |||
Senior Notes Due 2022 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | |
Coupon rate (percent) | 5.00% | |||
Capitalized debt issuance costs | $ 2,200,000 | |||
Long-term debt, fair value | $ 292,100,000 | |||
10-year U.S. Treasury note | Senior Notes Due 2022 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Basis points | 2.23% |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Federal statutory income tax rate (percent) | 35.00% | |||
Income tax reconciliation | ||||
Earnings before income taxes | $ 3,196 | $ 22,814 | $ 30,012 | $ 58,717 |
Income taxes at statutory rate | 1,119 | 7,985 | 10,504 | 20,551 |
Dividends-received deduction | (101) | (89) | (322) | (337) |
Tax-exempt interest | (600) | (725) | (1,858) | (2,033) |
Other | 24 | (94) | 212 | 152 |
Provision for income taxes as shown on the Consolidated Statements of Earnings | $ 442 | $ 7,077 | $ 8,536 | $ 18,333 |
GAAP effective tax rate (percent) | 13.80% | 31.00% | 28.40% | 31.20% |
Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Supplemental Cash Flow Elements [Abstract] | |||||
Income tax payments | $ 3,100 | $ 6,511 | $ 6,651 | $ 19,261 | |
Interest payments on debt | 6,875 | 6,875 | 13,750 | 13,750 | |
Interest payments on capital leases | 18 | $ 19 | 57 | $ 62 | |
Negative cash book balances | $ 40,800 | $ 40,800 | $ 41,400 |
Insurance Reserves - Changes in the liability for unpaid losses and LAE (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Unpaid losses on known claims, balance at beginning of period | $ 236,947 | $ 245,863 | $ 237,660 | $ 235,037 |
IBNR losses, balance at beginning of period | 290,767 | 281,147 | 290,097 | 277,482 |
LAE, balance at beginning of period | 138,496 | 154,017 | 142,207 | 155,658 |
Total unpaid losses and LAE, balance at beginning of period | 666,210 | 681,028 | 669,965 | 668,177 |
Reinsurance recoverables, balance at beginning of period | (18,487) | (14,155) | (14,694) | (14,370) |
Unpaid losses and LAE, net of reinsurance recoverables, balance at beginning of period | 647,723 | 666,873 | 655,271 | 653,808 |
Loss and LAE incurred, current accident year | 281,456 | 267,412 | 828,310 | 798,442 |
Loss and LAE incurred, Prior accident years | (590) | (11,349) | (18,646) | (23,953) |
Total loss and LAE incurred | 280,866 | 256,063 | 809,664 | 774,489 |
Loss and LAE payments, current accident year | (197,437) | (192,850) | (461,020) | (439,519) |
Loss and LAE payments, prior accident years | (72,205) | (66,257) | (344,969) | (324,949) |
Total loss and LAE payments | (269,642) | (259,107) | (805,989) | (764,469) |
Unpaid losses and LAE, net of reinsurance recoverables, balance at end of period | 658,946 | 663,829 | 658,946 | 663,829 |
Add back reinsurance recoverables, balance at end of period | 17,580 | 15,190 | 17,580 | 15,190 |
Total unpaid losses and LAE, balance at end of period | 676,526 | 679,018 | 676,526 | 679,018 |
Unpaid losses on known claims, balance at end of period | 240,935 | 246,015 | 240,935 | 246,015 |
IBNR losses, balance at end of period | 299,143 | 282,658 | 299,143 | 282,658 |
LAE, balance at end of period | $ 136,449 | $ 150,345 | $ 136,449 | $ 150,345 |
Insurance Reserves - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Insurance [Abstract] | ||||
Favorable reserve development related to prior accident years | $ 590 | $ 11,349 | $ 18,646 | $ 23,953 |
Commitments And Contingencies (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Fleet vehicles | |
Operating Leased Assets [Line Items] | |
Operating lease, future amount | $ 0.9 |
Alpharetta, Georgia | Building | |
Operating Leased Assets [Line Items] | |
Operating lease, future amount | $ 2.7 |
Minimum | Fleet vehicles | |
Operating Leased Assets [Line Items] | |
Minimum lease terms | 367 days |
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Before Tax [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | $ 38,306 | $ 29,738 | $ 12,016 | $ 36,145 |
Effect on other comprehensive income | 3,409 | (10,875) | 29,699 | (17,281) |
Accumulated other comprehensive income, end of period | 41,715 | 18,864 | 41,715 | 18,864 |
Income Tax [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | (13,407) | (10,408) | (4,206) | (12,651) |
Effect on other comprehensive income | (1,193) | 3,806 | (10,395) | 6,049 |
Accumulated other comprehensive income, end of period | (14,600) | (6,602) | (14,600) | (6,602) |
Net [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | 24,899 | 19,330 | 7,811 | 23,494 |
Other comprehensive income, net of tax | 2,216 | (7,069) | 19,304 | (11,233) |
Accumulated other comprehensive income, end of period | 27,115 | 12,261 | 27,115 | 12,261 |
Accumulated Change Post-retirement Benefit Liability | ||||
Before Tax [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | 923 | 206 | 944 | 174 |
Effect on other comprehensive income | (11) | 16 | (32) | 49 |
Accumulated other comprehensive income, end of period | 912 | 223 | 912 | 223 |
Income Tax [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | (323) | (72) | (331) | (61) |
Effect on other comprehensive income | 4 | (6) | 11 | (17) |
Accumulated other comprehensive income, end of period | (319) | (78) | (319) | (78) |
Net [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | 600 | 134 | 614 | 113 |
Other comprehensive income, net of tax | (7) | 11 | (21) | 32 |
Accumulated other comprehensive income, end of period | 593 | 145 | 593 | 145 |
Accumulated Unrealized Gains on Investments, Net and Other-than-Temporary Impairments | ||||
Before Tax [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | 37,383 | 29,532 | 11,072 | 35,972 |
Effect on other comprehensive income | 3,420 | (10,891) | 29,731 | (17,331) |
Other comprehensive income (loss) before reclassification | 4,702 | (11,301) | 30,989 | (16,357) |
Accumulated other comprehensive income, end of period | 40,803 | 18,641 | 40,803 | 18,641 |
Income Tax [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | (13,084) | (10,336) | (3,875) | (12,590) |
Other comprehensive income (loss) before reclassification | (1,646) | 3,955 | (10,846) | 5,725 |
Effect on other comprehensive income | (1,197) | 3,812 | (10,406) | 6,066 |
Accumulated other comprehensive income, end of period | (14,281) | (6,524) | (14,281) | (6,524) |
Net [Abstract] | ||||
Accumulated other comprehensive income, beginning of period | 24,299 | 19,196 | 7,197 | 23,382 |
Other comprehensive income (loss) before reclassification | 3,056 | (7,346) | 20,143 | (10,632) |
Other comprehensive income, net of tax | 2,223 | (7,079) | 19,325 | (11,265) |
Accumulated other comprehensive income, end of period | 26,522 | 12,116 | 26,522 | 12,116 |
Reclassification Adjustment for Other-than-Temporary Impairments | ||||
Before Tax [Abstract] | ||||
Reclassicification adjustment | 0 | 123 | 316 | 713 |
Income Tax [Abstract] | ||||
Reclassicification adjustment | 0 | (43) | (111) | (249) |
Net [Abstract] | ||||
Reclassicification adjustment | 0 | 80 | 205 | 463 |
Accumulated Unrealized Gains on Investments, Net | ||||
Before Tax [Abstract] | ||||
Effect on other comprehensive income | 29,731 | (17,331) | ||
Reclassicification adjustment | (1,282) | 287 | (1,573) | (1,686) |
Income Tax [Abstract] | ||||
Reclassicification adjustment | 449 | (100) | 551 | 590 |
Effect on other comprehensive income | (10,406) | 6,066 | ||
Net [Abstract] | ||||
Reclassicification adjustment | $ (833) | $ 187 | (1,023) | (1,096) |
Other comprehensive income, net of tax | $ 19,325 | $ (11,265) |
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