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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2012
Fair Value of Financial Instruments [Abstract]  
Estimated fair value of financial instruments table
The carrying value and the estimated fair value of the Company's financial instruments as of December 31, were as follows:
 
2012
 
2011
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
Financial assets
(in thousands)
Investments (Note 8)
$
2,149,514

 
$
2,149,514

 
$
1,950,745

 
$
1,950,745

Cash and cash equivalents
140,661

 
140,661

 
252,300

 
252,300

Restricted cash and cash equivalents
5,353

 
5,353

 
6,299

 
6,299

Financial liabilities
 
 
 
 
 
 
 
Notes payable (Note 13)
$
112,000

 
$
118,207

 
$
122,000

 
$
130,447

Fair value, assets and liabilities measured on recurring basis table
The following table presents the items in the accompanying consolidated balance sheets that are stated at fair value and the fair value measurements.
 
December 31, 2012
 
December 31, 2011
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Fixed maturity securities
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$

 
$
152,490

 
$

 
$

 
$
137,365

 
$

U.S. Agencies

 
93,967

 

 

 
108,448

 

States and municipalities

 
758,516

 

 

 
789,636

 

Corporate securities

 
676,243

 

 

 
501,669

 

Residential mortgage-backed securities

 
252,852

 

 

 
281,511

 

Commercial mortgage-backed securities

 
56,120

 

 

 
21,665

 

Asset-backed securities

 
34,240

 

 

 
12,405

 

Total fixed maturity securities
$

 
$
2,024,428

 
$

 
$

 
$
1,852,699

 
$

Equity securities
$
125,086

 
$

 
$

 
$
98,046

 
$

 
$