INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Reconciliation of available-for-sale securities from cost basis to fair value

The amortized cost and estimated fair value of securities available-for-sale as of March 31, 2017 and December 31, 2016 are as follows.  All securities are classified as available-for-sale and are carried at fair value.

March 31, 2017	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	7,848	$	15	$	—	$	7,863
U.S. government-sponsored agencies	238,001		213		8,543		229,671
Obligations of states and political subdivisions	334,908		17,442		642		351,708
Commercial mortgage-backed	36,048		663		1,092		35,619
Residential mortgage-backed	90,865		2,045		5,811		87,099
Other asset-backed	25,545		682		610		25,617
Corporate	449,863		12,170		1,317		460,716
Total fixed maturity securities	1,183,078		33,230		18,015		1,198,293
Equity securities:
Common stocks:
Financial services	26,886		12,976		207		39,655
Information technology	20,816		14,773		14		35,575
Healthcare	17,139		10,385		2		27,522
Consumer staples	13,382		6,532		48		19,866
Consumer discretionary	12,430		8,105		168		20,367
Energy	14,276		3,986		640		17,622
Industrials	13,059		12,145		33		25,171
Other	12,594		5,720		1		18,313
Non-redeemable preferred stocks	25,030		1,146		65		26,111
Total equity securities	155,612		75,768		1,178		230,202
Total securities available-for-sale	$	1,338,690	$	108,998	$	19,193	$	1,428,495

December 31, 2016	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	7,841	$	—	$	11	$	7,830
U.S. government-sponsored agencies	249,495		311		10,609		239,197
Obligations of states and political subdivisions	319,663		17,034		940		335,757
Commercial mortgage-backed	37,964		741		1,133		37,572
Residential mortgage-backed	102,307		1,435		7,308		96,434
Other asset-backed	26,592		732		931		26,393
Corporate	445,663		12,232		1,379		456,516
Total fixed maturity securities	1,189,525		32,485		22,311		1,199,699
Equity securities:
Common stocks:
Financial services	22,922		12,410		210		35,122
Information technology	19,832		10,739		29		30,542
Healthcare	16,092		8,700		85		24,707
Consumer staples	13,438		5,787		125		19,100
Consumer discretionary	14,812		7,672		163		22,321
Energy	14,276		4,873		78		19,071
Industrials	13,005		11,258		18		24,245
Other	13,071		5,345		32		18,384
Non-redeemable preferred stocks	20,031		483		167		20,347
Total equity securities	147,479		67,267		907		213,839
Total securities available-for-sale	$	1,337,004	$	99,752	$	23,218	$	1,413,538

Estimated fair value and gross unrealized losses associated with investment securities

The following tables set forth the estimated fair values and gross unrealized losses associated with investment securities that were in an unrealized loss position as of March 31, 2017 and December 31, 2016, listed by length of time the securities were in an unrealized loss position.

March 31, 2017	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair values		Unrealized losses		Fair values		Unrealized losses		Fair values		Unrealized losses
Fixed maturity securities:
U.S. government-sponsored agencies	$	201,763	$	8,543	$	—	$	—	$	201,763	$	8,543
Obligations of states and political subdivisions	32,765		642		—		—		32,765		642
Commercial mortgage-backed	20,388		1,092		—		—		20,388		1,092
Residential mortgage-backed	17,962		1,150		17,525		4,661		35,487		5,811
Other asset-backed	18,875		610		—		—		18,875		610
Corporate	61,276		1,247		8,668		70		69,944		1,317
Total fixed maturity securities	353,029		13,284		26,193		4,731		379,222		18,015
Equity securities:
Common stocks:
Financial services	4,305		56		956		151		5,261		207
Information technology	836		14		—		—		836		14
Healthcare	151		2		—		—		151		2
Consumer staples	2,705		46		93		2		2,798		48
Consumer discretionary	2,477		168		—		—		2,477		168
Energy	3,720		345		1,846		295		5,566		640
Industrials	1,384		33		—		—		1,384		33
Other	777		1		—		—		777		1
Non-redeemable preferred stocks	—		—		1,934		65		1,934		65
Total equity securities	16,355		665		4,829		513		21,184		1,178
Total temporarily impaired securities	$	369,384	$	13,949	$	31,022	$	5,244	$	400,406	$	19,193

December 31, 2016	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair values		Unrealized losses		Fair values		Unrealized losses		Fair values		Unrealized losses
Fixed maturity securities:
U.S. treasury	$	7,830	$	11	$	—	$	—	$	7,830	$	11
U.S. government-sponsored agencies	202,900		10,609		—		—		202,900		10,609
Obligations of states and political subdivisions	43,777		940		—		—		43,777		940
Commercial mortgage-backed	21,695		1,133		—		—		21,695		1,133
Residential mortgage-backed	26,217		1,232		23,625		6,076		49,842		7,308
Other asset-backed	19,091		931		—		—		19,091		931
Corporate	82,657		1,273		8,625		106		91,282		1,379
Total fixed maturity securities	404,167		16,129		32,250		6,182		436,417		22,311
Equity securities:
Common stocks:
Financial services	1,462		12		908		198		2,370		210
Information technology	1,947		29		—		—		1,947		29
Healthcare	3,585		85		—		—		3,585		85
Consumer staples	2,427		125		—		—		2,427		125
Consumer discretionary	1,637		163		—		—		1,637		163
Energy	1,621		33		1,188		45		2,809		78
Industrials	779		18		—		—		779		18
Other	1,472		32		—		—		1,472		32
Non-redeemable preferred stocks	3,356		44		1,877		123		5,233		167
Total equity securities	18,286		541		3,973		366		22,259		907
Total temporarily impaired securities	$	422,453	$	16,670	$	36,223	$	6,548	$	458,676	$	23,218

Amortized cost and estimated fair value of fixed maturity securities

The amortized cost and estimated fair values of fixed maturity securities at March 31, 2017, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

($ in thousands)	Amortized cost		Estimated fair values
Securities available-for-sale:
Due in one year or less	$	54,950	$	55,913
Due after one year through five years	165,447		172,042
Due after five years through ten years	326,400		331,623
Due after ten years	506,694		513,339
Securities not due at a single maturity date	129,587		125,376
Totals	$	1,183,078	$	1,198,293

Summary of realized investment gains and (losses)

A summary of realized investment gains and (losses) is as follows:

	Three months ended March 31,
($ in thousands)	2017			2016
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	90		$	669
Gross realized investment losses	(1,206		)	(299		)
Equity securities available-for-sale:
Gross realized investment gains	2,875			2,082
Gross realized investment losses	(99		)	(1,192		)
"Other-than-temporary" impairments	—			(431		)
Other long-term investments, net	(2,287		)	(1,914		)
Totals	$	(627	)	$	(1,085	)