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Investments (Tables)

12 Months Ended

Dec. 31, 2012

Gains And Losses Due To Changes In Fair Value

The following table presents gains (losses) due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option:



	Year Ended December 31,
	2012		2011			2010
	(Amounts in thousands)
Fixed maturity securities	$	36,317	$	62,149		$	967
Equity securities	9,158		(30,879		)	45,659
Short-term investments	34		19			(46		)
Total	$	45,509	$	31,289		$	46,580

Net Realized Investment Gains

A summary of net realized investment gains is as follows:



	Year Ended December 31,
	2012			2011			2010
	(Amounts in thousands)
Net realized gains (losses) from investments and other liabilities:
Fixed maturity securities	$	47,707		$	54,112		$	5,909
Equity securities	16,679			(4,854		)	46,547
Short-term investments	(686		)	139			18
Options	2,680			9,000			4,615
Total	$	66,380		$	58,397		$	57,089

Gross Gains And Losses Realized On Sales Of Investments

Gross gains and losses realized on the sales of investments, excluding options, are shown below:



	Year Ended December 31,
	2012								2011								2010
	(Amounts in thousands)
	Gross Realized Gains		Gross Realized Losses			Net			Gross Realized Gains		Gross Realized Losses			Net			Gross Realized Gains		Gross Realized Losses			Net
Fixed maturity securities	$	11,473	$	(83	)	$	11,390		$	2,675	$	(10,712	)	$	(8,037	)	$	8,754	$	(3,812	)	$	4,942
Equity securities	19,538		(12,017		)	7,521			41,872		(15,847		)	26,025			16,793		(15,905		)	888
Short-term investments	2		(722		)	(720		)	120		0			120			64		0			64

Estimated Fair Values Of Investments

The estimated fair values at December 31, 2012 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Estimated Fair Value
	(Amounts in thousands)
Fixed maturity securities:
Due in one year or less	$	79,344
Due after one year through five years	332,642
Due after five years through ten years	529,997
Due after ten years	1,466,371
Total	$	2,408,354

Investment Income

A summary of net investment income is shown in the following table:



	Year Ended December 31,
	2012			2011			2010
	(Amounts in thousands)
Fixed maturity securities	$	117,557		$	130,895		$	136,345
Equity securities	15,831			10,869			8,435
Short-term investments	2,073			1,747			1,413
Total investment income	$	135,461		$	143,511		$	146,193
Less: investment expense	(3,565		)	(2,564		)	(2,379		)
Net investment income	$	131,896		$	140,947		$	143,814

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 7, 13, 16, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 25

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7534914&loc=d3e22054-111558

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section M

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 21

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 12

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (c)-(e)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 5.M)

-URI http://asc.fasb.org/extlink&oid=6784337&loc=d3e87990-122713

+ Details

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

+ References+ Details