Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Assets measured at fair value on a recurring basis

As of September 30, 2012

Fair Value Measurements Using

(dollars in thousands)

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Fixed Maturities:
U.S. Treasury securities and other government corporations and agencies	$	27,849	$	25,687	$	—	$	53,536
States of the U.S. and political subdivisions of the states		—		47,253		—		47,253
Corporate securities		—		326,410		—		326,410
Mortgage-backed securities		—		228,972		—		228,972
Commercial mortgage-backed securities		—		71,918		—		71,918
Asset-backed securities		—		63,672		—		63,672
Total fixed maturities		27,849		763,912		—		791,761
Equity securities		3,065		—		6,706		9,771
Short-term investments		131,936		—		—		131,936
Trading securities		7,044		7,802		—		14,846
Total	$	169,894	$	771,714	$	6,706	$	948,314

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Level 3 Financial Instruments	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (dollars in thousands) Equities
Balance at December 31, 2011	$	6,751
Total gains (losses) realized (unrealized):
Included in earnings		—
Included in other comprehensive income		(45	)
Net purchases, sales & distributions		—
Net transfers in (out of) Level 3		—
Balance at September 30, 2012	$	6,706
Change in net unrealized gains relating to assets still held at reporting date	$	(45	)

Fair value of financial instruments

		September 30, 2012				December 31, 2011
	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1	$	31,889	$	31,889	$	43,481	$	43,481
Fixed maturities	*	$	791,761	$	791,761	$	815,999	$	815,999
Equity securities	*	$	9,771	$	9,771	$	9,683	$	9,683
Short-term investments	*	$	131,936	$	131,936	$	57,417	$	57,417
Trading securities	*	$	14,846	$	14,846	$	—	$	—
Premiums receivable	Level 2	$	40,397	$	40,397	$	33,458	$	33,458
Reinsurance recoverable	Level 2	$	160,949	$	160,949	$	173,982	$	173,982
Liabilities:
Securities payable	Level 2	$	16,834	$	16,834	$	—	$	—
Loans payable	Level 2	$	39,183	$	39,183	$	39,183	$	39,183

* See investment assets measured at fair value on a recurring basis summary within Note 6 for disclosure of levels for classes of these financial assets.