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Investments (Tables)

9 Months Ended

Sep. 30, 2011

Fixed Income Securities Available For Sale

		Available for sale
		Cost or		Gross		Gross
		amortized		unrealized		unrealized
		cost		gain		loss		Fair value
September 30, 2011

U.S. government and government agency securities		$	281,758	$	11,587	$	(1)	$	293,344
Fixed income securities of states, municipalities and political
	subdivisions		1,005,837		74,210		(188)		1,079,859
Special purpose revenue bonds of states, municipalities and
	political subdivisions		1,717,307		99,279		(627)		1,815,959
Corporate fixed income securities			785,733		34,635		(6,762)		813,606
Residential mortgage-backed securities			1,045,247		69,261		(3,187)		1,111,321
Commercial mortgage-backed securities			245,651		9,180		(5,780)		249,051
Asset-backed securities			34,489		179		(51)		34,617
Foreign government securities			240,311		13,268		(147)		253,432
	Total fixed income securities - available for sale	$	5,356,333	$	311,599	$	(16,743)	$	5,651,189

		Available for sale
		Cost or		Gross		Gross
		amortized		unrealized		unrealized
		cost		gain		loss		Fair value
December 31, 2010

U.S. government and government agency securities		$	315,339	$	9,097	$	(169)	$	324,267
Fixed income securities of states, municipalities and political
	subdivisions		1,050,969		38,825		(7,737)		1,082,057
Special purpose revenue bonds of states, municipalities and
	political subdivisions		1,614,554		34,764		(21,259)		1,628,059
Corporate fixed income securities			545,883		26,436		(1,925)		570,394
Residential mortgage-backed securities			958,404		40,949		(4,245)		995,108
Commercial mortgage-backed securities			136,746		8,518		(36)		145,228
Asset-backed securities			12,563		78		(75)		12,566
Foreign government securities			230,348		11,537		(124)		241,761
	Total fixed income securities - available for sale	$	4,864,806	$	170,204	$	(35,570)	$	4,999,440

Fixed Income Securities Held To Maturity

		Held to maturity
		Cost or		Gross		Gross
		amortized		unrealized		unrealized
		cost		gain		loss		Fair value
September 30, 2011

U.S. government securities		$	6,998	$	112	$	-	$	7,110
Corporate fixed income securities			113,015		1,552		(569)		113,998
Foreign government securities			48,601		896		(49)		49,448
	Total fixed income securities - held to maturity	$	168,614	$	2,560	$	(618)	$	170,556

December 31, 2010

U.S. government securities		$	12,993	$	264	$	-	$	13,257
Corporate fixed income securities			113,296		1,205		(277)		114,224
Foreign government securities			67,379		995		(44)		68,330
	Total fixed income securities - held to maturity	$	193,668	$	2,464	$	(321)	$	195,811

Gross unrealized losses and fair value of all available for sale fixed income securities loss that were in a continuous loss position

		Less than 12 months				12 months or more				Total
				Unrealized				Unrealized				Unrealized
		Fair value		losses		Fair value		losses		Fair value		losses
September 30, 2011

U.S. government and government agency
	securities	$	2,250	$	(1)	$	0	$	0	$	2,250	$	(1)
Fixed income securities of states,
	municipalities and political subdivisions		15,360		(119)		1,476		(69)		16,836		(188)
Special purpose revenue bonds of states,
	municipalities and political subdivisions		73,022		(441)		29,074		(186)		102,096		(627)
Corporate fixed income securities			192,727		(6,322)		16,964		(440)		209,691		(6,762)
Residential mortgage-backed securities			50,867		(2,180)		8,031		(1,007)		58,898		(3,187)
Commercial mortgage-backed securities			94,516		(5,780)		0		0		94,516		(5,780)
Asset-backed securities			17,816		(51)		0		0		17,816		(51)
Foreign government securities			6,602		(147)		0		0		6,602		(147)
	Total	$	453,160	$	(15,041)	$	55,545	$	(1,702)	$	508,705	$	(16,743)

December 31, 2010

U.S. government and government agency
	securities	$	20,976	$	(169)	$	0	$	0	$	20,976	$	(169)
Fixed income securities of states,
	municipalities and political subdivisions		228,228		(7,621)		2,279		(116)		230,507		(7,737)
Special purpose revenue bonds of states,
	municipalities and political subdivisions		689,190		(21,156)		6,344		(103)		695,534		(21,259)
Corporate fixed income securities			66,029		(1,925)		0		0		66,029		(1,925)
Residential mortgage-backed securities			123,782		(3,081)		22,152		(1,164)		145,934		(4,245)
Commercial mortgage-backed securities			0		0		3,084		(36)		3,084		(36)
Asset-backed securities			9,174		(75)		0		0		9,174		(75)
Foreign government securities			10,699		(124)		0		0		10,699		(124)
	Total	$	1,148,078	$	(34,151)	$	33,859	$	(1,419)	$	1,181,937	$	(35,570)

Other than temporary impairment

		Nine months ended September 30,				Three months ended September 30,
		2011		2010		2011		2010
Total other-than-temporary impairment loss		$	(4,677)	$	(316)	$	0	$	(316)
Portion recognized in other comprehensive income			1,198		16		0		16
	Net other-than-temporary impairment loss recognized
	in earnings	$	(3,479)	$	(300)	$	0	$	(300)

Rollforward of other than temporary impairment credit losses

	Nine months ended September 30,				Three months ended September 30,
	2011		2010		2011		2010
Balance at beginning of period	$	4,273	$	3,848	$	3,847	$	3,848
Credit losses recognized in earnings
Securities previously impaired		1,597		300		0		300
Securities previously not impaired		1,882		0		0		0
Securities sold		(3,905)		0		0		0
Balance at September 30	$	3,847	$	4,148	$	3,847	$	4,148

Amortized cost and fair value of fixed income securities

		Available for sale				Held to maturity
		Cost or amortized cost		Fair value		Amortized cost		Fair value
Due in 1 year or less		$	247,391	$	251,201	$	56,204	$	56,501
Due after 1 year through 5 years			1,084,679		1,135,759		111,560		113,123
Due after 5 years through 10 years			1,080,746		1,161,310		850		932
Due after 10 years through 15 years			740,889		791,922		0		0
Due after 15 years			877,241		916,008		0		0
	Securities with fixed maturities		4,030,946		4,256,200		168,614		170,556
Mortgage-backed and asset-backed securities			1,325,387		1,394,989		0		0
	Total fixed income securities	$	5,356,333	$	5,651,189	$	168,614	$	170,556

Sources of net investment income

		Nine months ended September 30,				Three months ended September 30,
		2011		2010		2011		2010
Fixed income securities		$	158,941	$	150,001	$	54,896	$	50,921
Short-term investments			420		631		99		271
Other			2,992		3,053		962		1,011
	Total investment income		162,353		153,685		55,957		52,203
Investment expense			(3,571)		(3,082)		(1,192)		(1,066)
	Net investment income	$	158,782	$	150,603	$	54,765	$	51,137

Realized pretax gains -losses-on the sale of investments excluing temporary impairment losses

			Nine months ended September 30,				Three months ended September 30,
			2011		2010		2011		2010
Fixed income securities
	Gains		$	8,532	$	8,875	$	4,217	$	1,282
	Losses			(5,359)		(824)		(1,545)		(225)
		Net fixed income securities	$	3,173	$	8,051	$	2,672	$	1,057
Other investments
	Gains		$	6	$	2	$	2	$	0
	Losses			(10)		(156)		0		0
		Net other investments	$	(4)	$	(154)	$	2	$	0
Total
	Gains		$	8,538	$	8,877	$	4,219	$	1,282
	Losses			(5,369)		(980)		(1,545)		(225)
		Net realized investment gain	$	3,169	$	7,897	$	2,674	$	1,057

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

+ References

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+ Details

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References

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+ 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.

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