Investments (Tables)
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9 Months Ended |
Sep. 30, 2013
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Investment [Abstract] |
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Fixed Maturity & Equity Securities Available For Sale |
| | Cost or | | Gross | | Gross | | | | | | | amortized | | unrealized | | unrealized | | | | | | | cost | | gain | | loss | | Fair value | | September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government and government agency securities | $ | 115,109 | | $ | 2,698 | | $ | (302) | | $ | 117,505 | | Fixed maturity securities of states, municipalities and | | | | | | | | | | | | | | political subdivisions | | 965,526 | | | 55,813 | | | (5,200) | | | 1,016,139 | | Special purpose revenue bonds of states, municipalities and | | | | | | | | | | | | | | political subdivisions | | 2,258,661 | | | 81,517 | | | (43,340) | | | 2,296,838 | | Corporate securities | | 1,267,387 | | | 40,314 | | | (9,997) | | | 1,297,704 | | Residential mortgage-backed securities | | 588,696 | | | 17,671 | | | (13,410) | | | 592,957 | | Commercial mortgage-backed securities | | 524,706 | | | 18,519 | | | (12,009) | | | 531,216 | | Asset-backed securities | | 141,594 | | | 282 | | | (575) | | | 141,301 | | Foreign government securities | | 198,174 | | | 3,089 | | | (298) | | | 200,965 | | | Total fixed maturity securities | $ | 6,059,853 | | $ | 219,903 | | $ | (85,131) | | $ | 6,194,625 | | | | | | | | | | | | | | | | Equity securities | $ | 395,018 | | $ | 43,023 | | $ | (4,696) | | $ | 433,345 | |
| | Cost or | | Gross | | Gross | | | | | | | amortized | | unrealized | | unrealized | | | | | | | cost | | gain | | loss | | Fair value | | December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government and government agency securities | $ | 195,049 | | $ | 4,560 | | $ | (2) | | $ | 199,607 | | Fixed maturity securities of states, municipalities and | | | | | | | | | | | | | | political subdivisions | | 969,966 | | | 96,027 | | | (182) | | | 1,065,811 | | Special purpose revenue bonds of states, municipalities and | | | | | | | | | | | | | | political subdivisions | | 2,033,947 | | | 168,772 | | | (2,388) | | | 2,200,331 | | Corporate securities | | 1,247,282 | | | 69,243 | | | (1,355) | | | 1,315,170 | | Residential mortgage-backed securities | | 632,665 | | | 32,560 | | | (338) | | | 664,887 | | Commercial mortgage-backed securities | | 482,808 | | | 41,748 | | | (267) | | | 524,289 | | Asset-backed securities | | 32,801 | | | 474 | | | 0 | | | 33,275 | | Foreign government securities | | 261,914 | | | 16,515 | | | (18) | | | 278,411 | | | Total fixed maturity securities | $ | 5,856,432 | | $ | 429,899 | | $ | (4,550) | | $ | 6,281,781 | | | | | | | | | | | | | | | | Equity securities | $ | 275,827 | | $ | 13,768 | | $ | (4,956) | | $ | 284,639 | |
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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, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed maturity securities | | | | | | | | | | | | | | | | | | | | U.S. government and government agency | | | | | | | | | | | | | | | | | | | | | | securities | $ | 20,730 | | $ | (302) | | $ | 0 | | $ | 0 | | $ | 20,730 | | $ | (302) | | | Fixed maturity securities of states, | | | | | | | | | | | | | | | | | | | | | municipalities and political subdivisions | | 134,217 | | | (5,200) | | | 0 | | | 0 | | | 134,217 | | | (5,200) | | | Special purpose revenue bonds of states, | | | | | | | | | | | | | | | | | | | | | municipalities and political subdivisions | | 724,983 | | | (43,322) | | | 1,323 | | | (18) | | | 726,306 | | | (43,340) | | | Corporate securities | | 307,327 | | | (9,331) | | | 14,821 | | | (666) | | | 322,148 | | | (9,997) | | | Residential mortgage-backed securities | | 270,062 | | | (13,410) | | | 0 | | | 0 | | | 270,062 | | | (13,410) | | | Commercial mortgage-backed securities | | 212,589 | | | (11,414) | | | 5,042 | | | (595) | | | 217,631 | | | (12,009) | | | Asset-backed securities | | 49,647 | | | (575) | | | 0 | | | 0 | | | 49,647 | | | (575) | | | Foreign government securities | | 74,354 | | | (298) | | | 0 | | | 0 | | | 74,354 | | | (298) | | Equity securities | | 95,697 | | | (4,277) | | | 5,711 | | | (419) | | | 101,408 | | | (4,696) | | | | | Total | $ | 1,889,606 | | $ | (88,129) | | $ | 26,897 | | $ | (1,698) | | $ | 1,916,503 | | $ | (89,827) | |
| | | | Less than 12 months | | 12 months or more | | Total | | | | | | | | Unrealized | | | | Unrealized | | | | Unrealized | | | | | | Fair value | | losses | | Fair value | | losses | | Fair value | | losses | | December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed maturity securities | | | | | | | | | | | | | | | | | | | | U.S. government and government agency | | | | | | | | | | | | | | | | | | | | | securities | $ | 55,034 | | $ | (2) | | $ | 0 | | $ | 0 | | $ | 55,034 | | $ | (2) | | | Fixed maturity securities of states, | | | | | | | | | | | | | | | | | | | | | municipalities and political subdivisions | | 14,162 | | | (182) | | | 0 | | | 0 | | | 14,162 | | | (182) | | | Special purpose revenue bonds of states, | | | | | | | | | | | | | | | | | | | | | municipalities and political subdivisions | | 155,902 | | | (2,388) | | | 0 | | | 0 | | | 155,902 | | | (2,388) | | | Corporate securities | | 85,245 | | | (1,220) | | | 2,616 | | | (135) | | | 87,861 | | | (1,355) | | | Residential mortgage-backed securities | | 49,486 | | | (338) | | | 0 | | | 0 | | | 49,486 | | | (338) | | | Commercial mortgage-backed securities | | 26,263 | | | (267) | | | 0 | | | 0 | | | 26,263 | | | (267) | | | Foreign government securities | | 7,007 | | | (18) | | | 0 | | | 0 | | | 7,007 | | | (18) | | Equity securities | | 103,647 | | | (4,956) | | | 0 | | | 0 | | | 103,647 | | | (4,956) | | | | | Total | $ | 496,746 | | $ | (9,371) | | $ | 2,616 | | $ | (135) | | $ | 499,362 | | $ | (9,506) | |
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Amortized cost and fair value of fixed maturity securities investments classified by contractual maturity date |
| | | Cost or amortized cost | | Fair value | | Due in 1 year or less | | $ | 216,068 | | $ | 219,092 | | Due after 1 year through 5 years | | | 1,098,887 | | | 1,139,408 | | Due after 5 years through 10 years | | | 1,470,040 | | | 1,533,694 | | Due after 10 years through 15 years | | | 1,016,530 | | | 1,036,012 | | Due after 15 years | | | 1,003,332 | | | 1,000,945 | | | Securities with contractual maturities | | | 4,804,857 | | | 4,929,151 | | Mortgage-backed and asset-backed securities | | | 1,254,996 | | | 1,265,474 | | | Total fixed maturity securities | | $ | 6,059,853 | | $ | 6,194,625 | |
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Sources of net investment income |
| | | | Nine months ended September 30, | | Three months ended September 30, | | | | | | 2013 | | 2012 | | 2013 | | 2012 | | Fixed maturity securities | | | | | | | | | | | | | | | Taxable | | $ | 75,407 | | $ | 86,548 | | $ | 24,385 | | $ | 28,330 | | | Exempt from U.S. income taxes | | | 85,063 | | | 80,163 | | | 28,988 | | | 27,291 | | | | Total fixed maturity securities | | | 160,470 | | | 166,711 | | | 53,373 | | | 55,621 | | Equity securities | | | 10,758 | | | 2,339 | | | 2,950 | | | 1,346 | | Short-term investments | | | 122 | | | 397 | | | 42 | | | 295 | | Other investment income | | | 350 | | | 1,699 | | | 31 | | | 831 | | | Total investment income | | | 171,700 | | | 171,146 | | | 56,396 | | | 58,093 | | Investment expense | | | (6,059) | | | (4,504) | | | (2,188) | | | (1,751) | | | Net investment income | | $ | 165,641 | | $ | 166,642 | | $ | 54,208 | | $ | 56,342 | |
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