Note 6 - Investments Level 3 (Tables)
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6 Months Ended |
Jun. 30, 2012
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Investments [Abstract] |
|
Total Debt And Equity Securities [Table Text Block] |
Our held to maturity and available for sale securities within our investment portfolio consisted of the following as of the dates indicated: | | | | | | | | | | | | | | | | | | June 30, 2012 | (In thousands) | Amortized Cost | | Fair Value | | Gross Unrealized Gains | | Gross Unrealized Losses | Fixed-maturities held to maturity: | | | | | | | | Bonds and notes: | | | | | | | | State and municipal obligations | $ | 2,470 |
| | $ | 2,524 |
| | $ | 59 |
| | $ | 5 |
| | $ | 2,470 |
| | $ | 2,524 |
| | $ | 59 |
| | $ | 5 |
| Fixed-maturities available for sale: | | | | | | | | U.S. government and agency securities | $ | 10,957 |
| | $ | 13,683 |
| | $ | 2,726 |
| | $ | — |
| State and municipal obligations | 42,971 |
| | 42,930 |
| | 696 |
| | 737 |
| Corporate bonds and notes | 16,232 |
| | 16,329 |
| | 637 |
| | 540 |
| RMBS | 56 |
| | 58 |
| | 3 |
| | 1 |
| CMBS | 244 |
| | 244 |
| | 2 |
| | 2 |
| Other ABS | 1,019 |
| | 1,173 |
| | 154 |
| | — |
| Other investments | 1,021 |
| | 1,099 |
| | 78 |
| | — |
| | $ | 72,500 |
| | $ | 75,516 |
| | $ | 4,296 |
| | $ | 1,280 |
| Equity securities available for sale (1) | $ | 88,768 |
| | $ | 108,381 |
| | $ | 19,613 |
| | $ | — |
| Total debt and equity securities | $ | 163,738 |
| | $ | 186,421 |
| | $ | 23,968 |
| | $ | 1,285 |
|
______________________ | | (1) | Comprising broadly diversified domestic equity mutual funds ($94.5 million fair value) and various preferred and common stocks invested across numerous companies and industries ($13.9 million fair value). |
| | | | | | | | | | | | | | | | | | December 31, 2011 | (In thousands) | Amortized Cost | | Fair Value | | Gross Unrealized Gains | | Gross Unrealized Losses | Fixed-maturities held to maturity: | | | | | | | | Bonds and notes: | | | | | | | | State and municipal obligations | $ | 2,640 |
| | $ | 2,748 |
| | $ | 115 |
| | $ | 7 |
| | $ | 2,640 |
| | $ | 2,748 |
| | $ | 115 |
| | $ | 7 |
| Fixed-maturities available for sale: | | | | | | | | U.S. government and agency securities | $ | 10,931 |
| | $ | 13,630 |
| | $ | 2,699 |
| | $ | — |
| State and municipal obligations | 87,083 |
| | 82,692 |
| | 485 |
| | 4,876 |
| Corporate bonds and notes | 17,267 |
| | 16,610 |
| | 390 |
| | 1,047 |
| RMBS | 1,308 |
| | 1,360 |
| | 53 |
| | 1 |
| CMBS | 1,660 |
| | 1,669 |
| | 25 |
| | 16 |
| Other ABS | 1,019 |
| | 1,177 |
| | 158 |
| | — |
| Other investments | 1,489 |
| | 1,595 |
| | 106 |
| | — |
| | $ | 120,757 |
| | $ | 118,733 |
| | $ | 3,916 |
| | $ | 5,940 |
| Equity securities available for sale (1) | $ | 114,425 |
| | $ | 128,424 |
| | $ | 14,868 |
| | $ | 869 |
| Total debt and equity securities | $ | 237,822 |
| | $ | 249,905 |
| | $ | 18,899 |
| | $ | 6,816 |
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______________________ | | (1) | Comprising broadly diversified domestic equity mutual funds ($116.0 million fair value) and various preferred and common stocks invested across numerous companies and industries ($12.4 million fair value). |
|
Trading Securities (and Certain Trading Assets) [Table Text Block] |
The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated: | | | | | | | | | (In thousands) | June 30, 2012 | | December 31, 2011 | Trading securities: | | | | U.S. government and agency securities | $ | 703,786 |
| | $ | 710,006 |
| State and municipal obligations | 811,041 |
| | 964,748 |
| Corporate bonds and notes | 819,654 |
| | 683,864 |
| RMBS | 968,695 |
| | 928,887 |
| CMBS | 184,917 |
| | 224,180 |
| CDO | — |
| | 5,467 |
| Other ABS | 132,563 |
| | 98,729 |
| Foreign government securities (1) | 109,128 |
| | 102,851 |
| Hybrid securities | 353,863 |
| | 346,338 |
| Equity securities | 144,112 |
| | 140,764 |
| Other investments | 763 |
| | 5,225 |
| Total | $ | 4,228,522 |
| | $ | 4,211,059 |
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______________________ | | (1) | Our largest concentrations of foreign government securities as of June 30, 2012 and December 31, 2011, were Germany ($27.0 million and $42.6 million fair value, respectively) and Japan ($58.9 million and $28.0 million fair value, respectively). As of June 30, 2012 and December 31, 2011, nearly all of our foreign government securities were rated A or higher by a nationally recognized statistical rating organization. As of June 30, 2012 and December 31, 2011, our trading portfolio included no securities of the six European countries (Portugal, Ireland, Italy, Greece, Spain, and Hungary) whose sovereign and sub-sovereign obligations have been under particular stress due to economic uncertainty, potential restructuring and ratings downgrades, or securities of any other countries under similar stress. |
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Schedule Of Unrealized Losses [Table Text Block] |
The following tables show the gross unrealized losses and fair value of our available for sale and held to maturity investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2012: ($ in thousands) Description of Securities | | Less Than 12 Months | | 12 Months or Greater | | Total | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | State and municipal obligations | | — |
| | $ | — |
| | $ | — |
| | 6 |
| | $ | 16,495 |
| | $ | 742 |
| | 6 |
| | $ | 16,495 |
| | $ | 742 |
| Corporate bonds and notes | | 2 |
| | 930 |
| | 28 |
| | 12 |
| | 6,266 |
| | 512 |
| | 14 |
| | 7,196 |
| | 540 |
| RMBS | | 1 |
| | 38 |
| | 1 |
| | — |
| | — |
| | — |
| | 1 |
| | 38 |
| | 1 |
| CMBS | | 1 |
| | 90 |
| | — |
| | 1 |
| | 77 |
| | 2 |
| | 2 |
| | 167 |
| | 2 |
| Total | | 4 |
| | $ | 1,058 |
| | $ | 29 |
| | 19 |
| | $ | 22,838 |
| | $ | 1,256 |
| | 23 |
| | $ | 23,896 |
| | $ | 1,285 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2011: ($ in thousands) Description of Securities | | Less Than 12 Months | | 12 Months or Greater | | Total | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | | # of securities | | Fair Value | | Unrealized Losses | State and municipal obligations | | 1 |
| | $ | 525 |
| | $ | 17 |
| | 9 |
| | $ | 72,653 |
| | $ | 4,866 |
| | 10 |
| | $ | 73,178 |
| | $ | 4,883 |
| Corporate bonds and notes | | 6 |
| | 2,457 |
| | 97 |
| | 18 |
| | 8,902 |
| | 950 |
| | 24 |
| | 11,359 |
| | 1,047 |
| RMBS | | 2 |
| | 354 |
| | 1 |
| | — |
| | — |
| | — |
| | 2 |
| | 354 |
| | 1 |
| CMBS | | — |
| | — |
| | — |
| | 1 |
| | 527 |
| | 16 |
| | 1 |
| | 527 |
| | 16 |
| Equity securities | | 1 |
| | 9,284 |
| | 869 |
| | — |
| | — |
| | — |
| | 1 |
| | 9,284 |
| | 869 |
| Total | | 10 |
| | $ | 12,620 |
| | $ | 984 |
| | 28 |
| | $ | 82,082 |
| | $ | 5,832 |
| | 38 |
| | $ | 94,702 |
| | $ | 6,816 |
|
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Investments Classified by Contractual Maturity Date [Table Text Block] |
The contractual maturities of fixed-maturity investments are as follows: | | | | | | | | | | | | | | | | | | June 30, 2012 | | Held to Maturity | | Available for Sale | (In thousands) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due in one year or less (1) | $ | 1,734 |
| | $ | 1,784 |
| | $ | 3,547 |
| | $ | 3,547 |
| Due after one year through five years (1) | 431 |
| | 440 |
| | 16,975 |
| | 17,294 |
| Due after five years through ten years (1) | — |
| | — |
| | 2,377 |
| | 2,421 |
| Due after ten years (1) | 305 |
| | 300 |
| | 48,282 |
| | 50,779 |
| RMBS (2) | — |
| | — |
| | 56 |
| | 58 |
| CMBS (2) | — |
| | — |
| | 244 |
| | 244 |
| Other ABS (2) | — |
| | — |
| | 1,019 |
| | 1,173 |
| Total | $ | 2,470 |
| | $ | 2,524 |
| | $ | 72,500 |
| | $ | 75,516 |
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______________________ | | (1) | Actual maturities may differ as a result of calls before scheduled maturity. |
| | (2) | RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date. |
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