Investments (Tables)

12 Months Ended

Dec. 31, 2012

Investments [Abstract]

Summary of Available For Sale Securities

The following is a summary of available for sale securities at December 31:
										Net
			Cost or		Gross		Gross			Unrealized
	Fair		Amortized		Unrealized		Unrealized			Gains
	Value		Cost		Gains		Losses			(Losses)
2012:
U.S. government obligations	$	70,742	$	70,720	$	43	$	(21	)	$	22
Residential mortgage-backed securities		25,040		23,954		1,218		(132	)		1,086
Commercial mortgage-backed securities		11,828		11,006		849		(27	)		822
State and municipal obligations		194,865		194,258		757		(150	)		607
Corporate securities		120,596		118,574		2,923		(901	)		2,022
Foreign government obligations		22,598		22,047		602		(51	)		551
Total fixed maturities		445,669		440,559		6,392		(1,282	)		5,110
Equity securities:
Financial institutions		12,394		5,925		6,542		(73	)		6,469
Industrial & miscellaneous		95,188		52,202		44,568		(1,582	)		42,986
Total equity securities		107,582		58,127		51,110		(1,655	)		49,455
Total available-for-sale securities	$	553,251	$	498,686	$	57,502	$	(2,937	)		54,565
							Applicable federal income taxes				(19,098	)
							Net unrealized gains - net of tax			$	35,467
2011:
U.S. government obligations	$	73,137	$	73,009	$	139	$	(11	)	$	128
Government sponsored entities		349		345		4		-			4
Residential mortgage-backed securities		21,872		21,778		619		(525	)		94
Commercial mortgage-backed securities		11,300		11,388		116		(204	)		(88	)
State and municipal obligations		190,035		188,991		1,275		(231	)		1,044
Corporate securities		91,646		91,949		1,429		(1,732	)		(303	)
Foreign government obligations		21,121		21,483		168		(530	)		(362	)
Total fixed maturities		409,460		408,943		3,750		(3,233	)		517
Equity securities:
Financial institutions		9,428		4,955		4,778		(305	)		4,473
Industrial & miscellaneous		78,657		42,736		36,921		(1,000	)		35,921
Total equity securities		88,085		47,691		41,699		(1,305	)		40,394
Total available-for-sale securities	$	497,545	$	456,634	$	45,449	$	(4,538	)		40,911
							Applicable federal income taxes				(14,319	)
							Net unrealized gains - net of tax			$	26,592

Fixed Maturity and Equity Security Investments in Unrealized Loss Position

The following table summarizes, for fixed maturity and equity security investments in an unrealized loss position at December 31, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position.

	2012							2011
	Number of Securities		Fair Value		Gross Unrealized Loss			Number of Securities		Fair Value		Gross Unrealized Loss
Fixed maturity securities:
12 months or less		170	$	90,607	$	(483	)		206	$	86,470	$	(2,303	)
Greater than 12 months		58		19,283		(799	)		44		11,930		(930	)
Total fixed maturities		228		109,890		(1,282	)		250		98,400		(3,233	)
Equity securities:
12 months or less		20		6,955		(842	)		35		8,317		(1,275	)
Greater than 12 months		11		6,640		(813	)		4		216		(30	)
Total equity securities		31		13,595		(1,655	)		39		8,533		(1,305	)
Total		259	$	123,485	$	(2,937	)		289	$	106,933	$	(4,538	)

Fair Value and Cost or Amortized Cost of Fixed Maturity Investments by Contractual Maturity

The fair value and the cost or amortized cost of fixed maturity investments at December 31, 2012, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

	Fair Value				Cost or Amortized Cost
One year or less	$	152,034	34.1	%	$	151,687	34.4	%
Excess of one year to five years		222,173	49.9			220,010	49.9
Excess of five years to ten years		21,492	4.8			21,122	4.8
Excess of ten years		3,137	0.7			3,044	0.7
Total maturities		398,836	89.5			395,863	89.8
Asset-backed securities		46,833	10.5			44,696	10.2
	$	445,669	100.0	%	$	440,559	100.0	%

Major Categories of Investment Income

Major categories of investment income for the years ended December 31 are summarized as follows:

		2012			2011			2010
Fixed maturities		$	10,052		$	11,016		$	11,838
Equity securities			2,121			1,738			1,433
Money market funds			38			36			39
Short-term and other			5			24			32
			12,216			12,814			13,342
Investment expenses			(2,286	)		(2,085	)		(2,007	)
	Net investment income	$	9,930		$	10,729		$	11,335

Gains and Losses on Investments

Gains and losses on investments, including equity method earnings from limited partnerships, for the years ended December 31 are summarized below:

	2012			2011			2010
Fixed maturities:
Gross gains	$	3,860		$	6,443		$	4,005
Gross losses		(3,961	)		(6,805	)		(1,215	)
Net gains (losses)		(101	)		(362	)		2,790
Equity securities:
Gross gains		3,191			7,409			7,447
Gross losses		(1,131	)		(2,960	)		(1,958	)
Net gains		2,060			4,449			5,489
Limited partnerships - net gain (loss)		7,052			(21,890	)		8,206
Total net gains (losses)	$	9,011		$	(17,803	)	$	16,485

Adjustments for Other-Than-Temporary Impairments

Gain and loss activity for fixed maturity and equity security investments, as shown in the previous table, include adjustments for other-than-temporary impairment for the years ended December 31 summarized as follows:

	2012			2011			2010
Cumulative charges to income at beginning of year	$	8,178		$	7,604		$	9,235
Writedowns based on objective and subjective criteria		888			1,906			42
Recovery of prior writedowns upon sale or disposal		(1,293	)		(1,332	)		(1,673	)
Net pre-tax realized gain (loss)		405			(574	)		1,631
Cumulative charges to income at end of year	$	7,773		$	8,178		$	7,604
Addition (reduction) to earnings per share from net
after-tax realized gain (loss)	$	.02		$	(.03	)	$	.07
Unrealized gain on investments previously
written down at end of the year - see note below	$	8,158		$	6,782		$	9,535

Financial information of significant limited partnership investment

The Company's limited partnerships include one significant investment which invests in public and private equity markets in India. This limited partnership investment's value as of December 31, 2012 and 2011 was $25,868 and $23,465, respectively. At December 31, 2012, the Company's estimated ownership interest in this limited partnership investment was just over 4%. The Company's share of earnings from this limited partnership investment was $2,404, ($9,732) and $3,521 in 2012, 2011 and 2010, respectively. The summarized financial information of the significant limited partnership investment as of and for the years ended December 31 is as follows:

	2012		2011			2010
Total assets	$	641,071	$	633,165		$	963,207
Total partners' capital		559,745		579,568			895,207
Net increase (decrease) in partners' capital resulting from operations		60,734		(266,314	)		98,279