Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Summary of available for sale securities

The following is a summary of available-for-sale securities at March 31, 2015 and December 31, 2014:

										Net
			Cost or		Gross		Gross			Unrealized
	Fair		Amortized		Unrealized		Unrealized			Gains
	Value		Cost		Gains		Losses			(Losses)
March 31, 2015
Fixed maturities
U.S. government obligations	$	112,820	$	112,506	$	322	$	(8	)	$	314
Residential mortgage-backed securities		6,066		5,820		272		(26	)		246
Commercial mortgage-backed securities		34,465		33,635		1,004		(174	)		830
States and municipal obligations		116,612		115,890		962		(240	)		722
Corporate securities		154,848		157,921		3,084		(6,157	)		(3,073	)
Foreign government obligations		25,632		27,027		154		(1,549	)		(1,395	)
Total fixed maturities		450,443		452,799		5,798		(8,154	)		(2,356	)
Equity securities:
Financial institutions		24,144		9,732		14,500		(88	)		14,412
Industrial & miscellaneous		138,447		69,000		71,245		(1,798	)		69,447
Total equity securities		162,591		78,732		85,745		(1,886	)		83,859
Total	$	613,034	$	531,531	$	91,543	$	(10,040	)		81,503
							Applicable federal income taxes				(28,527	)
							Net unrealized gains - net of tax			$	52,976
December 31, 2014
Fixed maturities
U.S. government obligations	$	101,094	$	101,058	$	108	$	(72	)	$	36
Residential mortgage-backed securities		6,066		5,830		273		(37	)		236
Commercial mortgage-backed securities		36,440		36,210		630		(400	)		230
State and municipal obligations		113,777		113,133		784		(140	)		644
Corporate securities		166,966		170,822		2,005		(5,861	)		(3,856	)
Foreign government obligations		27,466		28,332		114		(980	)		(866	)
Total fixed maturities		451,809		455,385		3,914		(7,490	)		(3,576	)
Equity securities:
Financial institutions		25,343		10,100		15,303		(60	)		15,243
Industrial & miscellaneous		136,764		68,678		70,260		(2,174	)		68,086
Total equity securities		162,107		78,778		85,563		(2,234	)		83,329
Total	$	613,916	$	534,163	$	89,477	$	(9,724	)		79,753
							Applicable federal income taxes				(27,913	)
							Net unrealized gains - net of tax			$	51,840

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 March 31, 2015 and December 31, 2014, respectively, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position.

	March 31, 2015							December 31, 2014
	Number of Securities		Fair Value		Gross Unrealized Loss			Number of Securities		Fair Value		Gross Unrealized Loss
Fixed maturity securities:
12 months or less		340	$	91,663	$	(6,530	)		591	$	176,756	$	(6,083	)
Greater than 12 months		99		21,274		(1,624	)		140		27,667		(1,407	)
Total fixed maturities		439		112,937		(8,154	)		731		204,423		(7,490	)
Equity securities:
12 months or less		30		17,585		(1,633	)		33		13,538		(2,170	)
Greater than 12 months		6		850		(253	)		3		686		(64	)
Total equity securities		36		18,435		(1,886	)		36		14,224		(2,234	)
Total fixed maturity and equity securities		475	$	131,372	$	(10,040	)		767	$	218,647	$	(9,724	)

Fair value and cost or amortized cost of fixed maturity investments by contractual maturity

The fair value and the cost or amortized costs of fixed maturity investments at March 31, 2015, by contractual maturity, are shown below.  Actual maturities may ultimately 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	$	90,662	$	91,130
Excess of one year to five years		229,905		233,545
Excess of five years to ten years		42,162		42,552
Excess of ten years		9,305		8,790
Contractual maturities		372,034		376,017
Asset-backed securities		78,409		76,782
Total	$	450,443	$	452,799

Realized gains (losses) on investments

Following is a summary of the components of net realized gains on investments for the periods presented in the accompanying consolidated statements of operations.

	Three Months Ended
	March 31
	2015			2014
Fixed maturities:
Gross gains	$	1,147		$	1,839
Gross losses		(1,933	)		(1,226	)
Net realized gains (losses)		(786	)		613
Equity securities:
Gross gains		749			741
Gross losses		(753	)		(352	)
Net realized gains (losses)		(4	)		389
Limited partnerships - net gain		4,533			3,068
Totals	$	3,743		$	4,070

Schedule of realized gains

Net realized gains activity for investments, as shown in the previous table, are further detailed as follows:

	Three Months Ended
	March 31
	2015			2014
Realized net gains (losses) on the disposal of securities	$	(288	)	$	1,195
Mark-to-market adjustment		(288	)		(200	)
Equity in gains of limited partnership
investments - realized and unrealized		4,533			3,068
Impairment:
Write-downs based upon objective criteria		(214	)		(105	)
Recovery of prior write-downs
upon sale or disposal		-			112
Totals	$	3,743		$	4,070