Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments [Abstract]

Summary of available for sale securities

The following is a summary of available-for-sale securities at March 31, 2016 and December 31, 2015:

										Net
			Cost or		Gross		Gross			Unrealized
	Fair		Amortized		Unrealized		Unrealized			Gains
	Value		Cost		Gains		Losses			(Losses)
March 31, 2016
Fixed maturities
U.S. government obligations	$	128,428	$	128,128	$	313	$	(13	)	$	300
Residential mortgage-backed securities		4,534		4,477		133		(76	)		57
Commercial mortgage-backed securities		32,374		32,585		605		(816	)		(211	)
States and municipal obligations		111,882		110,796		1,214		(128	)		1,086
Corporate securities		168,393		172,043		3,159		(6,809	)		(3,650	)
Foreign government obligations		25,372		26,516		470		(1,614	)		(1,144	)
Total fixed maturities		470,983		474,545		5,894		(9,456	)		(3,562	)
Equity securities:
Financial institutions		23,150		13,572		10,011		(433	)		9,578
Industrial & miscellaneous		114,893		73,410		44,878		(3,395	)		41,483
Total equity securities		138,043		86,982		54,889		(3,828	)		51,061
Total	$	609,026	$	561,527	$	60,783	$	(13,284	)		47,499
							Applicable federal income taxes				(16,625	)
							Net unrealized gains - net of tax			$	30,874
December 31, 2015
Fixed maturities
U.S. government obligations	$	103,245	$	103,448	$	56	$	(259	)	$	(203	)
Residential mortgage-backed securities		4,776		4,668		162		(54	)		108
Commercial mortgage-backed securities		30,595		30,977		247		(629	)		(382	)
State and municipal obligations		110,578		109,932		806		(160	)		646
Corporate securities		164,025		168,137		2,445		(6,557	)		(4,112	)
Foreign government obligations		23,965		25,416		404		(1,855	)		(1,451	)
Total fixed maturities		437,184		442,578		4,120		(9,514	)		(5,394	)
Equity securities:
Financial institutions		21,694		10,836		11,069		(211	)		10,858
Industrial & miscellaneous		123,804		69,385		59,338		(4,919	)		54,419
Total equity securities		145,498		80,221		70,407		(5,130	)		65,277
Total	$	582,682	$	522,799	$	74,527	$	(14,644	)		59,883
							Applicable federal income taxes				(20,959	)
							Net unrealized gains - net of tax			$	38,924

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, 2016 and December 31, 2015, 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, 2016							December 31, 2015
	Number of Securities		Fair Value		Gross Unrealized Loss			Number of Securities		Fair Value		Gross Unrealized Loss
Fixed maturity securities:
12 months or less		297	$	158,578	$	(7,200	)		328	$	205,475	$	(5,070	)
Greater than 12 months		51		16,419		(2,256	)		168		108,043		(4,444	)
Total fixed maturities		348		174,997		(9,456	)		496		313,518		(9,514	)
Equity securities:
12 months or less		61		35,805		(3,828	)		73		26,517		(5,130	)
Greater than 12 months		-		-		-			-		-		-
Total equity securities		61		35,805		(3,828	)		73		26,517		(5,130	)
Total fixed maturity and equity securities		409	$	210,802	$	(13,284	)		569	$	340,035	$	(14,644	)

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, 2016, 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	$	148,336	$	148,846
Excess of one year to five years		201,404		201,288
Excess of five years to ten years		38,182		38,489
Excess of ten years		1,749		1,943
Contractual maturities		389,671		390,566
Asset-backed securities		81,312		83,979
Total	$	470,983	$	474,545

Realized gains (losses) on investments

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

	Three Months Ended
	March 31
	2016			2015
Fixed maturities:
Gross gains	$	1,277		$	1,147
Gross losses		(2,896	)		(1,933	)
Net realized losses		(1,619	)		(786	)
Equity securities:
Gross gains		15,510			749
Gross losses		(2,700	)		(753	)
Net realized gains (losses)		12,810			(4	)
Limited partnerships - net gain (loss)		(2,179	)		4,533
Total net gains	$	9,012		$	3,743

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
	2016			2015
Realized net gains (losses) on the disposal of securities	$	8,309		$	(288	)
Mark-to-market adjustment		(301	)		(288	)
Equity in gains (losses) of limited partnership
investments - realized and unrealized		(2,179	)		4,533
Impairment:
Write-downs based upon objective criteria		(2,060	)		(214	)
Recovery of prior write-downs
upon sale or disposal		5,243			-
Total net gains	$	9,012		$	3,743