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Investments
 3 Months Ended
Mar. 31, 2018
Investments [Abstract]  
Investments
(2) Investments:
The following is a summary of available-for-sale securities at March 31, 2018 and December 31, 2017:

              
Net
 
     
Cost or
  
Gross
  
Gross
  
Unrealized
 
  
Fair
  
Amortized
  
Unrealized
  
Unrealized
  
Gains
 
  
Value
  
Cost
  
Gains
  
Losses
  
(Losses)
 
March 31, 2018 1
               
Fixed maturities
               
   Agency collateralized mortgage obligations
  
14,995
   
14,500
   
632
   
(137
)
  
495
 
   Agency mortgage-backed securities
  
30,740
   
31,312
   
32
   
(604
)
  
(572
)
   Asset-backed securities
  
44,740
   
44,211
   
750
   
(221
)
  
529
 
   Bank loans
  
22,693
   
22,458
   
269
   
(34
)
  
235
 
   Certificates of deposit
  
3,127
   
3,124
   
3
   
-
   
3
 
   Collateralized mortgage obligations
  
5,727
   
5,382
   
370
   
(25
)
  
345
 
   Corporate securities
  
213,462
   
216,105
   
1,180
   
(3,823
)
  
(2,643
)
   Mortgage-backed securities
  
23,620
   
23,398
   
581
   
(359
)
  
222
 
   Municipal obligations
  
48,764
   
48,971
   
290
   
(497
)
  
(207
)
   Non-U.S. government obligations
  
38,848
   
39,539
   
413
   
(1,104
)
  
(691
)
   U.S. government obligations
  
97,400
   
98,231
   
20
   
(851
)
  
(831
)
      Total
 
$
544,116
  
$
547,231
  
$
4,540
  
$
(7,655
)
 
$
(3,115
)


              
Net
 
     
Cost or
  
Gross
  
Gross
  
Unrealized
 
  
Fair
  
Amortized
  
Unrealized
  
Unrealized
  
Gains
 
  
Value
  
Cost
  
Gains
  
Losses
  
(Losses)
 
December 31, 2017 1
               
Fixed maturities
               
   Agency collateralized mortgage obligations
 
$
16,586
  
$
15,839
  
$
818
  
$
(71
)
 
$
747
 
   Agency mortgage-backed securities
  
27,075
   
27,180
   
47
   
(152
)
  
(105
)
   Asset-backed securities
  
43,469
   
42,861
   
749
   
(141
)
  
608
 
   Bank loans
  
19,488
   
19,271
   
266
   
(49
)
  
217
 
   Certificates of deposit
  
3,135
   
3,124
   
11
   
-
   
11
 
   Collateralized mortgage obligations
  
6,492
   
6,079
   
451
   
(38
)
  
413
 
   Corporate securities
  
198,349
   
198,419
   
1,602
   
(1,672
)
  
(70
)
   Mortgage-backed securities
  
24,204
   
23,656
   
933
   
(385
)
  
548
 
   Municipal obligations
  
96,650
   
97,059
   
322
   
(731
)
  
(409
)
   Non-U.S. government obligations
  
37,394
   
37,971
   
475
   
(1,052
)
  
(577
)
   U.S. government obligations
  
49,011
   
49,558
   
-
   
(547
)
  
(547
)
      Total fixed maturities
  
521,853
   
521,017
   
5,674
   
(4,838
)
  
836
 
Equity securities:
                    
   Consumer
  
46,578
   
23,565
   
24,031
   
(1,018
)
  
23,013
 
   Energy
  
10,278
   
6,763
   
3,602
   
(87
)
  
3,515
 
   Financial
  
45,470
   
31,859
   
13,937
   
(326
)
  
13,611
 
   Industrial
  
25,402
   
8,949
   
16,793
   
(340
)
  
16,453
 
   Technology
  
13,061
   
5,768
   
7,401
   
(108
)
  
7,293
 
   Funds (e.g. mutual funds, closed end funds, ETFs)
  
50,291
   
46,177
   
4,153
   
(39
)
  
4,114
 
   Other
  
10,683
   
7,670
   
3,313
   
(300
)
  
3,013
 
      Total equity securities
  
201,763
   
130,751
   
73,230
   
(2,218
)
  
71,012
 
                     
      Total
 
$
723,616
  
$
651,768
  
$
78,904
  
$
(7,056
)
 
$
71,848
 

1 Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation.  See Note 1 – Recently Adopted Accounting Pronouncements for further discussion.
 
The following table summarizes, for available-for-sale fixed maturities in an unrealized loss position at March 31, 2018 and available-for-sale fixed maturities and equity securities in an unrealized loss position at December 31, 2017, respectively, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

 
 
March 31, 2018
  
December 31, 2017
 
 
 
Number of Securities
  
Fair Value
  
Gross Unrealized Loss
  
Number of Securities
  
Fair Value
  
Gross Unrealized Loss
 
Fixed maturity securities:
                  
12 months or less
  
491
  
$
336,083
  
$
(5,580
)
  
459
  
$
313,421
  
$
(2,683
)
Greater than 12 months
  
105
   
66,574
   
(2,075
)
  
112
   
75,638
   
(2,155
)
Total fixed maturities
  
596
   
402,657
   
(7,655
)
  
571
   
389,059
   
(4,838
)
 
                        
Equity securities 1:
                        
12 months or less
  
-
   
-
   
-
   
65
   
46,654
   
(2,218
)
Greater than 12 months
  
-
   
-
   
-
   
-
   
-
   
-
 
Total equity securities
  
-
   
-
   
-
   
65
   
46,654
   
(2,218
)
Total fixed maturity and equity securities
  
596
  
$
402,657
  
$
(7,655
)
  
636
  
$
435,713
  
$
(7,056
)

1 Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation.  See Note 1 – Recently Adopted Accounting Pronouncements for further discussion.

The fair value and the cost or amortized costs of fixed maturity investments at March 31, 2018, 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
 
$
38,435
  
$
38,652
 
Excess of one year to five years
  
310,711
   
314,263
 
Excess of five years to ten years
  
78,116
   
78,539
 
Excess of ten years
  
2,747
   
2,781
 
   Contractual maturities
  
430,009
   
434,235
 
Asset-backed securities
  
114,107
   
112,996
 
Total
 
$
544,116
  
$
547,231
 
 
Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of income.

 
 
Three Months Ended
 
 
 
March 31
 
 
 
2018
  
2017
 
Gross gains on available-for-sale investments sold during the period:
      
Fixed maturities
 
$
2,443
  
$
888
 
Equity securities1
  
-
   
1,606
 
Total gains
  
2,443
   
2,494
 
 
        
Gross losses on available-for-sale investments sold during the period:
        
Fixed maturities
  
(2,708
)
  
(1,373
)
Equity securities1
  
-
   
(113
)
Total losses
  
(2,708
)
  
(1,486
)
 
        
Other-than-temporary impairments
  
-
   
-
 
 
        
Change in value of limited partnership investments
  
(2,603
)
  
5,286
 
 
        
Gains (losses) on equity securities:
        
Realized gains on equity securities sold during the period 2
  
641
   
-
 
Unrealized losses on equity securities held at the end of the period
  
(2,306
)
  
-
 
Realized and unrealized losses on equity securities held at the end of the period
  
(1,665
)
  
-
 
 
        
Net realized and unrealized gains (losses) on investments
 
$
(4,533
)
 
$
6,294
 


1 Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale.  Prior periods have not been restated to conform to the current presentation.  See Note 1 – Recently Adopted Accounting Pronouncements for further discussion.

2 During the three months ended March 31, 2018, the Company sold $59,757 in equity securities resulting in a realized gain of $35,141.  The majority of this gain was included in unrealized gains within other comprehensive income at December 31, 2017 and, as a result of the adoption of ASU 2016-01, was reclassified to retained earnings as of January 1, 2018 and was therefore not recognized in the condensed consolidated statement of income for the three months ended March 31, 2018.

Shareholders' equity at March 31, 2018 included approximately $31,166, net of federal income taxes, of reported earnings, which remain undistributed by limited partnerships.