Investments in Debt and Equity Securities

9 Months Ended

Sep. 30, 2011

Investments in Debt and Equity Securities [Abstract]

Investments in Debt and Equity Securities

NOTE 2

Investments in debt and equity securities. The amortized costs and fair values follow:

	September 30, 2011				December 31, 2010
			Fair				Fair
	Amortized costs		values		Amortized costs		values
			($000 omitted)
Debt securities:
Municipal		31,864		33,382		39,589		40,185
Corporate and utilities		229,426		235,572		228,270		229,972
Foreign		154,385		161,198		155,977		157,745
U.S. Government		20,737		22,648		20,792		22,422
Equity securities		5,005		4,488		—		—
		441,417		457,288		444,628		450,324

Gross unrealized gains and losses were:

	September 30, 2011				December 31, 2010
	Gains		Losses		Gains		Losses
			($000 omitted)
Debt securities:
Municipal		1,525		7		1,235		639
Corporate and utilities		9,143		2,997		4,574		2,872
Foreign		6,815		2		1,861		93
U.S. Government		1,911		—		1,634		4
Equity securities		—		517		—		—
		19,394		3,523		9,304		3,608

Debt securities as of September 30, 2011 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

			Fair
	Amortized costs		values
	($000 omitted)
In one year or less		34,076		34,416
After one year through five years		214,176		161,249
After five years through ten years		152,540		116,204
After ten years		35,620		140,931
		436,412		452,800

As of September 30, 2011, gross unrealized losses on investments and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:

	Less than 12 months				More than 12 months				Total
	Losses		Fair values		Losses		Fair values		Losses		Fair values
					($000 omitted)
Debt securities:
Municipal		7		1,178		—		—		7		1,178
Corporate and utilities		2,995		81,901		2		1,752		2,997		83,653
Foreign		2		623		—		—		2		623
U.S. Government		—		—		—		—		—		—
Equity securities		518		4,486		—		—		518		4,486
		3,522		88,188		2		1,752		3,524		89,940

The unrealized loss positions were primarily caused by interest rate fluctuations. The number of investments in an unrealized loss position as of September 30, 2011 was 57. Since the Company does not intend to sell and will more-likely-than-not maintain each debt security until its anticipated recovery, and no significant credit risk is deemed to exist, these investments are not considered other-than-temporarily impaired.

As of December 31, 2010, gross unrealized losses on investments and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:

	Less than 12 months				More than 12 months				Total
	Losses		Fair values		Losses		Fair values		Losses		Fair values
					($000 omitted)
Debt securities:
Municipal		638		14,391		1		25		639		14,416
Corporate and utilities		2,868		95,354		4		235		2,872		95,589
Foreign		93		55,773		—		—		93		55,773
U.S. Government		4		3,711		—		—		4		3,711
		3,603		169,229		5		260		3,608		169,489

The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized. Foreign debt securities primarily include Canadian government bonds and United Kingdom treasury bonds.