Investments In Debt and Equity Securities

12 Months Ended

Dec. 31, 2011

Investments In Debt and Equity Securities [Abstract]

Investments in Debt and Equity Securities [Text block]

NOTE 4

Investments in debt and equity securities. The amortized costs and fair values at December 31 follow:

	2011				2010
	Amortized costs		Fair values		Amortized costs		Fair values
	($000 omitted)
Debt securities:
Municipal		26,721		27,801		39,589		40,185
Corporate and utilities		237,912		244,123		228,270		229,972
Foreign		162,384		164,268		155,977		157,745
U.S. Government		17,530		19,350		20,792		22,422
Equity securities		5,005		5,443		—		—
		449,552		460,985		444,628		450,324

Gross unrealized gains and losses at December 31 were:

	2011				2010
	Gains		Losses		Gains		Losses
	($000 omitted)
Debt securities:
Municipal		1,080		—		1,235		639
Corporate and utilities		9,184		2,973		4,574		2,872
Foreign		1,937		53		1,861		93
U.S. Government		1,820		—		1,634		4
Equity securities		442		4		—		—
		14,463		3,030		9,304		3,608

Debt securities at December 31, 2011 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs		Fair values
	($000 omitted)
In one year or less		36,465		36,733
After one year through five years		162,249		165,087
After five years through ten years		212,963		217,817
After ten years		32,870		35,905
		444,547		455,542

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 at December 31, 2011, were:

	Less than 12 months				More than 12 months				Total
	Losses		Fair values		Losses		Fair values		Losses		Fair values
	($000 omitted)
Debt securities:
Corporate and utilities		1,944		42,851		1,029		24,830		2,973		67,681
Foreign		53		59,708		—		—		53		59,708
Equity securities:		4		1,247		—		—		4		1,247
		2,001		103,806		1,029		24,830		3,030		128,636

The unrealized loss positions were primarily caused by interest rate fluctuations. The number of investments in an unrealized loss position as of December 31, 2011 was 52. 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.

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 at December 31, 2010, 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 unrealized loss positions were primarily caused by interest rate fluctuations. The number of investments in an unrealized loss position as of December 31, 2010 was 72. 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.

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, which aggregated $136.6 million and $130.8 million as of December 31, 2011 and 2010, respectively, and United Kingdom treasury bonds.