Investments in Debt and Equity Securities

3 Months Ended

Mar. 31, 2012

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:

	March 31, 2012				December 31, 2011
	Amortized costs		Fair values		Amortized costs		Fair values
	($000 omitted)
Debt securities:
Municipal		21,112		21,873		26,721		27,801
Corporate and utilities		238,964		249,306		237,912		244,123
Foreign		165,837		166,492		162,384		164,268
U.S. Government		18,036		19,667		17,530		19,350
Equity securities		9,648		10,451		5,005		5,443
		453,597		467,789		449,552		460,985

Gross unrealized gains and losses were:

	March 31, 2012				December 31, 2011
	Gains		Losses		Gains		Losses
	($000 omitted)
Debt securities:
Municipal		765		4		1,080		—
Corporate and utilities		10,666		324		9,184		2,973
Foreign		1,292		637		1,937		53
U.S. Government		1,634		3		1,820		—
Equity securities		851		48		442		4
		15,208		1,016		14,463		3,030

Debt securities as of March 31, 2012 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		40,639		40,834
After one year through five years		176,687		179,805
After five years through ten years		203,578		211,613
After ten years		23,045		25,086
		443,949		457,338

As of March 31, 2012, 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		4		1,333		—		—		4		1,333
Corporate and utilities		190		20,090		133		6,152		323		26,242
Foreign		637		115,360		—		—		637		115,360
U.S. Government		3		1,033		—		—		3		1,033
Equity securities		15		979		34		1,841		49		2,820
		849		138,795		167		7,993		1,016		146,788

The unrealized loss positions were primarily caused by interest rate fluctuations. The number of investments in an unrealized loss position as of March 31, 2012 was 38. 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, 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:
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 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.