Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at March 31, 2015 and December 31, 2014:

	Cost or Adjusted/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2015
U.S. government and agency securities	$	108,457	$	886	$	205	$	109,138
Foreign government	3,271		136		—		3,407
States, municipalities and political subdivisions	123,631		2,399		437		125,593
Public utilities	9,039		289		8		9,320
Corporate securities	125,770		2,324		170		127,924
Redeemable preferred stocks	2,014		27		70		1,971
Total fixed maturities	372,182		6,061		890		377,353
Public utilities	1,223		97		6		1,314
Other common stocks	19,866		3,791		430		23,227
Non-redeemable preferred stocks	2,304		55		22		2,337
Total equity securities	23,393		3,943		458		26,878
Other long-term investments	4,315		288		—		4,603
Total investments	$	399,890	$	10,292	$	1,348	$	408,834
December 31, 2014
U.S. government and agency securities	$	134,601	$	423	$	590	$	134,434
Foreign government	3,275		79		—		3,354
States, municipalities and political subdivisions	90,262		1,866		217		91,911
Public utilities	9,044		217		39		9,222
Corporate securities	111,787		1,409		580		112,616
Redeemable preferred stocks	1,094		9		10		1,093
Total fixed maturities	350,063		4,003		1,436		352,630
Public utilities	1,222		211		—		1,433
Other common stocks	19,560		3,738		250		23,048
Non-redeemable preferred stocks	1,496		17		7		1,506
Total equity securities	22,278		3,966		257		25,987
Other long-term investments	2,749		261		—		3,010
Total investments	$	375,090	$	8,230	$	1,693	$	381,627

Schedule of Realized Gain (Loss)

The following table details our realized gains (losses) by major investment category for the three month periods ended March 31, 2015 and 2014:

	2015					2014
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
Three Months Ended March 31,
Fixed maturities	$	227		$	20,963	$	21		$	1,120
Equity securities	3			238		102			805
Total realized gains	230			21,201		123			1,925
Fixed maturities	(106		)	10,534		(38		)	1,190
Equity securities	(2		)	33		(71		)	990
Total realized losses	(108		)	10,567		(109		)	2,180
Net realized investment gains	$	122		$	31,768	$	14		$	4,105

Investments Classified by Contractual Maturity Date

	March 31, 2015
	Cost or Amortized Cost		Percent of Total		Fair Value		Percent of Total
Due in one year or less	$	24,514	6.6	%	$	24,519	6.5	%
Due after one year through five years	177,870		47.8		179,281		47.5
Due after five years through ten years	121,704		32.7		124,061		32.9
Due after ten years	48,094		12.9		49,492		13.1
Total	$	372,182	100.0	%	$	377,353	100.0	%

Investment Income

The following table summarizes our net investment income by major investment category:

	Three Months Ended March 31,
	2015			2014
Fixed maturities	$	1,822		$	1,277
Equity securities	203			126
Cash, cash equivalents and short-term investments	3			1
Other investments	42			63
Other assets	3			—
Investment income	2,073			1,467
Investment expenses	(87		)	(69		)
Net investment income	$	1,986		$	1,398

Schedule of Unrealized Loss on Investments

The following table presents an aging of our unrealized investment losses by investment class:

	Less Than Twelve Months					Twelve Months or More
	Number of Securities*	Gross Unrealized Losses		Fair Value		Number of Securities*	Gross Unrealized Losses		Fair Value
March 31, 2015
U.S. government and agency securities	19	$	56	$	16,322	17	$	149	$	11,378
States, municipalities and political subdivisions	38	393		41,731		9	44		11,108
Public utilities	1	1		1,274		1	7		1,042
Corporate securities	23	66		15,801		8	104		10,047
Redeemable preferred stocks	6	70		667		—	—		—
Total fixed maturities	87	586		75,795		35	304		33,575
Public utilities	3	6		221		—	—		—
Common stocks	70	427		5,617		4	3		128
Non-redeemable preferred stocks	15	22		1,081		—	—		—
Total equity securities	88	455		6,919		4	3		128
Total	175	$	1,041	$	82,714	39	$	307	$	33,703
December 31, 2014
U.S. government and agency securities	32	$	285	$	36,081	20	$	305	$	16,947
States, municipalities and political subdivisions	24	100		22,272		11	117		14,310
Public utilities	1	1		1,274		1	38		1,014
Corporate securities	23	271		23,738		16	309		20,215
Redeemable preferred stocks	4	10		408		—	—		—
Total fixed maturities	84	667		83,773		48	769		52,486
Common stocks	54	247		3,992		1	3		31
Non-redeemable preferred stocks	4	7		378		—	—		—
Total equity securities	58	254		4,370		1	3		31
Total	142	$	921	$	88,143	49	$	772	$	52,517

* This amount represents the actual number of discrete securities, not the number of shares of those securities. The numbers are not presented in thousands.

Fair Value, Measurement Inputs, Disclosure

The following table presents the fair value of our financial instruments measured on a recurring basis by level at March 31, 2015 and December 31, 2014:

	Total		Level 1		Level 2		Level 3
March 31, 2015
U.S. government and agency securities	$	109,138	$	—	$	109,138	$	—
Foreign government	3,407		—		3,407		—
States, municipalities and political subdivisions	125,593		—		125,593		—
Public utilities	9,320		—		9,320		—
Corporate securities	127,924		—		127,924		—
Redeemable preferred stocks	1,971		1,971		—		—
Total fixed maturities	377,353		1,971		375,382		—
Public utilities	1,314		1,314		—		—
Other common stocks	23,227		23,227		—		—
Non-redeemable preferred stocks	2,337		2,337		—		—
Total equity securities	26,878		26,878		—		—
Other long-term investments	4,603		1,860		739		2,004
Total investments	$	408,834	$	30,709	$	376,121	$	2,004
December 31, 2014
U.S. government and agency securities	$	134,434	$	—	$	134,434	$	—
Foreign government	3,354		—		3,354		—
States, municipalities and political subdivisions	91,911		—		91,911		—
Public utilities	9,222		—		9,222		—
Corporate securities	112,616		—		112,616		—
Redeemable preferred stocks	1,093		1,093		—		—
Total fixed maturities	352,630		1,093		351,537		—
Public utilities	1,433		1,433		—		—
Other common stocks	23,048		23,048		—		—
Non-redeemable preferred stocks	1,506		1,506		—		—
Total equity securities	25,987		25,987		—		—
Other long-term investments	3,010		300		739		1,971
Total investments	$	381,627	$	27,380	$	352,276	$	1,971

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The table below presents the rollforward of our Level 3 investments held at fair value during the three months ended March 31, 2015:

	Other Investments
December 31, 2014	$	1,971
Transfers in	—
Partnership income	15
Return of capital	(9		)
Unrealized gains in accumulated other comprehensive income	27
March 31, 2015	$	2,004

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

Other Investments Not Readily Marketable [Table Text Block]

Other investments

We acquired investments in limited partnerships, recorded in the other investments line of our Unaudited Consolidated Balance Sheets, that are currently being accounted for at fair value utilizing a discounted cash flow methodology. The estimated fair value of our investments in the limited partnership interests was $2,743,000. We have fully funded our investments in DCR and RCH, but we are still obligated to fund an additional $1,261,000 for our investment in Kayne. The information presented in the table below is as of March 31, 2015.

	Initial Investment		Book Value		Unrealized Gain		Fair Value
DCR Mortgage Partners VI, L.P.	$	750	$	760	$	208	$	968
RCH Mortgage Fund VI Investors, LP	1,000		956		80		1,036
Kayne Senior Credit Fund II, L.P.	739		739		—		739
Total limited partnerships	$	2,489	$	2,455	$	288	$	2,743
Other short-term investments	1,860		1,860		—		1,860
Total other investments	$	4,349	$	4,315	$	288	$	4,603