INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Reconciliation of available-for-sale securities from cost basis to fair value

The amortized cost and estimated fair value of securities available-for-sale as of March 31, 2014 and December 31, 2013 are as follows.  All securities are classified as available-for-sale and are carried at fair value.

March 31, 2014	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	9,548	$	173	$	197	$	9,524
U.S. government-sponsored agencies	154,289		1,442		8,043		147,688
Obligations of states and political subdivisions	342,900		19,344		1,876		360,368
Commercial mortgage-backed	54,168		5,189		—		59,357
Residential mortgage-backed	95,906		826		2,620		94,112
Other asset-backed	10,341		1,184		—		11,525
Corporate	331,499		17,709		1,781		347,427
Total fixed maturity securities	998,651		45,867		14,517		1,030,001
Equity securities:
Common stocks:
Financial services	19,345		9,409		53		28,701
Information technology	17,198		6,765		103		23,860
Healthcare	12,570		10,710		—		23,280
Consumer staples	9,502		4,160		—		13,662
Consumer discretionary	10,690		10,270		—		20,960
Energy	14,882		6,912		267		21,527
Industrials	8,386		6,207		—		14,593
Other	12,814		4,262		157		16,919
Non-redeemable preferred stocks	12,082		463		373		12,172
Total equity securities	117,469		59,158		953		175,674
Total securities available-for-sale	$	1,116,120	$	105,025	$	15,470	$	1,205,675

December 31, 2013	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	9,540	$	191	$	319	$	9,412
U.S. government-sponsored agencies	156,981		1,356		11,391		146,946
Obligations of states and political subdivisions	346,554		15,040		4,542		357,052
Commercial mortgage-backed	63,185		5,842		88		68,939
Residential mortgage-backed	96,058		1,073		2,952		94,179
Other asset-backed	11,456		1,192		—		12,648
Corporate	325,798		16,542		3,532		338,808
Total fixed maturity securities	1,009,572		41,236		22,824		1,027,984
Equity securities:
Common stocks:
Financial services	19,273		9,374		149		28,498
Information technology	12,645		6,301		29		18,917
Healthcare	12,801		9,144		—		21,945
Consumer staples	9,162		3,849		—		13,011
Consumer discretionary	10,722		10,309		—		21,031
Energy	14,102		7,341		326		21,117
Industrials	11,190		6,075		1		17,264
Other	13,358		4,489		36		17,811
Non-redeemable preferred stocks	10,582		316		644		10,254
Total equity securities	113,835		57,198		1,185		169,848
Total securities available-for-sale	$	1,123,407	$	98,434	$	24,009	$	1,197,832

Estimated fair value and gross unrealized losses associated with investment securities

The following table sets forth the estimated fair value and gross unrealized losses associated with investment securities that were in an unrealized loss position as of March 31, 2014 and December 31, 2013, listed by length of time the securities were in an unrealized loss position.

March 31, 2014	Less than twelve months				Twelve months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed maturity securities:
U.S. treasury	$	4,632	$	197	$	—	$	—	$	4,632	$	197
U.S. government-sponsored agencies	71,839		4,902		32,169		3,141		104,008		8,043
Obligations of states and political subdivisions	53,336		1,631		5,481		245		58,817		1,876
Residential mortgage-backed	60,790		1,588		5,551		1,032		66,341		2,620
Corporate	63,149		1,091		10,638		690		73,787		1,781
Total, fixed maturity securities	253,746		9,409		53,839		5,108		307,585		14,517
Equity securities:
Common stocks:
Financial services	1,530		53		—		—		1,530		53
Information technology	4,144		103		—		—		4,144		103
Energy	730		267		—		—		730		267
Industrials	38		—		—		—		38		—
Other	2,431		157		—		—		2,431		157
Non-redeemable preferred stocks	2,241		9		1,636		364		3,877		373
Total, equity securities	11,114		589		1,636		364		12,750		953
Total temporarily impaired securities	$	264,860	$	9,998	$	55,475	$	5,472	$	320,335	$	15,470

December 31, 2013	Less than twelve months				Twelve months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed maturity securities:
U.S. treasury	$	4,507	$	319	$	—	$	—	$	4,507	$	319
U.S. government-sponsored agencies	93,856		8,120		24,053		3,271		117,909		11,391
Obligations of states and political subdivisions	74,523		4,335		3,008		207		77,531		4,542
Commercial mortgage-backed	10,551		88		—		—		10,551		88
Residential mortgage-backed	44,243		2,482		4,600		470		48,843		2,952
Corporate	81,292		2,704		10,547		828		91,839		3,532
Total, fixed maturity securities	308,972		18,048		42,208		4,776		351,180		22,824
Equity securities:
Common stocks:
Financial services	2,801		149		—		—		2,801		149
Information technology	610		29		—		—		610		29
Consumer staples	30		—		—		—		30		—
Energy	1,450		326		—		—		1,450		326
Industrials	625		1		—		—		625		1
Other	1,499		36		—		—		1,499		36
Non-redeemable preferred stocks	2,121		128		1,484		516		3,605		644
Total, equity securities	9,136		669		1,484		516		10,620		1,185
Total temporarily impaired securities	$	318,108	$	18,717	$	43,692	$	5,292	$	361,800	$	24,009

Amortized cost and estimated fair value of fixed maturity securities

The amortized cost and estimated fair value of fixed maturity securities at March 31, 2014, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

	Amortized cost		Estimated fair value
Securities available-for-sale:
Due in one year or less	$	14,861	$	15,163
Due after one year through five years	204,579		217,051
Due after five years through ten years	148,790		153,719
Due after ten years	480,347		490,599
Mortgage-backed securities	150,074		153,469
Totals	$	998,651	$	1,030,001

Summary of realized investment gains and (losses)

A summary of realized investment gains and (losses) is as follows:

	Three months ended March 31,
	2014			2013
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	81		$	686
Gross realized investment losses	(92		)	—
Equity securities available-for-sale:
Gross realized investment gains	2,033			2,091
Gross realized investment losses	(76		)	(88		)
"Other-than-temporary" impairments	(316		)	(21		)
Other long-term investments:
Gross realized investment losses	(368		)	—
Totals	$	1,262		$	2,668