INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2014 and December 31, 2013 are as follows.  All securities are classified as available-for-sale and are carried at fair value.

June 30, 2014	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	9,556	$	157	$	98	$	9,615
U.S. government-sponsored agencies	188,583		1,875		4,977		185,481
Obligations of states and political subdivisions	319,885		23,196		580		342,501
Commercial mortgage-backed	50,708		4,886		—		55,594
Residential mortgage-backed	98,894		987		2,646		97,235
Other asset-backed	10,306		1,258		—		11,564
Corporate	350,097		19,848		732		369,213
Total fixed maturity securities	1,028,029		52,207		9,033		1,071,203
Equity securities:
Common stocks:
Financial services	21,346		10,374		19		31,701
Information technology	15,666		8,279		—		23,945
Healthcare	12,516		9,783		1		22,298
Consumer staples	9,189		4,285		—		13,474
Consumer discretionary	10,478		10,298		—		20,776
Energy	17,879		9,261		3		27,137
Industrials	8,386		6,423		4		14,805
Other	13,328		4,620		1		17,947
Non-redeemable preferred stocks	12,082		660		249		12,493
Total equity securities	120,870		63,983		277		184,576
Total securities available-for-sale	$	1,148,899	$	116,190	$	9,310	$	1,255,779

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 June 30, 2014 and December 31, 2013, listed by length of time the securities were in an unrealized loss position.

June 30, 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	$	—	$	—	$	4,736	$	98	$	4,736	$	98
U.S. government-sponsored agencies	12,638		47		102,022		4,930		114,660		4,977
Obligations of states and political subdivisions	3,445		10		41,566		570		45,011		580
Commercial mortgage-backed	344		—		—		—		344		—
Residential mortgage-backed	24,586		973		25,938		1,673		50,524		2,646
Corporate	16,235		87		31,889		645		48,124		732
Total, fixed maturity securities	57,248		1,117		206,151		7,916		263,399		9,033
Equity securities:
Common stocks:
Financial services	265		19		—		—		265		19
Healthcare	65		1		—		—		65		1
Energy	1,315		3		—		—		1,315		3
Industrials	118		4		—		—		118		4
Other	26		1		—		—		26		1
Non-redeemable preferred stocks	—		—		1,750		249		1,750		249
Total, equity securities	1,789		28		1,750		249		3,539		277
Total temporarily impaired securities	$	59,037	$	1,145	$	207,901	$	8,165	$	266,938	$	9,310

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 June 30, 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	$	14,324	$	14,582
Due after one year through five years	209,948		223,617
Due after five years through ten years	166,906		173,341
Due after ten years	487,249		506,834
Mortgage-backed securities	149,602		152,829
Totals	$	1,028,029	$	1,071,203

Summary of realized investment gains and (losses)

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

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	285		$	132		$	366		$	818
Gross realized investment losses	—			(725		)	(92		)	(725		)
Equity securities available-for-sale:
Gross realized investment gains	3,283			1,233			5,316			3,324
Gross realized investment losses	(405		)	(465		)	(481		)	(553		)
"Other-than-temporary" impairments	—			—			(316		)	(21		)
Other long-term investments:
Gross realized investment losses	(820		)	—			(1,188		)	—
Totals	$	2,343		$	175		$	3,605		$	2,843