INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2015

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 December 31, 2015 and 2014 are as follows.  All securities are classified as available-for-sale and are carried at fair value.

December 31, 2015	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	12,566	$	23	$	—	$	12,589
U.S. government-sponsored agencies	202,486		1,817		1,637		202,666
Obligations of states and political subdivisions	319,940		24,419		—		344,359
Commercial mortgage-backed	44,433		1,692		17		46,108
Residential mortgage-backed	94,279		1,059		6,795		88,543
Other asset-backed	17,000		883		39		17,844
Corporate	439,513		12,992		3,589		448,916
Total fixed maturity securities	1,130,217		42,885		12,077		1,161,025
Equity securities:
Common stocks:
Financial services	24,557		9,731		333		33,955
Information technology	19,427		8,807		132		28,102
Healthcare	15,599		10,359		64		25,894
Consumer staples	11,136		7,090		26		18,200
Consumer discretionary	10,270		8,658		5		18,923
Energy	16,384		5,972		1,288		21,068
Industrials	11,525		8,902		11		20,416
Other	17,246		3,672		235		20,683
Non-redeemable preferred stocks	18,032		1,168		198		19,002
Total equity securities	144,176		64,359		2,292		206,243
Total securities available-for-sale	$	1,274,393	$	107,244	$	14,369	$	1,367,268

December 31, 2014	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	9,574	$	129	$	—	$	9,703
U.S. government-sponsored agencies	215,425		2,313		2,122		215,616
Obligations of states and political subdivisions	299,258		26,840		40		326,058
Commercial mortgage-backed	42,996		3,766		—		46,762
Residential mortgage-backed	100,296		1,402		3,745		97,953
Other asset-backed	14,798		1,213		6		16,005
Corporate	397,659		18,485		742		415,402
Total fixed maturity securities	1,080,006		54,148		6,655		1,127,499
Equity securities:
Common stocks:
Financial services	22,586		11,835		42		34,379
Information technology	15,755		11,110		—		26,865
Healthcare	14,673		12,179		—		26,852
Consumer staples	10,584		6,112		2		16,694
Consumer discretionary	11,304		11,420		33		22,691
Energy	15,837		7,458		432		22,863
Industrials	9,658		8,596		33		18,221
Other	11,493		4,563		—		16,056
Non-redeemable preferred stocks	12,082		617		284		12,415
Total equity securities	123,972		73,890		826		197,036
Total securities available-for-sale	$	1,203,978	$	128,038	$	7,481	$	1,324,535

Estimated fair value and gross unrealized losses associated with investment securities

The following tables set forth the estimated fair value and gross unrealized losses associated with investment securities that were in an unrealized loss position as of December 31, 2015 and 2014, listed by length of time the securities were in an unrealized loss position.

December 31, 2015	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed maturity securities:
U.S. government-sponsored agencies	$	78,800	$	1,228	$	34,079	$	409	$	112,879	$	1,637
Commercial mortgage-backed	6,807		17		—		—		6,807		17
Residential mortgage-backed	22,028		1,694		22,781		5,101		44,809		6,795
Other asset-backed	6,013		39		—		—		6,013		39
Corporate	101,088		2,683		14,212		906		115,300		3,589
Total fixed maturity securities	214,736		5,661		71,072		6,416		285,808		12,077
Equity securities:
Common stocks:
Financial services	6,387		333		—		—		6,387		333
Information technology	1,316		132		—		—		1,316		132
Healthcare	3,199		64		—		—		3,199		64
Consumer staples	1,244		26		—		—		1,244		26
Consumer discretionary	176		5		—		—		176		5
Energy	8,233		1,272		116		16		8,349		1,288
Industrials	1,263		11		—		—		1,263		11
Other	4,064		235		—		—		4,064		235
Non-redeemable preferred stocks	2,450		53		1,855		145		4,305		198
Total equity securities	28,332		2,131		1,971		161		30,303		2,292
Total temporarily impaired securities	$	243,068	$	7,792	$	73,043	$	6,577	$	316,111	$	14,369

December 31, 2014	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed maturity securities:
U.S. government-sponsored agencies	$	24,473	$	94	$	97,446	$	2,028	$	121,919	$	2,122
Obligations of states and political subdivisions	—		—		3,757		40		3,757		40
Commercial mortgage-backed	1,102		—		—		—		1,102		—
Residential mortgage-backed	21,451		1,252		21,163		2,493		42,614		3,745
Other asset-backed	1,889		6		—		—		1,889		6
Corporate	16,740		281		28,257		461		44,997		742
Total fixed maturity securities	65,655		1,633		150,623		5,022		216,278		6,655
Equity securities:
Common stocks:
Financial services	1,162		9		187		33		1,349		42
Consumer staples	1,051		2		—		—		1,051		2
Consumer discretionary	822		33		—		—		822		33
Energy	4,298		432		—		—		4,298		432
Industrials	1,406		33		—		—		1,406		33
Non-redeemable preferred stocks	—		—		1,716		284		1,716		284
Total equity securities	8,739		509		1,903		317		10,642		826
Total temporarily impaired securities	$	74,394	$	2,142	$	152,526	$	5,339	$	226,920	$	7,481

Amortized cost and estimated fair value of fixed maturity securities

The amortized cost and estimated fair value of fixed maturity securities at December 31, 2015, 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.

($ in thousands)	Amortized cost		Estimated fair value
Securities available-for-sale:
Due in one year or less	$	60,081	$	60,344
Due after one year through five years	146,288		153,326
Due after five years through ten years	315,753		320,416
Due after ten years	465,651		488,547
Securities not due at a single maturity date	142,444		138,392
Totals	$	1,130,217	$	1,161,025

Summary of realized investment gains and (losses)

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

	Year ended December 31,
($ in thousands)	2015			2014			2013
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	725		$	979		$	1,226
Gross realized investment losses	(251		)	(92		)	(725		)
"Other-than-temporary" impairments	—			(1		)	—
Equity securities available-for-sale:
Gross realized investment gains	12,741			8,913			9,458
Gross realized investment losses	(4,110		)	(1,727		)	(899		)
"Other-than-temporary" impairments	(1,481		)	(877		)	(63		)
Other long-term investments, net	(1,471		)	(2,846		)	—
Totals	$	6,153		$	4,349		$	8,997

Summary of net investment income

A summary of net investment income is as follows:

	Year ended December 31,
($ in thousands)	2015			2014			2013
Interest on fixed maturity securities	$	42,261		$	41,932		$	40,062
Dividends on equity securities	5,617			6,007			4,619
Income on reverse repurchase agreements	117			—			—
Interest on short-term investments	2			—			27
Return on long-term investments	(461		)	297			22
Total investment income	47,536			48,236			44,730
Securities litigation income	32			107			219
Investment expenses	(1,986		)	(1,878		)	(1,927		)
Net investment income	$	45,582		$	46,465		$	43,022

Summary of net changes in unrealized holding gains (losses) on securities available-for-sale

A summary of net changes in unrealized holding gains (losses) on securities available-for-sale is as follows:

	Year ended December 31,
($ in thousands)	2015			2014		2013
Fixed maturity securities	$	(16,685	)	$	29,081	$	(60,540	)
Deferred income tax expense (benefit)	(5,840		)	10,179		(21,189		)
Total fixed maturity securities	(10,845		)	18,902		(39,351		)
Equity securities	(10,997		)	17,051		27,571
Deferred income tax expense (benefit)	(3,849		)	5,967		9,650
Total equity securities	(7,148		)	11,084		17,921
Total available-for-sale securities	$	(17,993	)	$	29,986	$	(21,430	)