INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and December 31, 2015 are as follows.  All securities are classified as available-for-sale and are carried at fair value.

March 31, 2016	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	7,824	$	314	$	—	$	8,138
U.S. government-sponsored agencies	187,366		2,145		63		189,448
Obligations of states and political subdivisions	312,476		28,304		—		340,780
Commercial mortgage-backed	40,098		1,661		2		41,757
Residential mortgage-backed	93,625		2,232		7,735		88,122
Other asset-backed	15,901		872		129		16,644
Corporate	459,337		23,206		1,410		481,133
Total fixed maturity securities	1,116,627		58,734		9,339		1,166,022
Equity securities:
Common stocks:
Financial services	26,311		7,820		688		33,443
Information technology	18,821		9,757		59		28,519
Healthcare	15,573		9,039		172		24,440
Consumer staples	12,440		7,148		7		19,581
Consumer discretionary	12,729		9,349		41		22,037
Energy	16,815		5,596		1,821		20,590
Industrials	13,942		9,697		118		23,521
Other	16,384		5,136		28		21,492
Non-redeemable preferred stocks	18,031		1,013		85		18,959
Total equity securities	151,046		64,555		3,019		212,582
Total securities available-for-sale	$	1,267,673	$	123,289	$	12,358	$	1,378,604

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

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, 2016 and December 31, 2015, listed by length of time the securities were in an unrealized loss position.

March 31, 2016	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	$	6,987	$	5	$	11,440	$	58	$	18,427	$	63
Commercial mortgage-backed	5,101		2		—		—		5,101		2
Residential mortgage-backed	11,820		1,443		23,906		6,292		35,726		7,735
Other asset-backed	5,331		129		—		—		5,331		129
Corporate	27,439		740		19,671		670		47,110		1,410
Total, fixed maturity securities	56,678		2,319		55,017		7,020		111,695		9,339
Equity securities:
Common stocks:
Financial services	7,858		688		—		—		7,858		688
Information technology	2,419		59		—		—		2,419		59
Healthcare	2,855		172		—		—		2,855		172
Consumer staples	89		7		—		—		89		7
Consumer discretionary	1,094		41		—		—		1,094		41
Energy	5,979		1,821		—		—		5,979		1,821
Industrials	1,586		118		—		—		1,586		118
Other	1,646		28		—		—		1,646		28
Non-redeemable preferred stocks	—		—		4,419		85		4,419		85
Total equity securities	23,526		2,934		4,419		85		27,945		3,019
Total temporarily impaired securities	$	80,204	$	5,253	$	59,436	$	7,105	$	139,640	$	12,358

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

Amortized cost and estimated fair value of fixed maturity securities

The amortized cost and estimated fair value of fixed maturity securities at March 31, 2016, 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	$	50,535	$	50,810
Due after one year through five years	148,018		155,947
Due after five years through ten years	344,710		361,569
Due after ten years	435,929		464,071
Securities not due at a single maturity date	137,435		133,625
Totals	$	1,116,627	$	1,166,022

Summary of realized investment gains and (losses)

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

	Three months ended March 31,
($ in thousands)	2016			2015
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	669		$	535
Gross realized investment losses	(299		)	—
Equity securities available-for-sale:
Gross realized investment gains	2,082			2,594
Gross realized investment losses	(1,192		)	(329		)
"Other-than-temporary" impairments	(431		)	(618		)
Other long-term investments, net	(1,914		)	(1,399		)
Totals	$	(1,085	)	$	783