INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016 and December 31, 2015 are as follows.  All securities are classified as available-for-sale and are carried at fair value.

September 30, 2016	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	7,835	$	372	$	—	$	8,207
U.S. government-sponsored agencies	236,698		1,408		612		237,494
Obligations of states and political subdivisions	320,330		29,601		19		349,912
Commercial mortgage-backed	40,800		1,208		126		41,882
Residential mortgage-backed	106,044		2,245		8,780		99,509
Other asset-backed	27,239		1,112		100		28,251
Corporate	445,524		26,584		213		471,895
Total fixed maturity securities	1,184,470		62,530		9,850		1,237,150
Equity securities:
Common stocks:
Financial services	24,115		8,748		444		32,419
Information technology	19,482		11,457		2		30,937
Healthcare	16,522		11,040		43		27,519
Consumer staples	14,059		7,066		59		21,066
Consumer discretionary	15,399		8,983		336		24,046
Energy	14,021		5,167		359		18,829
Industrials	13,390		10,375		71		23,694
Other	16,833		4,700		211		21,322
Non-redeemable preferred stocks	18,031		1,501		82		19,450
Total equity securities	151,852		69,037		1,607		219,282
Total securities available-for-sale	$	1,336,322	$	131,567	$	11,457	$	1,456,432

December 31, 2015	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ 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 tables set forth the estimated fair values and gross unrealized losses associated with investment securities that were in an unrealized loss position as of September 30, 2016 and December 31, 2015, listed by length of time the securities were in an unrealized loss position.

September 30, 2016	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair values		Unrealized losses		Fair values		Unrealized losses		Fair values		Unrealized losses
Fixed maturity securities:
U.S. government-sponsored agencies	$	56,223	$	612	$	—	$	—	$	56,223	$	612
Obligations of states and political subdivisions	2,836		19		—		—		2,836		19
Commercial mortgage-backed	20,698		126		—		—		20,698		126
Residential mortgage-backed	24,298		1,103		25,791		7,677		50,089		8,780
Other asset-backed	7,526		100		—		—		7,526		100
Corporate	22,582		134		8,646		79		31,228		213
Total fixed maturity securities	134,163		2,094		34,437		7,756		168,600		9,850
Equity securities:
Common stocks:
Financial services	4,802		444		—		—		4,802		444
Information technology	52		2		—		—		52		2
Healthcare	873		43		—		—		873		43
Consumer staples	1,079		59		—		—		1,079		59
Consumer discretionary	3,813		336		—		—		3,813		336
Energy	4,899		359		—		—		4,899		359
Industrials	1,097		71		—		—		1,097		71
Other	2,448		211		—		—		2,448		211
Non-redeemable preferred stocks	—		—		1,918		82		1,918		82
Total equity securities	19,063		1,525		1,918		82		20,981		1,607
Total temporarily impaired securities	$	153,226	$	3,619	$	36,355	$	7,838	$	189,581	$	11,457

December 31, 2015	Less than twelve months				Twelve months or longer				Total
($ in thousands)	Fair values		Unrealized losses		Fair values		Unrealized losses		Fair values		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 values of fixed maturity securities at September 30, 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 values
Securities available-for-sale:
Due in one year or less	$	33,776	$	34,148
Due after one year through five years	165,885		174,885
Due after five years through ten years	324,442		344,608
Due after ten years	510,334		538,909
Securities not due at a single maturity date	150,033		144,600
Totals	$	1,184,470	$	1,237,150

Summary of realized investment gains and (losses)

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

	Three months ended September 30,						Nine months ended September 30,
($ in thousands)	2016			2015			2016			2015
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	261		$	61		$	1,935		$	642
Gross realized investment losses	(218		)	—			(517		)	—
Equity securities available-for-sale:
Gross realized investment gains	1,001			3,345			5,849			11,681
Gross realized investment losses	(50		)	(2,525		)	(1,683		)	(3,278		)
"Other-than-temporary" impairments	(275		)	(628		)	(976		)	(1,293		)
Other long-term investments, net	(1,911		)	7,245			(5,251		)	3,803
Totals	$	(1,192	)	$	7,498		$	(643	)	$	11,555