INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016 are as follows.  All securities are classified as available-for-sale and are carried at fair value.

June 30, 2017	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	7,853	$	62	$	—	$	7,915
U.S. government-sponsored agencies	243,258		249		6,775		236,732
Obligations of states and political subdivisions	320,598		19,711		348		339,961
Commercial mortgage-backed	59,214		683		1,065		58,832
Residential mortgage-backed	87,921		2,481		4,151		86,251
Other asset-backed	24,696		796		472		25,020
Corporate	457,259		13,825		667		470,417
Total fixed maturity securities	1,200,799		37,807		13,478		1,225,128
Equity securities:
Common stocks:
Financial services	25,852		12,415		146		38,121
Information technology	21,830		14,141		109		35,862
Healthcare	16,820		11,071		—		27,891
Consumer staples	10,894		5,843		44		16,693
Consumer discretionary	11,848		8,310		89		20,069
Energy	12,404		3,708		663		15,449
Industrials	12,267		12,255		13		24,509
Other	13,203		5,126		28		18,301
Non-redeemable preferred stocks	23,030		1,746		20		24,756
Total equity securities	148,148		74,615		1,112		221,651
Total securities available-for-sale	$	1,348,947	$	112,422	$	14,590	$	1,446,779

December 31, 2016	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair values
($ in thousands)
Securities available-for-sale:
Fixed maturity securities:
U.S. treasury	$	7,841	$	—	$	11	$	7,830
U.S. government-sponsored agencies	249,495		311		10,609		239,197
Obligations of states and political subdivisions	319,663		17,034		940		335,757
Commercial mortgage-backed	37,964		741		1,133		37,572
Residential mortgage-backed	102,307		1,435		7,308		96,434
Other asset-backed	26,592		732		931		26,393
Corporate	445,663		12,232		1,379		456,516
Total fixed maturity securities	1,189,525		32,485		22,311		1,199,699
Equity securities:
Common stocks:
Financial services	22,922		12,410		210		35,122
Information technology	19,832		10,739		29		30,542
Healthcare	16,092		8,700		85		24,707
Consumer staples	13,438		5,787		125		19,100
Consumer discretionary	14,812		7,672		163		22,321
Energy	14,276		4,873		78		19,071
Industrials	13,005		11,258		18		24,245
Other	13,071		5,345		32		18,384
Non-redeemable preferred stocks	20,031		483		167		20,347
Total equity securities	147,479		67,267		907		213,839
Total securities available-for-sale	$	1,337,004	$	99,752	$	23,218	$	1,413,538

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 June 30, 2017 and December 31, 2016, listed by length of time the securities were consistently in an unrealized loss position.

June 30, 2017	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	$	194,957	$	6,641	$	4,867	$	134	$	199,824	$	6,775
Obligations of states and political subdivisions	14,415		348		—		—		14,415		348
Commercial mortgage-backed	43,939		1,065		—		—		43,939		1,065
Residential mortgage-backed	13,671		426		18,491		3,725		32,162		4,151
Other asset-backed	7,336		123		6,516		349		13,852		472
Corporate	35,758		124		14,453		543		50,211		667
Total fixed maturity securities	310,076		8,727		44,327		4,751		354,403		13,478
Equity securities:
Common stocks:
Financial services	1,407		20		945		126		2,352		146
Information technology	2,313		109		—		—		2,313		109
Consumer staples	1,293		44		—		—		1,293		44
Consumer discretionary	1,280		89		—		—		1,280		89
Energy	3,635		474		1,027		189		4,662		663
Industrials	340		13		—		—		340		13
Other	2,252		28		—		—		2,252		28
Non-redeemable preferred stocks	—		—		1,980		20		1,980		20
Total equity securities	12,520		777		3,952		335		16,472		1,112
Total temporarily impaired securities	$	322,596	$	9,504	$	48,279	$	5,086	$	370,875	$	14,590

December 31, 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. treasury	$	7,830	$	11	$	—	$	—	$	7,830	$	11
U.S. government-sponsored agencies	202,900		10,609		—		—		202,900		10,609
Obligations of states and political subdivisions	43,777		940		—		—		43,777		940
Commercial mortgage-backed	21,695		1,133		—		—		21,695		1,133
Residential mortgage-backed	26,217		1,232		23,625		6,076		49,842		7,308
Other asset-backed	19,091		931		—		—		19,091		931
Corporate	82,657		1,273		8,625		106		91,282		1,379
Total fixed maturity securities	404,167		16,129		32,250		6,182		436,417		22,311
Equity securities:
Common stocks:
Financial services	1,462		12		908		198		2,370		210
Information technology	1,947		29		—		—		1,947		29
Healthcare	3,585		85		—		—		3,585		85
Consumer staples	2,427		125		—		—		2,427		125
Consumer discretionary	1,637		163		—		—		1,637		163
Energy	1,621		33		1,188		45		2,809		78
Industrials	779		18		—		—		779		18
Other	1,472		32		—		—		1,472		32
Non-redeemable preferred stocks	3,356		44		1,877		123		5,233		167
Total equity securities	18,286		541		3,973		366		22,259		907
Total temporarily impaired securities	$	422,453	$	16,670	$	36,223	$	6,548	$	458,676	$	23,218

Amortized cost and estimated fair value of fixed maturity securities

The amortized cost and estimated fair values of fixed maturity securities at June 30, 2017, 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	$	67,465	$	68,242
Due after one year through five years	158,450		164,964
Due after five years through ten years	337,009		345,245
Due after ten years	488,531		499,403
Securities not due at a single maturity date	149,344		147,274
Totals	$	1,200,799	$	1,225,128

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,
($ in thousands)	2017			2016			2017			2016
Fixed maturity securities available-for-sale:
Gross realized investment gains	$	289		$	1,005		$	379		$	1,674
Gross realized investment losses	(880		)	—			(2,086		)	(299		)
Equity securities available-for-sale:
Gross realized investment gains	6,398			2,766			9,273			4,848
Gross realized investment losses	(372		)	(441		)	(471		)	(1,633		)
"Other-than-temporary" impairments	(733		)	(270		)	(733		)	(701		)
Other long-term investments, net	(1,315		)	(1,426		)	(3,602		)	(3,340		)
Totals	$	3,387		$	1,634		$	2,760		$	549