EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of funded status of Employers Mutual's pension and postretirement benefit plans

The following table sets forth the funded status of Employers Mutual’s pension and postretirement benefit plans as of December 31, 2018 and 2017, based upon measurement dates of December 31, 2018 and 2017, respectively.

	Pension plans						Postretirement benefit plans
($ in thousands)	2018			2017			2018			2017
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	308,244		$	284,194		$	59,004		$	55,651
Service cost	16,852			15,135			1,473			1,362
Interest cost	10,726			11,190			2,084			2,281
Actuarial (gain) loss	(30,787		)	12,577			(7,484		)	3,278
Benefits paid	(16,933		)	(14,852		)	(2,579		)	(2,455		)
Plan amendments	—			—			—			(1,113		)
Projected benefit obligation at end of year	288,102			308,244			52,498			59,004
Change in plan assets:
Fair value of plan assets at beginning of year	349,004			300,915			75,658			67,809
Actual return on plan assets	(24,325		)	54,255			(4,311		)	10,304
Employer contributions	9,009			8,686			—			—
Benefits paid	(16,933		)	(14,852		)	(2,579		)	(2,455		)
Fair value of plan assets at end of year	316,755			349,004			68,768			75,658
Funded status	$	28,653		$	40,760		$	16,270		$	16,654

Schedule of amounts recognized in consolidated balance sheet

Amounts recognized in the Company’s consolidated balance sheets:

	Pension plans						Postretirement benefit plans
($ in thousands)	2018			2017			2018		2017
Assets:
Prepaid pension and postretirement benefits	$	12,603		$	16,327		$	5,088	$	4,356
Liability:
Pension and postretirement benefits	(4,070		)	(4,185		)	—		—
Net amount recognized	$	8,533		$	12,142		$	5,088	$	4,356

Schedule of amounts recognized in consolidated balance sheets under the caption accumulated other comprehensive income

Amounts recognized in the Company’s consolidated balance sheets under the caption “accumulated other comprehensive income”, before deferred income taxes:

	Pension plans						Postretirement benefit plans
($ in thousands)	2018			2017			2018			2017
Net actuarial loss	$	(16,691	)	$	(11,598	)	$	(5,622	)	$	(4,950	)
Prior service credit	—			—			14,586			16,407
Net amount recognized	$	(16,691	)	$	(11,598	)	$	8,964		$	11,457

Schedule of amounts recognized in consolidated statements of comprehensive income

Amounts recognized in the Company’s consolidated statements of comprehensive income, before deferred income taxes:

	Pension plans					Postretirement benefit plans
($ in thousands)	2018			2017		2018			2017
Net actuarial gain (loss)	$	(5,093	)	$	7,329	$	(672	)	$	1,197
Prior service (cost) credit	—			6		(1,821		)	(3,034		)
Net amount recognized	$	(5,093	)	$	7,335	$	(2,493	)	$	(1,837	)

Schedule of projected benefit obligation, accumulated benefit obligation and fair value of plan assets

The following table sets forth the projected benefit obligation, accumulated benefit obligation and fair value of plan assets of Employers Mutual’s non-qualified pension plan.  The amounts related to the qualified pension plan are not included since the plan assets exceeded the accumulated benefit obligation.

	Year ended December 31,
($ in thousands)	2018		2017
Projected benefit obligation	$	13,566	$	13,950
Accumulated benefit obligation	11,882		12,272
Fair value of plan assets	—		—

Components of net periodic benefit cost

The components of net periodic benefit cost (income) for Employers Mutual’s pension and postretirement benefit plans is as follows:

	Year ended December 31,
($ in thousands)	2018			2017			2016
Pension plans:
Service cost	$	16,852		$	15,135		$	14,432
Interest cost	10,726			11,190			10,161
Expected return on plan assets	(24,052		)	(20,765		)	(19,361		)
Amortization of net actuarial loss	537			3,643			4,311
Amortization of prior service cost	—			20			31
Net periodic pension benefit cost	$	4,063		$	9,223		$	9,574
Postretirement benefit plans:
Service cost	$	1,473		$	1,362		$	1,273
Interest cost	2,084			2,281			2,215
Expected return on plan assets	(4,815		)	(4,311		)	(4,224		)
Amortization of net actuarial loss	935			1,371			1,494
Amortization of prior service credit	(11,129		)	(11,154		)	(11,338		)
Net periodic postretirement benefit income	$	(11,452	)	$	(10,451	)	$	(10,580	)

Schedule of weighted-average assumptions used

The weighted-average assumptions used to measure the benefit obligations are as follows:

	Year ended December 31,
	2018		2017
Pension plans:
Discount rate	4.24	%	3.60	%
Interest credit rate	4.50	%	5.50	%
Rate of compensation increase:
Qualified pension plan	5.07	%	5.09	%
Non-qualified pension plan	4.37	%	4.45	%
Postretirement benefit plans:
Discount rate	4.27	%	3.63	%

The weighted-average assumptions used to measure the net periodic benefit costs are as follows:

	Year ended December 31,
	2018		2017		2016
Pension plans:
Discount rate	3.60	%	4.07	%	3.90	%
Interest credit rate	5.50	%	5.50	%	5.50	%
Expected long-term rate of return on plan assets	7.00	%	7.00	%	7.00	%
Rate of compensation increase:
Qualified pension plan	5.07	%	5.08	%	5.07	%
Non-qualified pension plan	4.37	%	4.47	%	4.56	%
Postretirement benefit plans:
Discount rate	3.63	%	4.21	%	4.42	%
Expected long-term rate of return on plan assets	6.50	%	6.50	%	6.50	%

Schedule of expected future benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid from the plans over the next ten years:

($ in thousands)	Pension benefits		Postretirement benefits
2019	$	19,932	$	2,805
2020	22,180		2,998
2021	21,996		3,169
2022	22,620		3,286
2023	23,408		3,358
2024 - 2028	124,035		17,922

Employers Mutual VEBA Trust

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of fair value of plan assets

The fair values of the assets held in Employers Mutual’s VEBA trust are as follows:

December 31, 2018			Fair value measurements using
($ in thousands)	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Money market fund	$	1,506	$	1,506	$	—	$	—
Emerging markets ETF	3,986		3,986		—		—
Mutual funds	47,632		47,632		—		—
Life insurance contracts	14,885		—		—		14,885
Cash	759		759		—		—
Total benefit plan assets	$	68,768	$	53,883	$	—	$	14,885

December 31, 2017			Fair value measurements using
($ in thousands)	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Money market fund	$	1,254	$	1,254	$	—	$	—
Emerging markets ETF	4,803		4,803		—		—
Mutual funds	54,180		54,180		—		—
Life insurance contracts	14,524		—		—		14,524
Cash	897		897		—		—
Total benefit plan assets	$	75,658	$	61,134	$	—	$	14,524

Reconciliation of assets measured at fair value using significant unobservable inputs

Presented below is a reconciliation of the assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017.

	Fair value measurements using significant unobservable (Level 3) inputs
	Life insurance contracts
($ in thousands)	2018		2017
Balance at beginning of year	$	14,524	$	14,159
Actual return on plan assets:
Increase in cash surrender value of life insurance contracts	361		365
Balance at end of year	$	14,885	$	14,524

Employers Mutual Defined Benefit Retirement Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of fair value of plan assets

In accordance with ASU 2015-07, a fair value hierarchy table is not included here since all of the Plan's investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient, which are not classified in the fair value hierarchy. Presented below are the fair values of assets held in Employers Mutual's defined benefit retirement plan:

	December 31,
($ in thousands)	2018		2017
Pooled separate accounts	$	316,755	$	349,004
Total benefit plan assets	$	316,755	$	349,004