Note 9 Other Investments

12 Months Ended

Dec. 31, 2011

Investments, All Other Investments

Investments and Other Noncurrent Assets [Text Block]

Note 9.                        Other Investments

            Other investments consist of the following at December 31, 2011 and 2010:

		2011		2010
		(In thousands)
Policy loans	$	23,109	$	23,216
Investment partnership interests		4,139		6,364
Operating partnership interests		6,829		6,138
Investment in trust subsidiaries		1,146		1,146
	$	35,223	$	36,864

The Company had invested a total of $3,152,000 and $5,177,000 at December 31, 2011 and 2010, respectively, in a domestic feeder fund of Dolphin Limited Partnership III, L.P. (“Dolphin III").  Dolphin III operates as a private investment partnership to act as the “master fund” in a master-feeder fund structure.  Dolphin III generally seeks significant investment stakes in publicly traded North American companies with a market value of equity plus debt of approximately $2 billion or less. In the fourth quarter of 2011, the Company withdrew 50% of its investment in Dolphin III, amounting to $2,901,000. The Company's net investment income from Dolphin III for the years ended December 31, 2011, 2010 and 2009 was $876,000, $659,000, and $1,174,000, respectively.

With respect to its investment in Dolphin III, the Company is permitted to withdraw all, or a portion of, its capital account, excluding designated investments subject to lock-up, on any May 31 or November 30, upon 120 days prior written notice. A partner may not withdraw capital corresponding to such designated investments for up to three years from when the investment becomes a designated investment, subject to extension for one additional year. Unless waived by the general partner, the amount of aggregate withdrawals by limited partners as of any withdrawal date shall be limited, on a proportionate basis, so that no more than 25% of the fund's aggregate net asset value is withdrawn as of such date. If withdrawing more than 90% of its capital, the partner shall receive at least 90% of the estimated withdrawal proceeds no later than 45 days following the withdrawal date with the balance settled no later than 30 days after completion of the audit of Dolphin III. As of December 31, 2011, Dolphin III did not have any designated investments subject to lock-up and the Company had no unfunded commitments pertaining to Dolphin III.