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Investments (Tables)
 9 Months Ended
Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Realized Investment Gains (Losses), Excluding Impairment Losses
The table below presents realized investment gains and losses, excluding impairment losses, for the periods indicated.

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
(In thousands)
 
 
 
 
 
 
 
 
Available for sale debt securities:
 
 
 
 
 
 
 
Realized gains on disposal
$
415

 
1,847

 
3,739

 
6,054

Realized losses on disposal
(3
)
 
—

 
(3
)
 
—

Held to maturity debt securities:


 


 


 


Realized gains on disposal
2,831

 
1,102

 
3,221

 
1,262

Realized losses on disposal
—

 
(267
)
 
(72
)
 
(680
)
Equity securities realized gains (losses)
—

 
113

 
511

 
109

Real estate gains (losses)
55

 
2,644

 
55

 
2,485

Mortgage loans write-downs
—

 
—

 
—

 
—

Other
—

 
12

 
—

 
12

 
 
 
 
 
 
 
 
Totals
$
3,298

 
5,451

 
7,451

 
9,242
Net Impairment Losses Recognized in Earnings
The table below presents net impairment losses recognized in earnings for the periods indicated.

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2013
 
2012
 
2013
 
2012
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairment gains (losses) on debt securities
 
$
214

 
1,267

 
538

 
858

Portion of loss (gain) recognized in comprehensive income
 
(227
)
 
(1,761
)
 
(776
)
 
(1,918
)
 
 
 
 
 
 
 
 
 
Net impairment losses on debt securities recognized in earnings
 
(13
)
 
(494
)
 
(238
)
 
(1,060
)
Equity securities impairments
 
—

 
(17
)
 
(14
)
 
(70
)
 
 
 
 
 
 
 
 
 
Totals
 
$
(13
)
 
(511
)
 
(252
)
 
(1,130
)
Credit Losses on Securities, Also Recorded as Non-Credit Other-than-Temporary Impairments in Other Comprehensive Loss
The table below presents a roll forward of credit losses on securities for which the Company also recorded non-credit other-than-temporary impairments in other comprehensive loss.

 
Three months ended September 30, 2013
 
Nine months ended September 30, 2013
 
Twelve Months
Ended
December 31,
2012
 
 
 
(In thousands)

 
 
 
 
 
 
 
 
Beginning balance, cumulative credit losses related to other-than-temporary impairments
$
2,472

 
2,247

 
1,122

Reductions for securities sold during current period
(17
)
 
(17
)
 
(118
)
Additions for credit losses not previously recognized in other-than-temporary impairments
13

 
238

 
1,243

 
 
 
 
 
 
Ending balance, cumulative credit losses related to other-than-temporary impairments
$
2,468

 
2,468

 
2,247
Schedule of Held-to-Maturity Securities
The table below presents amortized costs and fair values of securities held to maturity at September 30, 2013.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
23,095

 
1,955

 
—

 
25,050

U.S. Treasury
1,912

 
492

 
—

 
2,404

States and political subdivisions
420,618

 
19,007

 
(9,433
)
 
430,192

Foreign governments
9,994

 
279

 
—

 
10,273

Public utilities
800,954

 
60,551

 
(6,995
)
 
854,510

Corporate
3,345,778

 
166,137

 
(65,345
)
 
3,446,570

Mortgage-backed
1,714,586

 
72,554

 
(15,482
)
 
1,771,658

Home equity
20,400

 
4,858

 
(35
)
 
25,223

Manufactured housing
7,779

 
527

 
—

 
8,306

 
 
 
 
 
 
 
 
Totals
$
6,345,116

 
326,360

 
(97,290
)
 
6,574,186

The table below presents amortized costs and fair values of securities held to maturity at December 31, 2012.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
23,114

 
2,748

 
—

 
25,862

U.S. Treasury
1,907

 
648

 
—

 
2,555

States and political subdivisions
391,062

 
41,150

 
(431
)
 
431,781

Foreign governments
9,988

 
616

 
—

 
10,604

Public utilities
781,239

 
89,162

 
(103
)
 
870,298

Corporate
2,887,572

 
273,431

 
(3,753
)
 
3,157,250

Mortgage-backed
1,835,051

 
133,684

 
(261
)
 
1,968,474

Home equity
21,545

 
4,443

 
(549
)
 
25,439

Manufactured housing
10,642

 
722

 
—

 
11,364

 
 
 
 
 
 
 
 
Totals
$
5,962,120

 
546,604

 
(5,097
)
 
6,503,627
Schedule of Available-for-Sale Securities
The table below presents amortized costs and fair values of securities available for sale at September 30, 2013.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
595

 
—

 
(121
)
 
474

Foreign governments
9,929

 
—

 
(29
)
 
9,900

Public utilities
243,796

 
17,774

 
(1,374
)
 
260,196

Corporate
2,260,308

 
133,809

 
(24,833
)
 
2,369,284

Mortgage-backed
76,779

 
6,006

 
—

 
82,785

Home equity
12,137

 
259

 
(271
)
 
12,125

Manufactured housing
4,063

 
150

 
—

 
4,213

 
2,607,607

 
157,998

 
(26,628
)
 
2,738,977

 
 
 
 
 
 
 
 
Equity public
10,643

 
3,667

 
(757
)
 
13,553

 
 
 
 
 
 
 
 
Totals
$
2,618,250

 
161,665

 
(27,385
)
 
2,752,530

The table below presents amortized costs and fair values of securities available for sale at December 31, 2012.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
599

 
—

 
(28
)
 
571

Foreign governments
15,134

 
932

 
—

 
16,066

Public utilities
254,853

 
26,621

 
(47
)
 
281,427

Corporate
2,157,706

 
222,587

 
(2,981
)
 
2,377,312

Mortgage-backed
113,488

 
8,905

 
(64
)
 
122,329

Home equity
12,242

 
—

 
(1,483
)
 
10,759

Manufactured housing
5,030

 
240

 
—

 
5,270

 
2,559,052

 
259,285

 
(4,603
)
 
2,813,734

 
 
 
 
 
 
 
 
Equity public
9,460

 
2,865

 
(58
)
 
12,267

 
 
 
 
 
 
 
 
Totals
$
2,568,512

 
262,150

 
(4,661
)
 
2,826,001
Schedule of Gross Unrealized Losses and Fair Values of Heald-to-Maturity Investments, Continuous Unrealized Loss Position
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2012.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—

 
—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
19,745

 
(401
)
 
1,470

 
(30
)
 
21,215

 
(431
)
Foreign governments
—

 
—

 
—

 
—

 
—

 
—

Public utilities
24,271

 
(80
)
 
1,982

 
(23
)
 
26,253

 
(103
)
Corporate
303,645

 
(1,776
)
 
38,078

 
(1,977
)
 
341,723

 
(3,753
)
Mortgage-backed
15,010

 
(261
)
 
—

 
—

 
15,010

 
(261
)
Home equity
—

 
—

 
6,435

 
(549
)
 
6,435

 
(549
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
362,671

 
(2,518
)
 
47,965

 
(2,579
)
 
410,636

 
(5,097
)
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2013.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—


—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
96,058

 
(9,303
)
 
1,419

 
(130
)
 
97,477

 
(9,433
)
Foreign governments
—

 
—

 
—

 
—

 
—

 
—

Public utilities
167,547

 
(6,995
)
 
—

 
—

 
167,547

 
(6,995
)
Corporate
1,263,953

 
(63,154
)
 
27,796

 
(2,191
)
 
1,291,749

 
(65,345
)
Mortgage-backed
428,837

 
(15,482
)
 
—

 
—

 
428,837

 
(15,482
)
Home equity
—

 
—

 
2,644

 
(35
)
 
2,644

 
(35
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
1,956,395

 
(94,934
)
 
31,859

 
(2,356
)
 
1,988,254

 
(97,290
)
Schedule of Gross Unrealized Losses and Fair Values of Available-for-Sale Investments, Continuous Unrealized Loss Position
The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2012.

 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—

 
—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
571

 
(28
)
 
—

 
—

 
571

 
(28
)
Foreign governments
—

 
—

 
—

 
—

 
—

 
—

Public utilities
10,949

 
(47
)
 
—

 
—

 
10,949

 
(47
)
Corporate
64,383

 
(713
)
 
14,713

 
(2,268
)
 
79,096

 
(2,981
)
Mortgage-backed
3,839

 
(64
)
 
—

 
—

 
3,839

 
(64
)
Home equity
4,698

 
(216
)
 
6,062

 
(1,267
)
 
10,760

 
(1,483
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
84,440

 
(1,068
)
 
20,775

 
(3,535
)
 
105,215

 
(4,603
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity public
756

 
(8
)
 
295

 
(50
)
 
1,051

 
(58
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
85,196

 
(1,076
)
 
21,070

 
(3,585
)
 
106,266

 
(4,661
)
The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2013.

 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—

 
—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
474

 
(121
)
 
—

 
—

 
474

 
(121
)
Foreign governments
9,900

 
(29
)
 
—

 
—

 
9,900

 
(29
)
Public utilities
21,074

 
(1,374
)
 
—

 
—

 
21,074

 
(1,374
)
Corporate
490,037

 
(24,833
)
 
—

 
—

 
490,037

 
(24,833
)
Mortgage-backed
—

 
—

 
—

 
—

 
—

 
—

Home equity
4,812

 
(32
)
 
4,127

 
(239
)
 
8,939

 
(271
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
526,297

 
(26,389
)
 
4,127

 
(239
)
 
530,424

 
(26,628
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity public
3,640

 
(740
)
 
33

 
(17
)
 
3,673

 
(757
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
529,937

 
(27,129
)
 
4,160

 
(256
)
 
534,097

 
(27,385
)
Schedule of Mortgage Loans by Loan-to-Value Ratio
The following table represents the loan-to-value ratio using the most recent appraised value.

 
September 30, 2013
 
December 31, 2012
 
Amount
 
%
 
Amount
 
%
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage Loans by Loan-to-Value Ratio (1):
 
 
 
 
 
 
 
Less than 50%
$
47,155

 
40.0
 %
 
$
58,754

 
41.1
 %
50% to 60%
16,841

 
14.3
 %
 
27,832

 
19.5
 %
60% to 70%
21,063

 
17.9
 %
 
23,518

 
16.5
 %
70% to 80%
9,766

 
8.3
 %
 
9,431

 
6.6
 %
80% to 90%
—

 
—
 %
 
—

 
—
 %
Greater than 90%
22,916

 
19.5
 %
 
23,285

 
16.3
 %
Gross balance
117,741

 
100.0
 %
 
142,820

 
100.0
 %
 
 
 
 
 
 
 
 
Allowance for possible losses
(650
)
 
(0.6
)%
 
(650
)
 
(0.5
)%
 
 
 
 
 
 
 
 
Totals
$
117,091

 
99.4
 %
 
$
142,170

 
99.5
 %

(1) Loan-to-Value Ratio using the most recent appraised value.
Schedule of Allowance for Mortgage Loans
The following table represents the mortgage loan allowance at September 30, 2013 and December 31, 2012:
 
September 30, 2013
 
December 31, 2012
 
(In thousands)
 
 
 
 
Balance, beginning of period
$
650

 
4,571

Provision
—

 
650

Releases
—

 
(4,571
)
 
 
 
 
Balance, end of period
$
650

 
650