Investments (Tables)

6 Months Ended

Jun. 30, 2013

Investments [Abstract]

Amortized Cost and Estimated Fair Value of Investments in Debt and Equity Securities by Category

The amortized cost and estimated fair value of investments in debt and equity securities by category is as follows (in thousands):

		Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
As of June 30, 2013	Cost	Gains	Losses	Value
U.S. Treasury securities and
obligations of U.S. Government	$ 37,623	$ 8	$ (4)	$ 37,627
Corporate bonds	54,292	1,460	(703)	55,049
Collateralized corporate bank loans	103,045	460	(457)	103,048
Municipal bonds	155,927	2,826	(2,245)	156,508
Mortgage-backed	31,953	250	(753)	31,450
Total debt securities	382,840	5,004	(4,162)	383,682
Financial services	10,238	9,350	-	19,588
All other	19,329	15,778	(1,137)	33,970
Total equity securities	29,567	25,128	(1,137)	53,558
Total debt and equity securities	$ 412,407	$ 30,132	$ (5,299)	$ 437,240
As of December 31, 2012
U.S. Treasury securities and
obligations of U.S. Government	$ 40,050	$ 14	$ (3)	$ 40,061
Corporate bonds	79,516	2,794	(763)	81,547
Collateralized corporate bank loans	106,093	1,021	(743)	106,371
Municipal bonds	162,479	4,023	(2,770)	163,732
Mortgage-backed	9,662	97	(35)	9,724
Total debt securities	397,800	7,949	(4,314)	401,435
Financial services	11,008	3,880	(1)	14,887
All other	20,494	9,058	(514)	29,038
Total equity securities	31,502	12,938	(515)	43,925
Total debt and equity securities	$ 429,302	$ 20,887	$ (4,829)	$ 445,360

Summary of Realized Gain (Loss) on Investments

Major categories of net realized gains (losses) on investments are summarized as follows (in thousands):

	Three Months Ended		Six Months Ended
	June 30		June 30
	2013	2012	2013	2012
U.S. Treasury securities and
obligations of U.S. Government	$             -	$         -	$       -	$      -
Corporate bonds	467	(36)	825	(150)
Collateralized corporate bank loans	98	135	271	136
Municipal bonds	48	(163)	40	(243)
Equity securities-financial services	456	(22)	644	70
Equity securities-all other	528	1,305	993	1,305
Gain on investments	1,597	1,219	2,773	1,118
Other-than-temporary impairments	-	(228)	-	(246)
Net realized gains	$ 1,597	$       991	$ 2,773	$  872

Summary of Gross Unrealized Losses for Investments that have been Continiously in Unrealized Loss Position

The following schedules summarize the gross unrealized losses showing the length of time that investments have been continuously in an unrealized loss position as of June 30, 2013 and December 31, 2012 (in thousands):

	As of June 30, 2013
	12 months or less		Longer than 12 months		Total
		Unrealized		Unrealized		Unrealized
	Fair Value	Losses	Fair Value	Losses	Fair Value	Losses
U.S. Treasury securities and obligations
of U.S. Government	$ 3,992	$ (4)	$                -	$                 -	$ 3,992	$ (4)
Corporate bonds	4,684	(95)	6,515	(608)	11,199	(703)
Collateralized corporate bank loans	41,465	(239)	7,337	(218)	48,802	(457)
Municipal bonds	32,585	(600)	38,042	(1,645)	70,627	(2,245)
Mortgage-backed	15,720	(749)	158	(4)	15,878	(753)
Total debt securities	98,446	(1,687)	52,052	(2,475)	150,498	(4,162)
Financial services	-	-	-	-	-	-
All other	2,157	(1,137)	-	-	2,157	(1,137)
Total equity securities	2,157	(1,137)	-	-	2,157	(1,137)
Total debt and equity securities	$ 100,603	$ (2,824)	$ 52,052	$ (2,475)	$ 152,655	$ (5,299)
	As of  December 31, 2012
	12 months or less		Longer than 12 months		Total
		Unrealized		Unrealized		Unrealized
	Fair Value	Losses	Fair Value	Losses	Fair Value	Losses
U.S. Treasury securities and obligations
of U.S. Government	$ 23,998	$ (3)	$              -	$             -	$ 23,998	$ (3)
Corporate bonds	10,802	(38)	6,910	(725)	17,712	(763)
Collateralized corporate bank loans	6,273	(97)	14,236	(646)	20,509	(743)
Municipal bonds	30,073	(362)	28,809	(2,408)	58,882	(2,770)
Mortgage-backed	7,367	(32)	84	(3)	7,451	(35)
Total debt securities	78,513	(532)	50,039	(3,782)	128,552	(4,314)
Financial services	92	(1)	-	-	92	(1)
All other	3,271	(514)	-	-	3,271	(514)
Total equity securities	3,363	(515)	-	-	3,363	(515)
Total debt and equity securities	$ 81,876	$ (1,047)	$ 50,039	$ (3,782)	$ 131,915	$ (4,829)

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturities

	Amortized	Fair
	Cost	Value
	(in thousands)
Due in one year or less	$ 64,432	$ 65,029
Due after one year through five years	143,004	143,844
Due after five years through ten years	97,090	97,761
Due after ten years	46,361	45,598
Mortgage-backed	31,953	31,450
	$ 382,840	$ 383,682