Investments (Tables)

12 Months Ended

Dec. 31, 2013

Investments [Abstract]

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

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 December 31, 2013	Cost		Gains		Losses			Value
U.S. Treasury securities and obligations of U.S. Government	$	78,894	$	24	$	(165	)	$	78,753
Corporate bonds		42,946		1,379		(450	)		43,875
Collateralized corporate bank loans		102,053		614		(489	)		102,178
Municipal bonds		156,950		2,577		(1,975	)		157,552
Mortgage-backed		27,784		460		(507	)		27,737
Total debt securities		408,627		5,054		(3,586	)		410,095
Total equity securities		24,902		26,642		(314	)		51,230
Total debt and equity securities	$	433,529	$	31,696	$	(3,900	)	$	461,325
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
Total equity securities		31,502		12,938		(515	)		43,925
Total debt and equity securities	$	429,302	$	20,887	$	(4,829	)	$	445,360

Major Categories of Investment Income

Major categories of net investment income are summarized as follows (in thousands):

	Twelve Months Ended
	December 31
	2013			2012			2011
U.S. Treasury securities and obligations of U.S. Government	$	143		$	53		$	115
Corporate bonds		2,341			4,218			3,851
Collateralized corporate bank loans		4,653			5,261			5,284
Municipal bonds		5,245			5,616			6,632
Mortgage-backed		737			106			86
Equity securities		484			534			484
Cash and cash equivalents		157			246			163
		13,760			16,034			16,615
Investment expenses		(876	)		(741	)		(735	)
Investment income, net of expenses	$	12,884		$	15,293		$	15,880

Major Categories of Net Realized Gains on Investments

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

	Twelve Months Ended
	December 31
	2013			2012			2011
U.S. Treasury securities and obligations of U.S. Government	$	-		$	-		$	35
Corporate bonds		853			13			300
Collateralized corporate bank loans		373			391			699
Municipal bonds		(156	)		(441	)		(500	)
Equity securities		9,470			2,226			3,099
Net realized gain		10,540			2,189			3,633
Other-than-temporary impairments		-			(246	)		-
Gain on investments	$	10,540		$	1,943		$	3,633

Summary of Gross 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 December 31, 2013 and December 31, 2012 (in thousands):

	As of December 31, 2013
	12 months or less					Longer than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and
obligations of U.S. Government	$	47,162	$	(165	)	$	-	$	-		$	47,162	$	(165	)
Corporate bonds		5,649		(56	)		4,421		(394	)		10,070		(450	)
Collateralized corporate bank loans		23,026		(422	)		6,968		(67	)		29,994		(489	)
Municipal bonds		35,719		(413	)		34,684		(1,562	)		70,403		(1,975	)
Mortgage-backed		1,383		(229	)		4,840		(278	)		6,223		(507	)
Total debt securities		112,939		(1,285	)		50,913		(2,301	)		163,852		(3,586	)
Total equity securities		316		(2	)		2,721		(312	)		3,037		(314	)
Total debt and equity securities	$	113,255	$	(1,287	)	$	53,634	$	(2,613	)	$	166,889	$	(3,900	)

	As of December 31, 2012
	12 months or less					Longer than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized 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	)
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

The amortized cost and estimated fair value of debt securities at December 31, 2013 by contractual maturity are as follows. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without penalties.

	Amortized		Fair
	Cost		Value
	(in thousands)
Due in one year or less	$	71,490	$	71,969
Due after one year through five years		162,203		163,006
Due after five years through ten years		107,915		108,761
Due after ten years		39,235		38,622
Mortgage-backed		27,784		27,737
	$	408,627	$	410,095