Investments (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014	Cost	Gains	Losses	Value
U.S. Treasury securities and
obligations of U.S. Government	$ 75,390	$ 44	$ (129)	$ 75,305
Corporate bonds	39,917	1,357	(437)	40,837
Collateralized corporate bank loans	99,555	447	(857)	99,145
Municipal bonds	159,924	2,559	(1,803)	160,680
Mortgage-backed	39,769	600	(803)	39,566
Total debt securities	414,555	5,007	(4,029)	415,533
Total equity securities	24,910	25,567	(490)	49,987
Total debt and equity securities	$ 439,465	$ 30,574	$ (4,519)	$ 465,520
As of December 31, 2013
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

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  March 31,
	2014	2013
U.S. Treasury securities and
obligations of U.S. Government	$               -	$            -
Corporate bonds	154	358
Collateralized corporate bank loans	59	173
Municipal bonds	(28)	(8)
Equity securities	-	653
Gain on investments	185	1,176
Other-than-temporary impairments	-	-
Net realized gains	$ 185	$ 1,176

Summary of Gross Unrealized Losses for Investments that have been Continuously 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 March 31, 2014 and December 31, 2013 (in thousands):

	As of March 31, 2014
	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	$ 32,220	$ (129)		$                -	$                 -	$                32,220	$ (129)
Corporate bonds	5,603	(263)		4,333	(174)	9,936	(437)
Collateralized corporate bank loans	39,055	(830)		3,682	(27)	42,737	(857)
Municipal bonds	31,732	(393)		31,119	(1,410)	62,851	(1,803)
Mortgage-backed	3,522	(322)		4,237	(481)	7,759	(803)
Total debt securities	112,132	(1,937)		43,371	(2,092)	155,503	(4,029)
Total equity securities	144	(60)		2,603	(430)	2,747	(490)
Total debt and equity securities	$ 112,276	$ (1,997)		$ 45,974	$ (2,522)	$              158,250	$ (4,519)
	As of  December 31, 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	$ 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)

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	$ 64,572	$ 64,783
Due after one year through five years	174,204	175,424
Due after five years through ten years	98,548	98,875
Due after ten years	37,462	36,885
Mortgage-backed	39,769	39,566
	$ 414,555	$ 415,533