Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014	Cost	Gains	Losses	Value
U.S. Treasury securities and
obligations of U.S. Government	$                 75,390	$  44	$                     (76)	$                 75,358
Corporate bonds	29,569	1,183	-	30,752
Collateralized corporate bank loans	113,839	192	(1,831)	112,200
Municipal bonds	141,140	2,514	(1,666)	141,988
Mortgage-backed	51,062	571	(669)	50,964
Total debt securities	411,000	4,504	(4,242)	411,262
Total equity securities	24,967	29,714	(3)	54,678
Total debt and equity securities	$ 435,967	$ 34,218	$ (4,245)	$ 465,940
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		Nine Months Ended
	September 30		September 30
	2014	2013	2014	2013
U.S. Treasury securities and
obligations of U.S. Government	$             -	$         -	$       -	$      -
Corporate bonds	(22)	21	111	846
Collateralized corporate bank loans	10	44	99	316
Municipal bonds	(69)	(50)	(123)	(11)
Mortgage-backed	29	-	31	-
Equity securities	29	6,935	34	8,572
(Loss) gain on investments	(23)	6,950	152	9,723
Other-than-temporary impairments	-	-	(274)	-
Net realized (losses) gains	$ (23)	$       6,950	$ (122)	$  9,723

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 September 30, 2014 and December 31, 2013 (in thousands):

	As of September 30, 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	$ 29,723	$ (76)		$                -	$                 -		$ 29,723	$ (76)
Corporate bonds	113	-		-	-		113	-
Collateralized corporate bank loans	72,134	(874)		8,057	(957)		80,191	(1,831)
Municipal bonds	30,834	(787)		22,715	(879)		53,549	(1,666)
Mortgage-backed	10,214	(236)		3,977	(433)		14,191	(669)
Total debt securities	143,018	(1,973)		34,749	(2,269)		177,767	(4,242)
Total equity securities	283	(3)		-	-		283	(3)
Total debt and equity securities	$ 143,301	$ (1,976)		$ 34,749	$ (2,269)		$ 178,050	$ (4,245)
	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	$ 55,209	$ 55,553
Due after one year through five years	168,202	169,167
Due after five years through ten years	106,628	105,598
Due after ten years	29,899	29,980
Mortgage-backed	51,062	50,964
	$ 411,000	$ 411,262