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Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of the Company's Fair Value Hierarchy for Recurring Basis Assets and Liabilities
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015. The amounts presented below for Other investments, Cash equivalents, Other assets and Assets and Liabilities held in separate accounts differ from the amounts presented in the consolidated balance sheets because only certain investments, or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in a modified coinsurance arrangement. The fair value amount and the majority of the associated levels presented for Other investments and Assets and Liabilities held in separate accounts are received directly from third parties.
 
December 31, 2016
 
Total
 
Level 1
 
Level 2
 
Level 3
Financial Assets
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
United States Government and government
 agencies and authorities
$
1,987

 
$
—

 
 
$
1,987

 
 
$
—

 
State, municipalities and political subdivisions
10,827

 
—

 
 
10,827

 
 
—

 
Foreign governments
11,301

 
—

 
 
11,301

 
 
—

 
Asset-backed
169

 
—

 
 
169

 
 
—

 
Commercial mortgage-backed
3,245

 
—

 
 
—

 
 
3,245

 
Residential mortgage-backed
36,862

 
—

 
 
36,862

 
 
—

 
U.S. corporate
793,399

 
—

 
 
789,765

 
 
3,634

 
Foreign corporate
170,873

 
—

 
 
160,921

 
 
9,952

 
Equity securities:


 
 
 
 
 
 
 
 
 
Common stocks
447

 
447

 
 
—

 
 
—

 
Non-redeemable preferred stocks
93,170

 
—

 
 
92,076

 
 
1,094

 
Short-term investments
2,714

 
2,714

(b)
 
—

 
 
—

 
Other investments
27,598

 
—

 
 
27,598

(c)
 
—

 
Cash equivalents
6,514

 
6,514

(b)
 
—

 
 
—

 
Other assets
322

 
—

 
 
—

 
 
322

(d)
Assets held in separate accounts
1,499,698

 
1,438,615

(a)
 
61,083

(c)
 
—

 
Total financial assets
$
2,659,126

 
$
1,448,290

 
 
$
1,192,589

 
 
$
18,247

 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Liabilities related to separate accounts
$
1,499,698

 
$
1,438,615

(a)
 
$
61,083

(c)
 
$
—

 
 
December 31, 2015
 
Total
 
Level 1
 
Level 2
 
Level 3
Financial Assets
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
United States Government and government
 agencies and authorities
$
2,053

 
$
—

 
 
$
2,053

 
 
$
—

 
State, municipalities and political subdivisions
38,740

 
—

 
 
38,740

 
 
—

 
Foreign governments
17,211

 
—

 
 
17,211

 
 
—

 
Asset-backed
612

 
—

 
 
612

 
 
—

 
Commercial mortgage-backed
1,079

 
—

 
 
977

 
 
102

 
Residential mortgage-backed
70,950

 
—

 
 
70,950

 
 
—

 
U.S.corporate
1,830,029

 
—

 
 
1,819,302

 
 
10,727

 
Foreign corporate
486,247

 
—

 
 
470,350

 
 
15,897

 
Equity securities:


 
 
 
 
 
 
 
 
 
Common stocks
453

 
453

 
 
—

 
 
—

 
Non-redeemable preferred stocks
157,629

 
—

 
 
156,504

 
 
1,125

 
Short-term investments
90,497

 
90,497

(b)
 
—

 
 
—

 
Cash equivalents
54,887

 
54,887

(b)
 
—

 
 
—

 
Other assets
398

 
—

 
 
—

 
 
398

(d)
Assets held in separate accounts
1,595,505

 
1,535,267

(a)
 
60,238

(c)
 
—

 
Total financial assets
$
4,346,290

 
$
1,681,104

 
 
$
2,636,937

 
 
$
28,249

 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Liabilities related to separate accounts
$
1,595,505

 
$
1,535,267

(a)
 
$
60,238

(c)
 
$
—

 
(a)  Mainly includes mutual funds.
(b)  Mainly includes money market funds.
(c)  Mainly includes fixed maturity securities.
(d)  Mainly includes the Consumer Price Index Cap Derivatives.
Summary of the Change in Balance Sheet Carrying Value Associated with Level 3 Financial Assets Carried at Fair Value
The following tables summarize the change in balance sheet carrying value associated with Level 3 financial assets carried at fair value during the years ended December 31, 2016 and 2015:
 
Year Ended December 31, 2016
 
Balance,
beginning
of period
 
Total
gains (losses)
(realized/
unrealized)
included in
earnings (1)
 
Net
unrealized
losses
included in
other comprehensive
 income (2)
 
Purchases
 
Sales
 
Transfers
in (3)
 
Transfers
out (3)
 
Balance,
end of
period
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States, municipalities and political subdivisions
$
—

 
$
—

 
$
—

 
$
1,350

 
$
(1,350
)
 
$
—

 
$
—

 
—

Commercial mortgage-backed
102

 
26

 
(183
)
 
3,400

 
(100
)
 
—

 
—

 
3,245

U.S. corporate
10,727

 
525

 
(600
)
 
780

 
(6,327
)
 
150

 
(1,621
)
 
3,634

Foreign corporate
15,897

 
1,037

 
(828
)
 
—

 
(6,154
)
 
—

 
—

 
9,952

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-redeemable preferred
 stocks
1,125

 
—

 
(31
)
 
—

 
—

 
—

 
—

 
1,094

Other assets
398

 
(76
)
 
—

 
—

 
—

 
—

 
—

 
322

Total level 3 assets
$
28,249

 
$
1,512

 
$
(1,642
)
 
$
5,530

 
$
(13,931
)
 
$
150

 
$
(1,621
)
 
$
18,247

 
Year Ended December 31, 2015
 
Balance,
beginning
of period
 
Total
losses
(realized/
unrealized)
included in
earnings (1)
 
Net
unrealized
(losses) gains
included in
other comprehensive
 income (2)
 
Purchases
 
Sales
 
Transfers
in (3)
 
Transfers
out (3)
 
Balance,
end of
period
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial mortgage-backed
$
202

 
$
—

 
$
(6
)
 
$
—

 
$
(94
)
 
$
—

 
$
—

 
$
102

U.S. corporate
22,025

 
(17
)
 
(243
)
 
—

 
(891
)
 
—

 
(10,147
)
 
10,727

Foreign corporate
—

 
(2
)
 
(786
)
 
—

 
(427
)
 
17,112

 
—

 
15,897

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-redeemable preferred
 stocks
1,000

 
—

 
125

 
—

 
—

 
—

 
—

 
1,125

Other assets
692

 
(294
)
 
—

 
—

 
—

 
—

 
—

 
398

Total level 3 assets
$
23,919

 
$
(313
)
 
$
(910
)
 
$
—

 
$
(1,412
)
 
$
17,112

 
$
(10,147
)
 
$
28,249

(1)  Included as part of net realized gains on investments in the consolidated statement of operations.
(2)  Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income.
(3) Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of pricing inputs.
Schedule of Carrying Value, Fair Value Amount and Hierarchy Level of the Financial Instruments That Are Not Recognized or Are Not Carried at Fair Value
The following tables disclose the carrying value, fair value amount and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets:
 
December 31, 2016
 
 
 
Fair Value
 
Carrying
 Value
 
Total
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Commercial mortgage loans on real estate
$
98,451

 
$
103,037

 
$
—

 
$
—

 
$
103,037

Policy loans
7,376

 
7,376

 
7,376

 
—

 
—

Other investments
155

 
155

 
—

 
—

 
155

Total financial assets
$
105,982

 
$
110,568

 
$
7,376

 
$
—

 
$
103,192

Financial liabilities:
 
 
 
 
 
 
 
 
 
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1)
$
218,113

 
$
245,953

 
$
—

 
$
—

 
$
245,953

 
December 31, 2015
 
 
 
Fair Value
 
Carrying
 Value
 
Total
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Commercial mortgage loans on real estate
$
420,569

 
$
443,678

 
$
—

 
$
—

 
$
443,678

Policy loans
10,031

 
10,031

 
10,031

 
—

 
—

Other investments
365

 
365

 
—

 
—

 
365

Total financial assets
$
430,965

 
$
454,074

 
$
10,031

 
$
—

 
$
444,043

Financial liabilities:

 

 

 

 

Policy reserves under investment products
 (Individual and group annuities, subject to
 discretionary withdrawal) (1)
$
220,053

 
$
240,124

 
$
—

 
$
—

 
$
240,124

(1)  Only the fair value of the Company's policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above.