INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2015

INVESTMENTS

Schedule of securities in an unrealized loss position segregated by type and length of time in an unrealized loss position

	March 31,  2015						December 31,  2014
(in thousands)	< 12 Mos.		12 Mos. &  Greater		Total		< 12 Mos.		12 Mos. &  Greater		Total
U.S. Government
Fair value	$	—	$	—	$	—	$	4,416	$	—	$	4,416
Cost or amortized cost		—		—		—		4,427		—		4,427
Unrealized Loss	$	—	$	—	$	—	$	(11)	$	—	$	(11)
Agency MBS
Fair value	$	15,867	$	15,778	$	31,645	$	12,840	$	61,534	$	74,374
Cost or amortized cost		15,976		16,179		32,155		12,947		62,803		75,750
Unrealized Loss	$	(109)	$	(401)	$	(510)	$	(107)	$	(1,269)	$	(1,376)
ABS/CMBS*
Fair value	$	33,838	$	11,464	$	45,302	$	63,782	$	11,616	$	75,398
Cost or amortized cost		34,014		11,511		45,525		64,084		11,725		75,809
Unrealized Loss	$	(176)	$	(47)	$	(223)	$	(302)	$	(109)	$	(411)
Corporate
Fair value	$	69,222	$	9,796	$	79,018	$	123,617	$	14,488	$	138,105
Cost or amortized cost		72,219		9,929		82,148		127,634		14,661		142,295
Unrealized Loss	$	(2,997)	$	(133)	$	(3,130)	$	(4,017)	$	(173)	$	(4,190)
Municipal
Fair value	$	22,189	$	—	$	22,189	$	12,382	$	19,019	$	31,401
Cost or amortized cost		22,461		—		22,461		12,411		19,123		31,534
Unrealized Loss	$	(272)	$	—	$	(272)	$	(29)	$	(104)	$	(133)
Subtotal, fixed income
Fair value	$	141,116	$	37,038	$	178,154	$	217,037	$	106,657	$	323,694
Cost or amortized cost		144,670		37,619		182,289		221,503		108,312		329,815
Unrealized Loss	$	(3,554)	$	(581)	$	(4,135)	$	(4,466)	$	(1,655)	$	(6,121)
Equity securities
Fair value	$	13,135	$	—	$	13,135	$	10,837	$	—	$	10,837
Cost or amortized cost		14,095		—		14,095		11,835		—		11,835
Unrealized Loss	$	(960)	$	—	$	(960)	$	(998)	$	—	$	(998)
Total
Fair value	$	154,251	$	37,038	$	191,289	$	227,874	$	106,657	$	334,531
Cost or amortized cost		158,765		37,619		196,384		233,338		108,312		341,650
Unrealized Loss	$	(4,514)	$	(581)	$	(5,095)	$	(5,464)	$	(1,655)	$	(7,119)

* Non-agency asset-backed and commercial mortgage-backed

Schedule of credit quality indicators for investments in unrealized loss positions

	Equivalent	Equivalent	(dollars in thousands)
NAIC	S&P	Moody’s	Amortized				Unrealized		Percent
Rating	Rating	Rating	Cost		Fair Value		Loss		to Total
1	AAA/AA/A	Aaa/Aa/A	$	128,145	$	126,749	$	(1,396)	33.8	%
2	BBB	Baa		17,721		16,908		(813)	19.7	%
3	BB	Ba		21,179		20,096		(1,083)	26.2	%
4	B	B		14,884		14,072		(812)	19.6	%
5	CCC orlower	Caa or lower		360		329		(31)	0.7	%
6				—		—		—	—
		Total	$	182,289	$	178,154	$	(4,135)	100.0	%

Available for sale securities

INVESTMENTS

Schedule of amortized cost and fair value of available-for-sale securities

Available-for-sale
(in thousands)
	3/31/2015
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
Asset Class	Cost		Gains		Losses		Value
U.S. government	$	33,313	$	279	$	-	$	33,592
U.S. agency		13,498		554		-		14,052
Non-U.S. govt. & agency		1,892		125		-		2,017
Agency MBS		244,344		10,480		(510)		254,314
ABS/CMBS*		125,847		2,298		(223)		127,922
Corporate		593,814		25,378		(3,130)		616,062
Municipal		463,355		18,517		(272)		481,600
Total Fixed Income	$	1,476,063	$	57,631	$	(4,135)	$	1,529,559
Equity	$	191,993	$	200,630	$	(960)	$	391,663
Available-for-sale
(in thousands)
	12/31/2014
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
Asset Class	Cost		Gains		Losses		Value
U.S. government	$	33,668	$	131	$	(11)	$	33,788
U.S. agency		6,385		362		-		6,747
Non-U.S. govt. & agency		9,862		803		-		10,665
Agency MBS		256,443		9,401		(1,376)		264,468
ABS/CMBS*		133,894		1,821		(411)		135,304
Corporate		543,183		23,697		(4,190)		562,690
Municipal		464,769		16,789		(133)		481,425
Total Fixed Income	$	1,448,204	$	53,004	$	(6,121)	$	1,495,087
Equity	$	193,535	$	218,105	$	(998)	$	410,642

*Non-agency asset-backed and commercial mortgage-backed

Schedule of contractual maturity of securities

	3/31/2015
AFS	Amortized		Fair
(in thousands)	Cost		Value
Due in one year or less	$	15,466	$	15,604
Due after one year through five years		240,318		249,737
Due after five years through 10 years		571,095		592,340
Due after 10 years		278,993		289,642
Mtge/ABS/CMBS*		370,191		382,236
Total available-for-sale	$	1,476,063	$	1,529,559

*Mortgage-backed, asset-backed and commercial mortgage-backed