INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2015

INVESTMENTS

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

	June 30,  2015						December 31,  2014
(in thousands)	< 12 Mos.		12 Mos. &  Greater		Total		< 12 Mos.		12 Mos. &  Greater		Total
U.S. Government
Fair value	$	5,307	$	—	$	5,307	$	4,416	$	—	$	4,416
Cost or amortized cost		5,317		—		5,317		4,427		—		4,427
Unrealized Loss	$	(10)	$	—	$	(10)	$	(11)	$	—	$	(11)
U.S. Agency
Fair value	$	7,026	$	—	$	7,026	$	—	$	—	$	—
Cost or amortized cost		7,110		—		7,110		—		—		—
Unrealized Loss	$	(84)	$	—	$	(84)	$	—	$	—	$	—
Non-U.S. government
Fair value	$	1,840	$	—	$	1,840	$	—	$	—	$	—
Cost or amortized cost		1,893		—		1,893		—		—		—
Unrealized Loss	$	(53)	$	—	$	(53)	$	—	$	—	$	—
Agency MBS
Fair value	$	60,153	$	20,107	$	80,260	$	12,840	$	61,534	$	74,374
Cost or amortized cost		60,974		20,669		81,643		12,947		62,803		75,750
Unrealized Loss	$	(821)	$	(562)	$	(1,383)	$	(107)	$	(1,269)	$	(1,376)
ABS/CMBS*
Fair value	$	31,524	$	4,157	$	35,681	$	63,782	$	11,616	$	75,398
Cost or amortized cost		31,845		4,180		36,025		64,084		11,725		75,809
Unrealized Loss	$	(321)	$	(23)	$	(344)	$	(302)	$	(109)	$	(411)
Corporate
Fair value	$	230,965	$	9,825	$	240,790	$	123,617	$	14,488	$	138,105
Cost or amortized cost		239,010		10,400		249,410		127,634		14,661		142,295
Unrealized Loss	$	(8,045)	$	(575)	$	(8,620)	$	(4,017)	$	(173)	$	(4,190)
Municipal
Fair value	$	173,994	$	—	$	173,994	$	12,382	$	19,019	$	31,401
Cost or amortized cost		177,044		—		177,044		12,411		19,123		31,534
Unrealized Loss	$	(3,050)	$	—	$	(3,050)	$	(29)	$	(104)	$	(133)
Subtotal, fixed income
Fair value	$	510,809	$	34,089	$	544,898	$	217,037	$	106,657	$	323,694
Cost or amortized cost		523,193		35,249		558,442		221,503		108,312		329,815
Unrealized Loss	$	(12,384)	$	(1,160)	$	(13,544)	$	(4,466)	$	(1,655)	$	(6,121)
Equity securities
Fair value	$	14,227	$	—	$	14,227	$	10,837	$	—	$	10,837
Cost or amortized cost		15,330		—		15,330		11,835		—		11,835
Unrealized Loss	$	(1,103)	$	—	$	(1,103)	$	(998)	$	—	$	(998)
Total
Fair value	$	525,036	$	34,089	$	559,125	$	227,874	$	106,657	$	334,531
Cost or amortized cost		538,523		35,249		573,772		233,338		108,312		341,650
Unrealized Loss	$	(13,487)	$	(1,160)	$	(14,647)	$	(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	$	422,894	$	414,108	$	(8,786)	64.9	%
2	BBB	Baa		90,037		86,789		(3,248)	24.0	%
3	BB	Ba		26,131		25,368		(763)	5.6	%
4	B	B		19,243		18,512		(731)	5.4	%
5	CCC orlower	Caa or lower		137		121		(16)	0.1	%
6				—		—		—	—
		Total	$	558,442	$	544,898	$	(13,544)	100.0	%

Available for sale securities

INVESTMENTS

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

Available-for-sale
(in thousands)
	6/30/2015
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
Asset Class	Cost		Gains		Losses		Value
U.S. government	$	30,281	$	129	$	(10)	$	30,400
U.S. agency		13,499		229		(84)		13,644
Non-U.S. govt. & agency		1,893		-		(53)		1,840
Agency MBS		232,883		7,680		(1,383)		239,180
ABS/CMBS*		87,214		1,429		(344)		88,299
Corporate		595,886		14,694		(8,620)		601,960
Municipal		553,346		11,746		(3,050)		562,042
Total Fixed Income	$	1,515,002	$	35,907	$	(13,544)	$	1,537,365
Equity	$	198,607	$	193,648	$	(1,103)	$	391,152

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

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

	6/30/2015
Available-for-sale	Amortized		Fair
(in thousands)	Cost		Value
Due in one year or less	$	9,309	$	9,391
Due after one year through five years		259,490		265,403
Due after five years through 10 years		599,500		608,967
Due after 10 years		326,606		326,125
Mtge/ABS/CMBS*		320,097		327,479
Total available-for-sale	$	1,515,002	$	1,537,365

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