Investments (Tables)

9 Months Ended

Sep. 30, 2012

Investment [Abstract]

Fixed Maturity & Equity Securities Available For Sale

		Cost or		Gross		Gross
		amortized		unrealized		unrealized
		cost		gain		loss		Fair value
September 30, 2012
U.S. government and government agency securities		$	224,267	$	7,769	$	0	$	232,036
Fixed maturity securities of states, municipalities and political
	subdivisions		977,682		101,493		0		1,079,175
Special purpose revenue bonds of states, municipalities and
	political subdivisions		1,895,991		180,049		(23)		2,076,017
Corporate securities			1,152,593		66,475		(1,761)		1,217,307
Residential mortgage-backed securities			789,172		52,999		(629)		841,542
Commercial mortgage-backed securities			479,517		44,635		(52)		524,100
Asset-backed securities			47,354		370		0		47,724
Foreign government securities			280,602		16,866		(4)		297,464
	Total fixed maturity securities – available for sale	$	5,847,178	$	470,656	$	(2,469)	$	6,315,365
Equity securities – available for sale		$	197,469	$	8,741	$	(3,346)	$	202,864

December 31, 2011
U.S. government and government agency securities		$	285,166	$	10,523	$	(10)	$	295,679
Fixed maturity securities of states, municipalities and political
	subdivisions		999,940		85,528		(127)		1,085,341
Special purpose revenue bonds of states, municipalities and
	political subdivisions		1,741,297		122,746		(155)		1,863,888
Corporate securities			817,886		35,221		(6,774)		846,333
Residential mortgage-backed securities			1,036,436		65,771		(2,121)		1,100,086
Commercial mortgage-backed securities			244,535		15,162		(3,573)		256,124
Asset-backed securities			34,655		147		(56)		34,746
Foreign government securities			225,517		11,203		(83)		236,637
	Total fixed maturity securities – available for sale	$	5,385,432	$	346,301	$	(12,899)	$	5,718,834

Fixed Maturity Securities Held To Maturity

U.S. government securities		$	6,998	$	69	$	-	$	7,067
Corporate securities			110,284		1,814		(455)		111,643
Foreign government securities			43,820		746		(140)		44,426
	Total fixed maturity securities – held to maturity	$	161,102	$	2,629	$	(595)	$	163,136

Gross unrealized losses and fair value of all available for sale fixed income securities loss that were in a continuous loss position

			Less than 12 months				12 months or more				Total
					Unrealized				Unrealized				Unrealized
			Fair value		losses		Fair value		losses		Fair value		losses
September 30, 2012
Fixed maturity securities
	Special purpose revenue bonds of states,
		municipalities and political subdivisions	$	2,813	$	(23)	$	0	$	0	$	2,813	$	(23)
	Corporate securities			89,993		(1,727)		2,441		(34)		92,434		(1,761)
	Residential mortgage-backed securities			11,540		(97)		6,633		(532)		18,173		(629)
	Commercial mortgage-backed securities			7,906		(52)		0		0		7,906		(52)
	Foreign government securities			9,259		(4)		0		0		9,259		(4)
Equity securities				74,051		(3,346)		0		0		74,051		(3,346)
		Total	$	195,562	$	(5,249)	$	9,074	$	(566)	$	204,636	$	(5,815)

December 31, 2011
Fixed maturity securities
	U.S. government and government agency
		securities	$	13,984	$	(10)	$	0	$	0	$	13,984	$	(10)
	Fixed maturity securities of states,
		municipalities and political subdivisions		10,256		(107)		899		(20)		11,155		(127)
	Special purpose revenue bonds of states,
		municipalities and political subdivisions		21,856		(67)		6,796		(88)		28,652		(155)
	Corporate securities			154,856		(6,391)		18,005		(383)		172,861		(6,774)
	Residential mortgage-backed securities			32,430		(1,364)		7,582		(757)		40,012		(2,121)
	Commercial mortgage-backed securities			39,075		(3,573)		0		0		39,075		(3,573)
	Asset-backed securities			19,648		(56)		0		0		19,648		(56)
	Foreign government securities			4,198		(83)		0		0		4,198		(83)
		Total	$	296,303	$	(11,651)	$	33,282	$	(1,248)	$	329,585	$	(12,899)

Other than temporary impairment

		Nine months ended September 30,				Three months ended September 30,
		2012		2011		2012		2011
Total other-than-temporary impairment loss		$	(2,069)	$	(4,677)	$	(686)	$	0
Portion recognized in other comprehensive income			1,041		1,198		55		0
	Net other-than-temporary impairment loss recognized
	in earnings (credit loss)	$	(1,028)	$	(3,479)	$	(631)	$	0

Rollforward of other than temporary impairment credit losses

	Nine months ended September 30,				Three months ended September 30,
	2012		2011		2012		2011
Balance at beginning of period	$	5,047	$	4,273	$	5,444	$	3,847
Credit losses recognized in earnings
Securities previously impaired		899		1,597		631		0
Securities not previously impaired		129		1,882		0		0
Securities sold		0		(3,905)		0		0
Balance at September 30	$	6,075	$	3,847	$	6,075	$	3,847

Amortized cost and fair value of fixed maturity securities

		Cost or amortized cost		Fair value
Due in 1 year or less		$	335,455	$	340,330
Due after 1 year through 5 years			1,063,361		1,121,440
Due after 5 years through 10 years			1,331,492		1,462,880
Due after 10 years through 15 years			869,485		961,876
Due after 15 years			931,342		1,015,473
	Securities with contractual maturities		4,531,135		4,901,999
Mortgage-backed and asset-backed securities			1,316,043		1,413,366
	Total fixed maturity securities	$	5,847,178	$	6,315,365

Sources of net investment income

		Nine months ended September 30,				Three months ended September 30,
		2012		2011		2012		2011
Fixed maturity securities
Taxable		$	86,548	$	84,228	$	28,330	$	30,009
Exempt from U.S. income taxes			80,163		74,713		27,291		24,887
	Total fixed maturity securities		166,711		158,941		55,621		54,896
Equity securities			2,339		0		1,346		0
Short-term investments			397		420		295		99
Other investment income			1,699		2,992		831		962
	Total investment income		171,146		162,353		58,093		55,957
Investment expense			(4,504)		(3,571)		(1,751)		(1,192)
	Net investment income	$	166,642	$	158,782	$	56,342	$	54,765

Change in Unrealized Gain (Loss) on Investments

		Nine months ended September 30,				Three months ended September 30,
		2012		2011		2012		2011
Gains		$	11,596	$	8,538	$	3,469	$	4,219
Losses			(3,077)		(5,369)		(1,997)		(1,545)
	Net realized investment gain (loss)	$	8,519	$	3,169	$	1,472	$	2,674