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Investments (Tables)

3 Months Ended

Mar. 31, 2013

Fixed Maturity & Equity Securities Available For Sale

		Cost or		Gross		Gross
		amortized		unrealized		unrealized
		cost		gain		loss		Fair value
March 31, 2013

U.S. government and government agency securities		$	122,242	$	4,007	$	0	$	126,249
Fixed maturity securities of states, municipalities and political
	subdivisions		955,228		88,266		(493)		1,043,001
Special purpose revenue bonds of states, municipalities and
	political subdivisions		2,101,195		155,078		(5,083)		2,251,190
Corporate securities			1,248,289		58,310		(4,974)		1,301,625
Residential mortgage-backed securities			630,822		26,807		(2,006)		655,623
Commercial mortgage-backed securities			488,000		35,107		(1,044)		522,063
Asset-backed securities			42,015		515		0		42,530
Foreign government securities			231,601		12,034		(460)		243,175
	Total fixed maturity securities	$	5,819,392	$	380,124	$	(14,060)	$	6,185,456

Equity securities		$	319,499	$	34,632	$	(3,779)	$	350,352

		Cost or		Gross		Gross
		amortized		unrealized		unrealized
		cost		gain		loss		Fair value
December 31, 2012

U.S. government and government agency securities		$	195,049	$	4,560	$	(2)	$	199,607
Fixed maturity securities of states, municipalities and political
	subdivisions		969,966		96,027		(182)		1,065,811
Special purpose revenue bonds of states, municipalities and
	political subdivisions		2,033,947		168,772		(2,388)		2,200,331
Corporate securities			1,247,282		69,243		(1,355)		1,315,170
Residential mortgage-backed securities			632,665		32,560		(338)		664,887
Commercial mortgage-backed securities			482,808		41,748		(267)		524,289
Asset-backed securities			32,801		474		0		33,275
Foreign government securities			261,914		16,515		(18)		278,411
	Total fixed maturity securities	$	5,856,432	$	429,899	$	(4,550)	$	6,281,781

Equity securities		$	275,827	$	13,768	$	(4,956)	$	284,639

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
March 31, 2013

Fixed maturity securities
	Fixed maturity securities of states,
		municipalities and political subdivisions	$	35,621	$	(493)	$	0	$	0	$	35,621	$	(493)
	Special purpose revenue bonds of states,
		municipalities and political subdivisions		264,246		(5,067)		1,970		(16)		266,216		(5,083)
	Corporate securities			211,763		(4,112)		12,495		(862)		224,258		(4,974)
	Residential mortgage-backed securities			136,267		(2,006)		0		0		136,267		(2,006)
	Commercial mortgage-backed securities			83,541		(1,044)		0		0		83,541		(1,044)
	Foreign government securities			46,250		(460)		0		0		46,250		(460)
Equity securities				59,226		(3,779)		0		0		59,226		(3,779)
		Total	$	836,914	$	(16,961)	$	14,465	$	(878)	$	851,379	$	(17,839)

			Less than 12 months				12 months or more				Total
					Unrealized				Unrealized				Unrealized
			Fair value		losses		Fair value		losses		Fair value		losses
December 31, 2012

Fixed maturity securities
	U.S. government and government agency
		securities	$	55,034	$	(2)	$	0	$	0	$	55,034	$	(2)
	Fixed maturity securities of states,
		municipalities and political subdivisions		14,162		(182)		0		0		14,162		(182)
	Special purpose revenue bonds of states,
		municipalities and political subdivisions		155,902		(2,388)		0		0		155,902		(2,388)
	Corporate securities			85,245		(1,220)		2,616		(135)		87,861		(1,355)
	Residential mortgage-backed securities			49,486		(338)		0		0		49,486		(338)
	Commercial mortgage-backed securities			26,263		(267)		0		0		26,263		(267)
	Foreign government securities			7,007		(18)		0		0		7,007		(18)
Equity securities				103,647		(4,956)		0		0		103,647		(4,956)
		Total	$	496,746	$	(9,371)	$	2,616	$	(135)	$	499,362	$	(9,506)

Amortized cost and fair value of fixed maturity securities

		Cost or amortized cost		Fair value
Due in 1 year or less		$	251,720	$	254,696
Due after 1 year through 5 years			1,040,973		1,089,163
Due after 5 years through 10 years			1,448,715		1,567,744
Due after 10 years through 15 years			964,983		1,040,171
Due after 15 years			952,164		1,013,466
	Securities with contractual maturities		4,658,555		4,965,240
Mortgage-backed and asset-backed securities			1,160,837		1,220,216
	Total fixed maturity securities	$	5,819,392	$	6,185,456

Sources of net investment income

		Three months ended March 31,
		2013		2012
Fixed maturity securities
Taxable		$	25,960	$	31,115
Exempt from U.S. income taxes			27,889		26,612
	Total fixed maturity securities		53,849		57,727
Equity securities			3,580		0
Short-term investments			12		62
Other investment income			(47)		467
	Total investment income		57,394		58,256
Investment expense			(1,629)		(1,246)
	Net investment income	$	55,765	$	57,010

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-1

-Paragraph 21

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 17

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 19, 20, 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

+ Details

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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