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Investments (Tables)

6 Months Ended

Jun. 30, 2013

Fixed Maturity & Equity Securities Available For Sale

		Cost or		Gross		Gross
		amortized		unrealized		unrealized
		cost		gain		loss		Fair value
June 30, 2013

U.S. government and government agency securities		$	120,951	$	3,076	$	(363)	$	123,664
Fixed maturity securities of states, municipalities and
	political subdivisions		974,153		60,281		(4,617)		1,029,817
Special purpose revenue bonds of states, municipalities and
	political subdivisions		2,218,302		91,093		(37,775)		2,271,620
Corporate securities			1,215,761		34,077		(13,193)		1,236,645
Residential mortgage-backed securities			601,437		17,204		(13,146)		605,495
Commercial mortgage-backed securities			529,714		19,377		(12,892)		536,199
Asset-backed securities			54,478		219		(406)		54,291
Foreign government securities			228,364		9,755		(1,210)		236,909
	Total fixed maturity securities	$	5,943,160	$	235,082	$	(83,602)	$	6,094,640

Equity securities		$	323,249	$	31,169	$	(6,578)	$	347,840

		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
June 30, 2013

Fixed maturity securities
	U.S. government and government agency
			securities	$	20,667	$	(363)	$	0	$	0	$	20,667	$	(363)
	Fixed maturity securities of states,
		municipalities and political subdivisions			97,408		(4,617)		0		0		97,408		(4,617)
	Special purpose revenue bonds of states,
		municipalities and political subdivisions			648,672		(37,753)		1,197		(22)		649,869		(37,775)
	Corporate securities				419,283		(12,406)		12,534		(787)		431,817		(13,193)
	Residential mortgage-backed securities				278,062		(13,146)		0		0		278,062		(13,146)
	Commercial mortgage-backed securities				224,294		(12,892)		0		0		224,294		(12,892)
	Asset-backed securities				18,066		(406)		0		0		18,066		(406)
	Foreign government securities				67,832		(1,210)		0		0		67,832		(1,210)
Equity securities					98,086		(6,237)		2,832		(341)		100,918		(6,578)
			Total	$	1,872,370	$	(89,030)	$	16,563	$	(1,150)	$	1,888,933	$	(90,180)

				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		$	217,012	$	219,433
Due after 1 year through 5 years			1,062,230		1,098,261
Due after 5 years through 10 years			1,456,485		1,524,386
Due after 10 years through 15 years			1,020,759		1,045,896
Due after 15 years			1,001,045		1,010,679
	Securities with contractual maturities		4,757,531		4,898,655
Mortgage-backed and asset-backed securities			1,185,629		1,195,985
	Total fixed maturity securities	$	5,943,160	$	6,094,640

Sources of net investment income

			Six months ended June 30,				Three months ended June 30,
			2013		2012		2013		2012
Fixed maturity securities
	Taxable		$	51,022	$	58,218	$	25,062	$	27,103
	Exempt from U.S. income taxes			56,075		52,872		28,186		26,260
		Total fixed maturity securities		107,097		111,090		53,248		53,363
Equity securities				7,808		993		4,228		993
Short-term investments				80		102		68		40
Other investment income				319		868		366		401
	Total investment income			115,304		113,053		57,910		54,797
Investment expense				(3,871)		(2,753)		(2,242)		(1,507)
	Net investment income		$	111,433	$	110,300	$	55,668	$	53,290

- 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.

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Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

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

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-Name Accounting Standards Codification

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

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-Publisher FASB

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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

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-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.

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- 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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