Note 7 - Investments Level 3 (Tables)

12 Months Ended

Dec. 31, 2011

Investments [Abstract]

Total Debt And Equity Securities [Table Text Block]

:

	December 31, 2011
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities held to maturity:
Bonds and notes:
State and municipal obligations	$	2,640	$	2,748	$	115	$	7
	$	2,640	$	2,748	$	115	$	7
Fixed-maturities available for sale:
U.S. government and agency securities	$	10,931	$	13,630	$	2,699	$	—
State and municipal obligations	87,083		82,692		485		4,876
Corporate bonds and notes	17,267		16,610		390		1,047
RMBS	1,308		1,360		53		1
CMBS	1,660		1,669		25		16
Other ABS	1,019		1,177		158		—
Other investments	1,489		1,595		106		—
	$	120,757	$	118,733	$	3,916	$	5,940
Equity securities available for sale (1)	$	114,425	$	128,424	$	14,868	$	869
Total debt and equity securities	$	237,822	$	249,905	$	18,899	$	6,816

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(1) Comprising broadly diversified domestic equity mutual funds ($116.0 million fair value at December 31, 2011) and various preferred and common stocks invested across numerous companies and industries ($12.4 million fair value at December 31, 2011).

	December 31, 2010
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities held to maturity:
Bonds and notes:
State and municipal obligations	$	10,773	$	11,416	$	662	$	19
	$	10,773	$	11,416	$	662	$	19
Fixed-maturities available for sale:
U.S. government and agency securities	$	25,120	$	27,742	$	2,622	$	—
State and municipal obligations	269,185		199,187		272		70,270
Corporate bonds and notes	26,748		26,206		334		876
RMBS	11,952		12,538		600		14
CMBS	3,279		3,310		70		39
Other ABS	2,104		2,226		127		5
Other investments	2,407		2,590		183		—
	$	340,795	$	273,799	$	4,208	$	71,204
Equity securities available for sale (1)	$	160,242	$	184,365	$	24,188	$	65
Total debt and equity securities	$	511,810	$	469,580	$	29,058	$	71,288

______________________

(1) Comprising broadly diversified domestic equity mutual funds ($168.4 million fair value at December 31, 2010) and various preferred and common stocks invested across numerous companies and industries ($16.0 million fair value at December 31, 2010).

Trading Securities (and Certain Trading Assets) [Table Text Block]

The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated:

	December 31,
(In thousands)	2011		2010
Trading securities:
U.S. government and agency securities	$	710,006	$	703,636
State and municipal obligations	964,748		983,680
Corporate bonds and notes	683,864		1,034,206
RMBS	928,887		953,416
CMBS	224,180		193,244
CDO	5,467		2,406
Other ABS	98,729		132,149
Foreign government securities (1)	102,851		83,508
Hybrid securities	346,338		318,940
Equity securities	140,764		155,636
Other investments	5,225		2,000
Total	$	4,211,059	$	4,562,821

______________________

(1) As of December 31, 2011, nearly all of our foreign government securities were rated A or higher by a Nationally Recognized Statistical Rating Organization ("NRSRO"). As of December 31, 2011, our trading portfolio included no securities of five Eurozone countries (Portugal, Ireland, Italy, Greece and Spain, collectively, the "Stressed Eurozone Countries"), whose sovereign obligations have been under stress due to economic uncertainty, potential restructuring and ratings downgrades, or securities of any other countries under similar stress. As of December 31, 2010, our trading portfolio exposure to the Stressed Eurozone Countries consisted of $15.5 million of Italian securities.

Investment Income [Table Text Block]

Net investment income consisted of:

	Year Ended December 31,
(In thousands)	2011			2010			2009
Investment income:
Fixed-maturities	$	155,183		$	174,204		$	208,755
Equity securities	11,559			7,623			6,973
Short-term investments	611			1,576			4,289
Other	4,017			2,756			1,466
Gross investment income	$	171,370		$	186,159		$	221,483
Investment expenses	(7,850		)	(7,399		)	(7,293		)
Net investment income	$	163,520		$	178,760		$	214,190

Gain (Loss) on Investments [Table Text Block]

	Year Ended December 31,
(In thousands)	2011			2010			2009
Investment income:
Fixed-maturities	$	155,183		$	174,204		$	208,755
Equity securities	11,559			7,623			6,973
Short-term investments	611			1,576			4,289
Other	4,017			2,756			1,466
Gross investment income	$	171,370		$	186,159		$	221,483
Investment expenses	(7,850		)	(7,399		)	(7,293		)
Net investment income	$	163,520		$	178,760		$	214,190

Net realized and unrealized gains (losses) on investments consisted of:

	Year Ended December 31,
(In thousands)	2011			2010			2009
Net realized gains (losses):
Fixed-maturities held to maturity	$	491		$	295		$	133
Fixed-maturities available for sale	(52,473		)	(7,661		)	91,577
Equities available for sale	6,228			2,001			764
Trading securities	121,393			66,351			107,479
Short-term investments	(1		)	(67		)	14
Other invested assets	—			388			822
Net realized gains (losses) on investments	75,638			61,307			200,789
Unrealized gains on trading securities	126,539			78,637			56,352
Total gains on investments	$	202,177		$	139,944		$	257,141

Available-for-sale Securities, Proceeds and Gains (Losses) [Table Text Block]

The sources of our proceeds and related investment gains (losses) on our available for sale securities are as follows:

	Year Ended December 31,
(In thousands)	2011			2010			2009
Fixed-maturities available for sale:
Proceeds received from redemptions	$	32,214		$	50,846		$	199,551
Proceeds received from sales	136,217			1,218,460			2,463,626
Gross investment gains from sales and redemptions	1,577			23,363			94,974
Gross investment losses from sales and redemptions	(54,050		)	(31,024		)	(3,397		)
Equities available for sale:
Proceeds received from sales	52,014			15,033			33,807
Gross investment gains from sales	6,238			2,006			1,077
Gross investment losses from sales	(10		)	(5		)	(313		)

Schedule Of Unrealized Losses [Table Text Block]

he following tables show the gross unrealized losses and fair value of our available for sale and held to maturity investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated:

December 31, 2011: ($ in thousands)Description of Securities	Less Than 12 Months					12 Months or Greater					Total
	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
State and municipal obligations	1	$	525	$	17	9	$	72,653	$	4,866	10	$	73,178	$	4,883
Corporate bonds and notes	6	2,457		97		18	8,902		950		24	11,359		1,047
RMBS	2	354		1		—	—		—		2	354		1
CMBS	—	—		—		1	527		16		1	527		16
Equity securities	1	9,284		869		—	—		—		1	9,284		869
Total	10	$	12,620	$	984	28	$	82,082	$	5,832	38	$	94,702	$	6,816

December 31, 2010: ($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
State and municipal obligations	6	$	3,507	$	110	26	$	189,194	$	70,179	32	$	192,701	$	70,289
Corporate bonds and notes	31	16,364		852		2	604		24		33	16,968		876
RMBS	1	1,436		14		—	—		—		1	1,436		14
CMBS	3	1,885		39		—	—		—		3	1,885		39
Other ABS	2	802		5		—	—		—		2	802		5
Equity securities	2	205		65		—	—		—		2	205		65
Total	45	$	24,199	$	1,085	28	$	189,798	$	70,203	73	$	213,997	$	71,288

Unrealized Gain (Loss) on Investments [Table Text Block]

The change in unrealized gains (losses) recorded in accumulated other comprehensive loss consisted of the following:

	Year Ended December 31,
(In thousands)	2011			2010			2009
Fixed-maturities:
Unrealized holding gains arising during the period, net of tax	$	11,328		$	23,806		$	151,001
Less reclassification adjustment for net (losses) gains included in net income (loss), net of tax	(34,697		)	(4,980		)	59,392
Net unrealized gains on investments, net of tax	$	46,025		$	28,786		$	91,609
Equities:
Unrealized holding (losses) gains arising during the period, net of tax	$	(3,928	)	$	15,080		$	27,335
Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax	2,769			1,242			(5,395		)
Net unrealized (losses) gains on investments, net of tax	$	(6,697	)	$	13,838		$	32,730

Investments Classified by Contractual Maturity Date [Table Text Block]

The contractual maturities of fixed-maturity investments are as follows:

	December 31, 2011
	Held to Maturity				Available for Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less (1)	$	1,912	$	2,022	$	1,944	$	1,834
Due after one year through five years (1)	424		428		16,594		17,135
Due after five years through ten years (1)	—		—		5,678		5,326
Due after ten years (1)	304		298		92,554		90,232
RMBS (2)	—		—		1,308		1,360
CMBS (2)	—		—		1,660		1,669
Other ABS (2)	—		—		1,019		1,177
Total	$	2,640	$	2,748	$	120,757	$	118,733

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(1) Actual maturities may differ as a result of calls before scheduled maturity.

(2) RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date.

Investment Holdings, Schedule of Investments [Table Text Block]

At December 31, 2011, investments in any person and its affiliates that exceeded 10% of total stockholders' equity were as follows (in thousands):

(In thousands)	Year Ended December 31, 2011
Name	Trading Securities		Short-Term Investments		Total
BlackRock Liquidity Funds T-Fund Money Market	$	—	$	173,378	$	173,378
Fidelity Institutional Treasury Only Portfolio	—		167,631		167,631
Federated Treasury Obligations Fund	—		139,000		139,000
State of Illinois	129,672		—		129,672
Invesco-AIM Advisors STIT Treasury PTF Money Market	—		129,000		129,000
Total	$	129,672	$	609,009	$	738,681