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Investments (Tables)
 12 Months Ended
Dec. 31, 2015
Investments [Abstract]  
Schedule of reconciliation of cost to fair value of available-for-sale securities
Available-for-sale securities
The following tables summarize the cost and fair value of our available-for-sale securities:
 
 
At December 31, 2015
(in thousands)
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Available-for-sale securities:
 
 
 
 
 
 
 
 
States & political subdivisions
 
$
221,093

 
$
10,761

 
$
7

 
$
231,847

Corporate debt securities
 
254,464

 
281

 
4,412

 
250,333

Residential mortgage-backed securities
 
13,639

 
4

 
130

 
13,513

Commercial mortgage-backed securities
 
38,630

 
30

 
1,089

 
37,571

Collateralized debt obligations
 
51,905

 
61

 
221

 
51,745

Other debt securities
 
2,241

 
0

 
41

 
2,200

Total fixed maturities
 
581,972

 
11,137

 
5,900

 
587,209

Common stock
 
12,865

 
0

 
133

 
12,732

Total available-for-sale securities
 
$
594,837

 
$
11,137

 
$
6,033

 
$
599,941


 
 
 
At December 31, 2014
(in thousands)
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Available-for-sale securities:
 
 
 
 
 
 
 
 
States & political subdivisions
 
$
219,550

 
$
11,609

 
$
25

 
$
231,134

Corporate debt securities
 
235,613

 
1,491

 
3,064

 
234,040

Residential mortgage-backed securities
 
8,379

 
15

 
19

 
8,375

Commercial mortgage-backed securities
 
51,647

 
63

 
455

 
51,255

Collateralized debt obligations
 
32,964

 
40

 
72

 
32,932

Other debt securities
 
6,832

 
0

 
28

 
6,804

Total fixed maturities
 
554,985

 
13,218

 
3,663

 
564,540

Nonredeemable preferred stock
 
11,375

 
1,166

 
0

 
12,541

Common stock
 
12,865

 
0

 
176

 
12,689

Total available-for-sale securities
 
$
579,225

 
$
14,384

 
$
3,839

 
$
589,770
Schedule of amortized cost and estimated fair value of fixed maturities by remaining contractual term to maturity
The amortized cost and estimated fair value of fixed maturities at December 31, 2015, are shown below by remaining contractual term to maturity.  Mortgage-backed securities are allocated based upon stated maturity dates.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
 
At December 31, 2015
(in thousands)
 
Amortized
 
Estimated
 
 
cost
 
fair value
Due in one year or less
 
$
62,113

 
$
62,067

Due after one year through five years
 
267,468

 
265,917

Due after five years through ten years
 
163,827

 
168,918

Due after ten years
 
88,564

 
90,307

Total fixed maturities
 
$
581,972

 
$
587,209
Schedule of available-for-sale securities in a gross unrealized loss position by length of time securities were in a gross unrealized loss position
Available-for-sale securities in a gross unrealized loss position are as follows.  Data is provided by length of time for securities in a gross unrealized loss position.
 
 
At December 31, 2015
(dollars in thousands)
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
No. of
 
 
value
 
losses
 
value
 
losses
 
value
 
losses
 
holdings
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States & political subdivisions
 
$
5,867

 
$
7

 
$
0

 
$
0

 
$
5,867

 
$
7

 
3

Corporate debt securities
 
172,831

 
2,447

 
19,086

 
1,965

 
191,917

 
4,412

 
349

Residential mortgage-backed securities
 
9,827

 
84

 
936

 
46

 
10,763

 
130

 
9

Commercial mortgage-backed securities
 
13,081

 
68

 
19,081

 
1,021

 
32,162

 
1,089

 
24

Collateralized debt obligations
 
27,981

 
103

 
9,174

 
118

 
37,155

 
221

 
19

Other debt securities
 
1,960

 
40

 
241

 
1

 
2,201

 
41

 
2

Total fixed maturities
 
231,547

 
2,749

 
48,518

 
3,151

 
280,065

 
5,900

 
406

Common stock
 
12,732

 
133

 
0

 
0

 
12,732

 
133

 
1

Total available-for-sale securities
 
$
244,279

 
$
2,882

 
$
48,518

 
$
3,151

 
$
292,797

 
$
6,033

 
407

Quality breakdown of fixed maturities:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Investment grade
 
$
174,723

 
$
1,296

 
$
38,369

 
$
1,256

 
$
213,092

 
$
2,552

 
105

Non-investment grade
 
56,824

 
1,453

 
10,149

 
1,895

 
66,973

 
3,348

 
301

Total fixed maturities
 
$
231,547

 
$
2,749

 
$
48,518

 
$
3,151

 
$
280,065

 
$
5,900

 
406


 
 
 
At December 31, 2014
(dollars in thousands)
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
No. of
 
 
value
 
losses
 
value
 
losses
 
value
 
losses
 
holdings
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States & political subdivisions
 
$
6,251

 
$
10

 
$
2,378

 
$
15

 
$
8,629

 
$
25

 
4

Corporate debt securities
 
120,850

 
3,064

 
0

 
0

 
120,850

 
3,064

 
250

Residential mortgage-backed securities
 
5,702

 
19

 
0

 
0

 
5,702

 
19

 
4

Commercial mortgage-backed securities
 
40,865

 
455

 
0

 
0

 
40,865

 
455

 
24

Collateralized debt obligations
 
20,985

 
72

 
0

 
0

 
20,985

 
72

 
9

Other debt securities
 
6,805

 
28

 
0

 
0

 
6,805

 
28

 
3

Total fixed maturities
 
201,458

 
3,648

 
2,378

 
15

 
203,836

 
3,663

 
294

Common stock
 
0

 
0

 
12,689

 
176

 
12,689

 
176

 
1

Total available-for-sale securities
 
$
201,458

 
$
3,648

 
$
15,067

 
$
191

 
$
216,525

 
$
3,839

 
295

Quality breakdown of fixed maturities:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Investment grade
 
$
145,364

 
$
949

 
$
2,378

 
$
15

 
$
147,742

 
$
964

 
58

Non-investment grade
 
56,094

 
2,699

 
0

 
0

 
56,094

 
2,699

 
236

Total fixed maturities
 
$
201,458

 
$
3,648

 
$
2,378

 
$
15

 
$
203,836

 
$
3,663

 
294


 
Schedule of investment income, net of expenses, from portfolios
Net investment income
Interest and dividend income are recognized as earned and recorded to net investment income. Investment income, net of expenses, was generated from the following portfolios for the years ended December 31:
(in thousands)
 
2015
 
2014
 
2013
Fixed maturities
 
$
16,457

 
$
14,173

 
$
11,945

Equity securities
 
1,045

 
1,550

 
2,126

Cash equivalents and other
 
1,174

 
1,207

 
1,439

Total investment income
 
18,676

 
16,930

 
15,510

Less: investment expenses
 
885

 
394

 
483

Investment income, net of expenses
 
$
17,791

 
$
16,536

 
$
15,027

 
Schedule of realized gains and losses on sales of securities recognized in income based upon the specific identification method
Realized investment gains (losses)
Realized gains and losses on sales of securities are recognized in income based upon the specific identification method. Realized gains (losses) on investments were as follows for the years ended December 31:
(in thousands)
 
2015
 
2014
 
2013
Available-for-sale securities:
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
Gross realized gains
 
$
1,571

 
$
453

 
$
890

Gross realized losses
 
(1,764
)
 
(333
)
 
(43
)
Net realized (losses) gains
 
(193
)
 
120

 
847

Equity securities:
 
 

 
 

 
 
Gross realized gains
 
759

 
1,132

 
391

Gross realized losses
 
(74
)
 
(195
)
 
(293
)
Net realized gains
 
685

 
937

 
98

Net realized investment gains
 
$
492

 
$
1,057

 
$
945
Schedule of components of other-than-temporary impairments on investments
The components of other-than-temporary impairments on investments are included below for the years ended December 31:
(in thousands)
 
2015
 
2014
 
2013
Fixed maturities
 
$
(1,558
)
 
$
(105
)
 
$
(388
)
Total other-than-temporary impairments
 
(1,558
)
 
(105
)
 
(388
)
Portion recognized in other comprehensive income
 
0

 
0

 
0

Net impairment losses recognized in earnings
 
$
(1,558
)
 
$
(105
)
 
$
(388
)

 
Schedule of limited partnership results, generally reported on a one quarter lag
The following table summarizes limited partnership investments by sector at December 31:
(in thousands)
 
2015
 
2014
Private equity
 
$
48,397

 
$
51,379

Mezzanine debt
 
12,701

 
13,978

Real estate
 
22,911

 
39,677

Real estate - fair value option
 
4,526

 
7,583

Total limited partnerships
 
$
88,535

 
$
112,617



Amounts included in equity in earnings of limited partnerships by method of accounting are included below for the years ended December 31:
(in thousands)
 
2015
 
2014
 
2013
Equity in earnings of limited partnerships accounted for under the equity method
 
$
16,545

 
$
8,517

 
$
20,488

Change in fair value of limited partnerships accounted for under the fair value option
 
438

 
2,412

 
1,206

Equity in earnings of limited partnerships
 
$
16,983

 
$
10,929

 
$
21,694