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Investments
 6 Months Ended
Jun. 30, 2015
Investments [Abstract]  
Investments
(2) Investments:
The following is a summary of available-for-sale securities at June 30, 2015 and December 31, 2014:


          
Net
 
    
Cost or
  
Gross
  
Gross
  
Unrealized
 
  
Fair
  
Amortized
  
Unrealized
  
Unrealized
  
Gains
 
  
Value
  
Cost
  
Gains
  
Losses
  
(Losses)
 
June 30, 2015
          
Fixed maturities
          
   U.S. government obligations
 
$
119,957
  
$
119,692
  
$
281
  
$
(16
)
 
$
265
 
   Residential mortgage-backed securities
  
5,676
   
5,478
   
230
   
(32
)
  
198
 
   Commercial mortgage-backed securities
  
32,695
   
32,326
   
611
   
(242
)
  
369
 
   States and municipal obligations
  
109,020
   
108,808
   
695
   
(483
)
  
212
 
   Corporate securities
  
146,840
   
149,364
   
2,796
   
(5,320
)
  
(2,524
)
   Foreign government obligations
  
22,094
   
23,044
   
133
   
(1,083
)
  
(950
)
      Total fixed maturities
  
436,282
   
438,712
   
4,746
   
(7,176
)
  
(2,430
)
Equity securities:
                    
   Financial institutions
  
25,324
   
9,827
   
15,511
   
(14
)
  
15,497
 
   Industrial & miscellaneous
  
147,312
   
79,127
   
70,488
   
(2,303
)
  
68,185
 
      Total equity securities
  
172,636
   
88,954
   
85,999
   
(2,317
)
  
83,682
 
      Total
 
$
608,918
  
$
527,666
  
$
90,745
  
$
(9,493
)
  
81,252
 
                     
              
Applicable federal income taxes
   
(28,438
)
                     
              
Net unrealized gains - net of tax
  
$
52,814
 
                     
December 31, 2014
                    
Fixed maturities
                    
   U.S. government obligations
 
$
101,094
  
$
101,058
  
$
108
  
$
(72
)
 
$
36
 
   Residential mortgage-backed securities
  
6,066
   
5,830
   
273
   
(37
)
  
236
 
   Commercial mortgage-backed securities
  
36,440
   
36,210
   
630
   
(400
)
  
230
 
   State and municipal obligations
  
113,777
   
113,133
   
784
   
(140
)
  
644
 
   Corporate securities
  
166,966
   
170,822
   
2,005
   
(5,861
)
  
(3,856
)
   Foreign government obligations
  
27,466
   
28,332
   
114
   
(980
)
  
(866
)
      Total fixed maturities
  
451,809
   
455,385
   
3,914
   
(7,490
)
  
(3,576
)
Equity securities:
                    
   Financial institutions
  
25,343
   
10,100
   
15,303
   
(60
)
  
15,243
 
   Industrial & miscellaneous
  
136,764
   
68,678
   
70,260
   
(2,174
)
  
68,086
 
      Total equity securities
  
162,107
   
78,778
   
85,563
   
(2,234
)
  
83,329
 
      Total
 
$
613,916
  
$
534,163
  
$
89,477
  
$
(9,724
)
  
79,753
 
                     
              
Applicable federal income taxes
   
(27,913
)
                     
              
Net unrealized gains - net of tax
  
$
51,840
 


The following table summarizes, for fixed maturity and equity security investments in an unrealized loss position at June 30, 2015 and December 31, 2014, respectively, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position.


  
June 30, 2015
  
December 31, 2014
 
  
Number of Securities
  
Fair Value
  
Gross Unrealized Loss
  
Number of Securities
  
Fair Value
  
Gross Unrealized Loss
 
Fixed maturity securities:
            
12 months or less
  
449
  
$
106,272
  
$
(5,984
)
  
591
  
$
176,756
  
$
(6,083
)
Greater than 12 months
  
91
   
20,054
   
(1,192
)
  
140
   
27,667
   
(1,407
)
Total fixed maturities
  
540
   
126,326
   
(7,176
)
  
731
   
204,423
   
(7,490
)
                         
Equity securities:
                        
12 months or less
  
50
   
18,174
   
(2,282
)
  
33
   
13,538
   
(2,170
)
Greater than 12 months
  
6
   
1,160
   
(35
)
  
3
   
686
   
(64
)
Total equity securities
  
56
   
19,334
   
(2,317
)
  
36
   
14,224
   
(2,234
)
Total fixed maturity and equity securities
  
596
  
$
145,660
  
$
(9,493
)
  
767
  
$
218,647
  
$
(9,724
)

 
The fair value and the cost or amortized costs of fixed maturity investments at June 30, 2015, by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.


  
Fair Value
  
Cost or Amortized Cost
 
     
One year or less
 
$
78,160
  
$
78,494
 
Excess of one year to five years
  
233,736
   
236,830
 
Excess of five years to ten years
  
33,286
   
33,862
 
Excess of ten years
  
9,466
   
9,207
 
   Contractual maturities
  
354,648
   
358,393
 
Asset-backed securities
  
81,634
   
80,319
 
Total
 
$
436,282
  
$
438,712
 
 
Following is a summary of the components of net realized gains on investments for the periods presented in the accompanying consolidated statements of operations.

 
  
Three Months Ended
  
Six Months Ended
 
  
June 30
  
June 30
 
  
2015
  
2014
  
2015
  
2014
 
Fixed maturities:
        
   Gross gains
 
$
985
  
$
2,762
  
$
2,132
  
$
4,601
 
   Gross losses
  
(1,856
)
  
(926
)
  
(3,789
)
  
(2,152
)
      Net realized gains (losses)
  
(871
)
  
1,836
   
(1,657
)
  
2,449
 
                 
Equity securities:
                
   Gross gains
  
1,230
   
1,412
   
1,979
   
2,153
 
   Gross losses
  
(1,232
)
  
(359
)
  
(1,985
)
  
(711
)
      Net realized gains (losses)
  
(2
)
  
1,053
   
(6
)
  
1,442
 
                 
Limited partnerships - net gain (loss)
  
(293
)
  
5,200
   
4,240
   
8,268
 
                 
                 
      Totals
 
$
(1,166
)
 
$
8,089
  
$
2,577
  
$
12,159
 



Net realized gains activity for investments, as shown in the previous table, are further detailed as follows:


  
Three Months Ended
  
Six Months Ended
 
  
June 30
  
June 30
 
  
2015
  
2014
  
2015
  
2014
 
         
Realized net gains (losses) on the disposal of securities
 
$
(125
)
 
$
2,419
  
$
(413
)
 
$
3,614
 
Mark-to-market adjustment
  
(104
)
  
469
   
(392
)
  
269
 
Equity in gains (losses) of limited partnership
                
  investments - realized and unrealized
  
(293
)
  
5,200
   
4,240
   
8,268
 
Impairment:
                
  Write-downs based upon objective criteria
  
(893
)
  
-
   
(1,107
)
  
(105
)
  Recovery of prior write-downs
                
    upon sale or disposal
  
249
   
1
   
249
   
113
 
                 
Totals
 
$
(1,166
)
 
$
8,089
  
$
2,577
  
$
12,159
 


The mark-to-market adjustments in the table above represent the changes in fair value of (1) options embedded in convertible debt securities and (2) insurance-linked securities held by the Company.

The income from limited partnerships for the quarter and year-to-date periods ending June 30, 2015 includes an estimated ($931) and $1,055 of net unrealized gains (losses) respectively, reported to the Company as part of the underlying assets of the various limited partnerships.  The value of limited partnerships at June 30, 2015 includes approximately $14,303 of accumulated net unrealized gains reported to the Company as part of the underlying assets of the various limited partnerships. Shareholders' equity at June 30, 2015 includes approximately $30,487, net of federal income taxes, of reported earnings which remain undistributed by limited partnerships.
As of June 30, 2015, the Company had committed funds totaling $11,000 to two separate borrowers related to two bridge loan agreements.  The Company retains possession of these funds which will only be loaned in the unlikely event that long-term financing is unavailable to the counter party in the market.