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Investments
 9 Months Ended
Sep. 30, 2015
Investments [Abstract]  
Investments
(2) Investments:
The following is a summary of available-for-sale securities at September 30, 2015 and December 31, 2014:
 
          
Net
 
    
Cost or
  
Gross
  
Gross
  
Unrealized
 
  
Fair
  
Amortized
  
Unrealized
  
Unrealized
  
Gains
 
  
Value
  
Cost
  
Gains
  
Losses
  
(Losses)
 
September 30, 2015
          
Fixed maturities
          
   U.S. government obligations
 
$
110,095
  
$
109,746
  
$
355
  
$
(6
)
 
$
349
 
   Residential mortgage-backed securities
  
5,116
   
4,886
   
244
   
(14
)
  
230
 
   Commercial mortgage-backed securities
  
29,601
   
29,735
   
374
   
(508
)
  
(134
)
   States and municipal obligations
  
114,304
   
113,700
   
946
   
(342
)
  
604
 
   Corporate securities
  
162,294
   
163,733
   
2,350
   
(3,789
)
  
(1,439
)
   Foreign government obligations
  
21,209
   
22,450
   
286
   
(1,527
)
  
(1,241
)
      Total fixed maturities
  
442,619
   
444,250
   
4,555
   
(6,186
)
  
(1,631
)
Equity securities:
                    
   Financial institutions
  
20,161
   
9,356
   
10,826
   
(21
)
  
10,805
 
   Industrial & miscellaneous
  
122,353
   
74,784
   
54,698
   
(7,129
)
  
47,569
 
      Total equity securities
  
142,514
   
84,140
   
65,524
   
(7,150
)
  
58,374
 
                     
      Total
 
$
585,133
  
$
528,390
  
$
70,079
  
$
(13,336
)
  
56,743
 
                     
              
Applicable federal income taxes
   
(19,860
)
                     
              
Net unrealized gains - net of tax
  
$
36,883
 
                     
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 September 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.
 
  
September 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
  
209
  
$
98,604
  
$
(4,939
)
  
591
  
$
176,756
  
$
(6,083
)
Greater than 12 months
  
67
   
21,094
   
(1,247
)
  
140
   
27,667
   
(1,407
)
Total fixed maturities
  
276
   
119,698
   
(6,186
)
  
731
   
204,423
   
(7,490
)
                         
Equity securities:
                        
12 months or less
  
61
   
35,888
   
(6,181
)
  
33
   
13,538
   
(2,170
)
Greater than 12 months
  
12
   
2,876
   
(969
)
  
3
   
686
   
(64
)
Total equity securities
  
73
   
38,764
   
(7,150
)
  
36
   
14,224
   
(2,234
)
Total fixed maturity and equity securities
  
349
  
$
158,462
  
$
(13,336
)
  
767
  
$
218,647
  
$
(9,724
)
 
The fair value and the cost or amortized costs of fixed maturity investments at September 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
 
$
74,675
  
$
75,062
 
Excess of one year to five years
  
244,552
   
245,370
 
Excess of five years to ten years
  
36,252
   
36,889
 
Excess of ten years
  
3,298
   
3,076
 
   Contractual maturities
  
358,777
   
360,397
 
Asset-backed securities
  
83,842
   
83,853
 
Total
 
$
442,619
  
$
444,250
 
 
Following is a summary of the components of net realized gains (losses) on investments for the periods presented in the accompanying consolidated statements of income.
 
  
Three Months Ended
  
Nine Months Ended
 
  
September 30
  
September 30
 
  
2015
  
2014
  
2015
  
2014
 
Fixed maturities:
        
   Gross gains
 
$
1,294
  
$
798
  
$
3,426
  
$
5,399
 
   Gross losses
  
(5,087
)
  
(1,259
)
  
(8,876
)
  
(3,411
)
      Net realized gains (losses)
  
(3,793
)
  
(461
)
  
(5,450
)
  
1,988
 
                 
Equity securities:
                
   Gross gains
  
10,320
   
2,529
   
12,299
   
4,682
 
   Gross losses
  
(2,312
)
  
(346
)
  
(4,297
)
  
(1,057
)
      Net realized gains
  
8,008
   
2,183
   
8,002
   
3,625
 
                 
Limited partnerships - net gain (loss)
  
(6,301
)
  
(1,064
)
  
(2,061
)
  
7,204
 
                 
                 
      Totals
 
$
(2,086
)
 
$
658
  
$
491
  
$
12,817
 
 
Net realized gains activity for investments, as shown in the previous table, are further detailed as follows:
 
  
Three Months Ended
  
Nine Months Ended
 
  
September 30
  
September 30
 
  
2015
  
2014
  
2015
  
2014
 
         
Realized net gains on the disposal of securities
 
$
7,957
  
$
2,223
  
$
7,544
  
$
5,837
 
Mark-to-market adjustment
  
(300
)
  
(118
)
  
(692
)
  
151
 
Equity in gains (losses) of limited partnership
                
  investments - realized and unrealized
  
(6,301
)
  
(1,064
)
  
(2,061
)
  
7,204
 
Impairment:
                
  Write-downs based upon objective criteria
  
(4,396
)
  
(441
)
  
(5,503
)
  
(546
)
  Recovery of prior write-downs
                
    upon sale or disposal
  
954
   
58
   
1,203
   
171
 
                 
Totals
 
$
(2,086
)
 
$
658
  
$
491
  
$
12,817
 
 
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 September 30, 2015 includes an estimated $9,335 and $8,280 of net unrealized losses respectively, reported to the Company as part of the underlying assets of the various limited partnerships.  The value of limited partnerships at September 30, 2015 includes approximately $4,967 of accumulated net unrealized gains reported to the Company as part of the underlying assets of the various limited partnerships. Shareholders' equity at September 30, 2015 includes approximately $26,236, net of federal income taxes, of reported earnings which remain undistributed by limited partnerships.
As of September 30, 2015, the Company had committed funds totaling $17,000 to two separate borrowers related to 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.