Available For Sale Securities

3 Months Ended

Mar. 31, 2015

Available For Sale Securities [Abstract]

Available For Sale Securities

Note 7. Available for Sale Securities

The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale at March 31, 2015 and December 31, 2014 are as follows (in thousands):

				Gross		Gross		Estimated
		Amortized		Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
March 31, 2015
Bonds and notes:
U.S. government securities	$	213,621	$	3	$	13	$	213,611
Residential mortgage-backed securities		490,171		9,156		451		498,876
Commercial mortgage-backed securities		27,534		400		20		27,914
Other asset-backed securities		130,584		286		362		130,508
All other corporates		29,410		139		21		29,528
Total fixed maturities		891,320		9,984		867		900,437
Equity securities:
Common stocks:
Banks, trusts and insurance companies		24,687		14,696		–		39,383
Industrial, miscellaneous and all other		19,092		15,518		–		34,610
Total equity securities		43,779		30,214		–		73,993
	$	935,099	$	40,198	$	867	$	974,430
December 31, 2014
Bonds and notes:
U.S. government securities	$	593,803	$	33	$	63	$	593,773
Residential mortgage-backed securities		597,402		10,959		1,678		606,683
Commercial mortgage-backed securities		42,991		484		74		43,401
Other asset-backed securities		245,533		619		996		245,156
All other corporates		30,519		60		176		30,403
Total fixed maturities		1,510,248		12,155		2,987		1,519,416
Equity securities:
Common stocks:
Banks, trusts and insurance companies		31,853		18,740		–		50,593
Industrial, miscellaneous and all other		20,355		18,405		–		38,760
Total equity securities		52,208		37,145		–		89,353
	$	1,562,456	$	49,300	$	2,987	$	1,608,769

The amortized cost and estimated fair value of investments classified as available for sale at March 31, 2015, by contractual maturity, are shown below. Expected maturities are likely to differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		Amortized		Estimated
		Cost		Fair Value
	(In thousands)
Due within one year	$	228,255	$	228,292
Due after one year through five years		14,776		14,847
Due after five years through ten years		–		–
Due after ten years		–		–
		243,031		243,139
Mortgage-backed and asset-backed securities		648,289		657,298
	$	891,320	$	900,437

At March 31, 2015, the unrealized losses on investments which have been in a continuous unrealized loss position for less than 12 months and 12 months or longer were not significant.