Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'AMSF | ' |
Entity Registrant Name | 'AMERISAFE INC | ' |
Entity Central Index Key | '0001018979 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,741,325 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments: | ' | ' |
Fixed maturity securities-held-to-maturity, at amortized cost (fair value $607,512 and $561,179 in 2014 and 2013, respectively) | $579,145 | $536,583 |
Fixed maturity securities-available-for-sale, at fair value (cost $282,240 and $244,409 in 2014 and 2013, respectively) | 284,613 | 237,877 |
Equity securities-available-for-sale, at fair value (cost $3,446 and $9,482 in 2014 and 2013, respectively) | 3,980 | 9,302 |
Short-term investments | 85,806 | 84,422 |
Other investments | 11,092 | 10,591 |
Total investments | 964,636 | 878,775 |
Cash and cash equivalents | 98,818 | 123,077 |
Amounts recoverable from reinsurers | 85,512 | 75,326 |
Premiums receivable, net of allowance | 205,113 | 171,579 |
Deferred income taxes | 33,542 | 33,645 |
Accrued interest receivable | 11,234 | 11,242 |
Property and equipment, net | 7,589 | 7,549 |
Deferred policy acquisition costs | 21,809 | 19,171 |
Other assets | 11,464 | 8,637 |
Total assets | 1,439,717 | 1,329,001 |
Liabilities: | ' | ' |
Reserves for loss and loss adjustment expenses | 657,276 | 614,557 |
Unearned premiums | 184,238 | 164,296 |
Reinsurance premiums payable | 1,000 | 607 |
Amounts held for others | 39,084 | 35,739 |
Policyholder deposits | 47,450 | 44,620 |
Insurance-related assessments | 32,137 | 25,428 |
Accounts payable and other liabilities | 32,651 | 26,940 |
Payable for investments purchased | 10,397 | ' |
Total liabilities | 1,004,233 | 912,187 |
Shareholders' equity: | ' | ' |
Common stock: Voting-$0.01 par value authorized shares-50,000,000 in 2014 and 2013; 19,984,575 and 19,855,430 shares issued and 18,726,325 and 18,597,180 shares outstanding in 2014 and 2013, respectively | 199 | 198 |
Additional paid-in capital | 195,436 | 192,537 |
Treasury stock at cost (1,258,250 shares in 2014 and 2013) | -22,370 | -22,370 |
Accumulated earnings | 260,258 | 250,744 |
Accumulated other comprehensive income/(loss), net | 1,961 | -4,295 |
Total shareholders' equity | 435,484 | 416,814 |
Total liabilities and shareholders' equity | $1,439,717 | $1,329,001 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Fixed maturity securities, fair value | $607,512 | $561,179 |
Fixed maturity securities, cost | 282,240 | 244,409 |
Equity securities, cost | $3,446 | $9,482 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,984,575 | 19,855,430 |
Common stock, shares outstanding | 18,726,325 | 18,597,180 |
Treasury stock, shares | 1,258,250 | 1,258,250 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Gross premiums written | $103,820 | $95,815 | $209,523 | $194,938 |
Ceded premiums written | -3,493 | -4,576 | -6,832 | -9,057 |
Net premiums written | 100,327 | 91,239 | 202,691 | 185,881 |
Net premiums earned | 93,516 | 81,983 | 182,749 | 161,692 |
Net investment income | 6,845 | 6,649 | 13,553 | 13,319 |
Net realized gains/(losses) on investments | 232 | -1,291 | 333 | -1,267 |
Fee and other income | 31 | 170 | 162 | 279 |
Total revenues | 100,624 | 87,511 | 196,797 | 174,023 |
Expenses | ' | ' | ' | ' |
Loss and loss adjustment expenses incurred | 62,463 | 56,813 | 123,748 | 112,814 |
Underwriting and certain other operating costs | 8,839 | 7,770 | 16,802 | 14,838 |
Commissions | 6,987 | 6,229 | 13,674 | 12,393 |
Salaries and benefits | 5,186 | 5,664 | 11,907 | 11,309 |
Policyholder dividends | 88 | 388 | 201 | 942 |
Total expenses | 83,563 | 76,864 | 166,332 | 152,296 |
Income before income taxes | 17,061 | 10,647 | 30,465 | 21,727 |
Income tax expense | 4,288 | 3,003 | 7,143 | 5,232 |
Net income | 12,773 | 7,644 | 23,322 | 16,495 |
Net income available to common shareholders | $12,773 | $7,618 | $23,322 | $16,454 |
Earnings per share | ' | ' | ' | ' |
Basic | $0.69 | $0.42 | $1.26 | $0.90 |
Diluted | $0.68 | $0.41 | $1.23 | $0.88 |
Shares used in computing earnings per share | ' | ' | ' | ' |
Basic | 18,600,186 | 18,353,174 | 18,566,235 | 18,317,452 |
Diluted | 18,894,885 | 18,712,299 | 18,885,384 | 18,713,776 |
Extraordinary cash dividends declared per common share | ' | ' | $0.50 | ' |
Cash dividends declared per common share | $0.12 | $0.08 | $0.24 | $0.16 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $12,773 | $7,644 | $23,322 | $16,495 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain/(loss) on securities, net of tax | 3,016 | -4,060 | 6,256 | -4,605 |
Comprehensive income | $15,789 | $3,584 | $29,578 | $11,890 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Total | Common stock | Treasury Stock | Additional Paid-In Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2013 | $416,814 | $198 | ($22,370) | $192,537 | $250,744 | ($4,295) |
Treasury Stock Beginning Balance, Shares at Dec. 31, 2013 | -1,258,250 | ' | -1,258,250 | ' | ' | ' |
Beginning Balance, Shares at Dec. 31, 2013 | 19,855,430 | 19,855,430 | ' | ' | ' | ' |
Comprehensive income | 29,578 | ' | ' | ' | 23,322 | 6,256 |
Options exercised | 1,127 | 1 | ' | 1,126 | ' | ' |
Options exercised, Shares | 123,167 | 123,167 | ' | ' | ' | ' |
Tax benefit from share-based payments | 1,227 | ' | ' | 1,227 | ' | ' |
Restricted common stock issued | ' | ' | ' | ' | ' | ' |
Restricted common stock issued, Shares | ' | 5,978 | ' | ' | ' | ' |
Share-based compensation | 546 | ' | ' | 546 | ' | ' |
Dividends to stockholders | -13,808 | ' | ' | ' | -13,808 | ' |
Ending Balance at Jun. 30, 2014 | $435,484 | $199 | ($22,370) | $195,436 | $260,258 | $1,961 |
Treasury Stock Ending Balance, Shares at Jun. 30, 2014 | -1,258,250 | ' | -1,258,250 | ' | ' | ' |
Ending Balance, Shares at Jun. 30, 2014 | 19,984,575 | 19,984,575 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net income | $23,322 | $16,495 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 627 | 644 |
Net amortization of investments | 7,389 | 6,183 |
Deferred income taxes | -3,266 | -1,772 |
Net realized (gains)/losses on investments | -333 | 1,267 |
Loss on sale of asset | ' | 2 |
Share-based compensation | 423 | 669 |
Changes in operating assets and liabilities: | ' | ' |
Premiums receivable, net | -33,534 | -38,295 |
Accrued interest receivable | 8 | -488 |
Deferred policy acquisition costs | -2,638 | -2,540 |
Other assets | -3,328 | -2,121 |
Reserves for loss and loss adjustment expenses | 42,719 | 23,020 |
Unearned premiums | 19,942 | 24,188 |
Reinsurance balances | -9,793 | -1,855 |
Amounts held for others and policyholder deposits | 6,175 | 7,756 |
Accounts payable and other liabilities | 22,885 | 26,293 |
Net cash provided by operating activities | 70,598 | 59,446 |
Investing Activities | ' | ' |
Purchases of investments held-to-maturity | -92,419 | -48,321 |
Purchases of investments available-for-sale | -67,029 | -77,720 |
Purchases of short-term investments | -69,139 | -72,680 |
Proceeds from maturities of investments held-to-maturity | 46,614 | 62,403 |
Proceeds from sales and maturities of investments available-for-sale | 33,120 | 11,179 |
Proceeds from sales and maturities of short-term investments | 66,061 | 58,039 |
Purchases of property and equipment | -667 | -662 |
Net cash used in investing activities | -83,459 | -67,762 |
Financing Activities | ' | ' |
Proceeds from stock option exercises | 1,127 | 1,125 |
Tax benefit from share-based payments | 1,227 | 883 |
Dividends to stockholders | -13,752 | -2,944 |
Net cash used in financing activities | -11,398 | -936 |
Change in cash and cash equivalents | -24,259 | -9,252 |
Cash and cash equivalents at beginning of period | 123,077 | 92,676 |
Cash and cash equivalents at end of period | $98,818 | $83,424 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
AMERISAFE, Inc. (the “Company”) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries: American Interstate Insurance Company (“AIIC”), Silver Oak Casualty, Inc. (“SOCI”), American Interstate Insurance Company of Texas (“AIICTX”), Amerisafe Risk Services, Inc. (“RISK”) and Amerisafe General Agency, Inc. (“AGAI”). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. In 2013, AIIC and SOCI were re-domesticated to Nebraska from Louisiana. RISK, a wholly owned subsidiary of the Company, is a claims and safety services company, currently servicing only affiliated insurance companies. AGAI, a wholly owned subsidiary of the Company, is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. The assets and operations of AGAI are not significant to that of the Company and its consolidated subsidiaries. The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires. | |
The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, manufacturing, oil and gas, and agriculture. Assets and revenues of AIIC represent at least 95% of comparable consolidated amounts of the Company for each of 2014 and 2013. | |
In the opinion of management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934 and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited condensed consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock Options and Restricted Stock | ' |
Note 2. Stock Options and Restricted Stock | |
The Company has three equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the “2005 Incentive Plan”), the AMERISAFE 2010 Non-Employee Director Restricted Stock Plan (the “2010 Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). See Note 13 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 for additional information regarding the Company’s incentive plans. | |
In June 2014, the Company granted 4,866 shares of restricted common stock to non-employee directors in accordance with the 2010 Restricted Stock Plan. The market value of the restricted shares granted was $0.2 million. | |
During the six months ended June 30, 2014, options to purchase 123,167 shares of common stock were exercised. During the six months ended June 30, 2013, options to purchase 125,000 shares of common stock were exercised. In connection with these exercises, the Company received $1.1 million of stock option proceeds in the first six months each of 2014 and 2013. | |
The Company recognized share-based compensation expense of $0.4 million and $0.7 million in the six months ended June 30, 2014 and 2013, respectively. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 3. Earnings Per Share | |||||||||||||||||
The Company computes earnings per share (“EPS”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Additionally, during 2013, the Company applied the “two-class method” in computing basic and diluted earnings per share as a result of the participating unvested common shares which contained nonforfeitable rights to dividends during this period. As of January 1, 2014, the Company no longer has participating unvested common shares which contain nonforfeitable rights to dividends and now applies the treasury stock method in computing basic and diluted earnings per share. | |||||||||||||||||
Under the two-class method, net income available to common and participating common shareholders is reduced by the amount of dividends declared in the current period and by the contractual amount of dividends that must be paid for the current period related to the Company’s common and participating common shares. Participating common shares include unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid. Any remaining undistributed earnings are allocated to the common and participating common shareholders to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. The amount of earnings allocable to each security is divided by the number of outstanding shares of the security to which the earnings are allocated to determine the EPS for the security. In a period of loss, no losses are allocated to the participating common shareholders. Instead, all such losses are allocated to the common shareholders. | |||||||||||||||||
Basic EPS is calculated by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. We determine diluted EPS as the more dilutive result of either the treasury method or the two-class method. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||
Basic EPS: | |||||||||||||||||
Net income, as reported | $ | 12,773 | $ | 7,644 | $ | 23,322 | $ | 16,495 | |||||||||
Less allocated income to unvested shares | — | 26 | — | 41 | |||||||||||||
Net income available to common shareholders—basic | $ | 12,773 | $ | 7,618 | $ | 23,322 | $ | 16,454 | |||||||||
Basic weighted average common shares | 18,600,186 | 18,353,174 | 18,566,235 | 18,317,452 | |||||||||||||
Basic earnings per common share | $ | 0.69 | $ | 0.42 | $ | 1.26 | $ | 0.9 | |||||||||
Diluted EPS: | |||||||||||||||||
Net income available to common shareholders—diluted | $ | 12,773 | $ | 7,619 | $ | 23,322 | $ | 16,455 | |||||||||
Diluted weighted average common shares: | |||||||||||||||||
Weighted average common shares | 18,600,186 | 18,353,174 | 18,566,235 | 18,317,452 | |||||||||||||
Stock options and performance shares | 294,699 | 359,125 | 319,149 | 396,324 | |||||||||||||
Diluted weighted average common shares | 18,894,885 | 18,712,299 | 18,885,384 | 18,713,776 | |||||||||||||
Diluted earnings per common share | $ | 0.68 | $ | 0.41 | $ | 1.23 | $ | 0.88 |
Investments
Investments | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Note 4. Investments | |||||||||||||||||||||||||
The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2014 are summarized as follows: | |||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
States and political subdivisions | $ | 392,381 | $ | 21,821 | $ | (66 | ) | $ | 414,136 | ||||||||||||||||
Corporate bonds | 102,925 | 756 | (57 | ) | 103,624 | ||||||||||||||||||||
Commercial mortgage-backed securities | 49,327 | 2,767 | — | 52,094 | |||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 19,170 | 1,892 | — | 21,062 | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | 12,259 | 1,132 | (1 | ) | 13,390 | ||||||||||||||||||||
Asset-backed securities | 3,083 | 243 | (120 | ) | 3,206 | ||||||||||||||||||||
Totals | $ | 579,145 | $ | 28,611 | $ | (244 | ) | $ | 607,512 | ||||||||||||||||
The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2014 are summarized as follows: | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fixed maturity: | |||||||||||||||||||||||||
States and political subdivisions | $ | 151,140 | $ | 5,711 | $ | (1,759 | ) | $ | 155,092 | ||||||||||||||||
Corporate bonds | 121,088 | 708 | (33 | ) | 121,763 | ||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 10,012 | 1 | (2,255 | ) | 7,758 | ||||||||||||||||||||
Total fixed maturity | 282,240 | 6,420 | (4,047 | ) | 284,613 | ||||||||||||||||||||
Other investments | 10,000 | 1,092 | — | 11,092 | |||||||||||||||||||||
Equity securities | 3,446 | 540 | (6 | ) | 3,980 | ||||||||||||||||||||
Totals | $ | 295,686 | $ | 8,052 | $ | (4,053 | ) | $ | 299,685 | ||||||||||||||||
The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
States and political subdivisions | $ | 381,674 | $ | 18,634 | $ | (1,153 | ) | $ | 399,155 | ||||||||||||||||
Corporate bonds | 67,423 | 861 | (41 | ) | 68,243 | ||||||||||||||||||||
Commercial mortgage-backed securities | 50,813 | 3,431 | — | 54,244 | |||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 21,775 | 1,790 | — | 23,565 | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | 11,514 | 1,002 | — | 12,516 | |||||||||||||||||||||
Asset-backed securities | 3,384 | 216 | (144 | ) | 3,456 | ||||||||||||||||||||
Totals | $ | 536,583 | $ | 25,934 | $ | (1,338 | ) | $ | 561,179 | ||||||||||||||||
The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fixed maturity: | |||||||||||||||||||||||||
States and political subdivisions | $ | 154,024 | $ | 1,491 | $ | (5,140 | ) | $ | 150,375 | ||||||||||||||||
Corporate bonds | 80,344 | 445 | (361 | ) | 80,428 | ||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 10,041 | — | (2,967 | ) | 7,074 | ||||||||||||||||||||
Total fixed maturity | 244,409 | 1,936 | (8,468 | ) | 237,877 | ||||||||||||||||||||
Other investments | 10,000 | 591 | — | 10,591 | |||||||||||||||||||||
Equity securities | 9,482 | 387 | (567 | ) | 9,302 | ||||||||||||||||||||
Totals | $ | 263,891 | $ | 2,914 | $ | (9,035 | ) | $ | 257,770 | ||||||||||||||||
A summary of the cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2014, by contractual maturity, is as follows: | |||||||||||||||||||||||||
Remaining Time to Maturity | Amortized | Fair Value | |||||||||||||||||||||||
Cost Basis | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Less than one year | $ | 55,153 | $ | 55,726 | |||||||||||||||||||||
One to five years | 186,929 | 194,771 | |||||||||||||||||||||||
Five to ten years | 140,954 | 150,762 | |||||||||||||||||||||||
More than ten years | 124,529 | 129,891 | |||||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 19,170 | 21,062 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 49,327 | 52,094 | |||||||||||||||||||||||
Asset-backed securities | 3,083 | 3,206 | |||||||||||||||||||||||
Total | $ | 579,145 | $ | 607,512 | |||||||||||||||||||||
A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2014, by contractual maturity, is as follows: | |||||||||||||||||||||||||
Remaining Time to Maturity | Amortized | Fair Value | |||||||||||||||||||||||
Cost Basis | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Less than one year | $ | 34,052 | $ | 34,120 | |||||||||||||||||||||
One to five years | 84,799 | 85,482 | |||||||||||||||||||||||
Five to ten years | 14,305 | 14,661 | |||||||||||||||||||||||
More than ten years | 139,072 | 142,592 | |||||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 10,012 | 7,758 | |||||||||||||||||||||||
Total | $ | 282,240 | $ | 284,613 | |||||||||||||||||||||
The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair Value of | Gross | Fair Value of | Gross | Fair Value of | Gross | ||||||||||||||||||||
Investments | Unrealized | Investments | Unrealized | Investments | Unrealized | ||||||||||||||||||||
with | Losses | with | Losses | with | Losses | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 19,268 | $ | 57 | $ | — | $ | — | $ | 19,268 | $ | 57 | |||||||||||||
States and political subdivisions | 14,872 | 64 | 1,423 | 2 | 16,295 | 66 | |||||||||||||||||||
Asset-backed securities | — | — | 1,799 | 120 | 1,799 | 120 | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | 2,852 | 1 | — | — | 2,852 | 1 | |||||||||||||||||||
Total held-to-maturity securities | 36,992 | 122 | 3,222 | 122 | 40,214 | 244 | |||||||||||||||||||
Available-for Sale | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 20,127 | $ | 30 | $ | 986 | $ | 3 | $ | 21,113 | $ | 33 | |||||||||||||
States and political subdivisions | 14,689 | 82 | 12,700 | 1,677 | 27,389 | 1,759 | |||||||||||||||||||
U.S. agency-based mortgage-backed securities | 605 | 79 | 7,031 | 2,176 | 7,636 | 2,255 | |||||||||||||||||||
Equity securities | 480 | 6 | — | — | 480 | 6 | |||||||||||||||||||
Total available-for-sale securities | 35,901 | 197 | 20,717 | 3,856 | 56,618 | 4,053 | |||||||||||||||||||
Total | $ | 72,893 | $ | 319 | $ | 23,939 | $ | 3,978 | $ | 96,832 | $ | 4,297 | |||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair Value of | Gross | Fair Value of | Gross | Fair Value of | Gross | ||||||||||||||||||||
Investments | Unrealized | Investments | Unrealized | Investments | Unrealized | ||||||||||||||||||||
with | Losses | with | Losses | with | Losses | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 14,090 | $ | 41 | $ | — | $ | — | $ | 14,090 | $ | 41 | |||||||||||||
States and political subdivisions | 54,895 | 1,147 | 311 | 6 | 55,206 | 1,153 | |||||||||||||||||||
Asset-backed securities | — | — | 1,916 | 144 | 1,916 | 144 | |||||||||||||||||||
Total held-to-maturity securities | 68,985 | 1,188 | 2,227 | 150 | 71,212 | 1,338 | |||||||||||||||||||
Available-for Sale | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 29,691 | $ | 361 | $ | — | $ | — | $ | 29,691 | $ | 361 | |||||||||||||
States and political subdivisions | 101,908 | 4,798 | 1,753 | 342 | 103,661 | 5,140 | |||||||||||||||||||
U.S. agency-based mortgage-backed securities | 1,303 | 465 | 5,772 | 2,502 | 7,075 | 2,967 | |||||||||||||||||||
Equity securities | 5,205 | 567 | — | — | 5,205 | 567 | |||||||||||||||||||
Total available-for-sale securities | 138,107 | 6,191 | 7,525 | 2,844 | 145,632 | 9,035 | |||||||||||||||||||
Total | $ | 207,092 | $ | 7,379 | $ | 9,752 | $ | 2,994 | $ | 216,844 | $ | 10,373 | |||||||||||||
At June 30, 2014, the Company held 88 individual fixed maturity securities and one equity security that were in an unrealized loss position, of which 26 individual fixed maturity securities were in a continuous unrealized loss position for longer than 12 months. | |||||||||||||||||||||||||
The Company holds investments in a long/short equity fund, accounted for under the equity method. The carrying value of this investment is $11.1 million at June 30, 2014. | |||||||||||||||||||||||||
Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method. | |||||||||||||||||||||||||
We regularly review our investment portfolio to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of our investments. We consider various factors in determining if a decline in the fair value of an individual security is other-than-temporary. The key factors we consider are: | |||||||||||||||||||||||||
• | any reduction or elimination of dividends, or nonpayment of scheduled principal or interest payments; | ||||||||||||||||||||||||
• | the financial condition and near-term prospects of the issuer of the applicable security, including any specific events that may affect its operations or earnings; | ||||||||||||||||||||||||
• | how long and by how much the fair value of the security has been below its cost or amortized cost; | ||||||||||||||||||||||||
• | any downgrades of the security by a rating agency; | ||||||||||||||||||||||||
• | our intent not to sell the security for a sufficient time period for it to recover its value; | ||||||||||||||||||||||||
• | the likelihood of being forced to sell the security before the recovery of its value; and | ||||||||||||||||||||||||
• | an evaluation as to whether there are any credit losses on debt securities. | ||||||||||||||||||||||||
We reviewed all securities with unrealized losses in accordance with the impairment policy described above. The Company expects to hold investments in equity securities for a reasonable period of time sufficient for a recovery of fair value. We determined that the unrealized losses in the fixed maturity securities portfolio related primarily to changes in market interest rates since the date of purchase, current conditions in the capital markets and the impact of those conditions on market liquidity and prices generally, and the transfer of the investments from the available-for-sale classification to the held-to-maturity classification in January 2004. We expect to recover the carrying value of these securities as it is not more likely than not that we will be required to sell the security before the recovery of its amortized cost basis. In addition, none of the unrealized losses on debt securities are considered credit losses. | |||||||||||||||||||||||||
Net realized gains on investments in the six months ended June 30, 2014 totaled $0.3 million resulting from gains on called fixed maturity securities and the sale of equity securities. Net realized losses in the six months ended June 30, 2013 were $1.3 million from the impairment losses recognized for other-than-temporary declines in the fair value of certain equity securities of $1.9 million offset by realized gains of $0.6 from the sale of equity and fixed maturity securities classified as available-for-sale. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 5. Income Taxes | |
In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2014, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. | |
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions recognized for the periods ended June 30, 2014 and 2013. | |
Tax years 2009 through 2013 are subject to examination by the federal and state taxing authorities. In April 2012, the Company was notified by the Internal Revenue Service that the examination for tax year 2009 had been completed, but remains subject to state taxing authorities. |
Comprehensive_Income_and_Accum
Comprehensive Income and Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
Note 6. Comprehensive Income and Accumulated Other Comprehensive Income | |||||||||||||||||||
Comprehensive income was $15.8 million for the three months ended June 30, 2014, compared to $3.6 million for the three months ended June 30, 2013. The difference between net income as reported and comprehensive income was due to changes in unrealized gains and losses, net of tax on available-for-sale securities. | |||||||||||||||||||
Comprehensive income includes net income plus unrealized gains/losses on our available-for-sale investment securities, net of tax. In reporting comprehensive income on a net basis in the statement of income, we used a 35 percent tax rate. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements. | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Beginning balance | $ | (1,055 | ) | $ | 2,434 | $ | (4,295 | ) | $ | 2,979 | |||||||||
Other comprehensive income/(loss) before reclassification | 3,143 | (4,442 | ) | 6,120 | (4,857 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (127 | ) | 382 | 136 | 252 | ||||||||||||||
Net current period other comprehensive income/(loss) | 3,016 | (4,060 | ) | 6,256 | (4,605 | ) | |||||||||||||
Ending balance | $ | 1,961 | $ | (1,626 | ) | $ | 1,961 | $ | (1,626 | ) | |||||||||
The sale or other-than-temporary impairment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income to current period net income. The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table. | |||||||||||||||||||
Component of Accumulated Other | Three Months Ended | Six Months Ended | Affected line item in the statement of income | ||||||||||||||||
Comprehensive Income | June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Unrealized gains/(losses) on available-for-sale securities | $ | 195 | $ | 209 | $ | (209 | ) | $ | 92 | Net realized gains on investments | |||||||||
Other-than-temporary impairment | — | (797 | ) | — | (479 | ) | Net realized gains on investments | ||||||||||||
195 | (588 | ) | (209 | ) | (387 | ) | Income before income taxes | ||||||||||||
(68 | ) | 206 | 73 | 135 | Income tax expense | ||||||||||||||
$ | 127 | $ | (382 | ) | $ | (136 | ) | $ | (252 | ) | Net income | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 7. Fair Value Measurements | |||||||||||||||||
We carry available-for-sale securities at fair value in our consolidated financial statements and determine fair value measurements and disclosure in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” | |||||||||||||||||
The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. | |||||||||||||||||
Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date. | |||||||||||||||||
ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied. | |||||||||||||||||
In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable: | |||||||||||||||||
• | Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. | ||||||||||||||||
• | Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | ||||||||||||||||
Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels: | |||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||||||
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data. | ||||||||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. | ||||||||||||||||
In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. | |||||||||||||||||
The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2014. | |||||||||||||||||
At June 30, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial instruments carried at fair value, classified as a part of: | |||||||||||||||||
Other investments | $ | — | $ | — | $ | 11,092 | $ | 11,092 | |||||||||
Securities available for sale—equity: | |||||||||||||||||
Domestic common stock | 3,980 | — | — | 3,980 | |||||||||||||
Securities available for sale—fixed maturity: | |||||||||||||||||
States and political subdivisions | — | 155,092 | — | 155,092 | |||||||||||||
Corporate bonds | — | 121,763 | — | 121,763 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 7,758 | — | 7,758 | |||||||||||||
Total securities available for sale—fixed maturity | — | 284,613 | — | 284,613 | |||||||||||||
Total available for sale | $ | 3,980 | $ | 284,613 | $ | 11,092 | $ | 299,685 | |||||||||
At June 30, 2014, assets and liabilities measured at amortized cost are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Securities held-to-maturity—fixed maturity | |||||||||||||||||
States and political subdivisions | $ | — | $ | 414,136 | $ | — | $ | 414,136 | |||||||||
Corporate bonds | — | 103,624 | — | 103,624 | |||||||||||||
Commercial mortgage-backed securities | — | 52,094 | — | 52,094 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 21,062 | — | 21,062 | |||||||||||||
U.S. Treasury securities | 7,339 | — | — | 7,339 | |||||||||||||
Obligations of U.S. government agencies | — | 6,051 | — | 6,051 | |||||||||||||
Asset-backed securities | — | 3,206 | — | 3,206 | |||||||||||||
Total held-to-maturity | $ | 7,339 | $ | 600,173 | $ | — | $ | 607,512 | |||||||||
At December 31, 2013, assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial instruments carried at fair value, classified as part of: | |||||||||||||||||
Other investments | $ | — | $ | — | $ | 10,591 | $ | 10,591 | |||||||||
Securities available for sale—equity | |||||||||||||||||
Domestic common stock | 9,302 | — | — | 9,302 | |||||||||||||
Securities available for sale—fixed maturity | |||||||||||||||||
States and political subdivisions | — | 150,375 | — | 150,375 | |||||||||||||
Corporate bonds | — | 80,428 | — | 80,428 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 7,074 | — | 7,074 | |||||||||||||
Total available for sale—fixed maturity | — | $ | 237,877 | $ | — | $ | 237,877 | ||||||||||
Total available for sale | $ | 9,302 | $ | 237,877 | $ | 10,591 | $ | 257,770 | |||||||||
At December 31, 2013, assets and liabilities measured at amortized cost are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Securities held-to-maturity—fixed maturity | |||||||||||||||||
States and political subdivisions | $ | — | $ | 399,155 | $ | — | $ | 399,155 | |||||||||
Corporate bonds | — | 68,243 | — | 68,243 | |||||||||||||
Commercial mortgage-backed securities | — | 54,244 | — | 54,244 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 23,565 | — | 23,565 | |||||||||||||
U.S. Treasury securities | 6,602 | — | — | 6,602 | |||||||||||||
Obligations of U.S. government agencies | — | 5,914 | — | 5,914 | |||||||||||||
Asset-backed securities | — | 3,456 | — | 3,456 | |||||||||||||
Total held-to-maturity | $ | 6,602 | $ | 554,577 | $ | — | $ | 561,179 | |||||||||
The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure. | |||||||||||||||||
Cash and Cash Equivalents—The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values, which are characterized as Level 1 assets. | |||||||||||||||||
Investments—The fair values for fixed maturity and equity securities are based on prices obtained from an independent pricing service. Equity and treasury securities are characterized as Level 1 assets, as their fair values are based on quoted prices in active markets. Fixed maturity securities, other than treasury securities, are characterized as Level 2 assets, as their fair values are determined using observable market inputs. | |||||||||||||||||
Short Term Investments—The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values. These securities are characterized as Level 2 assets in the fair value hierarchy. | |||||||||||||||||
Other Investments—Other investments consist of limited partnership (LP) interests valued using the net asset value provided by the general partner of the LP, which approximates the fair value of the interest. The LP’s objective is to generate absolute returns by investing long and short in publicly-traded global securities. Redemptions are allowed monthly following a sixty day notice with no lock up periods. The Company has no unfunded commitments related to the LP. This investment is characterized as a Level 3 asset in the fair value hierarchy. | |||||||||||||||||
The following table summarizes the carrying values and corresponding fair values for financial instruments: | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Fixed maturity securities—held-to-maturity | $ | 579,145 | $ | 607,512 | $ | 536,583 | $ | 561,179 | |||||||||
Fixed maturity securities—available-for-sale | 284,613 | 284,613 | 237,877 | 237,877 | |||||||||||||
Equity securities | 3,980 | 3,980 | 9,302 | 9,302 | |||||||||||||
Cash and cash equivalents | 98,818 | 98,818 | 123,077 | 123,077 | |||||||||||||
Short-term investments | 85,806 | 85,806 | 84,422 | 84,422 | |||||||||||||
Other investments | 11,092 | 11,092 | 10,591 | 10,591 | |||||||||||||
The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input. | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance | $ | 10,591 | $ | — | |||||||||||||
Purchases | — | 10,000 | |||||||||||||||
Total gains unrealized (Included in earnings as part of net investment income) | 501 | 591 | |||||||||||||||
Ending Balance | $ | 11,092 | $ | 10,591 | |||||||||||||
The purchase reported on the Level 3 table above is related to an interest in a limited partnership. |
Treasury_Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Treasury Stock | ' |
Note 8. Treasury Stock | |
The Company’s Board of Directors initiated a share repurchase program in February 2010. In October 2011, October 2012 and October 2013, the Board reauthorized this program with a new limit of $25.0 million. Unless reauthorized, the program will expire on December 31, 2014. Since the beginning of this plan, the Company has repurchased a total of 1,258,250 shares for $22.4 million, or an average price of $17.78, including commissions. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 9. Subsequent Events | |
On July 29, 2014, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share, payable on September 26, 2014 to shareholders of record as of September 12, 2014. The Board intends to consider the payment of a regular cash dividend each calendar quarter. |
Earnings_Per_Share_Policies
Earnings Per Share (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
The Company computes earnings per share ("EPS") in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Additionally, during 2013, the Company applied the “two-class method” in computing basic and diluted earnings per share as a result of the participating unvested common shares which contained nonforfeitable rights to dividends during this period. As of January 1, 2014, the Company no longer has participating unvested common shares which contain nonforfeitable rights to dividends and now applies the treasury stock method in computing basic and diluted earnings per share. | |
Income Taxes | ' |
In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2014, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. | |
Fair Value Measurements | ' |
We carry available-for-sale securities at fair value in our consolidated financial statements and determine fair value measurements and disclosure in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” | |
The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Summary of Earnings Per Share | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||
Basic EPS: | |||||||||||||||||
Net income, as reported | $ | 12,773 | $ | 7,644 | $ | 23,322 | $ | 16,495 | |||||||||
Less allocated income to unvested shares | — | 26 | — | 41 | |||||||||||||
Net income available to common shareholders—basic | $ | 12,773 | $ | 7,618 | $ | 23,322 | $ | 16,454 | |||||||||
Basic weighted average common shares | 18,600,186 | 18,353,174 | 18,566,235 | 18,317,452 | |||||||||||||
Basic earnings per common share | $ | 0.69 | $ | 0.42 | $ | 1.26 | $ | 0.9 | |||||||||
Diluted EPS: | |||||||||||||||||
Net income available to common shareholders—diluted | $ | 12,773 | $ | 7,619 | $ | 23,322 | $ | 16,455 | |||||||||
Diluted weighted average common shares: | |||||||||||||||||
Weighted average common shares | 18,600,186 | 18,353,174 | 18,566,235 | 18,317,452 | |||||||||||||
Stock options and performance shares | 294,699 | 359,125 | 319,149 | 396,324 | |||||||||||||
Diluted weighted average common shares | 18,894,885 | 18,712,299 | 18,885,384 | 18,713,776 | |||||||||||||
Diluted earnings per common share | $ | 0.68 | $ | 0.41 | $ | 1.23 | $ | 0.88 |
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity | ' | ||||||||||||||||||||||||
The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2014 are summarized as follows: | |||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
States and political subdivisions | $ | 392,381 | $ | 21,821 | $ | (66 | ) | $ | 414,136 | ||||||||||||||||
Corporate bonds | 102,925 | 756 | (57 | ) | 103,624 | ||||||||||||||||||||
Commercial mortgage-backed securities | 49,327 | 2,767 | — | 52,094 | |||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 19,170 | 1,892 | — | 21,062 | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | 12,259 | 1,132 | (1 | ) | 13,390 | ||||||||||||||||||||
Asset-backed securities | 3,083 | 243 | (120 | ) | 3,206 | ||||||||||||||||||||
Totals | $ | 579,145 | $ | 28,611 | $ | (244 | ) | $ | 607,512 | ||||||||||||||||
The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
States and political subdivisions | $ | 381,674 | $ | 18,634 | $ | (1,153 | ) | $ | 399,155 | ||||||||||||||||
Corporate bonds | 67,423 | 861 | (41 | ) | 68,243 | ||||||||||||||||||||
Commercial mortgage-backed securities | 50,813 | 3,431 | — | 54,244 | |||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 21,775 | 1,790 | — | 23,565 | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | 11,514 | 1,002 | — | 12,516 | |||||||||||||||||||||
Asset-backed securities | 3,384 | 216 | (144 | ) | 3,456 | ||||||||||||||||||||
Totals | $ | 536,583 | $ | 25,934 | $ | (1,338 | ) | $ | 561,179 | ||||||||||||||||
Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale | ' | ||||||||||||||||||||||||
The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2014 are summarized as follows: | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fixed maturity: | |||||||||||||||||||||||||
States and political subdivisions | $ | 151,140 | $ | 5,711 | $ | (1,759 | ) | $ | 155,092 | ||||||||||||||||
Corporate bonds | 121,088 | 708 | (33 | ) | 121,763 | ||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 10,012 | 1 | (2,255 | ) | 7,758 | ||||||||||||||||||||
Total fixed maturity | 282,240 | 6,420 | (4,047 | ) | 284,613 | ||||||||||||||||||||
Other investments | 10,000 | 1,092 | — | 11,092 | |||||||||||||||||||||
Equity securities | 3,446 | 540 | (6 | ) | 3,980 | ||||||||||||||||||||
Totals | $ | 295,686 | $ | 8,052 | $ | (4,053 | ) | $ | 299,685 | ||||||||||||||||
The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fixed maturity: | |||||||||||||||||||||||||
States and political subdivisions | $ | 154,024 | $ | 1,491 | $ | (5,140 | ) | $ | 150,375 | ||||||||||||||||
Corporate bonds | 80,344 | 445 | (361 | ) | 80,428 | ||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 10,041 | — | (2,967 | ) | 7,074 | ||||||||||||||||||||
Total fixed maturity | 244,409 | 1,936 | (8,468 | ) | 237,877 | ||||||||||||||||||||
Other investments | 10,000 | 591 | — | 10,591 | |||||||||||||||||||||
Equity securities | 9,482 | 387 | (567 | ) | 9,302 | ||||||||||||||||||||
Totals | $ | 263,891 | $ | 2,914 | $ | (9,035 | ) | $ | 257,770 | ||||||||||||||||
Investment Securities Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair Value of | Gross | Fair Value of | Gross | Fair Value of | Gross | ||||||||||||||||||||
Investments | Unrealized | Investments | Unrealized | Investments | Unrealized | ||||||||||||||||||||
with | Losses | with | Losses | with | Losses | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 19,268 | $ | 57 | $ | — | $ | — | $ | 19,268 | $ | 57 | |||||||||||||
States and political subdivisions | 14,872 | 64 | 1,423 | 2 | 16,295 | 66 | |||||||||||||||||||
Asset-backed securities | — | — | 1,799 | 120 | 1,799 | 120 | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | 2,852 | 1 | — | — | 2,852 | 1 | |||||||||||||||||||
Total held-to-maturity securities | 36,992 | 122 | 3,222 | 122 | 40,214 | 244 | |||||||||||||||||||
Available-for Sale | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 20,127 | $ | 30 | $ | 986 | $ | 3 | $ | 21,113 | $ | 33 | |||||||||||||
States and political subdivisions | 14,689 | 82 | 12,700 | 1,677 | 27,389 | 1,759 | |||||||||||||||||||
U.S. agency-based mortgage-backed securities | 605 | 79 | 7,031 | 2,176 | 7,636 | 2,255 | |||||||||||||||||||
Equity securities | 480 | 6 | — | — | 480 | 6 | |||||||||||||||||||
Total available-for-sale securities | 35,901 | 197 | 20,717 | 3,856 | 56,618 | 4,053 | |||||||||||||||||||
Total | $ | 72,893 | $ | 319 | $ | 23,939 | $ | 3,978 | $ | 96,832 | $ | 4,297 | |||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair Value of | Gross | Fair Value of | Gross | Fair Value of | Gross | ||||||||||||||||||||
Investments | Unrealized | Investments | Unrealized | Investments | Unrealized | ||||||||||||||||||||
with | Losses | with | Losses | with | Losses | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 14,090 | $ | 41 | $ | — | $ | — | $ | 14,090 | $ | 41 | |||||||||||||
States and political subdivisions | 54,895 | 1,147 | 311 | 6 | 55,206 | 1,153 | |||||||||||||||||||
Asset-backed securities | — | — | 1,916 | 144 | 1,916 | 144 | |||||||||||||||||||
Total held-to-maturity securities | 68,985 | 1,188 | 2,227 | 150 | 71,212 | 1,338 | |||||||||||||||||||
Available-for Sale | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate bonds | $ | 29,691 | $ | 361 | $ | — | $ | — | $ | 29,691 | $ | 361 | |||||||||||||
States and political subdivisions | 101,908 | 4,798 | 1,753 | 342 | 103,661 | 5,140 | |||||||||||||||||||
U.S. agency-based mortgage-backed securities | 1,303 | 465 | 5,772 | 2,502 | 7,075 | 2,967 | |||||||||||||||||||
Equity securities | 5,205 | 567 | — | — | 5,205 | 567 | |||||||||||||||||||
Total available-for-sale securities | 138,107 | 6,191 | 7,525 | 2,844 | 145,632 | 9,035 | |||||||||||||||||||
Total | $ | 207,092 | $ | 7,379 | $ | 9,752 | $ | 2,994 | $ | 216,844 | $ | 10,373 | |||||||||||||
Held-to-maturity securities [Member] | ' | ||||||||||||||||||||||||
Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | ' | ||||||||||||||||||||||||
A summary of the cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2014, by contractual maturity, is as follows: | |||||||||||||||||||||||||
Remaining Time to Maturity | Amortized | Fair Value | |||||||||||||||||||||||
Cost Basis | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Less than one year | $ | 55,153 | $ | 55,726 | |||||||||||||||||||||
One to five years | 186,929 | 194,771 | |||||||||||||||||||||||
Five to ten years | 140,954 | 150,762 | |||||||||||||||||||||||
More than ten years | 124,529 | 129,891 | |||||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 19,170 | 21,062 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 49,327 | 52,094 | |||||||||||||||||||||||
Asset-backed securities | 3,083 | 3,206 | |||||||||||||||||||||||
Total | $ | 579,145 | $ | 607,512 | |||||||||||||||||||||
Available-for-sale securities [Member] | ' | ||||||||||||||||||||||||
Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | ' | ||||||||||||||||||||||||
A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2014, by contractual maturity, is as follows: | |||||||||||||||||||||||||
Remaining Time to Maturity | Amortized | Fair Value | |||||||||||||||||||||||
Cost Basis | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Less than one year | $ | 34,052 | $ | 34,120 | |||||||||||||||||||||
One to five years | 84,799 | 85,482 | |||||||||||||||||||||||
Five to ten years | 14,305 | 14,661 | |||||||||||||||||||||||
More than ten years | 139,072 | 142,592 | |||||||||||||||||||||||
U.S. agency-based mortgage-backed securities | 10,012 | 7,758 | |||||||||||||||||||||||
Total | $ | 282,240 | $ | 284,613 | |||||||||||||||||||||
Comprehensive_Income_and_Accum1
Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) | ' | ||||||||||||||||||
The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements. | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Beginning balance | $ | (1,055 | ) | $ | 2,434 | $ | (4,295 | ) | $ | 2,979 | |||||||||
Other comprehensive income/(loss) before reclassification | 3,143 | (4,442 | ) | 6,120 | (4,857 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (127 | ) | 382 | 136 | 252 | ||||||||||||||
Net current period other comprehensive income/(loss) | 3,016 | (4,060 | ) | 6,256 | (4,605 | ) | |||||||||||||
Ending balance | $ | 1,961 | $ | (1,626 | ) | $ | 1,961 | $ | (1,626 | ) | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table. | |||||||||||||||||||
Component of Accumulated Other | Three Months Ended | Six Months Ended | Affected line item in the statement of | ||||||||||||||||
Comprehensive Income | June 30, | June 30, | income | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Unrealized gains/(losses) on available-for-sale securities | $ | 195 | $ | 209 | $ | (209 | ) | $ | 92 | Net realized gains on investments | |||||||||
Other-than-temporary impairment | — | (797 | ) | — | (479 | ) | Net realized gains on investments | ||||||||||||
195 | (588 | ) | (209 | ) | (387 | ) | Income before income taxes | ||||||||||||
(68 | ) | 206 | 73 | 135 | Income tax expense | ||||||||||||||
$ | 127 | $ | (382 | ) | $ | (136 | ) | $ | (252 | ) | Net income | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
At June 30, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial instruments carried at fair value, classified as a part of: | |||||||||||||||||
Other investments | $ | — | $ | — | $ | 11,092 | $ | 11,092 | |||||||||
Securities available for sale—equity: | |||||||||||||||||
Domestic common stock | 3,980 | — | — | 3,980 | |||||||||||||
Securities available for sale—fixed maturity: | |||||||||||||||||
States and political subdivisions | — | 155,092 | — | 155,092 | |||||||||||||
Corporate bonds | — | 121,763 | — | 121,763 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 7,758 | — | 7,758 | |||||||||||||
Total securities available for sale—fixed maturity | — | 284,613 | — | 284,613 | |||||||||||||
Total available for sale | $ | 3,980 | $ | 284,613 | $ | 11,092 | $ | 299,685 | |||||||||
At December 31, 2013, assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial instruments carried at fair value, classified as part of: | |||||||||||||||||
Other investments | $ | — | $ | — | $ | 10,591 | $ | 10,591 | |||||||||
Securities available for sale—equity | |||||||||||||||||
Domestic common stock | 9,302 | — | — | 9,302 | |||||||||||||
Securities available for sale—fixed maturity | |||||||||||||||||
States and political subdivisions | — | 150,375 | — | 150,375 | |||||||||||||
Corporate bonds | — | 80,428 | — | 80,428 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 7,074 | — | 7,074 | |||||||||||||
Total available for sale—fixed maturity | — | $ | 237,877 | $ | — | $ | 237,877 | ||||||||||
Total available for sale | $ | 9,302 | $ | 237,877 | $ | 10,591 | $ | 257,770 | |||||||||
Schedule of Assets and Liabilities Measured at Amortized Cost | ' | ||||||||||||||||
At June 30, 2014, assets and liabilities measured at amortized cost are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Securities held-to-maturity—fixed maturity | |||||||||||||||||
States and political subdivisions | $ | — | $ | 414,136 | $ | — | $ | 414,136 | |||||||||
Corporate bonds | — | 103,624 | — | 103,624 | |||||||||||||
Commercial mortgage-backed securities | — | 52,094 | — | 52,094 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 21,062 | — | 21,062 | |||||||||||||
U.S. Treasury securities | 7,339 | — | — | 7,339 | |||||||||||||
Obligations of U.S. government agencies | — | 6,051 | — | 6,051 | |||||||||||||
Asset-backed securities | — | 3,206 | — | 3,206 | |||||||||||||
Total held-to-maturity | $ | 7,339 | $ | 600,173 | $ | — | $ | 607,512 | |||||||||
At December 31, 2013, assets and liabilities measured at amortized cost are summarized below: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Securities held-to-maturity—fixed maturity | |||||||||||||||||
States and political subdivisions | $ | — | $ | 399,155 | $ | — | $ | 399,155 | |||||||||
Corporate bonds | — | 68,243 | — | 68,243 | |||||||||||||
Commercial mortgage-backed securities | — | 54,244 | — | 54,244 | |||||||||||||
U.S. agency-based mortgage-backed securities | — | 23,565 | — | 23,565 | |||||||||||||
U.S. Treasury securities | 6,602 | — | — | 6,602 | |||||||||||||
Obligations of U.S. government agencies | — | 5,914 | — | 5,914 | |||||||||||||
Asset-backed securities | — | 3,456 | — | 3,456 | |||||||||||||
Total held-to-maturity | $ | 6,602 | $ | 554,577 | $ | — | $ | 561,179 | |||||||||
Summary of Carrying Values and Corresponding Fair Values for Financial Instruments | ' | ||||||||||||||||
The following table summarizes the carrying values and corresponding fair values for financial instruments: | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Fixed maturity securities—held-to-maturity | $ | 579,145 | $ | 607,512 | $ | 536,583 | $ | 561,179 | |||||||||
Fixed maturity securities—available-for-sale | 284,613 | 284,613 | 237,877 | 237,877 | |||||||||||||
Equity securities | 3,980 | 3,980 | 9,302 | 9,302 | |||||||||||||
Cash and cash equivalents | 98,818 | 98,818 | 123,077 | 123,077 | |||||||||||||
Short-term investments | 85,806 | 85,806 | 84,422 | 84,422 | |||||||||||||
Other investments | 11,092 | 11,092 | 10,591 | 10,591 | |||||||||||||
Summary of Changes in Fair Value of Assets Measured at Fair value | ' | ||||||||||||||||
The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input. | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance | $ | 10,591 | $ | — | |||||||||||||
Purchases | — | 10,000 | |||||||||||||||
Total gains unrealized (Included in earnings as part of net investment income) | 501 | 591 | |||||||||||||||
Ending Balance | $ | 11,092 | $ | 10,591 | |||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' |
Percentage of comparable consolidated amounts | 95.00% | 95.00% |
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Incentive_Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of equity incentive plans | 3 | ' |
Market value of restricted shares granted | $200,000 | ' |
Stock options exercised, Shares | 123,167 | 125,000 |
Proceeds from stock option exercises | 1,127,000 | 1,125,000 |
Share-based compensation expense | $400,000 | $700,000 |
Restricted Stock Units (RSUs) [Member] | Non-Employee Directors [Member] | 2010 Restricted Stock Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted common stock granted | 4,866 | ' |
Earnings_Per_Share_Summary_of_
Earnings Per Share - Summary of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share Basic [Abstract] | ' | ' | ' | ' |
Net income | $12,773 | $7,644 | $23,322 | $16,495 |
Less allocated income to unvested shares | 0 | 26 | 0 | 41 |
Net income | 12,773 | 7,618 | 23,322 | 16,454 |
Basic weighted average common shares | 18,600,186 | 18,353,174 | 18,566,235 | 18,317,452 |
Basic earnings per common share | $0.69 | $0.42 | $1.26 | $0.90 |
Net income available to common shareholders-diluted | $12,773 | $7,618 | $23,322 | $16,454 |
Weighted average common shares | 18,600,186 | 18,353,174 | 18,566,235 | 18,317,452 |
Stock options and performance shares | 294,699 | 359,125 | 319,149 | 396,324 |
Diluted weighted average common shares | 18,894,885 | 18,712,299 | 18,885,384 | 18,713,776 |
Diluted earnings per common share | $0.68 | $0.41 | $1.23 | $0.88 |
Investments_Gross_Unrealized_G
Investments - Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Amortized Cost | $579,145 | $536,583 |
Gross Unrealized Gains | 28,611 | 25,934 |
Gross Unrealized Losses | -244 | -1,338 |
Fair Value | 607,512 | 561,179 |
States and political subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 392,381 | 381,674 |
Gross Unrealized Gains | 21,821 | 18,634 |
Gross Unrealized Losses | -66 | -1,153 |
Fair Value | 414,136 | 399,155 |
Corporate bonds [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 102,925 | 67,423 |
Gross Unrealized Gains | 756 | 861 |
Gross Unrealized Losses | -57 | -41 |
Fair Value | 103,624 | 68,243 |
Commercial mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 49,327 | 50,813 |
Gross Unrealized Gains | 2,767 | 3,431 |
Fair Value | 52,094 | 54,244 |
U.S. agency-based mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 19,170 | 21,775 |
Gross Unrealized Gains | 1,892 | 1,790 |
Fair Value | 21,062 | 23,565 |
U.S. Treasury securities and obligations of U.S. government agencies [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 12,259 | 11,514 |
Gross Unrealized Gains | 1,132 | 1,002 |
Gross Unrealized Losses | -1 | ' |
Fair Value | 13,390 | 12,516 |
Asset-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 3,083 | 3,384 |
Gross Unrealized Gains | 243 | 216 |
Gross Unrealized Losses | -120 | -144 |
Fair Value | $3,206 | $3,456 |
Investments_Gross_Unrealized_G1
Investments - Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | $295,686 | $263,891 |
Gross Unrealized Gains | 8,052 | 2,914 |
Gross Unrealized Losses | -4,053 | -9,035 |
Fair Value | 299,685 | 257,770 |
Total fixed maturity [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 282,240 | 244,409 |
Gross Unrealized Gains | 6,420 | 1,936 |
Gross Unrealized Losses | -4,047 | -8,468 |
Fair Value | 284,613 | 237,877 |
Other investments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 10,000 | 10,000 |
Gross Unrealized Gains | 1,092 | 591 |
Fair Value | 11,092 | 10,591 |
States and political subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 151,140 | 154,024 |
Gross Unrealized Gains | 5,711 | 1,491 |
Gross Unrealized Losses | -1,759 | -5,140 |
Fair Value | 155,092 | 150,375 |
Corporate bonds [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 121,088 | 80,344 |
Gross Unrealized Gains | 708 | 445 |
Gross Unrealized Losses | -33 | -361 |
Fair Value | 121,763 | 80,428 |
U.S. agency-based mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 10,012 | 10,041 |
Gross Unrealized Gains | 1 | ' |
Gross Unrealized Losses | -2,255 | -2,967 |
Fair Value | 7,758 | 7,074 |
Equity securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 3,446 | 9,482 |
Gross Unrealized Gains | 540 | 387 |
Gross Unrealized Losses | -6 | -567 |
Fair Value | $3,980 | $9,302 |
Investments_Summary_of_Amortiz
Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Held-to-maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Less than one year, Amortized Cost | $55,153 | ' |
One to five years, Amortized Cost | 186,929 | ' |
Five to ten years, Amortized Cost | 140,954 | ' |
More than ten years, Amortized Cost | 124,529 | ' |
Total, Amortized Cost | 579,145 | 536,583 |
Less than one year, Fair Value | 55,726 | ' |
One to five years, Fair Value | 194,771 | ' |
Five to ten years, Fair Value | 150,762 | ' |
More than ten years, Fair Value | 129,891 | ' |
Total, Fair Value | 607,512 | 561,179 |
U.S. agency-based mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 19,170 | ' |
Held-to-maturity, Fair Value | 21,062 | ' |
Commercial mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 49,327 | ' |
Held-to-maturity, Fair Value | 52,094 | ' |
Asset-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 3,083 | ' |
Held-to-maturity, Fair Value | $3,206 | ' |
Investments_Summary_of_Amortiz1
Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Available-for-sale (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Less than one year, Amortized Cost | $34,052 | ' |
One to five years, Amortized Cost | 84,799 | ' |
Five to ten years, Amortized Cost | 14,305 | ' |
More than ten years, Amortized Cost | 139,072 | ' |
Total, Amortized Cost | 282,240 | 244,409 |
Less than one year, Fair Value | 34,120 | ' |
One to five years, Fair Value | 85,482 | ' |
Five to ten years, Fair Value | 14,661 | ' |
More than ten years, Fair Value | 142,592 | ' |
Total, Fair Value | 284,613 | 237,877 |
U.S. agency-based mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 10,012 | ' |
Available for sale securities, Fair Value | $7,758 | ' |
Investments_Investment_Securit
Investments - Investment Securities Continuous Unrealized Loss Position (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $36,992 | $68,985 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 122 | 1,188 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,222 | 2,227 |
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss | 122 | 150 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 40,214 | 71,212 |
Gross Unrealized Losses | 244 | 1,338 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 35,901 | 138,107 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 197 | 6,191 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 20,717 | 7,525 |
Gross Unrealized Losses, 12 Months or Greater | 3,856 | 2,844 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 56,618 | 145,632 |
Available-for Sale, Gross Unrealized Losses, Total | 4,053 | 9,035 |
Corporate bonds [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,268 | 14,090 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 57 | 41 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 19,268 | 14,090 |
Gross Unrealized Losses | 57 | 41 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 20,127 | 29,691 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 30 | 361 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 986 | ' |
Gross Unrealized Losses, 12 Months or Greater | 3 | ' |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 21,113 | 29,691 |
Available-for Sale, Gross Unrealized Losses, Total | 33 | 361 |
States and political subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,872 | 54,895 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 64 | 1,147 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,423 | 311 |
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss | 2 | 6 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 16,295 | 55,206 |
Gross Unrealized Losses | 66 | 1,153 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 14,689 | 101,908 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 82 | 4,798 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 12,700 | 1,753 |
Gross Unrealized Losses, 12 Months or Greater | 1,677 | 342 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 27,389 | 103,661 |
Available-for Sale, Gross Unrealized Losses, Total | 1,759 | 5,140 |
U.S. agency-based mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 605 | 1,303 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 79 | 465 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 7,031 | 5,772 |
Gross Unrealized Losses, 12 Months or Greater | 2,176 | 2,502 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 7,636 | 7,075 |
Available-for Sale, Gross Unrealized Losses, Total | 2,255 | 2,967 |
Equity securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 480 | 5,205 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 6 | 567 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | ' | ' |
Gross Unrealized Losses, 12 Months or Greater | ' | ' |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 480 | 5,205 |
Available-for Sale, Gross Unrealized Losses, Total | 6 | 567 |
Asset-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,799 | 1,916 |
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss | 120 | 144 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 1,799 | 1,916 |
Gross Unrealized Losses | 120 | 144 |
U.S. Treasury securities and obligations of U.S. government agencies [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,852 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss | 1 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 2,852 | ' |
Gross Unrealized Losses | 1 | ' |
Held-to-maturity securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value of Investments with Unrealized Losses, Less Than 12 months | 72,893 | 207,092 |
Gross Unrealized Loss, Less Than 12 Months | 319 | 7,379 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 23,939 | 9,752 |
Gross Unrealized Losses, 12 Months or Greater | 3,978 | 2,994 |
Fair Value of Investments with Unrealized Losses, Total | 96,832 | 216,844 |
Gross Unrealized Losses, Total | $4,297 | $10,373 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Individual | ||
Equity | ||
Investments Schedule [Abstract] | ' | ' |
Individual fixed maturity held in unrealized loss position | 88 | ' |
Equity securities held in unrealized loss position | 1 | ' |
Individual fixed maturity held in unrealized loss position | 26 | ' |
Carrying value of investments | $11.10 | ' |
Net realized investment gains (losses) | 0.3 | 0.6 |
Impairment losses recognized | $1.30 | $1.90 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Company recognized uncertain tax positions | $0 | $0 |
Unrecognized tax benefits | $0 | ' |
Comprehensive_Income_and_Accum2
Comprehensive Income and Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | ' | ' | ' |
Comprehensive income | $15,789 | $3,584 | $29,578 | $11,890 |
Comprehensive income tax rate | ' | ' | 35.00% | ' |
Comprehensive_Income_and_Accum3
Comprehensive Income and Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | ' | ' | ' |
Beginning balance | ($1,055) | $2,434 | ($4,295) | $2,979 |
Other comprehensive income/(loss) before reclassification | 3,143 | -4,442 | 6,120 | -4,857 |
Amounts reclassified from accumulated other comprehensive income | -127 | 382 | 136 | 252 |
Net current period other comprehensive income/(loss) | 3,016 | -4,060 | 6,256 | -4,605 |
Ending balance | $1,961 | ($1,626) | $1,961 | ($1,626) |
Comprehensive_Income_and_Accum4
Comprehensive Income and Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Income before income taxes | $17,061 | $10,647 | $30,465 | $21,727 |
Income tax expense | -4,288 | -3,003 | -7,143 | -5,232 |
Net income | 12,773 | 7,618 | 23,322 | 16,454 |
Changes in net unrealized gains on investment securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Unrealized gains/(losses) on available for sale securities | 195 | 209 | -209 | 92 |
Other-than-temporary impairment | ' | -797 | ' | -479 |
Income before income taxes | 195 | -588 | -209 | -387 |
Income tax expense | -68 | 206 | 73 | 135 |
Net income | $127 | ($382) | ($136) | ($252) |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | $299,685 | $257,770 |
Equity securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 3,980 | 9,302 |
Other investments [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 11,092 | 10,591 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 299,685 | 257,770 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 284,613 | 237,877 |
Fair Value, Measurements, Recurring [Member] | Other investments [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 11,092 | 10,591 |
Fair Value, Measurements, Recurring [Member] | Common stock | Equity securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 3,980 | 9,302 |
Fair Value, Measurements, Recurring [Member] | States and political subdivisions [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 155,092 | 150,375 |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 121,763 | 80,428 |
Fair Value, Measurements, Recurring [Member] | U.S. agency-based mortgage-backed securities [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 7,758 | 7,074 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 3,980 | 9,302 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Common stock | Equity securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 3,980 | 9,302 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 284,613 | 237,877 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 284,613 | 237,877 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | States and political subdivisions [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 155,092 | 150,375 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 121,763 | 80,428 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. agency-based mortgage-backed securities [Member] | Debt Securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 7,758 | 7,074 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | 11,092 | 10,591 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities available for sale/Available-for-sale, Fair value | $11,092 | $10,591 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Amortized Cost (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | $607,512 | $561,179 |
States and political subdivisions [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 414,136 | 399,155 |
Corporate bonds [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 103,624 | 68,243 |
Commercial mortgage-backed securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 52,094 | 54,244 |
U.S. agency-based mortgage-backed securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 21,062 | 23,565 |
US Treasury securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 7,339 | 6,602 |
Obligations of U.S. government agencies [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 6,051 | 5,914 |
Asset-backed securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 3,206 | 3,456 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 7,339 | 6,602 |
Fair Value, Inputs, Level 1 [Member] | US Treasury securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 7,339 | 6,602 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 600,173 | 554,577 |
Fair Value, Inputs, Level 2 [Member] | States and political subdivisions [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 414,136 | 399,155 |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 103,624 | 68,243 |
Fair Value, Inputs, Level 2 [Member] | Commercial mortgage-backed securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 52,094 | 54,244 |
Fair Value, Inputs, Level 2 [Member] | U.S. agency-based mortgage-backed securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 21,062 | 23,565 |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government agencies [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | 6,051 | 5,914 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed securities [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Securities held-to-maturity-fixed maturity, Fair Value | $3,206 | $3,456 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Carrying Values and Corresponding Fair Values for Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Fixed maturity securities-held-to-maturity | $607,512 | $561,179 |
Fixed maturity securities-held-to-maturity | 579,145 | 536,583 |
Fixed maturity securities-available-for-sale | 284,613 | 237,877 |
Equity securities | 3,980 | 9,302 |
Carrying Amount [Member] | ' | ' |
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Fixed maturity securities-held-to-maturity | 579,145 | 536,583 |
Fixed maturity securities-available-for-sale | 284,613 | 237,877 |
Equity securities | 3,980 | 9,302 |
Cash and cash equivalents | 98,818 | 123,077 |
Short-term investments | 85,806 | 84,422 |
Other investments | 11,092 | 10,591 |
Fair Value [Member] | ' | ' |
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Fixed maturity securities-held-to-maturity | 607,512 | 561,179 |
Fixed maturity securities-available-for-sale | 284,613 | 237,877 |
Equity securities | 3,980 | 9,302 |
Cash and cash equivalents | 98,818 | 123,077 |
Short-term investments | 85,806 | 84,422 |
Other investments | $11,092 | $10,591 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Changes in Fair Value of Assets Measured at Fair Value (Detail) (Fair Value, Inputs, Level 3 [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Beginning balance | $10,591 | $0 |
Purchases | ' | 10,000 |
Total gains unrealized (Included in earnings as part of net investment income) | 501 | 591 |
Ending Balance | $11,092 | $10,591 |
Treasury_Stock_Additional_Info
Treasury Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Jun. 30, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Share repurchase new limit amount | $25 | $25 | $25 | ' | ' |
Share repurchase program expiration date | ' | ' | ' | 31-Dec-14 | ' |
Shares repurchased | ' | ' | ' | 1,258,250 | 1,258,250 |
Shares repurchased, value | ' | ' | ' | $22.40 | ' |
Shares repurchased, average price | ' | ' | ' | $17.78 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], Dividend Declared [Member], USD $) | 0 Months Ended |
Jul. 29, 2014 | |
Subsequent Event [Member] | Dividend Declared [Member] | ' |
Subsequent Event [Line Items] | ' |
Cash dividend per share | $0.12 |
Date of payment to shareholders entitled to dividends | 26-Sep-14 |
Date of record of shareholders entitled to dividends | 12-Sep-14 |