Safety Insurance (SAFT) 10-K 28 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 16, 2018	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	SAFETY INSURANCE GROUP INC
Entity Central Index Key	1,172,052
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 981,491,695
Entity Common Stock, Shares Outstanding		15,219,974
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments: Securities available for sale:
Fixed maturities, at fair value (amortized cost: $1,156,697 and $1,142,663)	$ 1,172,026	$ 1,154,269
Equity securities, at fair value (cost: $90,481 and $92,326)	111,867	105,095
Other invested assets	23,162	21,142
Total investments	1,307,055	1,280,506
Cash and cash equivalents	41,708	20,052
Accounts receivable, net of allowance for doubtful accounts	190,649	187,696
Receivable for securities sold	1,380	7,098
Accrued investment income	8,876	8,858
Taxes recoverable	908
Receivable from reinsurers related to paid loss and loss adjustment expenses	24,776	29,504
Receivable from reinsurers related to unpaid loss and loss adjustment expenses	83,085	83,724
Ceded unearned premiums	32,175	28,585
Deferred policy acquisition costs	72,202	70,996
Deferred income taxes		3,083
Equity and deposits in pools	28,246	24,675
Other assets	16,219	13,469
Total assets	1,807,279	1,758,246
Liabilities
Loss and loss adjustment expense reserves	574,054	560,321
Unearned premium reserves	428,257	418,033
Accounts payable and accrued liabilities	60,701	66,805
Payable for securities purchased	4,188	5,564
Payable to reinsurers	13,801	13,502
Deferred income taxes	2,917
Taxes payable		1,110
Other liabilities	22,345	22,185
Total liabilities	1,106,263	1,087,520
Commitments and contingencies (Note 7)
Shareholders' equity
Common stock: $0.01 par value; 30,000,000 shares authorized; 17,499,544 and 17,430,189 shares issued	175	174
Additional paid-in capital	189,714	184,549
Accumulated other comprehensive income, net of taxes	24,269	15,843
Retained earnings	570,693	553,995
Treasury stock, at cost: 2,279,570 shares	(83,835)	(83,835)
Total shareholders' equity	701,016	670,726
Total liabilities and shareholders' equity	$ 1,807,279	$ 1,758,246

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Consolidated Balance Sheets
Fixed maturity securities, amortized cost	$ 1,156,697	$ 1,142,663
Equity securities, at cost	$ 90,481	$ 92,326
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized	30,000,000	30,000,000
Common stock shares issued	17,499,544	17,430,189
Treasury stock shares	2,279,570	2,279,570

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Net earned premiums	$ 774,420	$ 755,760	$ 738,164
Net investment income	38,758	38,413	40,534
Earnings from partnership investments	2,082	3,185	2,387
Net realized gains (losses) on investments	6,036	5,559	(469)
Net impairment losses on investments (a)	(256)	(798)	(796)
Finance and other service income	18,073	17,703	18,133
Total revenue	839,113	819,822	797,953
Expenses
Losses and loss adjustment expenses	503,887	493,433	612,569
Underwriting, operating and related expenses	248,436	233,017	213,939
Interest expense	90	90	90
Total expenses	752,413	726,540	826,598
Income (loss) before income taxes	86,700	93,282	(28,645)
Income tax expense (credit)	24,313	28,697	(14,792)
Net income (loss)	$ 62,387	$ 64,585	$ (13,853)
Earnings per weighted average common share:
Basic (in dollars per share)	$ 4.13	$ 4.29	$ (0.93)
Diluted (in dollars per share)	4.10	4.27	(0.93)
Cash dividends paid per common share (in dollars per share)	$ 3	$ 2.80	$ 2.80
Number of shares used in computing earnings (loss) per share:
Basic (in shares)	15,010,751	14,946,453	14,866,607
Diluted (in shares)	15,135,348	15,032,263	14,866,607

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive Income
Net income (loss)	$ 62,387	$ 64,585	$ (13,853)
Other comprehensive income, net of tax:
Unrealized holding gains (losses) during the period, net of income tax expense (benefit) of $6,027, $1,611, and ($6,761).	12,349	2,992	(12,556)
Reclassification adjustment for (gains) losses included in net income, net of income tax (expense) benefit of ($2,112), ($1,945), and $164.	(3,923)	(3,613)	305
Unrealized gains or (losses) on securities available for sale	8,426	(621)	(12,251)
Comprehensive income (loss)	$ 70,813	$ 63,964	$ (26,104)

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive Income.
Tax expense (benefit) on unrealized holding gains (losses) during the period	$ 6,027	$ 1,611	$ (6,761)
Tax (expense) benefit on reclassification adjustment for (gains) losses included in net income	$ (2,112)	$ (1,945)	$ 164

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income, Net of Taxes	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2014	$ 173	$ 175,583	$ 28,715	$ 587,647	$ (83,835)	$ 708,283
Net income (loss)				(13,853)		(13,853)
Unrealized gains (losses) on securities available for sale, net of deferred federal income taxes			(12,251)			(12,251)
Restricted share awards issued	1	246				247
Recognition of employee share-based compensation, net of deferred federal income taxes		3,787				3,787
Exercise of options, net of federal income taxes		280				280
Dividends paid and accrued				(41,994)		(41,994)
Balance at Dec. 31, 2015	174	179,896	16,464	531,800	(83,835)	644,499
Net income (loss)				64,585		64,585
Unrealized gains (losses) on securities available for sale, net of deferred federal income taxes			(621)			(621)
Restricted share awards issued		280				280
Recognition of employee share-based compensation, net of deferred federal income taxes		4,122				4,122
Exercise of options, net of federal income taxes		251				251
Dividends paid and accrued				(42,390)		(42,390)
Balance at Dec. 31, 2016	174	184,549	15,843	553,995	(83,835)	670,726
Net income (loss)				62,387		62,387
Unrealized gains (losses) on securities available for sale, net of deferred federal income taxes			8,426			8,426
Restricted share awards issued	1	362				363
Recognition of employee share-based compensation, net of deferred federal income taxes		4,803				4,803
Dividends paid and accrued				(45,689)		(45,689)
Balance at Dec. 31, 2017	$ 175	$ 189,714	$ 24,269	$ 570,693	$ (83,835)	$ 701,016

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 62,387	$ 64,585	$ (13,853)
Adjustments to reconcile net income to net cash provided by operating activities:
Investment amortization, net	6,962	5,388	4,962
Fixed Asset depreciation, net	5,037	4,382	3,908
Stock based compensation	5,166	4,303	3,727
Provision for deferred income taxes	2,085	1,681	552
Net realized (gains) losses on investments	(6,036)	(5,559)	469
Net impairment losses on investments	256	798	796
Earnings from partnership investments	(2,082)	(3,185)	(2,387)
Changes in assets and liabilities:
Accounts receivable	(2,953)	(9,129)	(3,035)
Accrued investment income	(18)	64	1,373
Receivable from reinsurers	5,367	(3,995)	(41,721)
Ceded unearned premiums	(3,590)	(5,363)	(3,584)
Deferred policy acquisition costs	(1,206)	(2,059)	(1,608)
Taxes recoverable	(908)	15,497	(15,497)
Other assets	(5,400)	348	(726)
Loss and loss adjustment expense reserves	13,733	6,344	71,965
Unearned premium reserves	10,224	16,072	11,600
Taxes payable	(1,110)
Accounts payable and accrued liabilities	(6,333)	14,068	(12,423)
Payable to reinsurers	299	1,955	3,894
Other liabilities	160	(7,371)	14,479
Net cash provided by operating activities	82,040	98,824	22,891
Cash flows from investing activities:
Fixed maturities purchased	(205,226)	(295,211)	(227,328)
Equity securities purchased	(27,440)	(30,060)	(26,658)
Other invested assets purchased	(7,492)	(5,248)	(4,824)
Proceeds from sales and paydowns of fixed maturities	151,071	99,682	150,932
Proceeds from maturities, redemptions, and calls of fixed maturities	37,868	99,883	110,189
Proceed from sales of equity securities	34,664	46,620	24,380
Proceeds from other invested assets redeemed	7,589	4,992	1,195
Fixed assets purchased	(5,958)	(4,910)	(4,041)
Net cash (used for) provided by investing activities	(14,924)	(84,252)	23,845
Cash flows from financing activities:
Proceeds from stock options exercised		257	278
Excess tax expense from stock options exercised		(6)	1
Dividends paid to shareholders	(45,460)	(42,265)	(41,976)
Net cash used for financing activities	(45,460)	(42,014)	(41,697)
Net increase (decrease) in cash and cash equivalents	21,656	(27,442)	5,039
Cash and cash equivalents at beginning of year	20,052	47,494	42,455
Cash and cash equivalents at end of period	41,708	20,052	47,494
Supplemental disclosure of cash flow information:
Federal and state income taxes	23,721	9,826	89
Interest	$ 75	$ 75	$ 75

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2017
Basis of Presentation
Basis of Presentation	1. The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include Safety Insurance Group, Inc. and its subsidiaries (the “Company”). The subsidiaries consist of Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company, Safety Asset Management Corporation (“SAMC”), and Safety Management Corporation, which is SAMC’s holding company. All intercompany transactions have been eliminated. The Company was incorporated on June 25, 2001 in the State of Delaware. On October 16, 2001, the Company acquired all of the issued and outstanding common stock of Thomas Black Corporation (“TBC”) and its property and casualty subsidiaries. TBC subsequently merged with and into Safety Insurance Group, Inc. with Safety Insurance Group, Inc. being the corporation surviving the merger. The Company is a leading provider of property and casualty insurance focused primarily on the Massachusetts market. The Company’s principal product line is private passenger automobile insurance, which accounted for 56.7% of its direct written premiums in 2017. The Company operates through its insurance company subsidiaries, Safety Insurance Company, Safety Indemnity Insurance Company, and Safety Property and Casualty Insurance Company (together referred to as the “Insurance Subsidiaries”). The Insurance Subsidiaries began writing private passenger automobile and homeowners insurance in New Hampshire during 2008, personal umbrella insurance in New Hampshire during 2009, and commercial automobile insurance in New Hampshire during 2011. The Insurance Subsidiaries began writing all of these lines of business in Maine during 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Investments Investments in fixed maturities available‑for‑sale, which include taxable and non‑taxable bonds and redeemable preferred stocks, are reported at fair value. Investments in equity securities available‑for‑sale, which include interests in common stocks, mutual funds and a real estate investment trust (“REIT”), are reported at fair value. Fair values for fixed maturity securities are based on estimates obtained from independent pricing services. Fair values for equity securities are derived from external market quotations, with the exception of the REIT whose fair value was determined using the trust’s net asset value obtained from its audited financial statements. Short‑term investments, which consist of U.S. Treasury securities, are reported at amortized cost, which approximates fair value. Other long‑term investments consist of investments in limited partnerships. The partnership interest is accounted for using the equity method of accounting and recorded in earnings from partnership investments. The carrying value of this investment is written down, or impaired, to fair value when a decline in value is considered to be other‑than‑temporary. In applying the equity method (including assessment for other‑than‑temporary impairment), the Company uses financial information provided by the investee, generally on a three month lag. Unrealized gains or losses on fixed maturity and equity securities reported at fair value are excluded from earnings and reported in a separate component of shareholders’ equity, known as “Accumulated other comprehensive income, net of taxes,” until realized. Realized gains or losses on the sale or maturity of investments are determined based on the specific cost identification method. Fixed maturities and equity securities that experience declines in value that are other‑than‑temporary are written down to fair value with a corresponding charge to net impairment losses on investments. Investment income is recognized on an accrual basis of accounting. Bonds not backed by other loans are amortized using the interest method. Loan‑backed bonds and structured securities are amortized using the interest method and significant changes in estimated cash flows from the original purchase assumptions are accounted for using the retrospective method. Cash and Cash Equivalents Cash and cash equivalents includes money market accounts and United States (“U.S.”) Treasury bills with original maturities of three months or less from the date of purchase. U.S. Treasury bills are stated at amortized cost, which approximates fair value. Accounts Receivable Amounts included in accounts receivable represent premiums as well as finance charges, the majority of which are both billed on a monthly installment basis. Accounts receivable are stated net of allowances for doubtful accounts. At December 31, 2017 and 2016, these allowances were $414 and $435, respectively. Uncollected premium balances over ninety days past due are written off. Deferred Policy Acquisition Costs Amounts that vary with and are primarily related to the successful acquisition of a new or renewal insurance contract, principally commissions and premium taxes, are deferred and amortized ratably over the effective period of the policies. All other acquisition expenses are expensed as incurred. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income, and if not, are charged to expense. Future investment income attributable to related premiums is not taken into account in measuring the recoverability of the carrying value of this asset. Amortization of acquisition costs in the amount of $144,703, $141,540, and $138,239 was charged to underwriting, operating and other expenses for the years ended 2017, 2016 and 2015, respectively. Equity and Deposits in Pools Equity and deposits in pools represents the net receivable amounts from the residual market mechanisms, Commonwealth Automobile Reinsurers (“CAR”) for automobile and Massachusetts Property Insurance Underwriting Association (“FAIR Plan”) for homeowner insurance in Massachusetts. See Note 9 for a discussion of the Company’s accounting for amounts assumed from residual markets. Equipment and Leasehold Improvements Property, equipment, leasehold improvements, and software which are included in other assets are carried at cost less accumulated depreciation. Depreciation is provided using the straight‑ line or accelerated method over the estimated useful lives of the related assets, which range from 3 to 10 years. Amortization of leasehold improvements is provided using the straight‑line method over the term of the lease. The costs of computer software developed or obtained for internal use are capitalized and amortized over the estimated life of the business system, beginning when the software is ready for its intended use. Maintenance and repairs are charged to expense as incurred. Losses and Loss Adjustment Expenses Liabilities for losses and loss adjustment expenses (“LAE”) include case basis estimates for open claims reported prior to year‑end and estimates of unreported claims and claim adjustment expenses, net of salvage and subrogation. The estimates are continually reviewed and modified to reflect current conditions, and any resulting adjustments are reflected in current operating results. Adjustments for anticipated salvage and subrogation are recorded on incurred and reported and incurred but not reported losses. The Company determines its loss and LAE reserves estimate based upon the analysis of our actuaries. A reasonable estimate is derived by selecting a point estimate within a range of indications as calculated by our actuaries using generally accepted actuarial techniques. The key assumption in most actuarial analysis is that past patterns of frequency and severity will repeat in the future, unless a significant change in the factors described above takes place. Our key factors and resulting assumptions are the ultimate frequency and severity of claims, based upon the most recent ten years of claims reported to the Company, and the data reported to us to calculate our share of the residual market. For each accident year and each coverage within a line of business our actuaries calculate the ultimate losses incurred. Premiums and Unearned Premiums Premiums are earned over the terms of the respective policies, which are generally one year. Unearned premiums represent the portion of premiums written applicable to the unexpired terms of the policies. Ceded premiums are charged to income over the terms of the respective policies and the applicable term of the reinsurance contracts with third‑party reinsurers. Ceded unearned premiums represent the unexpired portion of premiums ceded to CAR and other reinsurers. Premiums received in advance of the policy effective date are recorded as a liability and not recognized as income until earned. Such amounts are included in accounts payable and accrued liabilities and totaled $14,371 and $14,643 at December 31, 2017 and 2016, respectively. Reinsurance Liabilities for unearned premiums and unpaid losses are stated before deductions for ceded reinsurance. The ceded amounts are carried as receivables. Earned premiums are stated net of deductions for ceded reinsurance. The Company, as primary insurer, will be required to pay losses in their entirety in the event that the reinsurers are unable to discharge their obligations under the reinsurance agreements. Advertising Costs Advertising costs are charged to expense when they are incurred. Total advertising costs were $2,216, $2,063 and $1,906 for the years ended December 31, 2017, 2016, and 2015, respectively. Finance and Other Service Income Finance and other service income primarily include revenues from premium installment charges, which are recognized when earned. Income Taxes The Company and its subsidiaries file a consolidated U.S. federal income tax return. The method of allocation among members of the consolidated group is subject to a written agreement approved by the Board of Directors (the “Board”). The consolidated tax liability (benefit) is allocated on the basis of the members’ proportionate contribution to consolidated taxable income (loss). Deferred income taxes are generally recognized when assets and liabilities have different values for financial statement and tax reporting purposes, and for other temporary taxable and deductible differences as defined by Accounting Standards Codification (“ASC”) 740, Income Taxes. A valuation allowance is established where management has assessed that it is more likely than not that the Company will not be able to utilize the full deferred tax asset. On December 22, 2017, the TCJA was enacted, which significantly amends the Internal Revenue Code of 1986. The TCJA, among other things, reduces the corporate tax rate from a statutory rate of 35% to 21%, imposes additional limitations on net operating losses and executive compensation, allows for the full expensing of certain capital expenditures, and enacts other changes impacting the insurance industry. The impact of the tax rate change has been recorded through the Statement of Operations for the year ended December 31, 2017. The TCJA modified the provisions applicable to the determination of the tax basis of unpaid loss reserves. These modifications impact the payment pattern and applicable interest rate. The TCJA instructed the Treasury to provide discount factors and other guidance necessary to determine the necessary transition adjustment. This information has not been released; accordingly, we have applied the law existing prior to the enactment of the TCJA. These provisions would have no effect on the net deferred tax liability as of December 31, 2017 or the total tax expense for the year ended December 31, 2017. Earnings per Weighted Average Common share Basic earnings (loss) per weighted average common share (“EPS”) are calculated by dividing net income (loss) by the weighted average number of basic common shares outstanding during the period. Diluted earnings (loss) per share amounts are based on the weighted average number of common shares including non-vested performance stock grants and the net effect of potentially dilutive common stock options. The following table sets forth the computation of basic and diluted EPS for the periods indicated. Years Ended December 31, 2017 2016 2015 Earnings attributable to common shareholders - basic and diluted): Net income (loss) from continuing operations $ 62,387 $ 64,585 $ (13,853) Allocation of income for participating shares (392) (436) — Net income (loss) from continuing operations attributed to common shareholders $ 61,995 $ 64,149 $ (13,853) Earnings per share denominator - basis and diluted Total weighted average common shares outstanding, including participating shares 15,105,558 15,048,048 14,985,475 Less: weighted average participating shares (94,807) (101,595) (118,868) Basic earnings per share denominator 15,010,751 14,946,453 14,866,607 Common equivalent shares- stock options — 134 — (1) Common equivalent shares- non-vested performance stock grants 124,597 85,676 — (2) Diluted earnings per share denominator 15,135,348 15,032,263 14,866,607 Basic earnings (loss) per share $ 4.13 $ 4.29 $ (0.93) Diluted earnings (loss) per share $ 4.10 $ 4.27 $ (0.93) Undistributed (loss) earnings attributable to common shareholders - basic and diluted: Net income (loss) from continuing operations attributable to common shareholders -Basic $ 4.13 $ 4.29 $ (0.93) Dividends declared (3.00) (2.80) (2.80) Undistributed earnings (loss) $ 1.13 $ 1.49 $ (3.73) Net income (loss) from continuing operations attributable to common shareholders -Diluted $ 4.10 $ 4.27 $ (0.93) Dividends declared (3.00) (2.80) (2.80) Undistributed earnings (loss) $ 1.10 $ 1.47 $ (3.73) (1) Excludes 1,587 of common equivalent shares related to stock options because their inclusion would be anti-dilutive due to the net loss of the Company. (2) Excludes 46,805 of common equivalent shares related to non-vested performance shares because their inclusion would be anti-dilutive due to the net loss of the Company. Diluted EPS excludes stock options with exercise prices and exercise tax benefits greater than the average market price of the Company’s common stock during the period because their inclusion would be anti‑dilutive. There were no anti‑dilutive stock options or non-vested performance stock grants for the years ended December 31, 2017 and 2016. Share‑Based Compensation Accounting Standards Codification (“ASC”) 718, Compensation —Stock Compensation requires the Company to measure and recognize the cost of employee services received in exchange for an award of equity instruments. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). See Note 6 for further information regarding share‑based compensation. Use of Estimates 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The ASU provides guidance for an optional reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly-enacted federal corporate income tax rate as a result of the TCJA. The amount of the reclassification of the deferred tax in accumulated other comprehensive income is the difference between the historical corporate income tax rate and the newly enacted twenty-one percent corporate income tax rate. The new guidance will be effective for the Company’s year ending December 31, 2018. The Company is evaluating the impact of ASU 2018-02 on its financial position and did not early adopt ASU 2018-02 for the year ended December 31, 2017. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. For public business entities with calendar year ends, the amendments in ASU No. 2017-08 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If early adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The Company is evaluating the impact of ASU 2017-08 on its financial position and results of operations. The extent of the impact will depend upon the nature and characteristics of the Company’s portfolio at the adoption date. In December 2016, the FASB issued ASU 2016-19 - Technical Corrections and Improvements , which covers a wide range of Topics in the Accounting Standards Codification (ASC). The amendments in this Update represent changes to clarify, correct errors, or make minor improvements to the ASC, making it easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments generally fall into one of the following categories: amendments related to differences between original guidance and the ASC, guidance clarification and reference corrections, simplification, or minor improvements. Most of the amendments in ASU 2016-19 do not require transition guidance and are effective upon issuance of ASU 2016-19. The impact of the adoption of ASU 2016-19 was not material to the Company’s financial position, results of operations, cash flows or disclosures. In October 2016, the FASB issued ASU 2016-17 - Consolidation (Topic 810): Interests Held through Related Parties that are Under Common Control , which amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The Update requires the reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include its indirect variable interests in a VIE held through related parties that are under common control on a proportionate basis as opposed to in their entirety. The amendments in this Update will be applied retrospectively and are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The impact of the adoption of ASU 2016-17 was not material to the Company’s financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in ASU 2016-15 provide guidance on specific cash flow issues including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017. The Company does not expect the adoption of ASU 2016-15 to have a material impact to its Consolidated Statements of Cash Flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements , which amends the guidance for the impairment of financial instruments and is expected to result in more timely recognition of impairment losses. The update introduces an impairment model referred to as the current expected credit loss (“CECL”) model. The impairment model is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The ASU is also intended to reduce the complexity of the current guidance by decreasing the number of credit impairment models that entities use to account for debt instruments. For public business entities that are SEC filers, the amendments in ASU No. 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact of ASU 2016-13 on its financial position and results of operations with regards to potential credit losses on its Available For Sale investment portfolio. The extent of the increase of credit losses is under evaluation, but will depend upon the nature and characteristics of the Company’s portfolio at the adoption date, and the macroeconomic conditions and forecasts at the date. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASC update requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement, and be treated as discrete items in the reporting period in which they occur. Additionally, excess tax benefits will be classified with other income tax cash flows as an operating activity and cash paid by an employer when directly withholding shares for tax withholding purposes will be classified as a financing activity. Awards that are used to settle employee tax liabilities will be allowed to qualify for equity classification for withholdings up to the maximum statutory tax rates in applicable jurisdictions. Regarding forfeitures, a company can make an entity-wide accounting policy election to either continue estimating the number of awards that are expected to vest or account for forfeitures when they occur. The updated guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The impact of the adoption of ASU 2016-09 was not material to the Company’s financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of ASU 2016-02 by reviewing its existing lease contracts. The Company expects a gross-up of its Consolidated Balance Sheets as a result of recognizing lease liabilities and right of use assets. The extent of such gross-up is under evaluation. The Company does not expect material changes to the Consolidated Statements of Operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASC update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01: (1) requires equity investments (except those accounted for under the equity method or those that result in the consolidation of the investee) to be measured at fair value with changes in the fair value recognized in net income; (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; and (4) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the notes to the financial statements. These amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The extent of the impact will depend upon the nature and characteristics of the Company’s portfolio at the adoption date. In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts. ASU 2015-09 requires companies that issue short duration contracts to disclose additional information, including: (i) incurred and paid claims development tables; (ii) frequency and severity of claims; and (iii) information about material changes in judgments made in calculating the liability for unpaid claim adjustment expenses, including reasons for the change and the effects on the financial statements. ASU 2015-09 is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. The amendments in ASU 2015-09 should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The adoption of ASU 2015-09 is disclosure only and has been reflected in the Loss and Loss Adjustment Expense footnote. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosures of Uncertainties about an Entity’s Ability as a Going Concern. ASU 2014-15 provides guidance on determining when and how to disclose going concern uncertainties in the financial statements, and requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Management has assessed and concluded that there were no conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements were issued. In May 2014, the FASB issued as final, ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes virtually all existing revenue recognition guidance under GAAP. The update's core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017 and allows early adoption. ASU 2014-09 allows for the use of either the retrospective or modified retrospective approach of adoption. The Company does not expect the modified retrospective adoption of ASU 2014-09 to have a material impact on its financial position, results of operations, or cash flows, or disclosures. Segments Segment Reporting, the financial information of the segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

Investments

Investments	12 Months Ended
	Dec. 31, 2017
Investments
Investments	3. The gross unrealized gains and losses on investments in fixed maturity securities, including redeemable preferred stocks that have characteristics of fixed maturities, and equity securities, including interests in mutual funds, and other invested assets, were as follows for the periods indicated. As of December 31, 2017 Gross Unrealized Losses (3) Cost or Gross Non-OTTI OTTI Estimated Amortized Unrealized Unrealized Unrealized Fair Cost Gains Losses Losses (4) Value U.S. Treasury securities $ 1,809 $ — $ (18) $ — $ 1,791 Obligations of states and political subdivisions 391,806 12,244 (966) — 403,084 Residential mortgage-backed securities (1) 223,257 2,352 (2,843) — 222,766 Commercial mortgage-backed securities 39,268 415 (314) — 39,369 Other asset-backed securities 72,665 173 (225) — 72,613 Corporate and other securities 427,892 6,962 (2,451) — 432,403 Subtotal, fixed maturity securities 1,156,697 22,146 (6,817) — 1,172,026 Equity securities (2) 90,481 21,995 (609) — 111,867 Other invested assets (5) 23,162 — — — 23,162 Totals $ 1,270,340 $ 44,141 $ (7,426) $ — $ 1,307,055 As of December 31, 2016 Gross Unrealized Losses (3) Cost or Gross Non-OTTI OTTI Estimated Amortized Unrealized Unrealized Unrealized Fair Cost Gains Losses Losses (4) Value U.S. Treasury securities $ 302 $ — $ — $ — $ 302 Obligations of states and political subdivisions 382,811 11,534 (3,912) — 390,433 Residential mortgage-backed securities (1) 252,031 3,256 (2,656) — 252,631 Commercial mortgage-backed securities 35,695 191 (432) — 35,454 Other asset-backed securities 70,411 89 (90) — 70,410 Corporate and other securities 401,413 7,070 (3,444) — 405,039 Subtotal, fixed maturity securities 1,142,663 22,140 (10,534) — 1,154,269 Equity securities (2) 92,326 15,504 (2,735) — 105,095 Other invested assets (5) 21,142 — — — 21,142 Totals $ 1,256,131 $ 37,644 $ (13,269) $ — $ 1,280,506 (1) Residential mortgage‑backed securities consists primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB). (2) Equity securities include interests in mutual funds held to fund the Company’s executive deferred compensation plan. (3) The Company’s investment portfolio included 367 and 343 securities in an unrealized loss position at December 31, 2017 and December 31, 2016, respectively. (4) Amounts in this column represent other‑than‑temporary impairment (“OTTI”) recognized in accumulated other comprehensive income. (5) Other invested assets are accounted for under the equity method which approximates fair value. The amortized cost and the estimated fair value of fixed maturity securities, by maturity, are shown below for the period indicated. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. As of December 31, 2017 Amortized Estimated Cost Fair Value Due in one year or less $ 63,751 $ 63,886 Due after one year through five years 291,873 297,433 Due after five years through ten years 242,425 246,193 Due after ten years through twenty years 218,344 224,328 Due after twenty years 5,114 5,440 Asset-backed securities 335,190 334,746 Totals $ 1,156,697 $ 1,172,026 The gross realized gains and losses on sales of investments were as follows for the periods indicated. Years Ended December 31, 2017 2016 2015 Gross realized gains Fixed maturity securities $ 1,468 $ 803 $ 496 Equity securities 5,244 6,946 2,727 Gross realized losses Fixed maturity securities (504) (1,242) (3,315) Equity securities (172) (948) (377) Net realized gains (losses) on investments $ 6,036 $ 5,559 $ (469) In the normal course of business, the Company enters into transactions involving various types of financial instruments, including investments in fixed maturities and equity securities. Investment transactions have credit exposure to the extent that a counter party may default on an obligation to the Company. Credit risk is a consequence of carrying, trading and investing in securities. To manage credit risk, the Company focuses on higher quality fixed income securities, reviews the credit strength of all companies in which it invests, limits its exposure in any one investment and monitors the portfolio quality, taking into account credit ratings assigned by recognized statistical rating organizations. The following tables as of December 31, 2017 and 2016 present the gross unrealized losses included in the Company’s investment portfolio and the fair value of those securities aggregated by investment category. The tables also present the length of time that they have been in a continuous unrealized loss position. As of December 31, 2017 Less than 12 Months 12 Months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 1,791 $ 18 $ — $ — $ 1,791 $ 18 Obligations of states and political subdivisions 19,603 152 30,018 814 49,621 966 Residential mortgage-backed securities 126,713 1,724 39,638 1,119 166,351 2,843 Commercial mortgage-backed securities 5,457 30 8,027 284 13,484 314 Other asset-backed securities 25,769 167 18,270 58 44,039 225 Corporate and other securities 94,863 1,189 36,440 1,262 131,303 2,451 Subtotal, fixed maturity securities 274,196 3,280 132,393 3,537 406,589 6,817 Equity securities 4,730 361 2,420 248 7,150 609 Total temporarily impaired securities $ 278,926 $ 3,641 $ 134,813 $ 3,785 $ 413,739 $ 7,426 As of December 31, 2016 Less than 12 Months 12 Months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 301 $ — $ — $ — $ 301 $ — Obligations of states and political subdivisions 79,960 3,912 — — 79,960 3,912 Residential mortgage-backed securities 182,265 2,476 4,595 180 186,860 2,656 Commercial mortgage-backed securities 15,521 432 — — 15,521 432 Other asset-backed securities 31,869 90 — — 31,869 90 Corporate and other securities 118,625 2,044 17,531 1,400 136,156 3,444 Subtotal, fixed maturity securities 428,541 8,954 22,126 1,580 450,667 10,534 Equity securities 6,364 315 14,841 2,420 21,205 2,735 Total temporarily impaired securities $ 434,905 $ 9,269 $ 36,967 $ 4,000 $ 471,872 $ 13,269 Other‑Than‑Temporary Impairments ASC 320, Investments—Debt and Equity Securities requires entities to separate an OTTI of a debt security into two components when there are credit related losses associated with the impaired debt security for which the Company asserts that it does not have the intent to sell the security, and it is more likely than not that it will not be required to sell the security before recovery of its cost basis. Under ASC 320, the amount of the OTTI related to a credit loss is recognized in earnings, and the amount of the OTTI related to other factors is recorded as a component of other comprehensive income (loss). In instances where no credit loss exists but it is more likely than not that the Company will have to sell the debt security prior to the anticipated recovery, the decline in market value below amortized cost is recognized as an OTTI in earnings. In periods after the recognition of an OTTI on debt securities, the Company accounts for such securities as if they had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. For debt securities for which OTTI was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be accreted or amortized into net investment income. The Company holds no subprime mortgage debt securities. All of the Company’s holdings in mortgage‑backed securities are either U.S. Government or Agency guaranteed or are rated investment grade by either Moody’s or Standard & Poor’s. The unrealized losses in the Company’s fixed income and equity portfolio as of December 31, 2017 were reviewed for potential other-than-temporary asset impairments. The Company held two debt securities at December 31, 2017 with a material (20% or greater) unrealized loss for four or more consecutive quarters that additionally had certain qualitative factors that led to an impairment charge. As a result of our analysis, during the year ended December 31, 2017, the Company recognized $256 of OTTI losses which consisted entirely of credit losses related to fixed maturity securities. During the year ended December 31, 2016, the Company recognized $798 of OTTI losses which consisted entirely of credit losses related to fixed maturity securities. Specific qualitative analysis was also performed for any additional securities appearing on the Company’s “Watch List,” if any. Qualitative analysis considered such factors as the financial condition and the near term prospects of the issuer, whether the debtor is current on its contractually obligated interest and principal payments, changes to the rating of the security by a rating agency and the historical volatility of the fair value of the security. The qualitative analysis performed by the Company concluded that outside of the securities that were recognized through OTTI, the unrealized losses recorded on the investment portfolio at December 31, 2017 resulted from fluctuations in market interest rates and other temporary market conditions as opposed to fundamental changes in the credit quality of the issuers of such securities. Therefore, decreases in fair values of the Company’s securities are viewed as being temporary. The following table summarizes the credit loss recognized in earnings related to fixed maturity securities: Years Ended December 31, 2017 2016 2015 Credit losses on fixed maturity securities, beginning of period $ 1,094 $ 796 - Add: credit losses on OTTI not previously recognized 256 798 796 Less: credit losses on securities sold (458) (500) - Less: credit losses on securities impaired due to intent to sell — — — Add: credit losses on previously impaired securities — — — Less: increases in cash flows expected on previously impaired securities — — — Credit losses on fixed maturity securities, end of period $ 892 $ 1,094 796 At December 31, 2017 and December 31, 2016, there were no amounts included in accumulated other comprehensive income related to securities which were considered by the Company to be other‑than‑temporarily impaired. Based upon the qualitative analysis performed, the Company’s decision to hold these securities, the Company’s current level of liquidity and its positive operating cash flows, management believes it is more likely than not that it will not be required to sell any of its securities before the anticipated recovery in the fair value to its amortized cost basis. Net Investment Income The components of net investment income were as follows for the periods indicated. Years Ended December 31, 2017 2016 2015 Interest on fixed maturity securities $ 37,246 $ 36,961 $ 38,794 Dividends on equity securities 3,093 3,401 3,362 Equity in earnings of other invested assets 1,016 949 918 Interest on other assets 89 64 74 Interest on cash and cash equivalents — 43 11 Total Investment Income 41,444 41,418 43,159 Investment expenses 2,686 3,005 2,625 Net investment income $ 38,758 $ 38,413 $ 40,534

Equipment and Leasehold Improve

Equipment and Leasehold Improvements	12 Months Ended
	Dec. 31, 2017
Equipment and Leasehold Improvements
Equipment and Leasehold Improvements	4. The carrying value of equipment and leasehold improvements by classification was as follows for the periods indicated. As of December 31, 2017 2016 Software $ 34,252 $ 29,167 Computer equipment 8,820 8,218 Leasehold improvements 2,524 2,524 Other equipment 2,770 2,499 Furniture and fixtures 1,338 1,338 Total cost 49,704 43,746 Less accumulated depreciation and amortization 39,837 34,800 Equipment and leasehold improvements, net $ 9,867 $ 8,946

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2017
Employee Benefit Plan
Employee Benefit Plan	5

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2017
Share-Based Compensation
Share-Based Compensation	6. Management Omnibus Incentive Plan Long-term incentive compensation is provided under the Company’s 2002 Management Omnibus Incentive Plan (“the Incentive Plan”) which provides for a variety of share-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights and restricted stock (“RS”) awards. The maximum number of shares of common stock with respect to which awards may be granted is 2,500,000. The Incentive Plan was amended in March of 2013 to remove "share recycling" plan provisions. Hence, shares of stock covered by an award under the Incentive Plan that are forfeited are no longer available for issuance in connection with 2013 and future grants of awards. At December 31, 2017, there were 209,087 shares available for future grant. The Board of Directors and the Compensation Committee intend to issue more awards under the Incentive Plan in the future. For the years ended December 31, 2017, 2016, and 2015, the Company recorded compensation expense related to awards under the Incentive Plan of $3,358, $2,797, and $2,423, net of income tax benefit of $1,808, $1,506, and $1,304, respectively. Stock Options The following table summarizes stock option activity under the Incentive Plan. Years Ended December 31, 2017 2016 2015 Shares Weighted Shares Weighted Shares Weighted Under Average Under Average Under Average Option Exercise Price Option Exercise Price Option Exercise Price Outstanding at beginning of year $ — $ — $ 6,200 $ 42.85 $ 12,700 $ 42.85 Exercised — — (6,000) 42.85 (6,500) 42.85 Forfeited — — (200) 42.85 — — Outstanding at end of period — — — — 6,200 42.85 Exercisable at end of period $ — $ — $ — $ — $ 6,200 $ 42.85 As of December 31, 2016, all stock option awards have expired and all compensation expense related to stock option awards has been recognized. At December 31, 2015, the aggregate intrinsic value of outstanding shares under option was $84 with a weighted average remaining contractual term of 0.2 years, respectively. Aggregate intrinsic value represents the total pretax intrinsic value, which is the difference between the fair value based upon the Company’s closing year‑ end stock price at December 31, 2015 and the exercise price which would have been received by the option holders had all option holders exercised their options as of that date. The exercise price on stock options outstanding under the Incentive Plan was $42.85 at December 31, 2015. The total intrinsic value of options exercised during the years ended December 31, 2016, and 2015, $85, and $138, respectively. Restricted Stock Service-based restricted stock awarded in the form of unvested shares is recorded at the market value of the Company’s common stock on the grant date and amortized ratably as compensation expense over the requisite service period. Service-based restricted stock awards generally vest over a three-year period and vest 30% on the first and second anniversaries of the grant date and 40% on the third anniversary of the grant date, except for non-executive employees’ restricted stock awards which vest ratably over a five-year service period and independent directors’ stock awards which vest immediately. Our independent directors are subject to stock ownership guidelines, which require them to have a value equal to four times their annual cash retainer. In addition to service-based awards, the Company grants performance-based restricted shares to certain employees. These performance shares cliff vest after a three-year performance period provided certain performance measures are attained. A portion of these awards, which contain a market condition, vest according to the level of total shareholder return achieved by the Company compared to its property-casualty insurance peers over a three-year period. The remainders, which contain a performance condition, vest according to the level of Company’s combined ratio results compared to a target based on its property-casualty insurance peers. Actual payouts can range from 0% to 200% of target shares awarded depending upon the level of achievement of the respective market and performance conditions during a three fiscal-year performance period. Compensation expense for share awards with a performance condition is based on the probable number of awards expected to vest using the performance level most likely to be achieved at the end of the performance period. Performance-based awards with market conditions are accounted for and measured differently from awards that have a performance or service condition. The effect of a market condition is reflected in the award’s fair value on the grant date. That fair value is recognized as compensation cost over the requisite service period regardless of whether the market-based performance objective has been satisfied. All of the Company’s restricted stock awards are issued as incentive compensation and are equity classified. The following table summarizes restricted stock activity under the Incentive Plan assuming a target payout for the performance-based shares. Years Ended December 31, 2017 2016 2015 Shares Weighted Shares Weighted Shares Weighted Under Average Under Average Under Average Restriction Fair Value Restriction Fair Value Restriction Fair Value Outstanding at beginning of year 95,493 $ 55.86 112,024 $ 54.44 176,116 $ 46.38 Granted 40,226 73.42 46,556 56.09 46,943 61.57 Vested and unrestricted (42,453) 56.56 (56,279) 53.43 (108,130) 44.51 Forfeited (180) 63.87 (6,808) 50.02 (2,905) 49.94 Outstanding at end of period 93,086 $ 63.13 95,493 $ 55.86 112,024 $ 54.44 Years Ended December 31, 2017 2016 2015 Performance-based Weighted Performance-based Weighted Performance-based Weighted Shares Under Average Shares Under Average Shares Under Average Restriction Fair Value Restriction Fair Value Restriction Fair Value Outstanding at beginning of year 94,610 $ 57.60 99,101 $ 55.55 64,724 $ 50.40 Granted 29,829 74.96 44,626 61.07 37,722 63.62 Vested and unrestricted (18,259) 53.99 (15,289) 47.42 — — Forfeited (520) 53.99 (33,828) 52.07 (3,345) 46.91 Outstanding at end of period 105,660 $ 62.75 94,610 $ 57.60 99,101 $ 55.55

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	7. Lease Commitments The Company has various non‑cancelable long‑term operating leases. The approximate minimum annual rental payments due under these lease agreements as of December 31, 2017 are presented in the following table. 2018 $ 3,633 2019 3,537 2020 3,474 2021 3,437 2022 3,424 2023 and after 19,977 Total minimum lease payments $ 37,482 Certain lease agreements contain renewal options and, in addition to the minimum annual rentals, generally provide for payment of a share of the real estate taxes and operating expenses in excess of a base amount. Rental expense was $4,557, $4,242 and $4,293 for the years ended December 31, 2017, 2016, and 2015, respectively. All leases expire prior to 2029. The Company expects that in the normal course of business, leases that expire will be renewed. A ninth amendment to a lease agreement for the lease of office space was executed on November 7, 2017. Under the provisions of this amendment, the lease term was extended an additional eleven years commencing on January 1, 2018, with an option to renew for two additional five‑year terms. As part of the Company’s investment activity, we have committed $60,000 to investments in limited partnerships in a real estate investment trust. The Company has contributed $30,240 to these commitments as of December 31, 2017. As of December 31, 2017, the remaining committed capital due to be called is $29,760. Contingencies Various claims, generally incidental to the conduct of normal business, are pending or alleged against the Company from time to time. In the opinion of management, based in part on the advice of legal counsel, the ultimate resolution of such claims will not have a material adverse effect on the Company’s consolidated financial statements. However, if estimates of the ultimate resolutions of those proceedings are revised, liabilities related to those proceedings could be adjusted in the near term.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt
Debt	8. The Company has a Revolving Credit Agreement (the “Credit Agreement”) with Citizens Bank, NA ((formerly known as RBS Citizens, N.A. (“Citizens Bank”)). The Credit Agreement provides a $30,000 revolving credit facility with an accordion feature allowing for future expansion of the committed amount up to $50,000. Loans under the credit facility bear interest at the Company’s option at either (i) the LIBOR rate plus 1.25% per annum or (ii) the higher of Citizens Bank prime rate or 0.5% above the federal funds rate plus 1.25% per annum. Interest only is payable prior to maturity. The Credit Agreement has a maturity date of August 14, 2018. The Company’s obligations under the credit facility are secured by pledges of its assets and the capital stock of its operating subsidiaries. The credit facility is guaranteed by the Company’s non‑insurance company subsidiaries. The credit facility contains covenants including requirements to maintain minimum risk‑based capital ratios and statutory surplus of Safety Insurance Company as well as limitations or restrictions on indebtedness, liens, and other matters. As of December 31, 2017, the Company was in compliance with all covenants. In addition, the credit facility includes customary events of default, including a cross‑default provision permitting the lenders to accelerate the facility if the Company (i) defaults in any payment obligation under debt having a principal amount in excess of $10,000 or (ii) fails to perform any other covenant permitting acceleration of all such debt. The Company had no amounts outstanding on its credit facility at December 31, 2017 or 2016. The credit facility commitment fee included in interest expense was computed at a rate of 0.25% per annum on the $30,000 commitment at December 31, 2017 and 2016. The Company became a member of the Federal Home Loan Bank of Boston (“FHLB-Boston”) during the quarter ended September 30, 2014. Membership in the FHLB-Boston allows the Company to borrow money at competitive interest rates provided the loan is collateralized by specific U.S Government residential mortgage backed securities. At December 31, 2017, the Company has the ability to borrow approximately $264,857 using eligible invested assets that would be used as collateral. The Company has no amounts outstanding from the FHLB-Boston at December 31, 2017.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2017
Reinsurance
Reinsurance	9. Reinsurance The Company cedes insurance to CAR and to other reinsurers. The Company has a property catastrophe excess of loss agreement and a casualty excess of loss agreement that qualify as reinsurance treaties and are designed to protect against large or unusual loss and LAE activity. Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. On December 15, 2015, the Company filed for arbitration with a reinsurer in regards to the reinsurance recoverable resulting from the 2015 winter storm losses that are admissible under our contract. The total amount of recoverable in dispute, which is based on our total incurred loss, was $20,918 and $22,838 as of December 31, 2017 and 2016, respectively. The change in the recovery is attributable to changes in the total incurred loss for reserve development. On January 8, 2018 the Company received a final order from the panel of arbitrators in which the reinsurer would pay the Company $9,200 for settlement of all paid and outstanding losses. The remaining unrecovered amount of $11,718 was expensed in 2017. The current reinsurance recoverable related to the 2015 snow event from all reinsurers is $675. The Company is subject to concentration of credit risk with respect to reinsurance ceded. At December 31, 2017, reinsurance receivables on paid and unpaid loss and LAE with a carrying value of $86,291 and ceded unearned premiums of $30,706 were associated with CAR. At December 31, 2016, reinsurance receivables on paid and unpaid loss and LAE with a carrying value of $70,623 and ceded unearned premiums of $26,964 were associated with CAR. The Company assumes a proportionate share of the obligations from CAR. The Company makes an estimate of its share of assumed activity from the most recent quarter reported by CAR and records adjustments to the reported activity to reflect its anticipated final assumed obligations. The Company’s participation in CAR resulted in assumed net losses of $5,444, $2,341 and $365 for the years ended December 31, 2017, 2016 and 2015, respectively. CAR has been, with few exceptions, required by law to issue a policy to any applicant who seeks it. As a servicing carrier of CAR, this requirement has applied to the Company. The effect of assumed and ceded premiums on net written and earned premiums and losses and LAE incurred is as follows. Years Ended December 31, 2017 2016 2015 Written Premiums Direct $ 827,316 $ 811,559 $ 785,730 Assumed 34,214 30,424 28,322 Ceded (80,476) (75,513) (67,872) Net written premiums $ 781,054 $ 766,470 $ 746,180 Earned Premiums Direct $ 818,804 $ 796,366 $ 776,633 Assumed 32,502 29,544 25,819 Ceded (76,886) (70,150) (64,288) Net earned premiums $ 774,420 $ 755,760 $ 738,164 Loss and LAE Direct $ 517,146 $ 515,506 $ 688,793 Assumed 28,003 23,343 22,306 Ceded (41,262) (45,416) (98,530) Net loss and LAE $ 503,887 $ 493,433 $ 612,569

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	12 Months Ended
	Dec. 31, 2017
Loss and Loss Adjustment Expense Reserves
Loss and Loss Adjustment Expense Reserves	10. The following table sets forth a reconciliation of beginning and ending reserves for losses and loss adjustment expenses (“LAE”), as shown in the Company’s consolidated financial statements for the periods indicated. Years Ended December 31, 2017 2016 2015 Reserves for losses and LAE at beginning of year $ 560,321 $ 553,977 $ 482,012 Less receivable from reinsurers related to unpaid losses and LAE (83,724) (68,261) (61,245) Net reserves for losses and LAE at beginning of year 476,597 485,716 420,767 Incurred losses and LAE, related to: Current year 545,671 538,881 642,882 Prior years (41,784) (45,448) (30,313) Total incurred losses and LAE 503,887 493,433 612,569 Paid losses and LAE related to: Current year 325,049 328,046 415,256 Prior years 164,466 174,506 132,364 Total paid losses and LAE 489,515 502,552 547,620 Net reserves for losses and LAE at end of period 490,969 476,597 485,716 Plus receivable from reinsurers related to unpaid losses and LAE 83,085 83,724 68,261 Reserves for losses and LAE at end of period $ 574,054 $ 560,321 $ 553,977 At the end of each period, the reserves were re‑estimated for all prior accident years. The Company’s prior year reserves decreased by $41,784, $45,448, and $30,313 for the years ended 2017, 2016, and 2015, respectively, and resulted from re‑estimations of prior years’ ultimate loss and LAE liabilities. The decrease in prior year reserves during 2017 was primarily composed of reductions of $29,855 in the Company’s retained automobile and $10,201 in the Company’s retained other than auto and homeowners reserves, inclusive of the reinsurance recoverable loss. The decrease in prior year reserves during 2016 was primarily composed of reductions of $25,019 in the Company’s retained automobile and $11,648 in the Company’s retained homeowners reserves. The decrease in prior year reserves during 2015 was primarily composed of reductions of $18,644 in the Company’s retained automobile and $7,964 in the Company’s retained homeowners reserves. The Company’s private passenger automobile line of business prior year reserves decreased during the years ended December 31, 2017, 2016 and 2015 primarily due to improved retained private passenger results. The improved retained private passenger results were primarily due to fewer incurred but not yet reported claims than previously estimated and better than previously estimated severity on the Company’s established bodily injury and property damage case reserves. The following is information about incurred and paid claims development as of December 31, 2017 net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported liabilities plus expected development on reported claims included within the net incurred claims amounts for our three largest lines of business. The cumulative number of reported claims include claims closed with payment, claims closed without payment and all open claims. It does not include anticipated IBNR claims. For the Private Passenger Automobile and Commercial Automobile lines of business, claim count is defined on a claimant basis where several claim counts may arise from a single auto accident. For Homeowners and all other lines of business, claim count is defined on an accident basis. The information about incurred claims and allocated claim adjustment expense, net or reserves and paid ultimate claims development for the years ended December 31, 2008 to 2015 is presented as unaudited supplementary information. Private Passenger Automobile Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 184,923 $ 178,522 $ 171,359 $ 165,751 $ 162,494 $ 158,899 $ 157,015 $ 156,782 $ 155,432 $ 155,203 $ 326 Total $ 1,741,649 Private Passenger Automobile Liability Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 72,994 $ 118,287 $ 136,555 $ 144,488 $ 150,932 $ 153,603 $ 154,645 $ 154,788 $ 154,817 $ 154,826 Total $ 1,510,425 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 231,990 Private Passenger Automobile Physical Damage Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 101,471 $ 99,626 $ 99,960 $ 99,883 $ 99,822 $ 99,806 $ 99,791 $ 99,792 $ 99,816 $ 99,809 $ 6 Total $ 1,128,144 Private Passenger Automobile Physical Damage Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 98,451 $ 100,648 $ 99,976 $ 99,939 $ 99,853 $ 99,807 $ 99,791 $ 99,770 $ 99,768 $ 99,758 Total $ 1,131,539 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ (3,395) Commercial Automobile Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 27,399 $ 26,868 $ 25,526 $ 24,827 $ 25,133 $ 24,729 $ 24,535 $ 24,057 $ 23,852 $ 23,852 $ 30 Total $ 289,521 Commercial Automobile Liability Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 7,106 $ 13,711 $ 17,216 $ 20,085 $ 22,344 $ 23,416 $ 23,762 $ 23,732 $ 23,764 $ 23,771 Total $ 209,724 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 80,018 Commercial Automobile Physical Damage Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 10,990 $ 11,441 $ 11,491 $ 11,684 $ 11,721 $ 11,675 $ 11,677 $ 11,667 $ 11,634 $ 11,663 $ (25) Total $ 138,509 Commercial Automobile Physical Damage Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 10,604 $ 11,807 $ 11,733 $ 11,737 $ 11,756 $ 11,735 $ 11,733 $ 11,732 $ 11,734 $ 11,734 Total $ 136,297 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,212 Homeowners Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 5,535 $ 5,535 $ 5,183 $ 4,078 $ 3,473 $ 3,473 $ 3,116 $ 3,030 $ 2,877 $ 2,877 $ 45 Total $ 64,476 Homeowners Liability Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 333 $ 1,497 $ 2,143 $ 2,473 $ 2,575 $ 2,670 $ 2,693 $ 2,709 $ 2,727 $ 2,734 Total $ 32,686 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 31,945 Homeowners Property Damage Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 24,108 $ 23,167 $ 22,671 $ 22,873 $ 22,847 $ 22,792 $ 22,726 $ 22,720 $ 22,690 $ 22,691 $ 139 Total $ 641,054 Homeowners Property Damage Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 11,751 $ 19,164 $ 20,665 $ 22,481 $ 22,514 $ 22,531 $ 22,552 $ 22,552 $ 22,552 $ 22,553 Total $ 589,565 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 51,746 The following is unaudited supplementary information about average historical claims duration as of December 31, 2016. Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) Years Private Passenger Automobile Liability Private Passenger Automobile Physical Damage -4.2% -2.1% -0.3% -0.1% Commercial Automobile Liability Commercial Automobile Physical Damage -1.7% -0.3% -0.1% Homeowners Liability Homeowners Property Damage The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheets is as follows. Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses December 31, 2017 Net outstanding liabilities Private Passenger Automobile Liability $ 231,990 Private Passenger Automobile Physical Damage (3,395) Commercial Automobile Liability 80,018 Commercial Automobile Physical Damage 2,212 Homeowners Liability 31,945 Homeowners Property Damage 51,746 Other Short-Duration Insurance Lines 65,363 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance $ 459,879 Reinsurance recoverable on unpaid claims Private Passenger Automobile Liability $ 1,191 Private Passenger Automobile Physical Damage 4 Commercial Automobile Liability 68,111 Commercial Automobile Physical Damage 2,248 Homeowners Liability - Homeowners Property Damage 2,681 Other Short-Duration Insurance Lines 8,850 Total reinsurance recoverable on unpaid claims $ 83,085 Unallocated claims adjustment expenses 31,090 Total gross liability for unpaid claims and claim adjustment expenses $ 574,054 Due to the nature of the risks that the Company underwrites and has historically underwritten, management does not believe that it has an exposure to asbestos or environmental pollution liabilities.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Taxes
Income Taxes	11. Income Taxes A summary of the income tax expense (benefit) in the Consolidated Statements of Operations is shown below. Years Ended December 31, 2017 2016 2015 Current Income Taxes: Federal $ 22,198 $ 26,927 $ (15,384) State 30 89 40 22,228 27,016 (15,344) Deferred Income Taxes: Federal 2,085 1,681 552 State — — — 2,085 1,681 552 Total income tax expense (benefit) $ 24,313 $ 28,697 $ (14,792) The income tax (benefit) expense attributable to the consolidated results of operations is different from the amounts determined by multiplying income before federal income taxes by the statutory federal income tax rate. The sources of the difference and the tax effects of each were as follows for the periods indicated. Years Ended December 31, 2017 2016 2015 Federal income tax expense (benefit), at statutory rate $ 30,345 $ 32,649 $ (10,025) Tax‑exempt investment income, net (4,123) (4,194) (4,889) State taxes, net 19 58 26 Nondeductible expenses 237 202 233 Remeasurement of deferred tax liability upon enactment of the TCJA (1,540) — — Tax windfall related to share-based stock compensation (333) — — Other, net (292) (18) (137) Total income tax expense (benefit) $ 24,313 $ 28,697 $ (14,792) The deferred income tax asset (liability) represents the tax effects of temporary differences attributable to the Company’s consolidated federal tax return group. Its components were as shown in the following table for the periods indicated. Years Ended December 31, 2017 2016 Deferred tax assets: Discounting of loss reserves $ 3,361 $ 5,984 Discounting of unearned premium reserve 17,239 28,286 Bad debt allowance 289 502 Employee benefits 3,499 7,995 Rent incentive 64 238 Depreciation 75 255 Total deferred tax assets before valuation allowance 24,527 43,260 Valuation allowance for deferred tax assets — — Total deferred tax assets 24,527 43,260 Deferred tax liabilities: Deferred acquisition costs (15,163) (24,848) Investments (2,421) (3,469) Net unrealized gains on investments (7,710) (8,531) Software development costs (1,648) (2,479) Premium acquisition expenses (502) (850) Total deferred tax liabilities (27,444) (40,177) Net deferred tax asset (liability) $ (2,917) $ 3,083 The Company believes, based upon consideration of objective and verifiable evidence, including its historical positive earnings and its future expectations, that the Company’s taxable income in future years will be sufficient to realize all federal deferred tax assets. The Company believes that the positions taken on its income tax returns for open tax years will be sustained upon examination by the Internal Revenue Service (“IRS”). Therefore, the Company has not recorded any liability for uncertain tax positions under ASC 740, Income Taxes . During the years ended December 31, 2017 and December 31, 2016 there were no material changes to the amount of the Company’s unrecognized tax benefits or to any assumptions regarding the amount of its ASC 740 liability. As of December 31, 2017 and December 31, 2016, the Company had no unrecognized tax benefits, and none which if recognized would affect the effective tax rate. The Company does not currently anticipate significant changes in the amount of unrecognized income tax benefits during the next twelve months. The Company records interest and penalties associated with audits as a component of income before income taxes. Penalties are recorded in underwriting, operating and other expenses, and interest expense is recorded in interest expenses in the Consolidated Statements of Operations. The Company had no interest and penalties related to income taxes accrued as of December 31, 2017 and 2016. In the Company’s opinion, adequate tax liabilities have been established for all open years. However, the amount of these tax liabilities could be revised in the near term if estimates of the Company’s ultimate liability are revised. On December 22, 2017, the TCJA was enacted, which significantly amends the Internal Revenue Code of 1986. The TCJA, among other things, reduces the corporate tax rate from a statutory rate of 35% to 21%, imposes additional limitations on net operating losses and executive compensation, allows for the full expensing of certain capital expenditures and enacts other changes impacting the insurance industry. Tax related changes are recorded through the Statement of Operations for the year ended December 31, 2017. The December 31, 2017 net deferred tax liability has been measured at the 21% tax rate. The TCJA modified the provisions applicable to the determination of the tax basis of unpaid loss reserves. These modifications impact the payment pattern and applicable interest rate. The TCJA instructed the Treasury to provide discount factors and other guidance necessary to determine the necessary transition adjustment. This information has not been released; accordingly, we have applied the law existing prior to the enactment of the TCJA. These provisions would have no effect on the net deferred tax liability as of December 31, 2017 or the total tax expense for the year ended December 31, 2017. SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (which we refer to as SAB 118) describes three scenarios associated with a company’s status of accounting for income tax reform. Under the SAB 118 guidance, we have determined that we are able to make reasonable estimates for certain effects of tax reform. As of the date of this Annual Report on Form 10-K, we are continuing to evaluate the accounting impactions of the TCJA as we continue to assemble and analyze all the information required to prepare and analyze these effects and await additional guidance from the U.S. Treasury Department, IRS or other standard-setting bodies. Additionally, we continue to analyze other information and regulatory guidance and accordingly we may record additional provisional amounts or adjustments to provisional amounts in future periods.

Share Repurchase Program

Share Repurchase Program	12 Months Ended
	Dec. 31, 2017
Share Repurchase Program
Share Repurchase Program	12. On August 3, 2007, the Board of Directors approved a share repurchase program of up to $30,000 of the Company’s outstanding common shares. As of December 31, 2017, the Board of Directors had cumulatively authorized increases to the existing share repurchase program of up to $150,000 of its outstanding common shares. Under the program, the Company may repurchase shares of its common stock for cash in public or private transactions, in the open market or otherwise. The timing of such repurchases and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable regulatory and corporate requirements. The program does not require the Company to repurchase any specific number of shares and it may be modified, suspended or terminated at any time without prior notice. No share purchases were made by the Company under the program during the years ended December 31, 2017 and December 31, 2016. As of December 31, 2017, the Company had purchased 2,279,570 shares on the open market at a cost of $83,835.

Statutory Net Income and Surplu

Statutory Net Income and Surplus	12 Months Ended
	Dec. 31, 2017
Statutory Net Income and Surplus
Statutory Net Income and Surplus	13. Statutory Accounting Practices The Company’s insurance company subsidiaries, domiciled in the Commonwealth of Massachusetts, prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the Division. Prescribed statutory accounting practices are those practices that are incorporated directly or by reference in state laws, regulations, and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the Division, but allowed by the Division. Statutory net income was $57,982, and $57,202 for the years ended December 31, 2017, and 2016 respectively. Statutory net loss of the Company’s insurance company subsidiaries was $12,209 for the year ended December 31, 2015. Statutory capital and surplus of the Company’s insurance subsidiaries was $617,577, and $604,813 at December 31, 2017 and 2016, respectively. Dividends The Insurance Subsidiaries are subject to various regulatory restrictions that limit the maximum amount of dividends available to be paid to their parent without prior approval of the Commonwealth of Massachusetts Commissioner of Insurance (the “Commissioner”). Massachusetts statute limits the dividends an insurer may pay in any twelve month period, without the prior permission of the Commissioner, to the greater of (i) 10% of the insurer’s surplus as of the preceding December 31 or (ii) the insurer’s net income for the twelve‑ month period ending the preceding December 31, in each case determined in accordance with statutory accounting practices. Our insurance company subsidiaries may not declare an “extraordinary dividend” (defined as any dividend or distribution that, together with other distributions made within the preceding twelve months, exceeds the limits established by Massachusetts statute) until thirty days after the Commissioner has received notice of the intended dividend and has not objected. As historically administered by the Commissioner, this provision requires the Commissioner’s prior approval of an extraordinary dividend. Under Massachusetts law, an insurer may pay cash dividends only from its unassigned funds, also known as earned surplus, and the insurer’s remaining surplus must be both reasonable in relation to its outstanding liabilities and adequate to its financial needs. At December 31, 2017, the statutory capital and surplus of Safety Insurance was $617,577 and its net income for 2017 was $57,982. As a result, a maximum of $61,758 is available in 2018 for such dividends without prior approval of the Commissioner. During the year ended December 31, 2017, Safety Insurance recorded dividends of $41,826. As result of this Massachusetts statute, the Insurance Subsidiaries had restricted net assets in the amount of $555,819 at December 31, 2017. Risk‑Based Capital Requirements The NAIC has adopted a formula and model law to implement risk‑based capital requirements for most property and casualty insurance companies, which are designed to determine minimum capital requirements and to raise the level of protection that statutory surplus provides for policyholder obligations. Under Massachusetts law, insurers having less total adjusted capital than that required by the risk‑based capital calculation will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. The risk‑based capital law provides for four levels of regulatory action. The extent of regulatory intervention and action increases as the level of total adjusted capital to risk‑based capital falls. As of December 31, 2017, the Insurance Subsidiaries had total adjusted capital of $617,577, which is in excess of amounts requiring company or regulatory action at any prescribed risk‑based capital action level. Minimum statutory capital and surplus, or company action level risk‑based capital, was $171,988 at December 31, 2017.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2017
Fair Value of Financial Instruments
Fair Value of Financial Instruments	14. ASC 820, Fair Value Measurements and Disclosure provides a revised definition of fair value, establishes a framework for measuring fair value and expands financial statement disclosure requirements for fair value information. Under ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price). ASC 820 establishes a fair value hierarchy that distinguishes between inputs based on market data from independent sources (“observable inputs”) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (“unobservable inputs”). The fair value hierarchy in ASC 820 prioritizes fair value measurements into three levels based on the nature of the inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets and liabilities; Level 2 — Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar, but not identical instruments; and Level 3 — Valuations based on unobservable inputs. Fair values for the Company’s fixed maturity securities are based on prices provided by its custodian bank and its investment managers. Both the Company’s custodian bank and investment managers use a variety of independent, nationally recognized pricing services to determine market valuations. If the pricing service cannot provide fair value determinations, the Company obtains non-binding price quotes from broker-dealers. A minimum of two quoted prices is obtained for the majority of the Company’s available-for-sale fixed maturity securities in its investment portfolio. The Company’s custodian bank is its primary provider of quoted prices from third-party pricing services and broker-dealers. To provide reasonable assurance of the validity of each price or quote, a secondary third-party pricing service or broker-dealer quote is obtained from the Company’s investment managers. An examination of the pricing data is then performed for each security. If the variance between the primary and secondary price quotes for a security is within an accepted tolerance level, the quoted price obtained from the Company’s custodian bank is used in the financial statements for the security. If the variance between the primary and secondary price quotes exceeds an accepted tolerance level, the Company obtains a quote from an alternative source, if possible, and documents and resolves any differences between the pricing sources. In addition, the Company may request that its investment managers and its traders provide input as to which vendor is providing prices that its traders believe are reflective of fair value for the security. Following this process, the Company may decide to value the security in its financial statements using the secondary or alternative source if it believes that pricing is more reflective of the security’s value than the primary pricing provided by its custodian bank. The Company analyzes market valuations received to verify reasonableness, to understand the key assumptions used and their sources, and to determine an appropriate ASC 820 fair value hierarchy level based upon trading activity and the observability of market inputs. Based on this evaluation and investment class analysis, each price is classified into Level 1, 2 or 3. Fair values of instruments are based on (i) quoted prices in active markets for identical assets (Level 1), (ii) quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs are observable in active markets (Level 2) or (iii) valuations derived from valuation techniques in which one or more significant inputs are unobservable in the marketplace (Level 3). The Company’s Level 1 securities consist of equity securities whose values are based on quoted prices in active markets for identical assets. The Company’s Level 2 securities are comprised of available-for-sale fixed maturity securities whose fair value was determined using observable market inputs. The Company’s Level 3 security consists of an investment in the Federal Home Loan Bank of Boston related to Safety Insurance Company’s membership stock, which is not redeemable in a short-term time frame. Fair values for securities for which quoted market prices were unavailable were estimated based upon reference to observable inputs such as benchmark interest rates, market comparables, and other relevant inputs. Investments valued using these inputs include U.S. Treasury securities, obligations of states and political subdivisions, corporate and other securities, commercial and residential mortgage-backed securities, and other asset-backed securities. Inputs into the fair value application that are utilized by asset class include but are not limited to: · Obligations of states and political subdivisions : overall credit quality, including assessments of market sectors and the level and variability of sources of payment such as general obligation, revenue or lease; credit support such as insurance, state or local economic and political base, prefunded and escrowed to maturity covenants. · Corporate and fixed maturities : overall credit quality, the establishment of a risk adjusted credit spread over the applicable risk-free yield curve for discounted cash flow valuations; assessments of the level of industry economic sensitivity, company financial policies, indenture restrictive covenants, and/or security and collateral. · Residential mortgage-backed securities : U.S. agency pass-throughs, collateralized mortgage obligations (“CMOs”), non U.S. agency CMOs : estimates of prepayment speeds based upon historical prepayment rate trends, underlying collateral interest rates, original weighted average maturity, vintage year, borrower credit quality characteristics, interest rate and yield curve forecasts, U.S. government support programs, tax policies, and delinquency/default trends. · Commercial mortgage-backed securities : overall credit quality, including assessments of the level and variability of credit support and collateral type such as office, retail, or lodging, predictability of cash flows for the deal structure, prevailing economic market conditions. · Other asset-backed securities : overall credit quality, estimates of prepayment speeds based upon historical trends and characteristics of underlying loans, including assessments of the level and variability of collateral, revenue generating agreements, area licenses agreements, product sourcing agreements and equipment and property leases. · FHLB-Boston : value is equal to the cost of the member stock purchased. In order to ensure the fair value determination is representative of an exit price (consistent with ASC 820), the Company’s procedures for validating quotes or prices obtained from third parties include, but are not limited to, obtaining a minimum of two price quotes for each fixed maturity security if possible, as discussed above, the periodic testing of sales activity to determine if there are any significant differences between the market price used to value the security as of the balance sheet date and the sales price of the security for sales that occurred around the balance sheet date, and the periodic review of reports provided by its investment manager regarding those securities with ratings changes and securities placed on its “Watch List.” In addition, valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by the Company and its external investment manager, whose investment professionals are familiar with the securities being priced and the markets in which they trade, to ensure the fair value determination is representative of an exit price (consistent with ASC 820). All unadjusted estimates of fair value for our fixed maturities priced by the pricing services as described above are included in the amounts disclosed in Level 2. With the exception of the FHLB-Boston security, which is categorized as a Level 3 security, the Company’s entire available-for-sale portfolio was priced based upon quoted market prices or other observable inputs as of December 31, 2017. There were no significant changes to the valuation process during the year ended December 31, 2017. As of December 31, 2017 and December 31, 2016, no quotes or prices obtained were adjusted by management. All broker quotes obtained were non-binding. At December 31, 2017 and December 31, 2016, investments in fixed maturities and equity securities classified as available-for-sale had a fair value which equaled carrying value of $1,283,893 and $1,259,364, respectively. At December 31, 2017 and December 31, 2016, we held no short-term investments. The carrying values of cash and cash equivalents and investment income accrued approximated fair value. The following tables summarize the Company’s total fair value measurements for available‑for‑sale investments for the periods indicated. As of December 31, 2017 Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities $ 1,791 $ — $ 1,791 $ — Obligations of states and political subdivisions 403,084 — 403,084 — Residential mortgage-backed securities 222,766 — 222,766 — Commercial mortgage-backed securities 39,369 — 39,369 — Other asset-backed securities 72,613 — 72,613 — Corporate and other securities 432,403 — 432,403 — Equity securities 87,737 87,057 — 680 Total investment securities $ 1,259,763 $ 87,057 $ 1,172,026 $ 680 As of December 31, 2016 Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities $ 302 $ — $ 302 $ — Obligations of states and political subdivisions 390,433 — 390,433 — Residential mortgage-backed securities 252,631 — 252,631 — Commercial mortgage-backed securities 35,454 — 35,454 — Other asset-backed securities 70,410 — 70,410 — Corporate and other securities 405,039 — 405,039 — Equity securities 85,134 84,456 — 678 Total investment securities $ 1,239,403 $ 84,456 $ 1,154,269 $ 678 There were no transfers between Level 1 and Level 2 during the years ended December 31, 2017 or 2016. The following tables summarize the changes in the Company’s Level 3 fair value securities for the periods indicated. Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 678 $ 547 $ 505 Net gains and losses included in earnings — — — Net gains included in other comprehensive income — — — Purchases 2 131 42 Sales — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance at end of period $ 680 $ 678 $ 547 Transfers in and out of Level 3 are attributable to changes in the ability to observe significant inputs in determining fair value exit pricing. As noted in the table above, no transfers were made in or out of Level 3 during 2017, 2016 and 2015. The Company held one Level 3 securities at December 31, 2017. As of December 31, 2017 and December 31, 2016, there were approximately $24,130 and $19,961 in a real estate investment trust (“REIT”). The REIT is excluded from the fair value hierarchy because the fair value is recorded using the net asset value per share practical expedient. The net asset value per share of this REIT is derived from member ownership in the capital venture to which a proportionate share of independently appraised net assets is attributed. The fair value was determined using the trust’s net asset value obtained from its audited financial statements. The Company is required to submit a request to the REIT 45 days before a quarter end to dispose of the security.

Quarterly Results of Operations

Quarterly Results of Operations	12 Months Ended
	Dec. 31, 2017
Quarterly Results of Operations
Quarterly Results of Operations	15. An unaudited summary of the Company’s 2017 and 2016 quarterly performance, and audited annual performance, is as follows. Year ended December 31, 2017 First Second Third Fourth Total Quarter Quarter Quarter Quarter Year Total revenue $ 204,770 $ 208,249 $ 212,529 $ 213,565 $ 839,113 Net income 12,019 21,105 17,954 11,309 62,387 Earnings per weighted average common share: Basic 0.80 1.40 1.19 0.73 4.13 Diluted 0.79 1.39 1.18 0.72 4.10 Cash dividends paid per common share 0.70 0.70 0.80 0.80 3.00 Year ended December 31, 2016 First Second Third Fourth Total Quarter Quarter Quarter Quarter Year Total revenue $ 199,829 $ 202,950 $ 210,085 $ 206,958 $ 819,822 Net (loss) income 12,670 21,365 18,597 11,953 64,585 Earnings per weighted average common share: Basic 0.84 1.42 1.24 0.79 4.29 Diluted 0.84 1.41 1.23 0.79 4.27 Cash dividends paid per common share 0.70 0.70 0.70 0.70 2.80

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions
Related Party Transactions	16. Mr. A. Richard Caputo, Jr., a member of the Company’s Board of Directors and Chairman of its Investment Committee, until his resignation in February 2017, is a principal of The Jordan Company, LP (“Jordan”). In 2012, the Company participated as a lender in two loans made by syndicates of lenders to a portfolio company in which funds managed by Jordan are controlling or a significant investor. The first loan, made to Vantage Specialties, Inc., was disposed of in 2016. The second loan, made to ARCAS Automotive (formerly known as Sequa Auto), was disposed of in 2015. The Company made the loans on the same terms as the other lenders participating in the syndicate. The loans were subject to the approval of the Company’s full Investment Committee.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events
Subsequent Events	17. The Company has evaluated subsequent events for recognition or disclosure in the consolidated financial statements on Form 10‑K filed herewith and no events have occurred that require recognition or disclosure.

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other than Investments in Related Parties	12 Months Ended
	Dec. 31, 2017
Schedule I - Summary of Investments - Other than Investments in Related Parties
Schedule I - Summary of Investments - Other than Investments in Related Parties	Safety Insurance Group, Inc. Summary of Investment Schedule I At December 31, 2017 (Dollars in thousands) Amount at which shown Cost or Estimated in the Balance Amortized Cost Fair Value Sheet Fixed maturities: U.S. government and government agencies and authorities $ 225,066 $ 224,557 $ 224,557 Obligations of states and political subdivisions 391,806 403,084 403,084 Corporate and other securities 539,825 544,385 544,385 Total fixed maturities 1,156,697 1,172,026 1,172,026 Equity securities: Common stocks: Industrial, miscellaneous and all other 90,481 111,867 111,867 Total equity securities 90,481 111,867 111,867 Other invested assets 23,162 23,162 23,162 Total investments $ 1,270,340 $ 1,307,055 $ 1,307,055

Schedule II - Condensed Financi

Schedule II - Condensed Financial Information of the Registrant	12 Months Ended
	Dec. 31, 2017
Schedule II - Condensed Financial Information of the Registrant
Schedule II - Condensed Financial Information of the Registrant	Safety Insurance Group, Inc. Condensed Financial Information of the Registran Condensed Balance Sheets Schedule II (Dollars in thousands) Years Ended December 31, 2017 2016 Assets Investments in consolidated affiliates $ 702,661 $ 672,102 Other 9 24 Total assets $ 702,670 $ 672,126 Liabilities Accounts payable and other liabilities $ 1,654 $ 1,400 Total liabilities 1,654 1,400 Shareholders’ equity 701,016 670,726 Total liabilities and shareholders’ equity $ 702,670 $ 672,126 Safety Insurance Group, Inc. Condensed Financial Information of the Registrant Condensed Statements of Operations and Comprehensive Income Schedule II (Dollars in thousands) Years Ended December 31, 2017 2016 2015 Revenues $ — $ — $ — Expenses 1,494 1,406 1,230 Net loss (1,494) (1,406) (1,230) Earnings from consolidated subsidiaries 63,881 65,991 (12,623) Net income (loss) 62,387 64,585 (13,853) Other net comprehensive income, net of taxes 8,426 (621) (12,251) Comprehensive net income (loss) $ 70,813 $ 63,964 $ (26,104) Safety Insurance Group, Inc. Condensed Financial Information of the Registrant Condensed Statements of Cash Flows Schedule II (Dollars in thousands) Years Ended December 31, 2017 2016 2015 Net income (loss) $ 62,387 $ 64,585 $ (13,853) Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Earnings) loss from consolidated subsidiaries (63,881) (65,991) 12,623 Dividends received from consolidated subsidiaries(1) 41,826 39,156 39,440 Amortization of restricted stock expense 5,367 4,312 3,515 Changes in assets and liabilities: Other assets 15 63 (33) Accounts payable and accrued liabilities (254) (111) 5 Net cash provided by operating activities 45,460 42,014 41,697 Proceeds from exercise of stock options — 257 278 Excess tax benefit from stock options exercised — (6) 1 Dividends paid (45,460) (42,265) (41,976) Acquisition of treasury stock — — — Net cash used for financing activities (45,460) (42,014) (41,697) Net increase in cash and cash equivalents — — — Cash and cash equivalents, beginning of year — — — Cash and cash equivalents, end of year $ — $ — $ — (1) No portion of the dividends received from operating subsidiaries during 2017, 2016 or 2015 represent returns of capital and therefore no portion is presented as an investing activity.

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2017
Schedule III - Supplementary Insurance Information
Schedule III - Supplementary Insurance Information	Safety Insurance Group, Inc. Supplementary Insurance Informatio Schedule III (Dollars in thousands) As of December 31, Future Policy Deferred Benefits, Policy Losses, Acquisition Claims and Loss Unearned Segment Costs Expenses Premiums Property and Casualty Insurance 2017 $ 72,202 $ 574,054 $ 428,257 2016 70,996 560,321 418,033 2015 68,937 553,977 401,961 Years Ended December 31, Benefits, Amortization of Claims, Deferred Net Losses, and Policy Other Premium Investment Settlement Acquisition Operating Premiums Segment Revenue Income Expenses Costs Expenses Written Property and Casualty Insurance 2017 $ 774,420 $ 38,758 $ 503,887 $ 144,703 $ 103,733 $ 781,054 2016 755,760 38,413 493,433 141,540 91,477 766,470 2015 738,164 40,534 612,569 138,239 75,700 746,180

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2017
Schedule IV - Reinsurance
Schedule IV - Reinsurance	Safety Insurance Group, Inc. Reinsuranc Schedule IV (Dollars in thousands) Percent of Amount Property and Casualty Gross Ceded to Other Assumed from Net Assumed Insurance Earned Premiums Amount Companies Other Companies Amount to Net Years ended December 31, 2017 $ 818,804 $ 76,886 $ 32,502 $ 774,420 2016 796,366 70,150 29,544 755,760 2015 776,633 64,288 25,819 738,164

Schedule V - Valuation and Qual

Schedule V - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Schedule V - Valuation and Qualifying Accounts
Schedule V - Valuation and Qualifying Accounts	Safety Insurance Group, Inc. Valuation and Qualifying Account Schedule V (Dollars in thousands) Additions Balance at Charged to Charged to Balance at Beginning Costs and Other End of of Period Expenses Accounts Deductions(1) Period Allowance for doubtful accounts Years Ended December 31, 2017 $ 435 $ 1,203 $ — $ 1,224 $ 414 2016 425 1,162 — 1,152 435 2015 462 1,008 — 1,045 425 (1) Deductions represent write‑offs of accounts determined to be uncollectible.

Schedule VI - Supplemental Info

Schedule VI - Supplemental Information Concerning Property and Casualty Insurance Operations	12 Months Ended
	Dec. 31, 2017
Schedule VI - Supplemental Information Concerning Property and Casualty Insurance Operations
Schedule VI - Supplemental Information Concerning Property and Casualty Insurance Operations	Safety Insurance Group, Inc. Supplemental Information Concerning Property and Casualty Insurance Operation Schedule VI (Dollars in thousands) As of December 31, Years Ended December 31, Reserves for Deferred Unpaid Claims Policy and Claims Net Acquisition Adjustment Unearned Earned Investment Affiliation With Registrant Costs Expenses Premiums Premiums Income Consolidated Property & Casualty Subsidiaries 2017 $ 72,202 $ 574,054 $ 428,257 $ 774,420 $ 38,758 2016 70,996 560,321 418,033 755,760 38,413 2015 68,937 553,977 401,961 738,164 40,534 Years Ended December 31, Claims and Claims Amortization Paid Claims Adjustment Expenses of Deferred and Claims Incurred Related to Policy Current Prior Acquisition Adjustment Premiums Affiliation With Registrant Year Year Costs Expenses Written Consolidated Property & Casualty Subsidiaries 2017 $ 545,671 $ (41,784) $ 144,703 $ 489,515 $ 781,054 2016 538,881 (45,448) 141,540 502,552 766,470 2015 642,882 (30,313) 138,239 547,620 746,180

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Investments	Investments Investments in fixed maturities available‑for‑sale, which include taxable and non‑taxable bonds and redeemable preferred stocks, are reported at fair value. Investments in equity securities available‑for‑sale, which include interests in common stocks, mutual funds and a real estate investment trust (“REIT”), are reported at fair value. Fair values for fixed maturity securities are based on estimates obtained from independent pricing services. Fair values for equity securities are derived from external market quotations, with the exception of the REIT whose fair value was determined using the trust’s net asset value obtained from its audited financial statements. Short‑term investments, which consist of U.S. Treasury securities, are reported at amortized cost, which approximates fair value. Other long‑term investments consist of investments in limited partnerships. The partnership interest is accounted for using the equity method of accounting and recorded in earnings from partnership investments. The carrying value of this investment is written down, or impaired, to fair value when a decline in value is considered to be other‑than‑temporary. In applying the equity method (including assessment for other‑than‑temporary impairment), the Company uses financial information provided by the investee, generally on a three month lag. Unrealized gains or losses on fixed maturity and equity securities reported at fair value are excluded from earnings and reported in a separate component of shareholders’ equity, known as “Accumulated other comprehensive income, net of taxes,” until realized. Realized gains or losses on the sale or maturity of investments are determined based on the specific cost identification method. Fixed maturities and equity securities that experience declines in value that are other‑than‑temporary are written down to fair value with a corresponding charge to net impairment losses on investments. Investment income is recognized on an accrual basis of accounting. Bonds not backed by other loans are amortized using the interest method. Loan‑backed bonds and structured securities are amortized using the interest method and significant changes in estimated cash flows from the original purchase assumptions are accounted for using the retrospective method.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes money market accounts and United States (“U.S.”) Treasury bills with original maturities of three months or less from the date of purchase. U.S. Treasury bills are stated at amortized cost, which approximates fair value.
Accounts Receivable	Accounts Receivable Amounts included in accounts receivable represent premiums as well as finance charges, the majority of which are both billed on a monthly installment basis. Accounts receivable are stated net of allowances for doubtful accounts. At December 31, 2017 and 2016, these allowances were $414 and $435, respectively. Uncollected premium balances over ninety days past due are written off.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Amounts that vary with and are primarily related to the successful acquisition of a new or renewal insurance contract, principally commissions and premium taxes, are deferred and amortized ratably over the effective period of the policies. All other acquisition expenses are expensed as incurred. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income, and if not, are charged to expense. Future investment income attributable to related premiums is not taken into account in measuring the recoverability of the carrying value of this asset. Amortization of acquisition costs in the amount of $144,703, $141,540, and $138,239 was charged to underwriting, operating and other expenses for the years ended 2017, 2016 and 2015, respectively.
Equity and Deposits in Pools	Equity and Deposits in Pools Equity and deposits in pools represents the net receivable amounts from the residual market mechanisms, Commonwealth Automobile Reinsurers (“CAR”) for automobile and Massachusetts Property Insurance Underwriting Association (“FAIR Plan”) for homeowner insurance in Massachusetts. See Note 9 for a discussion of the Company’s accounting for amounts assumed from residual markets.
Equipment and Leasehold Improvements	Equipment and Leasehold Improvements Property, equipment, leasehold improvements, and software which are included in other assets are carried at cost less accumulated depreciation. Depreciation is provided using the straight‑ line or accelerated method over the estimated useful lives of the related assets, which range from 3 to 10 years. Amortization of leasehold improvements is provided using the straight‑line method over the term of the lease. The costs of computer software developed or obtained for internal use are capitalized and amortized over the estimated life of the business system, beginning when the software is ready for its intended use. Maintenance and repairs are charged to expense as incurred.
Losses and Loss Adjustment Expenses	Losses and Loss Adjustment Expenses Liabilities for losses and loss adjustment expenses (“LAE”) include case basis estimates for open claims reported prior to year‑end and estimates of unreported claims and claim adjustment expenses, net of salvage and subrogation. The estimates are continually reviewed and modified to reflect current conditions, and any resulting adjustments are reflected in current operating results. Adjustments for anticipated salvage and subrogation are recorded on incurred and reported and incurred but not reported losses. The Company determines its loss and LAE reserves estimate based upon the analysis of our actuaries. A reasonable estimate is derived by selecting a point estimate within a range of indications as calculated by our actuaries using generally accepted actuarial techniques. The key assumption in most actuarial analysis is that past patterns of frequency and severity will repeat in the future, unless a significant change in the factors described above takes place. Our key factors and resulting assumptions are the ultimate frequency and severity of claims, based upon the most recent ten years of claims reported to the Company, and the data reported to us to calculate our share of the residual market. For each accident year and each coverage within a line of business our actuaries calculate the ultimate losses incurred.
Premiums and Unearned Premiums	Premiums and Unearned Premiums Premiums are earned over the terms of the respective policies, which are generally one year. Unearned premiums represent the portion of premiums written applicable to the unexpired terms of the policies. Ceded premiums are charged to income over the terms of the respective policies and the applicable term of the reinsurance contracts with third‑party reinsurers. Ceded unearned premiums represent the unexpired portion of premiums ceded to CAR and other reinsurers. Premiums received in advance of the policy effective date are recorded as a liability and not recognized as income until earned. Such amounts are included in accounts payable and accrued liabilities and totaled $14,371 and $14,643 at December 31, 2017 and 2016, respectively.
Reinsurance	Reinsurance Liabilities for unearned premiums and unpaid losses are stated before deductions for ceded reinsurance. The ceded amounts are carried as receivables. Earned premiums are stated net of deductions for ceded reinsurance. The Company, as primary insurer, will be required to pay losses in their entirety in the event that the reinsurers are unable to discharge their obligations under the reinsurance agreements.
Advertising Costs	Advertising Costs Advertising costs are charged to expense when they are incurred. Total advertising costs were $2,216, $2,063 and $1,906 for the years ended December 31, 2017, 2016, and 2015, respectively.
Finance and Other Service Income	Finance and Other Service Income Finance and other service income primarily include revenues from premium installment charges, which are recognized when earned.
Income Taxes	Income Taxes The Company and its subsidiaries file a consolidated U.S. federal income tax return. The method of allocation among members of the consolidated group is subject to a written agreement approved by the Board of Directors (the “Board”). The consolidated tax liability (benefit) is allocated on the basis of the members’ proportionate contribution to consolidated taxable income (loss). Deferred income taxes are generally recognized when assets and liabilities have different values for financial statement and tax reporting purposes, and for other temporary taxable and deductible differences as defined by Accounting Standards Codification (“ASC”) 740, Income Taxes. A valuation allowance is established where management has assessed that it is more likely than not that the Company will not be able to utilize the full deferred tax asset. On December 22, 2017, the TCJA was enacted, which significantly amends the Internal Revenue Code of 1986. The TCJA, among other things, reduces the corporate tax rate from a statutory rate of 35% to 21%, imposes additional limitations on net operating losses and executive compensation, allows for the full expensing of certain capital expenditures, and enacts other changes impacting the insurance industry. The impact of the tax rate change has been recorded through the Statement of Operations for the year ended December 31, 2017. The TCJA modified the provisions applicable to the determination of the tax basis of unpaid loss reserves. These modifications impact the payment pattern and applicable interest rate. The TCJA instructed the Treasury to provide discount factors and other guidance necessary to determine the necessary transition adjustment. This information has not been released; accordingly, we have applied the law existing prior to the enactment of the TCJA. These provisions would have no effect on the net deferred tax liability as of December 31, 2017 or the total tax expense for the year ended December 31, 2017.
Earnings per Weighted Average Common Share	Earnings per Weighted Average Common share Basic earnings (loss) per weighted average common share (“EPS”) are calculated by dividing net income (loss) by the weighted average number of basic common shares outstanding during the period. Diluted earnings (loss) per share amounts are based on the weighted average number of common shares including non-vested performance stock grants and the net effect of potentially dilutive common stock options. The following table sets forth the computation of basic and diluted EPS for the periods indicated. Years Ended December 31, 2017 2016 2015 Earnings attributable to common shareholders - basic and diluted): Net income (loss) from continuing operations $ 62,387 $ 64,585 $ (13,853) Allocation of income for participating shares (392) (436) — Net income (loss) from continuing operations attributed to common shareholders $ 61,995 $ 64,149 $ (13,853) Earnings per share denominator - basis and diluted Total weighted average common shares outstanding, including participating shares 15,105,558 15,048,048 14,985,475 Less: weighted average participating shares (94,807) (101,595) (118,868) Basic earnings per share denominator 15,010,751 14,946,453 14,866,607 Common equivalent shares- stock options — 134 — (1) Common equivalent shares- non-vested performance stock grants 124,597 85,676 — (2) Diluted earnings per share denominator 15,135,348 15,032,263 14,866,607 Basic earnings (loss) per share $ 4.13 $ 4.29 $ (0.93) Diluted earnings (loss) per share $ 4.10 $ 4.27 $ (0.93) Undistributed (loss) earnings attributable to common shareholders - basic and diluted: Net income (loss) from continuing operations attributable to common shareholders -Basic $ 4.13 $ 4.29 $ (0.93) Dividends declared (3.00) (2.80) (2.80) Undistributed earnings (loss) $ 1.13 $ 1.49 $ (3.73) Net income (loss) from continuing operations attributable to common shareholders -Diluted $ 4.10 $ 4.27 $ (0.93) Dividends declared (3.00) (2.80) (2.80) Undistributed earnings (loss) $ 1.10 $ 1.47 $ (3.73) (1) Excludes 1,587 of common equivalent shares related to stock options because their inclusion would be anti-dilutive due to the net loss of the Company. (2) Excludes 46,805 of common equivalent shares related to non-vested performance shares because their inclusion would be anti-dilutive due to the net loss of the Company. Diluted EPS excludes stock options with exercise prices and exercise tax benefits greater than the average market price of the Company’s common stock during the period because their inclusion would be anti‑dilutive. There were no anti‑dilutive stock options or non-vested performance stock grants for the years ended December 31, 2017 and 2016.
Share-Based Compensation	Share‑Based Compensation Accounting Standards Codification (“ASC”) 718, Compensation —Stock Compensation requires the Company to measure and recognize the cost of employee services received in exchange for an award of equity instruments. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). See Note 6 for further information regarding share‑based compensation.
Use of Estimates	Use of Estimates 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The ASU provides guidance for an optional reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly-enacted federal corporate income tax rate as a result of the TCJA. The amount of the reclassification of the deferred tax in accumulated other comprehensive income is the difference between the historical corporate income tax rate and the newly enacted twenty-one percent corporate income tax rate. The new guidance will be effective for the Company’s year ending December 31, 2018. The Company is evaluating the impact of ASU 2018-02 on its financial position and did not early adopt ASU 2018-02 for the year ended December 31, 2017. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. For public business entities with calendar year ends, the amendments in ASU No. 2017-08 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If early adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The Company is evaluating the impact of ASU 2017-08 on its financial position and results of operations. The extent of the impact will depend upon the nature and characteristics of the Company’s portfolio at the adoption date. In December 2016, the FASB issued ASU 2016-19 - Technical Corrections and Improvements , which covers a wide range of Topics in the Accounting Standards Codification (ASC). The amendments in this Update represent changes to clarify, correct errors, or make minor improvements to the ASC, making it easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments generally fall into one of the following categories: amendments related to differences between original guidance and the ASC, guidance clarification and reference corrections, simplification, or minor improvements. Most of the amendments in ASU 2016-19 do not require transition guidance and are effective upon issuance of ASU 2016-19. The impact of the adoption of ASU 2016-19 was not material to the Company’s financial position, results of operations, cash flows or disclosures. In October 2016, the FASB issued ASU 2016-17 - Consolidation (Topic 810): Interests Held through Related Parties that are Under Common Control , which amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The Update requires the reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include its indirect variable interests in a VIE held through related parties that are under common control on a proportionate basis as opposed to in their entirety. The amendments in this Update will be applied retrospectively and are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The impact of the adoption of ASU 2016-17 was not material to the Company’s financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in ASU 2016-15 provide guidance on specific cash flow issues including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017. The Company does not expect the adoption of ASU 2016-15 to have a material impact to its Consolidated Statements of Cash Flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements , which amends the guidance for the impairment of financial instruments and is expected to result in more timely recognition of impairment losses. The update introduces an impairment model referred to as the current expected credit loss (“CECL”) model. The impairment model is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The ASU is also intended to reduce the complexity of the current guidance by decreasing the number of credit impairment models that entities use to account for debt instruments. For public business entities that are SEC filers, the amendments in ASU No. 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact of ASU 2016-13 on its financial position and results of operations with regards to potential credit losses on its Available For Sale investment portfolio. The extent of the increase of credit losses is under evaluation, but will depend upon the nature and characteristics of the Company’s portfolio at the adoption date, and the macroeconomic conditions and forecasts at the date. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASC update requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement, and be treated as discrete items in the reporting period in which they occur. Additionally, excess tax benefits will be classified with other income tax cash flows as an operating activity and cash paid by an employer when directly withholding shares for tax withholding purposes will be classified as a financing activity. Awards that are used to settle employee tax liabilities will be allowed to qualify for equity classification for withholdings up to the maximum statutory tax rates in applicable jurisdictions. Regarding forfeitures, a company can make an entity-wide accounting policy election to either continue estimating the number of awards that are expected to vest or account for forfeitures when they occur. The updated guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The impact of the adoption of ASU 2016-09 was not material to the Company’s financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of ASU 2016-02 by reviewing its existing lease contracts. The Company expects a gross-up of its Consolidated Balance Sheets as a result of recognizing lease liabilities and right of use assets. The extent of such gross-up is under evaluation. The Company does not expect material changes to the Consolidated Statements of Operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASC update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01: (1) requires equity investments (except those accounted for under the equity method or those that result in the consolidation of the investee) to be measured at fair value with changes in the fair value recognized in net income; (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; and (4) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the notes to the financial statements. These amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The extent of the impact will depend upon the nature and characteristics of the Company’s portfolio at the adoption date. In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts. ASU 2015-09 requires companies that issue short duration contracts to disclose additional information, including: (i) incurred and paid claims development tables; (ii) frequency and severity of claims; and (iii) information about material changes in judgments made in calculating the liability for unpaid claim adjustment expenses, including reasons for the change and the effects on the financial statements. ASU 2015-09 is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. The amendments in ASU 2015-09 should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The adoption of ASU 2015-09 is disclosure only and has been reflected in the Loss and Loss Adjustment Expense footnote. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosures of Uncertainties about an Entity’s Ability as a Going Concern. ASU 2014-15 provides guidance on determining when and how to disclose going concern uncertainties in the financial statements, and requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Management has assessed and concluded that there were no conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements were issued. In May 2014, the FASB issued as final, ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes virtually all existing revenue recognition guidance under GAAP. The update's core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017 and allows early adoption. ASU 2014-09 allows for the use of either the retrospective or modified retrospective approach of adoption. The Company does not expect the modified retrospective adoption of ASU 2014-09 to have a material impact on its financial position, results of operations, or cash flows, or disclosures.
Segments	Segments Segment Reporting, the financial information of the segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings per Weighted Average Common Share
Computation of basic and diluted EPS	Years Ended December 31, 2017 2016 2015 Earnings attributable to common shareholders - basic and diluted): Net income (loss) from continuing operations $ 62,387 $ 64,585 $ (13,853) Allocation of income for participating shares (392) (436) — Net income (loss) from continuing operations attributed to common shareholders $ 61,995 $ 64,149 $ (13,853) Earnings per share denominator - basis and diluted Total weighted average common shares outstanding, including participating shares 15,105,558 15,048,048 14,985,475 Less: weighted average participating shares (94,807) (101,595) (118,868) Basic earnings per share denominator 15,010,751 14,946,453 14,866,607 Common equivalent shares- stock options — 134 — (1) Common equivalent shares- non-vested performance stock grants 124,597 85,676 — (2) Diluted earnings per share denominator 15,135,348 15,032,263 14,866,607 Basic earnings (loss) per share $ 4.13 $ 4.29 $ (0.93) Diluted earnings (loss) per share $ 4.10 $ 4.27 $ (0.93) Undistributed (loss) earnings attributable to common shareholders - basic and diluted: Net income (loss) from continuing operations attributable to common shareholders -Basic $ 4.13 $ 4.29 $ (0.93) Dividends declared (3.00) (2.80) (2.80) Undistributed earnings (loss) $ 1.13 $ 1.49 $ (3.73) Net income (loss) from continuing operations attributable to common shareholders -Diluted $ 4.10 $ 4.27 $ (0.93) Dividends declared (3.00) (2.80) (2.80) Undistributed earnings (loss) $ 1.10 $ 1.47 $ (3.73) (1) Excludes 1,587 of common equivalent shares related to stock options because their inclusion would be anti-dilutive due to the net loss of the Company. (2) Excludes 46,805 of common equivalent shares related to non-vested performance shares because their inclusion would be anti-dilutive due to the net loss of the Company.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Investments
Gross unrealized gains and losses on investments in securities	As of December 31, 2017 Gross Unrealized Losses (3) Cost or Gross Non-OTTI OTTI Estimated Amortized Unrealized Unrealized Unrealized Fair Cost Gains Losses Losses (4) Value U.S. Treasury securities $ 1,809 $ — $ (18) $ — $ 1,791 Obligations of states and political subdivisions 391,806 12,244 (966) — 403,084 Residential mortgage-backed securities (1) 223,257 2,352 (2,843) — 222,766 Commercial mortgage-backed securities 39,268 415 (314) — 39,369 Other asset-backed securities 72,665 173 (225) — 72,613 Corporate and other securities 427,892 6,962 (2,451) — 432,403 Subtotal, fixed maturity securities 1,156,697 22,146 (6,817) — 1,172,026 Equity securities (2) 90,481 21,995 (609) — 111,867 Other invested assets (5) 23,162 — — — 23,162 Totals $ 1,270,340 $ 44,141 $ (7,426) $ — $ 1,307,055 As of December 31, 2016 Gross Unrealized Losses (3) Cost or Gross Non-OTTI OTTI Estimated Amortized Unrealized Unrealized Unrealized Fair Cost Gains Losses Losses (4) Value U.S. Treasury securities $ 302 $ — $ — $ — $ 302 Obligations of states and political subdivisions 382,811 11,534 (3,912) — 390,433 Residential mortgage-backed securities (1) 252,031 3,256 (2,656) — 252,631 Commercial mortgage-backed securities 35,695 191 (432) — 35,454 Other asset-backed securities 70,411 89 (90) — 70,410 Corporate and other securities 401,413 7,070 (3,444) — 405,039 Subtotal, fixed maturity securities 1,142,663 22,140 (10,534) — 1,154,269 Equity securities (2) 92,326 15,504 (2,735) — 105,095 Other invested assets (5) 21,142 — — — 21,142 Totals $ 1,256,131 $ 37,644 $ (13,269) $ — $ 1,280,506 (1) Residential mortgage‑backed securities consists primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB). (2) Equity securities include interests in mutual funds held to fund the Company’s executive deferred compensation plan. (3) The Company’s investment portfolio included 367 and 343 securities in an unrealized loss position at December 31, 2017 and December 31, 2016, respectively. (4) Amounts in this column represent other‑than‑temporary impairment (“OTTI”) recognized in accumulated other comprehensive income. (5) Other invested assets are accounted for under the equity method which approximates fair value.
Amortized cost and the estimated fair value of fixed maturity securities, by maturity	As of December 31, 2017 Amortized Estimated Cost Fair Value Due in one year or less $ 63,751 $ 63,886 Due after one year through five years 291,873 297,433 Due after five years through ten years 242,425 246,193 Due after ten years through twenty years 218,344 224,328 Due after twenty years 5,114 5,440 Asset-backed securities 335,190 334,746 Totals $ 1,156,697 $ 1,172,026
Gross realized gains and losses on sales of investments	Years Ended December 31, 2017 2016 2015 Gross realized gains Fixed maturity securities $ 1,468 $ 803 $ 496 Equity securities 5,244 6,946 2,727 Gross realized losses Fixed maturity securities (504) (1,242) (3,315) Equity securities (172) (948) (377) Net realized gains (losses) on investments $ 6,036 $ 5,559 $ (469)
Gross unrealized losses included in the Company's investment portfolio and the fair value of those securities	As of December 31, 2017 Less than 12 Months 12 Months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 1,791 $ 18 $ — $ — $ 1,791 $ 18 Obligations of states and political subdivisions 19,603 152 30,018 814 49,621 966 Residential mortgage-backed securities 126,713 1,724 39,638 1,119 166,351 2,843 Commercial mortgage-backed securities 5,457 30 8,027 284 13,484 314 Other asset-backed securities 25,769 167 18,270 58 44,039 225 Corporate and other securities 94,863 1,189 36,440 1,262 131,303 2,451 Subtotal, fixed maturity securities 274,196 3,280 132,393 3,537 406,589 6,817 Equity securities 4,730 361 2,420 248 7,150 609 Total temporarily impaired securities $ 278,926 $ 3,641 $ 134,813 $ 3,785 $ 413,739 $ 7,426 As of December 31, 2016 Less than 12 Months 12 Months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 301 $ — $ — $ — $ 301 $ — Obligations of states and political subdivisions 79,960 3,912 — — 79,960 3,912 Residential mortgage-backed securities 182,265 2,476 4,595 180 186,860 2,656 Commercial mortgage-backed securities 15,521 432 — — 15,521 432 Other asset-backed securities 31,869 90 — — 31,869 90 Corporate and other securities 118,625 2,044 17,531 1,400 136,156 3,444 Subtotal, fixed maturity securities 428,541 8,954 22,126 1,580 450,667 10,534 Equity securities 6,364 315 14,841 2,420 21,205 2,735 Total temporarily impaired securities $ 434,905 $ 9,269 $ 36,967 $ 4,000 $ 471,872 $ 13,269
Credit loss recognized in earnings related to fixed maturity securities	Years Ended December 31, 2017 2016 2015 Credit losses on fixed maturity securities, beginning of period $ 1,094 $ 796 - Add: credit losses on OTTI not previously recognized 256 798 796 Less: credit losses on securities sold (458) (500) - Less: credit losses on securities impaired due to intent to sell — — — Add: credit losses on previously impaired securities — — — Less: increases in cash flows expected on previously impaired securities — — — Credit losses on fixed maturity securities, end of period $ 892 $ 1,094 796
Components of net investment income	Years Ended December 31, 2017 2016 2015 Interest on fixed maturity securities $ 37,246 $ 36,961 $ 38,794 Dividends on equity securities 3,093 3,401 3,362 Equity in earnings of other invested assets 1,016 949 918 Interest on other assets 89 64 74 Interest on cash and cash equivalents — 43 11 Total Investment Income 41,444 41,418 43,159 Investment expenses 2,686 3,005 2,625 Net investment income $ 38,758 $ 38,413 $ 40,534

Equipment and Leasehold Impro35

Equipment and Leasehold Improvements (Tables)	12 Months Ended
	Dec. 31, 2017
Equipment and Leasehold Improvements
Schedule of carrying value of equipment and leasehold improvements by classification	As of December 31, 2017 2016 Software $ 34,252 $ 29,167 Computer equipment 8,820 8,218 Leasehold improvements 2,524 2,524 Other equipment 2,770 2,499 Furniture and fixtures 1,338 1,338 Total cost 49,704 43,746 Less accumulated depreciation and amortization 39,837 34,800 Equipment and leasehold improvements, net $ 9,867 $ 8,946

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Share-Based Compensation
Schedule of stock option activity	Years Ended December 31, 2017 2016 2015 Shares Weighted Shares Weighted Shares Weighted Under Average Under Average Under Average Option Exercise Price Option Exercise Price Option Exercise Price Outstanding at beginning of year $ — $ — $ 6,200 $ 42.85 $ 12,700 $ 42.85 Exercised — — (6,000) 42.85 (6,500) 42.85 Forfeited — — (200) 42.85 — — Outstanding at end of period — — — — 6,200 42.85 Exercisable at end of period $ — $ — $ — $ — $ 6,200 $ 42.85
Schedule of restricted stock and performance-based restricted stock activity	Years Ended December 31, 2017 2016 2015 Shares Weighted Shares Weighted Shares Weighted Under Average Under Average Under Average Restriction Fair Value Restriction Fair Value Restriction Fair Value Outstanding at beginning of year 95,493 $ 55.86 112,024 $ 54.44 176,116 $ 46.38 Granted 40,226 73.42 46,556 56.09 46,943 61.57 Vested and unrestricted (42,453) 56.56 (56,279) 53.43 (108,130) 44.51 Forfeited (180) 63.87 (6,808) 50.02 (2,905) 49.94 Outstanding at end of period 93,086 $ 63.13 95,493 $ 55.86 112,024 $ 54.44 Years Ended December 31, 2017 2016 2015 Performance-based Weighted Performance-based Weighted Performance-based Weighted Shares Under Average Shares Under Average Shares Under Average Restriction Fair Value Restriction Fair Value Restriction Fair Value Outstanding at beginning of year 94,610 $ 57.60 99,101 $ 55.55 64,724 $ 50.40 Granted 29,829 74.96 44,626 61.07 37,722 63.62 Vested and unrestricted (18,259) 53.99 (15,289) 47.42 — — Forfeited (520) 53.99 (33,828) 52.07 (3,345) 46.91 Outstanding at end of period 105,660 $ 62.75 94,610 $ 57.60 99,101 $ 55.55

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies
Schedule of minimum annual rental payments due under lease agreements	The approximate minimum annual rental payments due under these lease agreements as of December 31, 2017 are presented in the following table. 2018 $ 3,633 2019 3,537 2020 3,474 2021 3,437 2022 3,424 2023 and after 19,977 Total minimum lease payments $ 37,482

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2017
Reinsurance
Schedule of effect of assumed and ceded premiums on net written and earned premiums and losses and LAE incurred	Years Ended December 31, 2017 2016 2015 Written Premiums Direct $ 827,316 $ 811,559 $ 785,730 Assumed 34,214 30,424 28,322 Ceded (80,476) (75,513) (67,872) Net written premiums $ 781,054 $ 766,470 $ 746,180 Earned Premiums Direct $ 818,804 $ 796,366 $ 776,633 Assumed 32,502 29,544 25,819 Ceded (76,886) (70,150) (64,288) Net earned premiums $ 774,420 $ 755,760 $ 738,164 Loss and LAE Direct $ 517,146 $ 515,506 $ 688,793 Assumed 28,003 23,343 22,306 Ceded (41,262) (45,416) (98,530) Net loss and LAE $ 503,887 $ 493,433 $ 612,569

Loss and Loss Adjustment Expe39

Loss and Loss Adjustment Expense Reserves (Tables)	12 Months Ended
	Dec. 31, 2017
Loss and Loss Adjustment Expense Reserves
Schedule of reconciliation of beginning and ending reserves for losses and loss adjustment expenses (LAE)	Years Ended December 31, 2017 2016 2015 Reserves for losses and LAE at beginning of year $ 560,321 $ 553,977 $ 482,012 Less receivable from reinsurers related to unpaid losses and LAE (83,724) (68,261) (61,245) Net reserves for losses and LAE at beginning of year 476,597 485,716 420,767 Incurred losses and LAE, related to: Current year 545,671 538,881 642,882 Prior years (41,784) (45,448) (30,313) Total incurred losses and LAE 503,887 493,433 612,569 Paid losses and LAE related to: Current year 325,049 328,046 415,256 Prior years 164,466 174,506 132,364 Total paid losses and LAE 489,515 502,552 547,620 Net reserves for losses and LAE at end of period 490,969 476,597 485,716 Plus receivable from reinsurers related to unpaid losses and LAE 83,085 83,724 68,261 Reserves for losses and LAE at end of period $ 574,054 $ 560,321 $ 553,977
Schedule of incurred and paid claims development	Private Passenger Automobile Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 184,923 $ 178,522 $ 171,359 $ 165,751 $ 162,494 $ 158,899 $ 157,015 $ 156,782 $ 155,432 $ 155,203 $ 326 Total $ 1,741,649 Private Passenger Automobile Liability Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 72,994 $ 118,287 $ 136,555 $ 144,488 $ 150,932 $ 153,603 $ 154,645 $ 154,788 $ 154,817 $ 154,826 Total $ 1,510,425 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 231,990 Private Passenger Automobile Physical Damage Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 101,471 $ 99,626 $ 99,960 $ 99,883 $ 99,822 $ 99,806 $ 99,791 $ 99,792 $ 99,816 $ 99,809 $ 6 Total $ 1,128,144 Private Passenger Automobile Physical Damage Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 98,451 $ 100,648 $ 99,976 $ 99,939 $ 99,853 $ 99,807 $ 99,791 $ 99,770 $ 99,768 $ 99,758 Total $ 1,131,539 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ (3,395) Commercial Automobile Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 27,399 $ 26,868 $ 25,526 $ 24,827 $ 25,133 $ 24,729 $ 24,535 $ 24,057 $ 23,852 $ 23,852 $ 30 Total $ 289,521 Commercial Automobile Liability Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 7,106 $ 13,711 $ 17,216 $ 20,085 $ 22,344 $ 23,416 $ 23,762 $ 23,732 $ 23,764 $ 23,771 Total $ 209,724 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 80,018 Commercial Automobile Physical Damage Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 10,990 $ 11,441 $ 11,491 $ 11,684 $ 11,721 $ 11,675 $ 11,677 $ 11,667 $ 11,634 $ 11,663 $ (25) Total $ 138,509 Commercial Automobile Physical Damage Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 10,604 $ 11,807 $ 11,733 $ 11,737 $ 11,756 $ 11,735 $ 11,733 $ 11,732 $ 11,734 $ 11,734 Total $ 136,297 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,212 Homeowners Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 5,535 $ 5,535 $ 5,183 $ 4,078 $ 3,473 $ 3,473 $ 3,116 $ 3,030 $ 2,877 $ 2,877 $ 45 Total $ 64,476 Homeowners Liability Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 333 $ 1,497 $ 2,143 $ 2,473 $ 2,575 $ 2,670 $ 2,693 $ 2,709 $ 2,727 $ 2,734 Total $ 32,686 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 31,945 Homeowners Property Damage Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims Cumulative Number of Reported Claims Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 24,108 $ 23,167 $ 22,671 $ 22,873 $ 22,847 $ 22,792 $ 22,726 $ 22,720 $ 22,690 $ 22,691 $ 139 Total $ 641,054 Homeowners Property Damage Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Unaudited) $ 11,751 $ 19,164 $ 20,665 $ 22,481 $ 22,514 $ 22,531 $ 22,552 $ 22,552 $ 22,552 $ 22,553 Total $ 589,565 All outstanding liabilities before 2008, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance $ 51,746
Schedule of unaudited supplementary information related to incurred and paid claims development	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) Years Private Passenger Automobile Liability Private Passenger Automobile Physical Damage -4.2% -2.1% -0.3% -0.1% Commercial Automobile Liability Commercial Automobile Physical Damage -1.7% -0.3% -0.1% Homeowners Liability Homeowners Property Damage
Schedule of reconciliation of the disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claims Adjustment Expenses	Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses December 31, 2017 Net outstanding liabilities Private Passenger Automobile Liability $ 231,990 Private Passenger Automobile Physical Damage (3,395) Commercial Automobile Liability 80,018 Commercial Automobile Physical Damage 2,212 Homeowners Liability 31,945 Homeowners Property Damage 51,746 Other Short-Duration Insurance Lines 65,363 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance $ 459,879 Reinsurance recoverable on unpaid claims Private Passenger Automobile Liability $ 1,191 Private Passenger Automobile Physical Damage 4 Commercial Automobile Liability 68,111 Commercial Automobile Physical Damage 2,248 Homeowners Liability - Homeowners Property Damage 2,681 Other Short-Duration Insurance Lines 8,850 Total reinsurance recoverable on unpaid claims $ 83,085 Unallocated claims adjustment expenses 31,090 Total gross liability for unpaid claims and claim adjustment expenses $ 574,054

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Taxes
Summary of income tax expense (benefit) in the Consolidated Statements of Operations	Years Ended December 31, 2017 2016 2015 Current Income Taxes: Federal $ 22,198 $ 26,927 $ (15,384) State 30 89 40 22,228 27,016 (15,344) Deferred Income Taxes: Federal 2,085 1,681 552 State — — — 2,085 1,681 552 Total income tax expense (benefit) $ 24,313 $ 28,697 $ (14,792)
Schedule of sources of the difference and the tax effects	Years Ended December 31, 2017 2016 2015 Federal income tax expense (benefit), at statutory rate $ 30,345 $ 32,649 $ (10,025) Tax‑exempt investment income, net (4,123) (4,194) (4,889) State taxes, net 19 58 26 Nondeductible expenses 237 202 233 Remeasurement of deferred tax liability upon enactment of the TCJA (1,540) — — Tax windfall related to share-based stock compensation (333) — — Other, net (292) (18) (137) Total income tax expense (benefit) $ 24,313 $ 28,697 $ (14,792)
Schedule of deferred income tax asset (liability) representing the tax effects of temporary differences attributable to the Company's consolidated federal tax return group	Years Ended December 31, 2017 2016 Deferred tax assets: Discounting of loss reserves $ 3,361 $ 5,984 Discounting of unearned premium reserve 17,239 28,286 Bad debt allowance 289 502 Employee benefits 3,499 7,995 Rent incentive 64 238 Depreciation 75 255 Total deferred tax assets before valuation allowance 24,527 43,260 Valuation allowance for deferred tax assets — — Total deferred tax assets 24,527 43,260 Deferred tax liabilities: Deferred acquisition costs (15,163) (24,848) Investments (2,421) (3,469) Net unrealized gains on investments (7,710) (8,531) Software development costs (1,648) (2,479) Premium acquisition expenses (502) (850) Total deferred tax liabilities (27,444) (40,177) Net deferred tax asset (liability) $ (2,917) $ 3,083

Fair Value of Financial Instr41

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value of Financial Instruments
Fair value measurements for available-for-sale investments	As of December 31, 2017 Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities $ 1,791 $ — $ 1,791 $ — Obligations of states and political subdivisions 403,084 — 403,084 — Residential mortgage-backed securities 222,766 — 222,766 — Commercial mortgage-backed securities 39,369 — 39,369 — Other asset-backed securities 72,613 — 72,613 — Corporate and other securities 432,403 — 432,403 — Equity securities 87,737 87,057 — 680 Total investment securities $ 1,259,763 $ 87,057 $ 1,172,026 $ 680 As of December 31, 2016 Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities $ 302 $ — $ 302 $ — Obligations of states and political subdivisions 390,433 — 390,433 — Residential mortgage-backed securities 252,631 — 252,631 — Commercial mortgage-backed securities 35,454 — 35,454 — Other asset-backed securities 70,410 — 70,410 — Corporate and other securities 405,039 — 405,039 — Equity securities 85,134 84,456 — 678 Total investment securities $ 1,239,403 $ 84,456 $ 1,154,269 $ 678
Changes in the Company's Level 3 fair value securities	Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 678 $ 547 $ 505 Net gains and losses included in earnings — — — Net gains included in other comprehensive income — — — Purchases 2 131 42 Sales — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance at end of period $ 680 $ 678 $ 547

Quarterly Results of Operatio42

Quarterly Results of Operations (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Results of Operations
Summary of the Company's unaudited of quarterly performance, and audited annual performance results of operations	Year ended December 31, 2017 First Second Third Fourth Total Quarter Quarter Quarter Quarter Year Total revenue $ 204,770 $ 208,249 $ 212,529 $ 213,565 $ 839,113 Net income 12,019 21,105 17,954 11,309 62,387 Earnings per weighted average common share: Basic 0.80 1.40 1.19 0.73 4.13 Diluted 0.79 1.39 1.18 0.72 4.10 Cash dividends paid per common share 0.70 0.70 0.80 0.80 3.00 Year ended December 31, 2016 First Second Third Fourth Total Quarter Quarter Quarter Quarter Year Total revenue $ 199,829 $ 202,950 $ 210,085 $ 206,958 $ 819,822 Net (loss) income 12,670 21,365 18,597 11,953 64,585 Earnings per weighted average common share: Basic 0.84 1.42 1.24 0.79 4.29 Diluted 0.84 1.41 1.23 0.79 4.27 Cash dividends paid per common share 0.70 0.70 0.70 0.70 2.80

Basis of Presentation (Details)

Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2017
Basis of Presentation
Percentage of private passenger automobile insurance to total direct written premiums	56.70%

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended			24 Months Ended
	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)$ / shares	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016USD ($)$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2017USD ($)segmentshares
Investments
Maximum period considered for applying equity method accounting based on financial information provided by the investee									3 months
Accounts Receivable
Premiums receivable, allowance for doubtful accounts | $	$ 414				$ 435				$ 414	$ 435		$ 414
Deferred Policy Acquisition Costs
Amortization expense | $									144,703	141,540	$ 138,239
Marketing and Advertising Expense [Abstract]
Advertising costs | $									2,216	2,063	1,906
Earnings per Weighted Average Common Share
Net income from continuing operations | $	$ 11,309	$ 17,954	$ 21,105	$ 12,019	$ 11,953	$ 18,597	$ 21,365	$ 12,670	62,387	64,585	(13,853)
Allocation of income for participating shares | $									(392)	(436)
Net income (loss) from continuing operations attributed to common shareholders | $									$ 61,995	$ 64,149	$ (13,853)
Total weighted average common shares outstanding, including participating shares | shares									15,105,558	15,048,048	14,985,475
Less: weighted average participating shares | shares									(94,807)	(101,595)	(118,868)
Basic earnings per share denominator | shares									15,010,751	14,946,453	14,866,607
Common equivalent shares- stock options | shares										134
Common equivalent shares- non-vested performance stock grants | shares									124,597	85,676
Diluted earnings per share denominator | shares									15,135,348	15,032,263	14,866,607
Basic earnings per share (in dollars per share) | $ / shares	$ 0.73	$ 1.19	$ 1.40	$ 0.80	$ 0.79	$ 1.24	$ 1.42	$ 0.84	$ 4.13	$ 4.29	$ (0.93)
Diluted earnings per share (in dollars per share) | $ / shares	0.72	1.18	1.39	0.79	0.79	1.23	1.41	0.84	4.10	4.27	$ (0.93)
Antidilutive common shares | shares											1,587	0
Antidilutive common shares under non performance stock grants | shares											46,805	0
Undistributed Earnings, Diluted [Abstract]
Basic earnings per share (in dollars per share) | $ / shares	0.73	1.19	1.40	0.80	0.79	1.24	1.42	0.84	4.13	4.29	$ (0.93)
Dividends declared | $ / shares									(3)	(2.8)	(2.8)
Undistributed earnings (loss) | $ / shares									1.13	1.49	(3.73)
Diluted earnings per share (in dollars per share) | $ / shares	$ 0.72	$ 1.18	$ 1.39	$ 0.79	$ 0.79	$ 1.23	$ 1.41	$ 0.84	4.10	4.27	(0.93)
Undistributed earnings (loss) - Diluted | $ / shares									$ 1.10	$ 1.47	$ (3.73)
Premiums and Unearned Premiums
Term over which premiums are earned									1 year
Deferred revenue | $	$ 14,371				$ 14,643				$ 14,371	$ 14,643		$ 14,371
Segments
Number of business segments | segment												1
Minimum
Equipment and Leasehold Improvements
Estimated useful lives									3 years
Maximum
Equipment and Leasehold Improvements
Estimated useful lives									10 years
Accounting Standards Update 2015-07
Segments
Alternative investments fair value | $	$ 24,130				$ 19,961				$ 24,130	$ 19,961		$ 24,130

Investments (Details)

Investments (Details) $ in Thousands	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item
Securities available-for-sale
Fixed maturity securities, amortized cost	$ 1,156,697	$ 1,142,663
Fixed maturity securities, Gross Unrealized Gains	22,146	22,140
Fixed maturity securities, Non-OTTI Gross Unrealized Losses	(6,817)	(10,534)
Fixed maturity securities, Estimated Fair Value	1,172,026	1,154,269
Equity securities, Cost or Amortized Cost	90,481	92,326
Equity securities, Gross Unrealized Gains	21,995	15,504
Equity securities, Non-OTTI Gross Unrealized Losses	(609)	(2,735)
Equity securities, Estimated Fair Value	111,867	105,095
Other invested assets, Cost or Amortized Cost	23,162	21,142
Other invested assets, Estimated Fair Value	23,162	21,142
Cost or Amortized Cost	1,270,340	1,256,131
Gross Unrealized Gains	44,141	37,644
Gross Non-OTTI Unrealized Losses	(7,426)	(13,269)
Estimated Fair Value	$ 1,307,055	$ 1,280,506
Number of securities in an unrealized loss position | item	367	343
U.S. Treasury securities
Securities available-for-sale
Fixed maturity securities, amortized cost	$ 1,809	$ 302
Fixed maturity securities, Non-OTTI Gross Unrealized Losses	(18)
Fixed maturity securities, Estimated Fair Value	1,791	302
Obligations of states and political subdivisions
Securities available-for-sale
Fixed maturity securities, amortized cost	391,806	382,811
Fixed maturity securities, Gross Unrealized Gains	12,244	11,534
Fixed maturity securities, Non-OTTI Gross Unrealized Losses	(966)	(3,912)
Fixed maturity securities, Estimated Fair Value	403,084	390,433
Residential mortgage-backed securities
Securities available-for-sale
Fixed maturity securities, amortized cost	223,257	252,031
Fixed maturity securities, Gross Unrealized Gains	2,352	3,256
Fixed maturity securities, Non-OTTI Gross Unrealized Losses	(2,843)	(2,656)
Fixed maturity securities, Estimated Fair Value	222,766	252,631
Commercial mortgage-backed securities
Securities available-for-sale
Fixed maturity securities, amortized cost	39,268	35,695
Fixed maturity securities, Gross Unrealized Gains	415	191
Fixed maturity securities, Non-OTTI Gross Unrealized Losses	(314)	(432)
Fixed maturity securities, Estimated Fair Value	39,369	35,454
Other asset-backed securities
Securities available-for-sale
Fixed maturity securities, amortized cost	72,665	70,411
Fixed maturity securities, Gross Unrealized Gains	173	89
Fixed maturity securities, Non-OTTI Gross Unrealized Losses	(225)	(90)
Fixed maturity securities, Estimated Fair Value	72,613	70,410
Corporate and other securities
Securities available-for-sale
Fixed maturity securities, amortized cost	427,892	401,413
Fixed maturity securities, Gross Unrealized Gains	6,962	7,070
Fixed maturity securities, Non-OTTI Gross Unrealized Losses	(2,451)	(3,444)
Fixed maturity securities, Estimated Fair Value	$ 432,403	$ 405,039

Investments Amortized Cost and

Investments Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Amortized Cost
Due in one year or less, Amortized Cost	$ 63,751
Due after one year through five years, Amortized Cost	291,873
Due after five years though ten years, Amortized Cost	242,425
Due after ten years through twenty years, Amortized Cost	218,344
Due after twenty years, Amortized Cost	5,114
Asset-backed securities, Amortized Cost	335,190
Totals, Amortized Cost	1,156,697	$ 1,142,663
Estimated Fair Value
Due in one year or less, Fair Value	63,886
Due after one year through five years, Fair Value	297,433
Due after five years through ten years, Fair Value	246,193
Due after ten years through twenty years, Fair Value	224,328
Due after twenty years, Fair Value	5,440
Asset-backed securities, Fair Value	334,746
Totals, Fair Value	$ 1,172,026	$ 1,154,269

Investments Gross Realized Gain

Investments Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Securities available-for-sale
Net realized gains on investments	$ 6,036	$ 5,559	$ (469)
Subtotal, fixed maturity securities
Securities available-for-sale
Gross realized gains	1,468	803	496
Gross realized losses	(504)	(1,242)	(3,315)
Equity securities
Securities available-for-sale
Gross realized gains	5,244	6,946	2,727
Gross realized losses	$ (172)	$ (948)	$ (377)

Investments Gross Unrealized Lo

Investments Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	$ 278,926	$ 434,905
Estimated Fair Value, 12 Months or More	134,813	36,967
Estimated Fair Value, Total	413,739	471,872
Unrealized Losses
Unrealized Losses, Less than 12 Months	3,641	9,269
Unrealized Losses, 12 Months or More	3,785	4,000
Unrealized Losses, Total	7,426	13,269
Subtotal, fixed maturity securities
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	274,196	428,541
Estimated Fair Value, 12 Months or More	132,393	22,126
Estimated Fair Value, Total	406,589	450,667
Unrealized Losses
Unrealized Losses, Less than 12 Months	3,280	8,954
Unrealized Losses, 12 Months or More	3,537	1,580
Unrealized Losses, Total	6,817	10,534
U.S. Treasury securities
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	1,791	301
Estimated Fair Value, Total	1,791	301
Unrealized Losses
Unrealized Losses, Less than 12 Months	18
Unrealized Losses, Total	18
Obligations of states and political subdivisions
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	19,603	79,960
Estimated Fair Value, 12 Months or More	30,018
Estimated Fair Value, Total	49,621	79,960
Unrealized Losses
Unrealized Losses, Less than 12 Months	152	3,912
Unrealized Losses, 12 Months or More	814
Unrealized Losses, Total	966	3,912
Residential mortgage-backed securities
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	126,713	182,265
Estimated Fair Value, 12 Months or More	39,638	4,595
Estimated Fair Value, Total	166,351	186,860
Unrealized Losses
Unrealized Losses, Less than 12 Months	1,724	2,476
Unrealized Losses, 12 Months or More	1,119	180
Unrealized Losses, Total	2,843	2,656
Commercial mortgage-backed securities
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	5,457	15,521
Estimated Fair Value, 12 Months or More	8,027
Estimated Fair Value, Total	13,484	15,521
Unrealized Losses
Unrealized Losses, Less than 12 Months	30	432
Unrealized Losses, 12 Months or More	284
Unrealized Losses, Total	314	432
Other asset-backed securities
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	25,769	31,869
Estimated Fair Value, 12 Months or More	18,270
Estimated Fair Value, Total	44,039	31,869
Unrealized Losses
Unrealized Losses, Less than 12 Months	167	90
Unrealized Losses, 12 Months or More	58
Unrealized Losses, Total	225	90
Corporate and other securities
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	94,863	118,625
Estimated Fair Value, 12 Months or More	36,440	17,531
Estimated Fair Value, Total	131,303	136,156
Unrealized Losses
Unrealized Losses, Less than 12 Months	1,189	2,044
Unrealized Losses, 12 Months or More	1,262	1,400
Unrealized Losses, Total	2,451	3,444
Equity securities
Estimated Fair Value
Estimated Fair Value, Less than 12 Months	4,730	6,364
Estimated Fair Value, 12 Months or More	2,420	14,841
Estimated Fair Value, Total	7,150	21,205
Unrealized Losses
Unrealized Losses, Less than 12 Months	361	315
Unrealized Losses, 12 Months or More	248	2,420
Unrealized Losses, Total	$ 609	$ 2,735

Investments Other (Details)

Investments Other (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)perioditem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Credit losses on fixed maturity securities, beginning of period	$ 1,094	$ 796
Add: credit losses on OTTI not previously recognized	256	798	$ 796
Less: credit losses on securities sold	(458)	(500)
Credit losses on fixed maturity securities, end of period	892	$ 1,094	$ 796
Amounts included in accumulated other comprehensive income related to OTTI securities	0
Short-term Investments	0
Subprime mortgage debt securities
Other-Than-Temporary Impairments
Securities held	$ 0
U.S. Treasury securities
Other-Than-Temporary Impairments
Securities held with a material (20% or greater) unrealized loss for four or more consecutive quarters | item	2
U.S. Treasury securities | Minimum
Other-Than-Temporary Impairments
Material loss threshold, number of consecutive quarters | period	4

Investments Components of Net I

Investments Components of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components of net investment income
Interest on fixed maturity securities	$ 37,246	$ 36,961	$ 38,794
Dividends on equity securities	3,093	3,401	3,362
Equity in earnings of other invested assets	1,016	949	918
Interest on other assets	89	64	74
Interest on cash and cash equivalents		43	11
Total investment income	41,444	41,418	43,159
Investment expenses	2,686	3,005	2,625
Net investment income	$ 38,758	$ 38,413	$ 40,534

Equipment and Leasehold Impro51

Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Total cost	$ 49,704	$ 43,746
Less accumulated depreciation and amortization	39,837	34,800
Equipment and leasehold improvements, net	9,867	8,946
Depreciation and amortization	5,037	4,382	$ 3,907
Software
Property, plant and equipment
Total cost	34,252	29,167
Computer equipment
Property, plant and equipment
Total cost	8,820	8,218
Leasehold improvements
Property, plant and equipment
Total cost	2,524	2,524
Other equipment
Property, plant and equipment
Total cost	2,770	2,499
Furniture and fixtures
Property, plant and equipment
Total cost	$ 1,338	$ 1,338

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Benefit Plan
Minimum age required to be eligible for contribution under the Retirement Plan	21 years
Employer matching contribution (as a percent)	100.00%
Maximum amount contributed by employee from employees base salary (as a percent)	8.00%
Compensation expense	$ 3,164	$ 3,018	$ 3,019

Share-Based Compensation (Detai

Share-Based Compensation (Details)	Dec. 31, 2017shares
Share-Based Compensation
Maximum number of shares of common stock with respect to which awards may be granted	2,500,000
Number of shares available for future grant	209,087

Share-Based Compensation Stock

Share-Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Shares Under Option
Outstanding at beginning of year (in shares)	6,200	12,700
Exercised (in shares)	(6,000)	(6,500)
Forfeited (in shares)	(200)
Outstanding at end of period (in shares)		6,200
Exercisable at end of period (in shares)		6,200
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 42.85	$ 42.85
Exercised (in dollars per share)	42.85	42.85
Forfeited (in dollars per share)	$ 42.85
Outstanding at end of period (in dollars per share)		42.85
Exercisable at end of period (in dollars per share)		$ 42.85
Aggregate Intrinsic Value
Aggregate Intrinsic Value of Options Outstanding		$ 84
Weighted Average Remaining Contractual Term
Weighted average remaining contractual term of options outstanding		2 months 12 days
Additional disclosure
Total intrinsic value of options exercised	$ 85	$ 138
Proceeds from exercise of stock options	257	278
Registrant
Additional disclosure
Proceeds from exercise of stock options	$ 257	$ 278

Share-Based Compensation Restri

Share-Based Compensation Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted Average Fair Value
Unrecognized compensation expense related to non-vested restricted stock awards	$ 6,420
Weighted average period expected for recognition of compensation expense related to non-vested restricted stock awards	1 year 8 months 12 days
Total fair value of the shares that were vested and unrestricted during the period	$ 3,387	$ 3,732	$ 2,897
Compensation Expense, Net of Tax	3,358	2,797	2,423
Income tax benefits from compensation expense	$ 1,808	$ 1,506	$ 1,304
Restricted Stock
Shares Under Restriction
Outstanding at beginning of year (in shares)	95,493	112,024	176,116
Granted (in shares)	40,226	46,556	46,943
Vested and unrestricted (in shares)	(42,453)	(56,279)	(108,130)
Forfeited (in shares)	(180)	(6,808)	(2,905)
Outstanding at end of period (in shares)	93,086	95,493	112,024
Weighted Average Fair Value
Outstanding at beginning of year (in dollars per share)	$ 55.86	$ 54.44	$ 46.38
Granted (in dollars per share)	73.42	56.09	61.57
Vested and unrestricted (in dollars per share)	56.56	53.43	44.51
Forfeited (in dollars per share)	63.87	50.02	49.94
Outstanding at end of period (in dollars per share)	$ 63.13	$ 55.86	$ 54.44
Restricted Stock | Non-executives
Share-Based Compensation
Vesting period	5 years
Restricted Stock | Executives
Share-Based Compensation
Vesting period	3 years
Restricted Stock | First anniversary of grant date
Share-Based Compensation
Actual Payouts (as a percent)	30.00%
Restricted Stock | Second anniversary of grant date
Share-Based Compensation
Actual Payouts (as a percent)	30.00%
Restricted Stock | Third anniversary of grant date
Share-Based Compensation
Actual Payouts (as a percent)	40.00%
Performance-based | Restricted Stock
Share-Based Compensation
Vesting period	3 years
Shares Under Restriction
Outstanding at beginning of year (in shares)	94,610	99,101	64,724
Granted (in shares)	29,829	44,626	37,722
Vested and unrestricted (in shares)	(18,259)	(15,289)
Forfeited (in shares)	(520)	(33,828)	(3,345)
Outstanding at end of period (in shares)	105,660	94,610	99,101
Weighted Average Fair Value
Outstanding at beginning of year (in dollars per share)	$ 57.60	$ 55.55	$ 50.40
Granted (in dollars per share)	74.96	61.07	63.62
Vested and unrestricted (in dollars per share)	53.99	47.42
Forfeited (in dollars per share)	53.99	52.07	46.91
Outstanding at end of period (in dollars per share)	$ 62.75	$ 57.60	$ 55.55
Performance-based | Restricted Stock | Minimum
Share-Based Compensation
Actual Payouts (as a percent)	0.00%
Performance-based | Restricted Stock | Maximum
Share-Based Compensation
Actual Payouts (as a percent)	200.00%

Commitments and Contingencies56

Commitments and Contingencies (Details) $ in Thousands	Nov. 07, 2017item	Apr. 05, 2007	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Lease of office space
Rental Expense			$ 4,557	$ 4,242	$ 4,293
Minimum annual rental payments due
2,018			3,633
2,019			3,537
2,020			3,474
2,021			3,437
2,022			3,424
2023 and after			19,977
Total minimum lease payments			37,482
Investment in limited partnership, committed amount			60,000
Contribution made			30,240
Contributions to be made			$ 29,760
Ninth Amendment to lease agreement
Minimum annual rental payments due
Lease extension, additional term commencing on January 1, 2018		11 years
Number of renewal terms | item	2
Lessee Leasing Arrangements, Operating Leases, Renewal Term	5 years

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	12 Months Ended		24 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Revolving Credit Agreement | LIBOR rate
Debt
Variable interest rate basis		LIBOR
Spread on variable rate (as a percent)	1.25%
Revolving Credit Agreement | Prime rate
Debt
Variable interest rate basis		Bank prime rate
Spread on variable rate (as a percent)	1.25%
Revolving Credit Agreement | Federal Funds Effective Swap Rate
Debt
Variable interest rate basis		federal funds rate
Spread on variable rate (as a percent)		1.25%
Additional spread on variable rate (as a percent)	0.50%		0.50%
RBS Citizens
Debt
Current borrowing capacity	$ 30,000		$ 30,000
Maximum borrowing capacity	50,000		50,000
Default trigger, principal amount	10,000		10,000
Outstanding amount	0		$ 0
Commitment fee (as a percent)			0.25%
F H L B Boston
Debt
Outstanding amount	0		$ 0
Maximum borrowing capacity using eligible invested assets as collateral	$ 264,857		$ 264,857

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reinsurance
Prepaid Reinsurance Premiums	$ 32,175	$ 28,585
Snow Event
Reinsurance
Reinsurance recoverables	675
Disputed Reinsurance Recoverable
Reinsurance
Disputed reinsurance recoverable	20,918	22,838
Award for settlement of paid and outstanding losses	9,200
Unrecovered reinsurance expensed	11,718
CAR | Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | Concentration of credit risk
Reinsurance
Reinsurance receivables on paid and unpaid loss and LAE	86,291	70,623
Assumed net losses	5,444	2,341	$ 365
Prepaid Reinsurance Premiums	$ 30,706	$ 26,964

Reinsurance Written and Earned

Reinsurance Written and Earned Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Written Premiums
Direct	$ 827,316	$ 811,559	$ 785,730
Assumed	34,214	30,424	28,322
Ceded	(80,476)	(75,513)	(67,872)
Net written premiums	781,054	766,470	746,180
Earned Premiums
Direct	818,804	796,366	776,633
Assumed	32,502	29,544	25,819
Ceded	(76,886)	(70,150)	(64,288)
Net earned premiums	774,420	755,760	738,164
Loss and LAE
Direct	517,146	515,506	688,793
Assumed	28,003	23,343	22,306
Ceded	(41,262)	(45,416)	(98,530)
Net loss and LAE	$ 503,887	$ 493,433	$ 612,569

Loss and Loss Adjustment Expe60

Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Loss and Loss Adjustment Expense Reserves
Reserves for losses and LAE at beginning of year	$ 560,321	$ 553,977	$ 482,012
Less receivable from reinsurers related to unpaid losses and LAE	(83,724)	(68,261)	(61,245)
Net reserves for losses and LAE at beginning of year	476,597	485,716	420,767
Incurred losses and LAE, related to:
Current year	545,671	538,881	642,882
Prior years	(41,784)	(45,448)	(30,313)
Total incurred losses and LAE	503,887	493,433	612,569
Paid losses and LAE related to:
Current year	325,049	328,046	415,256
Prior years	164,466	174,506	132,364
Total paid losses and LAE	489,515	502,552	547,620
Net reserves for losses and LAE at end of period	490,969	476,597	485,716
Plus receivable from reinsurers related to unpaid losses and LAE	83,085	83,724	68,261
Reserves for losses and LAE at end of period	574,054	560,321	553,977
Reduction in retained automobile reserves	29,855	25,019	18,644
Reduction in retained homeowners reserves	$ 10,201	$ 11,648	$ 7,964

Loss and Loss Adjustment Expe61

Loss and Loss Adjustment Expense Reserves - Incurred and paid claims development (Details) $ in Thousands	Dec. 31, 2017USD ($)claim	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)	Dec. 31, 2009USD ($)	Dec. 31, 2008USD ($)
incurred and paid claims development
Liabilities for claims and claims adjustment expenses, net of reinsurance	$ 459,879
Private Passenger Automobile Liability
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	1,741,649	$ 2,008	$ 2,008	$ 2,008	$ 2,008	$ 2,008
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	1,510,425
All outstanding liabilities before 2008, net of reinsurance	766
Liabilities for claims and claims adjustment expenses, net of reinsurance	231,990
Private Passenger Automobile Liability | 2008
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	155,203	155,432	156,782	157,015	158,899	162,494	$ 165,751	$ 171,359	$ 178,522	$ 184,923
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 326
Cumulative Number of Reported claims | claim	55,948
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 154,826	154,817	154,788	154,645	153,603	150,932	144,488	136,555	118,287	72,994
Private Passenger Automobile Liability | 2009
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	158,433	159,021	159,674	160,844	163,593	167,078	168,900	172,667	174,243
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 299
Cumulative Number of Reported claims | claim	55,015
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 157,710	157,697	157,440	156,808	153,756	148,807	139,517	121,962	73,808
Private Passenger Automobile Liability | 2010
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	162,679	163,206	164,723	166,195	170,089	171,978	172,558	169,426
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 1,234
Cumulative Number of Reported claims | claim	54,932
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 161,080	160,859	160,192	157,887	153,408	142,688	126,734	73,721
Private Passenger Automobile Liability | 2011
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	170,732	171,852	172,957	175,209	176,906	176,906	176,727
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 1,441
Cumulative Number of Reported claims | claim	56,123
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 168,025	167,251	164,413	158,904	146,532	130,018	76,467
Private Passenger Automobile Liability | 2012
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	166,008	167,831	170,379	174,856	175,189	175,262
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 2,141
Cumulative Number of Reported claims | claim	53,270
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 160,416	157,443	152,991	144,157	126,553	74,306
Private Passenger Automobile Liability | 2013
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	179,167	181,492	183,264	183,517	183,367
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 887
Cumulative Number of Reported claims | claim	54,240
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 169,634	163,694	152,472	135,031	79,049
Private Passenger Automobile Liability | 2014
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	183,119	186,798	187,104	187,305
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (742)
Cumulative Number of Reported claims | claim	52,770
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 166,815	156,693	136,434	79,151
Private Passenger Automobile Liability | 2015
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	188,317	190,236	190,036
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (6,017)
Cumulative Number of Reported claims | claim	52,890
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 156,483	138,255	76,934
Private Passenger Automobile Liability | 2016
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	192,318	192,912
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (5,470)
Cumulative Number of Reported claims | claim	49,050
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 137,917	78,862
Private Passenger Automobile Liability | 2017
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	185,673
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (2,536)
Cumulative Number of Reported claims | claim	42,576
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 77,519
Private Passenger Automobile Physical Damage
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	1,128,144
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	1,131,539
All outstanding liabilities before 2008, net of reinsurance	0
Liabilities for claims and claim adjustment expenses, net of reinsurance	(3,395)
Private Passenger Automobile Physical Damage | 2008
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	99,809	99,816	99,792	99,791	99,806	99,822	99,883	99,960	99,626	101,471
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 6
Cumulative Number of Reported claims | claim	130,706
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 99,758	99,768	99,770	99,791	99,807	99,853	99,939	99,976	100,648	98,451
Private Passenger Automobile Physical Damage | 2009
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	93,002	93,014	93,036	93,021	93,060	93,058	93,156	93,993	96,219
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 4
Cumulative Number of Reported claims | claim	127,434
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 92,998	93,012	93,026	93,024	93,049	93,116	93,187	94,258	96,496
Private Passenger Automobile Physical Damage | 2010
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	96,323	96,325	96,366	96,385	96,485	96,642	98,463	101,456
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 6
Cumulative Number of Reported claims | claim	128,200
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 96,317	96,325	96,335	96,369	96,444	96,587	98,445	101,635
Private Passenger Automobile Physical Damage | 2011
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	113,677	113,674	113,765	113,821	115,028	117,951	118,131
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 3
Cumulative Number of Reported claims | claim	140,509
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 113,669	113,673	113,719	113,809	114,451	117,152	126,196
Private Passenger Automobile Physical Damage | 2012
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	103,547	103,575	103,679	104,393	107,912	108,376
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 7
Cumulative Number of Reported claims | claim	123,641
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 103,537	103,573	103,664	104,311	107,017	111,928
Private Passenger Automobile Physical Damage | 2013
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	112,096	112,197	113,034	114,239	114,389
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (29)
Cumulative Number of Reported claims | claim	131,703
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 112,085	112,162	112,894	115,904	120,843
Private Passenger Automobile Physical Damage | 2014
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	122,327	122,410	123,622	123,421
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (69)
Cumulative Number of Reported claims | claim	134,998
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 122,402	122,668	126,414	130,732
Private Passenger Automobile Physical Damage | 2015
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	134,101	136,661	140,219
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 21
Cumulative Number of Reported claims | claim	144,237
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 134,066	136,760	143,532
Private Passenger Automobile Physical Damage | 2016
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	124,922	129,528
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 486
Cumulative Number of Reported claims | claim	125,983
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 124,298	133,530
Private Passenger Automobile Physical Damage | 2017
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	128,340
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (18,658)
Cumulative Number of Reported claims | claim	120,665
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 132,409
Commercial Automobile Liability
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	289,521
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	209,724
All outstanding liabilities before 2008, net of reinsurance	221
Liabilities for claims and claims adjustment expenses, net of reinsurance	80,018
Commercial Automobile Liability | 2008
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	23,852	23,852	24,057	24,535	24,729	25,133	24,827	25,526	26,868	27,399
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 30
Cumulative Number of Reported claims | claim	5,367
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 23,771	23,764	23,732	23,762	23,416	22,344	20,085	17,216	13,711	7,106
Commercial Automobile Liability | 2009
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	21,193	21,461	21,564	21,720	21,938	21,968	22,416	22,757	23,292
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 150
Cumulative Number of Reported claims | claim	4,755
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 21,026	21,026	20,988	20,589	19,004	17,237	15,196	12,705	6,811
Commercial Automobile Liability | 2010
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	18,725	19,034	19,285	19,763	19,576	19,493	19,922	20,150
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 288
Cumulative Number of Reported claims | claim	4,531
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 18,269	18,113	17,892	17,351	15,821	13,816	11,520	6,466
Commercial Automobile Liability | 2011
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	22,817	22,933	23,649	24,187	24,160	24,298	23,658
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 173
Cumulative Number of Reported claims | claim	4,958
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 22,043	21,913	20,941	19,783	17,807	14,263	7,306
Commercial Automobile Liability | 2012
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	23,819	24,572	24,723	24,662	24,447	23,704
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 888
Cumulative Number of Reported claims | claim	4,566
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 20,601	18,876	17,804	15,617	12,474	6,503
Commercial Automobile Liability | 2013
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	26,310	26,864	28,377	29,541	29,175
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 908
Cumulative Number of Reported claims | claim	5,782
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 22,434	21,129	19,625	17,079	8,502
Commercial Automobile Liability | 2014
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	33,914	34,376	34,105	34,117
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 1,226
Cumulative Number of Reported claims | claim	6,084
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 25,253	21,968	17,853	9,426
Commercial Automobile Liability | 2015
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	36,610	36,150	35,371
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (1,606)
Cumulative Number of Reported claims | claim	7,197
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 26,018	21,700	11,181
Commercial Automobile Liability | 2016
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	39,416	37,954
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (1,731)
Cumulative Number of Reported claims | claim	6,404
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 19,902	9,991
Commercial Automobile Liability | 2017
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	42,865
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 13,208
Cumulative Number of Reported claims | claim	5,143
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 10,407
Commercial Automobile Physical Damage
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	138,509
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	136,297
All outstanding liabilities before 2008, net of reinsurance	0
Liabilities for claims and claims adjustment expenses, net of reinsurance	2,212
Commercial Automobile Physical Damage | 2008
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	11,663	11,634	11,667	11,677	11,675	11,721	11,684	11,491	11,441	10,990
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (25)
Cumulative Number of Reported claims | claim	12,420
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 11,734	11,734	11,732	11,733	11,735	11,756	11,737	11,733	11,807	10,604
Commercial Automobile Physical Damage | 2009
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	10,002	9,981	9,981	9,935	9,913	9,981	9,904	9,987	10,786
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (30)
Cumulative Number of Reported claims | claim	11,593
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 10,032	10,034	10,034	10,035	10,034	10,004	10,079	10,253	9,707
Commercial Automobile Physical Damage | 2010
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	9,990	9,916	9,955	10,077	9,892	9,893	9,963	10,048
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (36)
Cumulative Number of Reported claims | claim	10,555
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 10,026	10,027	10,025	10,028	10,039	10,053	10,219	9,398
Commercial Automobile Physical Damage | 2011
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	10,952	10,910	10,952	10,960	11,031	11,151	11,511
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (98)
Cumulative Number of Reported claims | claim	11,488
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 11,050	11,053	11,055	11,060	11,092	11,119	11,006
Commercial Automobile Physical Damage | 2012
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	10,208	10,250	10,249	10,331	10,382	10,382
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (28)
Cumulative Number of Reported claims | claim	9,913
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 10,235	10,239	10,242	10,270	10,553	9,707
Commercial Automobile Physical Damage | 2013
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	13,057	13,180	13,298	13,567	13,666
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (11)
Cumulative Number of Reported claims | claim	12,298
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 13,065	13,074	13,114	13,378	12,665
Commercial Automobile Physical Damage | 2014
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	15,419	15,455	16,925	17,426
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 25
Cumulative Number of Reported claims | claim	13,545
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 15,388	15,424	15,862	15,377
Commercial Automobile Physical Damage | 2015
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	19,021	19,047	20,223
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 335
Cumulative Number of Reported claims | claim	15,464
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 18,667	18,910	17,787
Commercial Automobile Physical Damage | 2016
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	18,506	20,216
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 329
Cumulative Number of Reported claims | claim	13,579
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 18,143	17,228
Commercial Automobile Physical Damage | 2017
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	19,691
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 163
Cumulative Number of Reported claims | claim	12,375
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 17,957
Homeowners Liability
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	64,476
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	32,686
All outstanding liabilities before 2008, net of reinsurance	155
Liabilities for claims and claims adjustment expenses, net of reinsurance	31,945
Homeowners Liability | 2008
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	2,877	2,877	3,030	3,116	3,473	3,473	4,078	5,183	5,535	5,535
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 45
Cumulative Number of Reported claims | claim	151
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 2,734	2,727	2,709	2,693	2,670	2,575	2,473	2,143	1,497	333
Homeowners Liability | 2009
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	2,966	2,966	3,015	3,072	3,456	4,012	4,637	4,637	4,637
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 99
Cumulative Number of Reported claims | claim	200
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 2,867	2,867	2,867	2,867	2,813	2,607	2,092	1,411	535
Homeowners Liability | 2010
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	3,612	3,735	4,098	4,717	4,888	5,422	5,422	5,591
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 100
Cumulative Number of Reported claims | claim	217
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 3,457	3,472	3,425	3,214	2,890	2,684	1,420	963
Homeowners Liability | 2011
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	5,546	6,017	6,923	7,531	7,644	7,644	6,260
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 132
Cumulative Number of Reported claims | claim	304
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 4,758	4,536	4,497	4,336	3,459	1,969	235
Homeowners Liability | 2012
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	4,331	5,304	6,464	7,514	7,514	7,514
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 446
Cumulative Number of Reported claims | claim	249
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 3,600	3,029	2,731	2,308	2,063	1,389
Homeowners Liability | 2013
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	5,978	7,578	9,337	9,768	9,768
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 536
Cumulative Number of Reported claims | claim	262
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 3,829	3,493	3,080	2,337	527
Homeowners Liability | 2014
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	7,388	9,738	11,494	11,494
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 1,041
Cumulative Number of Reported claims | claim	260
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 4,200	3,212	1,834	340
Homeowners Liability | 2015
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	9,908	12,555	12,965
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (1,442)
Cumulative Number of Reported claims | claim	282
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 4,267	3,319	428
Homeowners Liability | 2016
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	10,594	10,594
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 913
Cumulative Number of Reported claims | claim	257
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 2,669	647
Homeowners Liability | 2017
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	11,276
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 5,077
Cumulative Number of Reported claims | claim	211
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 305
Homeowners Property Damage
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	641,054
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	589,565
All outstanding liabilities before 2008, net of reinsurance	257
Liabilities for claims and claims adjustment expenses, net of reinsurance	51,746
Homeowners Property Damage | 2008
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	22,691	22,690	22,720	22,726	22,792	22,847	22,873	22,671	23,167	24,108
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 139
Cumulative Number of Reported claims | claim	4,389
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 22,553	22,552	22,552	22,552	22,531	22,514	22,481	20,665	19,164	$ 11,751
Homeowners Property Damage | 2009
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	25,922	25,922	25,967	25,977	26,244	26,913	27,233	27,024	27,483
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 167
Cumulative Number of Reported claims | claim	3,651
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 25,753	25,753	25,754	25,741	25,705	25,718	25,812	22,305	$ 16,147
Homeowners Property Damage | 2010
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	39,501	39,501	39,658	39,921	40,868	43,021	44,550	45,342
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 253
Cumulative Number of Reported claims | claim	6,685
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 39,235	39,235	39,203	39,145	39,110	38,790	37,447	$ 25,761
Homeowners Property Damage | 2011
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	92,595	93,186	93,914	94,657	97,571	98,021	95,586
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 372
Cumulative Number of Reported claims | claim	15,116
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 92,182	92,333	92,444	92,462	92,184	89,741	$ 71,532
Homeowners Property Damage | 2012
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	42,382	43,097	44,380	47,392	49,911	50,351
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 512
Cumulative Number of Reported claims | claim	6,051
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 41,789	41,782	41,737	41,960	40,681	$ 30,801
Homeowners Property Damage | 2013
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	51,077	52,464	55,722	56,199	56,298
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 1,141
Cumulative Number of Reported claims | claim	5,697
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 49,653	49,612	49,702	48,456	$ 38,661
Homeowners Property Damage | 2014
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	57,331	59,751	60,213	59,160
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 2,468
Cumulative Number of Reported claims | claim	6,074
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 54,224	54,088	52,161	$ 40,409
Homeowners Property Damage | 2015
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	162,377	152,049	152,586
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (15,276)
Cumulative Number of Reported claims | claim	20,068
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 160,572	145,337	$ 112,563
Homeowners Property Damage | 2016
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	66,442	67,116
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ (1,141)
Cumulative Number of Reported claims | claim	5,406
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 57,238	$ 44,103
Homeowners Property Damage | 2017
incurred and paid claims development
Incurred claims and allocated claim adjustment expenses, net of reinsurance	80,736
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development of Reported Claims	$ 6,774
Cumulative Number of Reported claims | claim	5,701
Cumulative paid and allocated claim adjustment expenses, net of reinsurance	$ 46,366

Loss and Loss Adjustment Expe62

Loss and Loss Adjustment Expense Reserves - Supplementary information about average historical claims (Details)	12 Months Ended
	Dec. 31, 2017
Private Passenger Automobile Liability
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Year 1	43.80%
Year 2	31.20%
Year 3	10.40%
Year 4	6.00%
Year 5	3.20%
Year 6	1.70%
Year 7	0.50%
Year 8	0.10%
Year 9	0.00%
Year 10	0.00%
Private Passenger Automobile Physical Damage
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Year 1	106.00%
Year 2	(4.2)
Year 3	(2.1)
Year 4	(0.3)
Year 5	(0.1)
Year 6	0.00%
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%
Year 10	0.00%
Commercial Automobile Liability
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Year 1	28.90%
Year 2	27.50%
Year 3	12.50%
Year 4	9.30%
Year 5	6.60%
Year 6	5.30%
Year 7	1.30%
Year 8	0.30%
Year 9	0.10%
Year 10	0.00%
Commercial Automobile Physical Damage
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Year 1	94.90%
Year 2	5.70%
Year 3	(1.7)
Year 4	(0.3)
Year 5	0.00%
Year 6	(0.1)
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%
Year 10	0.00%
Homeowners Liability
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Year 1	8.80%
Year 2	24.70%
Year 3	17.40%
Year 4	11.50%
Year 5	5.60%
Year 6	5.00%
Year 7	2.00%
Year 8	0.00%
Year 9	0.30%
Year 10	0.20%
Homeowners Property Damage
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Year 1	68.30%
Year 2	21.60%
Year 3	5.80%
Year 4	0.60%
Year 5	0.00%
Year 6	0.00%
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%
Year 10	0.00%

Loss and Loss Adjustment Expe63

Loss and Loss Adjustment Expense Reserves - Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	$ 459,879
Reinsurance recoverable on unpaid claims	83,085	$ 83,724	$ 68,261
Unallocated claims adjustment expenses	31,090
Total gross liability for unpaid claims and claim adjustment expenses	574,054	$ 560,321	$ 553,977	$ 482,012
Private Passenger Automobile Liability
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	231,990
Reinsurance recoverable on unpaid claims	1,191
Private Passenger Automobile Physical Damage
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	(3,395)
Reinsurance recoverable on unpaid claims	4
Commercial Automobile Liability
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	80,018
Reinsurance recoverable on unpaid claims	68,111
Commercial Automobile Physical Damage
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	2,212
Reinsurance recoverable on unpaid claims	2,248
Homeowners Liability
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	31,945
Homeowners Property Damage
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	51,746
Reinsurance recoverable on unpaid claims	2,681
Other short-Duration Insurance Lines
Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid claims and Claim Adjustment Expenses
Net outstanding liabilities	65,363
Reinsurance recoverable on unpaid claims	$ 8,850

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current Income Taxes:
Federal	$ 22,198	$ 26,927	$ (15,384)
State	30	89	40
Current Income Tax Expense (Benefit), Total	22,228	27,016	(15,344)
Deferred Income Taxes:
Federal	2,085	1,681	552
Deferred Income Tax Expense (Benefit), Total	2,085	1,681	552
Total income tax expense (benefit)	$ 24,313	$ 28,697	$ (14,792)

Income Taxes (Sources of Differ

Income Taxes (Sources of Difference and Tax Effects) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Sources of the difference and the tax effects
Federal income tax expense (benefit), at statutory rate	$ 30,345	$ 32,649	$ (10,025)
Tax-exempt investment income, net	(4,123)	(4,194)	(4,889)
State taxes, net	19	58	26
Nondeductible expenses	237	202	233
Remeasurement of deferred tax liability upon enactment of the TCJA	(1,540)
Tax windfall related to share-based stock compensation	(333)
Other, net	(292)	(18)	(137)
Total income tax expense (benefit)	$ 24,313	$ 28,697	$ (14,792)

Income Taxes (Temporary Differe

Income Taxes (Temporary Differences) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Discounting of loss reserves	$ 3,361	$ 5,984
Discounting of unearned premium reserve	17,239	28,286
Bad debt allowance	289	502
Employee benefits	3,499	7,995
Rent incentive	64	238
Depreciation	75	255
Total deferred tax assets before valuation allowance	24,527	43,260
Total deferred tax assets	24,527	43,260
Deferred tax liabilities:
Deferred acquisition costs	(15,163)	(24,848)
Investments	(2,421)	(3,469)
Net unrealized gains on investments	(7,710)	(8,531)
Software development costs	(1,648)	(2,479)
Premium acquisition expenses	(502)	(850)
Total deferred tax liabilities	(27,444)	(40,177)
Net deferred tax asset (liability)		3,083
Net deferred tax asset (liability)	(2,917)
Unrecognized tax benefits	0	0
Unrecognized tax benefits if recognized would affect the effective tax rate	0	$ 0
Unrecognized tax benefits interest and penalties accrued	$ 0

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Aug. 03, 2007
Share Repurchase Program
Share Repurchase Program	$ 150,000		$ 30,000
Number of common shares purchased during period under the program	0	0
Treasury stock shares	2,279,570	2,279,570
Treasury stock, at cost	$ 83,835	$ 83,835

Statutory Net Income and Surp68

Statutory Net Income and Surplus (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Statutory Net Income and Surplus
Maximum available for dividends without approval	$ 61,758
Company's insurance company subsidiaries
Statutory Net Income and Surplus
Statutory net income	57,982	$ 57,202	$ (12,209)
Statutory capital and surplus	$ 617,577	$ 604,813
Period of statutory measurement of income and dividends	12 months
Dividend limitation without prior permission, percentage of preceding surplus	10.00%
Period allowed for Commissioner to object to notice of an extraordinary dividend	30 days
Restricted net assets amount	$ 555,819
Number of levels of regulatory action, risk-based capital law | item	4
Minimum statutory capital and surplus or company action level risk-based capital	$ 171,988
Safety Insurance Company
Statutory Net Income and Surplus
Statutory capital and surplus	617,577
Recorded dividends	$ 41,826

Fair Value of Financial Instr69

Fair Value of Financial Instruments Level 1 - 3 Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair value of financial instruments
Short-term investments	$ 0
Total
Fair value of financial instruments
Fair value measurement	1,259,763	$ 1,239,403
Total | U.S. Treasury securities
Fair value of financial instruments
Fair value measurement	1,791	302
Total | Obligations of states and political subdivisions
Fair value of financial instruments
Fair value measurement	403,084	390,433
Total | Residential mortgage-backed securities
Fair value of financial instruments
Fair value measurement	222,766	252,631
Total | Commercial mortgage-backed securities
Fair value of financial instruments
Fair value measurement	39,369	35,454
Total | Other asset-backed securities
Fair value of financial instruments
Fair value measurement	72,613	70,410
Total | Corporate and other securities
Fair value of financial instruments
Fair value measurement	432,403	405,039
Total | Equity securities
Fair value of financial instruments
Fair value measurement	87,737	85,134
Level 1 Inputs
Fair value of financial instruments
Fair value measurement	87,057	84,456
Level 1 Inputs | Equity securities
Fair value of financial instruments
Fair value measurement	87,057	84,456
Level 2 Inputs
Fair value of financial instruments
Fair value measurement	1,172,026	1,154,269
Level 2 Inputs | U.S. Treasury securities
Fair value of financial instruments
Fair value measurement	1,791	302
Level 2 Inputs | Obligations of states and political subdivisions
Fair value of financial instruments
Fair value measurement	403,084	390,433
Level 2 Inputs | Residential mortgage-backed securities
Fair value of financial instruments
Fair value measurement	222,766	252,631
Level 2 Inputs | Commercial mortgage-backed securities
Fair value of financial instruments
Fair value measurement	39,369	35,454
Level 2 Inputs | Other asset-backed securities
Fair value of financial instruments
Fair value measurement	72,613	70,410
Level 2 Inputs | Corporate and other securities
Fair value of financial instruments
Fair value measurement	432,403	405,039
Level 3 Inputs
Fair value of financial instruments
Fair value measurement	680	678
Level 3 Inputs | Equity securities
Fair value of financial instruments
Fair value measurement	$ 680	$ 678

Fair Value of Financial Instr70

Fair Value of Financial Instruments Transfers between Levels (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Transfers between Levels
Transfers from Level 1 to Level 2	$ 0			$ 0
Transfers from Level 2 to Level 1	0			0
Changes in the Company's Level 3 fair value securities
Balance at beginning of period	678	$ 547	$ 505	505
Purchases	2	131	42
Transfers into Level 3				0
Transfers out of Level 3				0
Balance at end of period	$ 680	678	$ 547	680
Period of advance notice before quarter end	45 days
Accounting Standards Update 2015-07
Changes in the Company's Level 3 fair value securities
Alternative investments fair value	$ 24,130	$ 19,961		$ 24,130

Quarterly Results of Operatio71

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Results of Operations
Total revenue	$ 213,565	$ 212,529	$ 208,249	$ 204,770	$ 206,958	$ 210,085	$ 202,950	$ 199,829	$ 839,113	$ 819,822	$ 797,953
Net income									61,995	64,149	(13,853)
Net Income (Loss) Attributable to Parent	$ 11,309	$ 17,954	$ 21,105	$ 12,019	$ 11,953	$ 18,597	$ 21,365	$ 12,670	$ 62,387	$ 64,585	$ (13,853)
Earnings per weighted average common share:
Basic (in dollars per share)	$ 0.73	$ 1.19	$ 1.40	$ 0.80	$ 0.79	$ 1.24	$ 1.42	$ 0.84	$ 4.13	$ 4.29	$ (0.93)
Diluted (in dollars per share)	0.72	1.18	1.39	0.79	0.79	1.23	1.41	0.84	4.10	4.27	(0.93)
Cash dividends paid per common share (in dollars per share)	$ 0.80	$ 0.80	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 3	$ 2.80	$ 2.80

Related Party Transactions (Det

Related Party Transactions (Details)	12 Months Ended
	Dec. 31, 2012item
Related Party Transactions
Number of loans in which the entity participated as lender	2

Schedule I - Summary of Inves73

Schedule I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2017USD ($)
Summary of investments - other than investments in related parties
Cost or Amortized Cost	$ 1,270,340
Estimated Fair Value	1,307,055
Amount at which shown in the Balance Sheet	1,307,055
Total fixed maturities
Summary of investments - other than investments in related parties
Cost or Amortized Cost	1,156,697
Estimated Fair Value	1,172,026
Amount at which shown in the Balance Sheet	1,172,026
U.S. government and government agencies and authorities
Summary of investments - other than investments in related parties
Cost or Amortized Cost	225,066
Estimated Fair Value	224,557
Amount at which shown in the Balance Sheet	224,557
Obligations of states and political subdivisions
Summary of investments - other than investments in related parties
Cost or Amortized Cost	391,806
Estimated Fair Value	403,084
Amount at which shown in the Balance Sheet	403,084
Corporate and other securities
Summary of investments - other than investments in related parties
Cost or Amortized Cost	539,825
Estimated Fair Value	544,385
Amount at which shown in the Balance Sheet	544,385
Total equity securities
Summary of investments - other than investments in related parties
Cost or Amortized Cost	90,481
Estimated Fair Value	111,867
Amount at which shown in the Balance Sheet	111,867
Industrial, miscellaneous and all other
Summary of investments - other than investments in related parties
Cost or Amortized Cost	90,481
Estimated Fair Value	111,867
Amount at which shown in the Balance Sheet	111,867
Other invested assets
Summary of investments - other than investments in related parties
Cost or Amortized Cost	23,162
Estimated Fair Value	23,162
Amount at which shown in the Balance Sheet	$ 23,162

Schedule II - Condensed Finan74

Schedule II - Condensed Financial Information of the Registrant (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Investments in consolidated affiliates	$ 23,162	$ 21,142
Other	16,219	13,469
Total assets	1,807,279	1,758,246
Liabilities
Total liabilities	1,106,263	1,087,520
Shareholders' equity	701,016	670,726	$ 644,499	$ 708,283
Total liabilities and shareholders' equity	1,807,279	1,758,246
Registrant
Assets
Investments in consolidated affiliates	702,661	672,102
Other	9	24
Total assets	702,670	672,126
Liabilities
Accounts payable and other liabilities	1,654	1,400
Total liabilities	1,654	1,400
Shareholders' equity	701,016	670,726
Total liabilities and shareholders' equity	$ 702,670	$ 672,126

Schedule II - Condensed Finan75

Schedule II - Condensed Financial Information of the Registrant Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Statements of Income and Comprehensive Income
Revenues	$ 213,565	$ 212,529	$ 208,249	$ 204,770	$ 206,958	$ 210,085	$ 202,950	$ 199,829	$ 839,113	$ 819,822	$ 797,953
Expenses									752,413	726,540	826,598
Net income (loss)	$ 11,309	$ 17,954	$ 21,105	$ 12,019	$ 11,953	$ 18,597	$ 21,365	$ 12,670	62,387	64,585	(13,853)
Other net comprehensive income, net of taxes									8,426	(621)	(12,251)
Comprehensive income (loss)									70,813	63,964	(26,104)
Registrant
Condensed Statements of Income and Comprehensive Income
Expenses									1,494	1,406	1,230
Net loss									(1,494)	(1,406)	(1,230)
Earnings from consolidated subsidiaries									63,881	65,991	(12,623)
Net income (loss)									62,387	64,585	(13,853)
Other net comprehensive income, net of taxes									8,426	(621)	(12,251)
Comprehensive income (loss)									$ 70,813	$ 63,964	$ (26,104)

Schedule II - Condensed Finan76

Schedule II - Condensed Financial Information of the Registrant Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Statements of Cash Flows
Net income (loss)	$ 11,309	$ 17,954	$ 21,105	$ 12,019	$ 11,953	$ 18,597	$ 21,365	$ 12,670	$ 62,387	$ 64,585	$ (13,853)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Earnings) loss from consolidated subsidiaries									(1,016)	(949)	(918)
Changes in assets and liabilities:
Other assets									(5,400)	348	(726)
Accounts payable and accrued liabilities									(6,333)	14,068	(12,423)
Net cash provided by operating activities									82,040	98,824	22,891
Proceeds from exercise of stock options										257	278
Excess tax benefit from stock options exercised										(6)	1
Dividends paid									(45,460)	(42,265)	(41,976)
Net cash used for financing activities									(45,460)	(42,014)	(41,697)
Registrant
Condensed Statements of Cash Flows
Net income (loss)									62,387	64,585	(13,853)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Earnings) loss from consolidated subsidiaries									(63,881)	(65,991)	12,623
Dividends received from consolidated subsidiaries									41,826	39,156	39,440
Amortization of restricted stock expense									5,367	4,312	3,515
Changes in assets and liabilities:
Other assets									15	63	(33)
Accounts payable and accrued liabilities									(254)	(111)	5
Net cash provided by operating activities									45,460	42,014	41,697
Proceeds from exercise of stock options										257	278
Excess tax benefit from stock options exercised										(6)	1
Dividends paid									(45,460)	(42,265)	(41,976)
Net cash used for financing activities									$ (45,460)	$ (42,014)	$ (41,697)

Schedule III - Supplementary 77

Schedule III - Supplementary Insurance Information (Details) - Property and Casualty Insurance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Insurance Information
Deferred Policy Acquisition Costs	$ 72,202	$ 70,996	$ 68,937
Future Policy Benefits, Losses, Claims and Loss Expenses	574,054	560,321	553,977
Unearned Premiums	428,257	418,033	401,961
Premium Revenue	774,420	755,760	738,164
Net Investment Income	38,758	38,413	40,534
Benefits, Claims, Losses, and Settlement Expenses	503,887	493,433	612,569
Amortization of Deferred Policy Acquisition Costs	144,703	141,540	138,239
Other Operating Expenses	103,733	91,477	75,700
Premiums Written	$ 781,054	$ 766,470	$ 746,180

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Insurance Earned Premiums
Gross Amount	$ 818,804	$ 796,366	$ 776,633
Ceded to Other Companies	76,886	70,150	64,288
Assumed from Other Companies	32,502	29,544	25,819
Net Amount	774,420	755,760	738,164
Property and Casualty Insurance
Insurance Earned Premiums
Gross Amount	818,804	796,366	776,633
Ceded to Other Companies	76,886	70,150	64,288
Assumed from Other Companies	32,502	29,544	25,819
Net Amount	$ 774,420	$ 755,760	$ 738,164
Percentage of Amount Assumed to Net	4.20%	3.90%	3.50%

Schedule V - Valuation and Qu79

Schedule V - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in valuation and qualifying accounts
Balance at Beginning of Period	$ 435	$ 425	$ 462
Charged to Costs and Expenses	1,203	1,162	1,008
Deductions	1,224	1,152	1,045
Balance at End of Period	$ 414	$ 435	$ 425

Schedule VI - Supplemental In80

Schedule VI - Supplemental Information Concerning Property and Casualty Insurance Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Information Concerning Property and Casualty Insurance Operations
Current year	$ 545,671	$ 538,881	$ 642,882
Prior year	(41,784)	(45,448)	(30,313)
Consolidated Property & Casualty Subsidiaries
Supplemental Information Concerning Property and Casualty Insurance Operations
Deferred Policy Acquisition Costs	72,202	70,996	68,937
Reserves for Unpaid Claims and Claims Adjustment Expenses	574,054	560,321	553,977
Unearned Premiums	428,257	418,033	401,961
Earned Premiums	774,420	755,760	738,164
Net Investment Income	38,758	38,413	40,534
Current year	545,671	538,881	642,882
Prior year	(41,784)	(45,448)	(30,313)
Amortization of Deferred Policy Acquisition Costs	144,703	141,540	138,239
Paid Claims and Claims Adjustment Expenses	489,515	502,552	547,620
Premiums Written	$ 781,054	$ 766,470	$ 746,180