Infinity Property & Casualty (IPCC) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	INFINITY PROPERTY & CASUALTY CORP
Entity Central Index Key	1,195,933
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		11,384,811

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Earned premium	$ 340,504	$ 333,024	$ 672,610	$ 660,703
Percent change, Earned premium	2.20%		1.80%
Installment and Other Fee Income	$ 24,556	23,845	$ 49,117	48,185
Increase Decrease Installment and Other Fee Income	3.00%		1.90%
Net investment income	$ 9,202	9,110	$ 17,938	17,909
Percent change, Net investment Income	1.00%		0.20%
Net realized gains on investments	$ 214	1,846	$ 1,384	2,491
Percent change, Net realized gains on investments	(88.40%)		(44.50%)
Other income	$ 281	128	$ 681	279
Percent change, Other income	118.90%		143.80%
Total revenues	$ 374,757	367,954	$ 741,730	729,567
Percent change, Total revenues	1.80%		1.70%
Costs and Expenses:
Losses and loss adjustment expenses	$ 262,784	256,935	$ 518,427	510,637
Percent change, Losses and loss adjustment expenses	2.30%		1.50%
Commissions and other underwriting expenses	$ 86,272	89,725	$ 175,101	177,698
Percent change, Commissions and other underwriting expenses	(3.80%)		(1.50%)
Interest expense	$ 3,459	3,451	$ 6,918	6,904
Percent change, Interest expense	0.20%		0.20%
Corporate general and administrative expenses	$ 2,123	2,696	$ 4,026	4,222
Percent change, Corporate general and administrative expenses	(21.30%)		(4.60%)
Other expenses	$ 452	5	$ 1,355	317
Percent change, Other expenses			327.90%
Total costs and expenses	$ 355,090	352,811	$ 705,827	699,777
Percent change, Total costs and expenses	0.60%		0.90%
Earnings before income taxes	$ 19,667	15,143	$ 35,903	29,789
Percent change, Earnings before income taxes	29.90%		20.50%
Provision for income taxes	$ 6,174	4,476	$ 11,257	8,795
Percent change, Provision for income taxes	38.00%		28.00%
Net Earnings	$ 13,493	$ 10,667	$ 24,646	$ 20,994
Percent change, Net Earnings	26.50%		17.40%
Net Earnings Per Common Share:
Basic (usd per share)	$ 1.18	$ 0.93	$ 2.16	$ 1.84
Percent change, Basic	26.90%		17.40%
Diluted (usd per share)	$ 1.18	$ 0.92	$ 2.14	$ 1.81
Percent change, Diluted	28.30%		18.20%
Average Number of Common Shares:
Basic (shares)	11,408	11,435	11,417	11,432
Percent change, Basic	(0.20%)		(0.10%)
Diluted (shares)	11,483	11,583	11,517	11,581
Percent change, Diluted	(0.90%)		(0.60%)
Cash Dividends per Common Share	$ 0.43	$ 0.36	$ 0.86	$ 0.72
Percent change, Cash Dividends per Common Share	19.40%		19.40%
Net realized gains before impairment losses	$ 423	$ 1,852	$ 1,973	$ 2,524
Percent change, Net realized gains before impairment losses	(77.20%)		(21.80%)
Total other-than-temporary impairment (OTTI) losses	$ (208)	(1)	$ (590)	(894)
Increase Decrease in Impairment Losses Investment Available for Sale Securities			(34.00%)
Non-credit portion in other comprehensive income	$ 0	0	$ 0	885
Increase Decrease in non-credit portion in other comprehensive income	0.00%
OTTI losses reclassified from other comprehensive income	$ 0	(5)	0	(25)
Net impairment losses recognized in earnings	(208)	(6)	(590)	(33)
Total net realized gains on investments	$ 214	$ 1,846	$ 1,384	$ 2,491
Percent change,Total net realized gains on investments	(88.40%)		(44.50%)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net earnings	$ 13,493	$ 10,667	$ 24,646	$ 20,994
Other comprehensive income before tax:
Net change in postretirement benefit liability	16	(3)	33	655
Unrealized gains on investments:
Unrealized holding (losses) gains arising during the period	(13,472)	15,517	(5,056)	23,370
Less: Reclassification adjustments for gains included in net income	(214)	(1,846)	(1,384)	(2,491)
Unrealized (losses) gains on investments, net	(13,687)	13,671	(6,440)	20,879
Other comprehensive (loss) income, before tax	(13,670)	13,669	(6,407)	21,534
Income tax benefit (expense) related to components of other comprehensive income	4,785	(4,784)	2,242	(7,537)
Other comprehensive (loss) income, net of tax	(8,886)	8,885	(4,164)	13,997
Comprehensive income	$ 4,607	$ 19,552	$ 20,482	$ 34,991

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments:
Fixed maturities – at fair value (amortized cost $1,428,944 and $1,412,417)	$ 1,440,771	$ 1,431,843
Equity securities – at fair value (cost $76,691 and $77,862)	94,397	94,408
Short-term investments - at fair value (amortized cost $4,123 and $803)	4,121	803
Total investments	1,539,290	1,527,054
Cash and cash equivalents	60,481	84,541
Accrued investment income	13,520	12,976
Agents’ balances and premium receivable, net of allowances for doubtful accounts of $15,248 and $15,510	541,541	483,638
Property and equipment, net of accumulated depreciation of $69,112 and $63,929	77,923	55,880
Prepaid reinsurance premium	5,912	4,809
Recoverables from reinsurers (includes $794 and $161 on paid losses and LAE)	14,949	14,530
Deferred policy acquisition costs	99,344	90,428
Current and deferred income taxes	24,056	20,022
Receivable for securities sold	0	4,549
Other assets	12,967	11,108
Goodwill	75,275	75,275
Total assets	2,465,257	2,384,812
Liabilities:
Unpaid losses and loss adjustment expenses	681,028	668,177
Unearned premium	652,948	589,260
Long-term debt (fair value $287,576 and $291,044)	275,000	275,000
Commissions payable	18,522	18,673
Payable for securities purchased	11,100	17,173
Other liabilities	124,105	118,870
Total liabilities	$ 1,762,702	$ 1,687,153
Commitments and contingencies
Shareholders' equity:
Common stock, no par value (50,000,000 shares authorized; 21,773,580 and 21,728,032 shares issued)	$ 21,773	$ 21,745
Additional paid-in capital	374,499	372,368
Retained earnings	740,444	725,651
Accumulated other comprehensive income, net of tax	19,330	23,494
Treasury stock, at cost (10,347,489 and 10,244,672 shares)	(453,491)	(445,599)
Total shareholders' equity	702,555	697,659
Total liabilities and shareholders' equity	$ 2,465,257	$ 2,384,812

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed Maturities, Amortized Cost	$ 1,428,944	$ 1,412,417
Equity securities, cost	76,691	77,862
Short term investments, amortized cost	4,123	803
Agents' balances and premium receivable, allowance for doubtful accounts	15,248	15,510
Property and equipment, accumulated depreciation	69,112	63,929
Recoverable from reinsurers, paid losses and loss adjustment expenses	794	161
Long-term debt, fair value	$ 287,576	$ 291,044
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (shares)	50,000,000	50,000,000
Common stock, shares issued (shares)	21,773,580	21,728,032
Treasury stock, shares (shares)	10,347,489	10,244,672

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income, Net of Tax	Treasury Stock
Beginning Balance at Dec. 31, 2013	$ 656,758	$ 21,684	$ 368,902	$ 685,011	$ 16,624	$ (435,463)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	20,994			20,994
Net change in postretirement benefit liability	426				426
Change in unrealized gain on investments	13,831				13,831
Change in non-credit component of impairment losses on fixed maturities	(260)				(260)
Comprehensive income	34,991
Dividends paid to common shareholders	(8,283)			(8,283)
Shares issued and share-based compensation expense, including tax benefit	2,483	45	2,438
Acquisition of treasury stock	(5,163)					(5,163)
Ending Balance at Jun. 30, 2014	680,787	21,729	371,340	697,722	30,621	(440,625)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	36,207			36,207
Net change in postretirement benefit liability	(273)				(273)
Change in unrealized gain on investments	(7,021)				(7,021)
Change in non-credit component of impairment losses on fixed maturities	167				167
Comprehensive income	29,080
Dividends paid to common shareholders	(8,278)			(8,278)
Shares issued and share-based compensation expense, including tax benefit	1,044	16	1,027
Acquisition of treasury stock	(4,973)					(4,973)
Ending Balance at Dec. 31, 2014	697,659	21,745	372,368	725,651	23,494	(445,599)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	24,646			24,646
Net change in postretirement benefit liability	21				21
Change in unrealized gain on investments	(4,478)				(4,478)
Change in non-credit component of impairment losses on fixed maturities	292				292
Comprehensive income	20,482
Dividends paid to common shareholders	(9,853)			(9,853)
Shares issued and share-based compensation expense, including tax benefit	2,160	28	2,132
Acquisition of treasury stock	(7,892)					(7,892)
Ending Balance at Jun. 30, 2015	$ 702,555	$ 21,773	$ 374,499	$ 740,444	$ 19,330	$ (453,491)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating Activities:
Net earnings	$ 13,493	$ 10,667	$ 24,646	$ 20,994
Adjustments:
Depreciation	2,941	2,659	5,923	5,199
Amortization	5,211	5,500	11,099	11,267
Net realized gains on investments	(214)	(1,846)	(1,384)	(2,491)
Loss (gain) on disposal of property and equipment	123	0	238	(27)
Share-based compensation expense	1,069	1,876	1,728	1,708
Excess tax benefits from share-based payment arrangements	(298)	(96)	(298)	(151)
Activity related to rabbi trust	(16)	43	11	61
Change in accrued investment income	(1,489)	(1,091)	(543)	(706)
Change in agents’ balances and premium receivable	(11,572)	(1,537)	(57,903)	(43,194)
Change in reinsurance receivables	(759)	(592)	(1,521)	(1,738)
Change in deferred policy acquisition costs	(1,180)	690	(8,916)	(5,759)
Change in other assets	(5,072)	(709)	(3,340)	1,845
Change in unpaid losses and loss adjustment expenses	5,272	2,332	12,850	18,645
Change in unearned premium	8,514	(2,266)	63,688	44,742
Change in other liabilities	7,889	(1,242)	5,099	4,311
Net cash provided by operating activities	23,911	14,388	51,378	54,705
Investing Activities:
Purchases of fixed maturities	(137,518)	(115,716)	(287,674)	(299,244)
Purchases of equity securities			(2,000)	(2,600)
Purchases of short-term investments	(2,628)	0	(3,660)	(200)
Purchases of property and equipment	(26,065)	(7,702)	(28,204)	(12,951)
Maturities and redemptions of fixed maturities	59,775	31,990	106,503	73,191
Maturities and redemptions of short-term investments	285	1,200	285	2,600
Proceeds from sale of fixed maturities	56,704	52,380	152,136	117,339
Proceeds from sale of equity securities	0	4,999	4,489	4,999
Proceeds from sale of property and equipment			0	30
Net cash used in investing activities	(49,448)	(32,849)	(58,125)	(116,836)
Financing Activities:
Proceeds from stock options exercised and employee stock purchases	68	83	133	624
Excess tax benefits from share-based payment arrangements	298	96	298	151
Principal payments under capital lease obligation	(128)	(141)	(246)	(275)
Acquisition of treasury stock	(5,733)	(3,185)	(7,645)	(5,160)
Dividends paid to shareholders	(4,922)	(4,144)	(9,853)	(8,283)
Net cash used in financing activities	(10,416)	(7,292)	(17,313)	(12,942)
Net decrease in cash and cash equivalents	(35,953)	(25,753)	(24,060)	(75,072)
Cash and cash equivalents at beginning of period	96,434	84,892	84,541	134,211
Cash and cash equivalents at end of period	$ 60,481	$ 59,139	$ 60,481	$ 59,139

Reporting And Accounting Polici

Reporting And Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reporting And Accounting Policies	Reporting and Accounting Policies Nature of Operations We are a holding company that provides, through our subsidiaries, personal automobile insurance with a focus on the nonstandard market. Although licensed to write insurance in all 50 states and the District of Columbia, we focus on select states that we believe offer the greatest opportunity for premium growth and profitability. Basis of Consolidation and Reporting The accompanying consolidated financial statements are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 . This Quarterly Report on Form 10-Q, including the Condensed Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations, focuses on our financial performance since the beginning of the year. These financial statements reflect certain adjustments necessary for a fair presentation of our results of operations and financial position. Such adjustments consist of normal, recurring accruals recorded to match expenses with their related revenue streams and the elimination of all significant inter-company transactions and balances. We have evaluated events that occurred after June 30, 2015 , for recognition or disclosure in our financial statements and the notes to the financial statements. Schedules may not foot due to rounding. Estimates We based certain accounts and balances within these financial statements upon our estimates and assumptions. The amount of reserves for claims not yet paid, for example, is an item that we can only record by estimation. Unrealized capital gains and losses on investments are subject to market fluctuations, and we use judgment in the determination of whether unrealized losses on certain securities are temporary or other-than-temporary. Should actual results differ significantly from these estimates, the effect on our results of operations could be material. The results of operations for the periods presented may not be indicative of our results for the entire year. Recently Issued Accounting Standards In May 2015 the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) related to the disclosure for short-duration contracts. The guidance requires additional disclosures related to the liability for unpaid claims and claim adjustment expenses in an effort to increase transparency and comparability. The standard is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively. The new guidance will have no impact on our results of operations or financial position. In April 2015 the FASB issued an ASU related to the presentation of debt issuance costs. The guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. The standard is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively. The new guidance will have no material impact on our results of operations or financial position. In May 2014 the FASB issued an ASU related to the accounting for revenue from contracts with customers. Insurance contracts have been excluded from the scope of the guidance. The proposed ASU 2015-240 would change the effective date from fiscal years beginning after December 15, 2016, to fiscal years beginning after December 15, 2017. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations.

Computation Of Earnings Per Sha

Computation Of Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Net Earnings per Share	Computation of Net Earnings per Share The following table illustrates our computations of basic and diluted net earnings per common share ($ in thousands, except per share figures): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Net earnings $ 13,493 $ 10,667 $ 24,646 $ 20,994 Average basic shares outstanding 11,408 11,435 11,417 11,432 Basic net earnings per share $ 1.18 $ 0.93 $ 2.16 $ 1.84 Average basic shares outstanding 11,408 11,435 11,417 11,432 Restricted stock not yet vested 14 62 13 59 Dilutive effect of assumed option exercises 0 0 0 1 Dilutive effect of Performance Share Plan 61 86 87 89 Average diluted shares outstanding 11,483 11,583 11,517 11,581 Diluted net earnings per share $ 1.18 $ 0.92 $ 2.14 $ 1.81

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	Fair Value 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 following tables present, for each of the fair value hierarchy levels, our assets and liabilities for which we report fair value on a recurring basis ($ in thousands): Fair Value June 30, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 60,481 $ 0 $ 0 $ 60,481 Fixed maturity securities: U.S. government 69,223 56 0 69,279 State and municipal 0 502,266 10 502,276 Mortgage-backed securities: Residential 0 344,411 0 344,411 Commercial 0 72,025 0 72,025 Total mortgage-backed securities 0 416,435 0 416,435 Asset-backed securities 0 58,654 0 58,654 Corporates 0 391,703 2,423 394,127 Total fixed maturities 69,223 1,369,115 2,434 1,440,771 Equity securities 94,397 0 0 94,397 Short-term investments 0 4,121 0 4,121 Total cash and investments $ 224,101 $ 1,373,236 $ 2,434 $ 1,599,771 Percentage of total cash and investments 14.0 % 85.8 % 0.2 % 100.0 % Fair Value December 31, 2014 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 84,541 $ 0 $ 0 $ 84,541 Fixed maturity securities: U.S. government 66,847 87 0 66,933 State and municipal 0 503,650 0 503,650 Mortgage-backed securities: Residential 0 354,528 0 354,528 Commercial 0 50,838 0 50,838 Total mortgage-backed securities 0 405,366 0 405,366 Asset-backed securities 0 58,457 150 58,607 Corporates 0 394,152 3,134 397,286 Total fixed maturities 66,847 1,361,711 3,285 1,431,843 Equity securities 94,408 0 0 94,408 Short-term investments 0 803 0 803 Total cash and investments $ 245,795 $ 1,362,514 $ 3,285 $ 1,611,594 Percentage of total cash and investments 15.3 % 84.5 % 0.2 % 100.0 % We do not report our long-term debt at fair value in the Consolidated Balance Sheets. The $287.6 million and $291.0 million fair value of our long-term debt at June 30, 2015 , and December 31, 2014 , respectively, would be included in Level 2 of the fair value hierarchy if it were reported at fair value. Level 1 includes cash and cash equivalents, U.S. Treasury securities, an exchange-traded fund and equities held in a rabbi trust which funds our Supplemental Employee Retirement Plan ("SERP"). Level 2 includes securities whose fair value was determined using observable market inputs. Level 3 securities are comprised of (i) securities for which there is no active or inactive market for similar instruments; (ii) securities whose fair value is determined based on unobservable inputs; and (iii) securities, other than those backed by the U.S. Government, that are not rated by a nationally recognized statistical rating organization ("NRSRO"). We recognize transfers between levels at the beginning of the reporting period. A third party nationally recognized pricing service provides the fair value of securities in Level 2. A summary of the significant valuation techniques and market inputs for each class of security follows: U.S. Government: In determining the fair value for U.S. Government securities we use the market approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data and industry and economic events. State and municipal: In determining the fair value for state and municipal securities we use the market approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data and industry and economic events. Mortgage-backed securities: In determining the fair value for mortgage-backed securities we use the market approach and to a lesser extent the income approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data, industry and economic events and monthly payment information. Asset-backed securities: In determining the fair value for asset-backed securities we use the market approach and to a lesser extent the income approach. The primary inputs to the valuation include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads, reference data, industry and economic events, monthly payment information and collateral performance. Corporate: In determining the fair value for corporate securities we use the fair value approach. The primary inputs to the valuation models include reported trades, dealer quotes for identical or similar assets in markets that are not active, benchmark yields, credit spreads (for investment grade securities), observations of equity and credit default swap curves (for high-yield corporates), reference data and industry and economic events. We review the third party pricing methodologies quarterly and test for significant differences between the market price used to value the security and recent sales activity. The following tables present the progression in the Level 3 fair value category ($ in thousands): Three months ended June 30, 2015 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 10 $ 2,946 $ 46 $ 3,002 Total gains or (losses), unrealized or realized Included in net earnings 0 12 0 12 Included in other comprehensive income 0 (28 ) 0 (28 ) Settlements 0 (506 ) (46 ) (552 ) Balance at end of period $ 10 $ 2,423 $ 0 $ 2,434 Three months ended June 30, 2014 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 0 $ 5,054 $ 530 $ 5,583 Total gains or (losses), unrealized or realized Included in net earnings 0 20 0 20 Included in other comprehensive income 0 (3 ) (2 ) (4 ) Settlements 0 (501 ) (148 ) (649 ) Balance at end of period $ 0 $ 4,569 $ 380 $ 4,949 Six months ended June 30, 2015 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 0 $ 3,134 $ 150 $ 3,285 Total gains or (losses), unrealized or realized Included in net earnings 0 (83 ) 0 (83 ) Included in other comprehensive income 0 (43 ) 0 (42 ) Settlements 0 (586 ) (150 ) (736 ) Transfers in 10 0 0 10 Balance at end of period $ 10 $ 2,423 $ 0 $ 2,434 Six months ended June 30, 2014 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 0 $ 5,175 $ 686 $ 5,860 Total gains or (losses), unrealized or realized Included in net earnings 0 29 0 29 Included in other comprehensive income 0 (59 ) (2 ) (60 ) Settlements 0 (575 ) (304 ) (879 ) Transfers in 0 0 0 0 Balance at end of period $ 0 $ 4,569 $ 380 $ 4,949 Of the $2.4 million fair value of securities in Level 3 at June 30, 2015 , which consists of seven securities, we priced three based on non-binding broker quotes, two prices were provided by our unaffiliated money manager and two securities, which were included in Level 3 because they were not rated by a nationally recognized statistical rating organization, were priced by a nationally recognized pricing service. During the six months ended June 30, 2015 , one security was transferred from Level 2 into Level 3 because it was no longer rated by a nationally recognized statistical rating organization. There were no transfers of securities between Levels 1 and 2. The gains or losses included in net earnings are included in the line item "Net realized gains on investments" in the Consolidated Statements of Earnings. We recognize the net gains or losses included in other comprehensive income in the line item "Unrealized (losses) gains on investments, net" in the Consolidated Statements of Comprehensive Income and the line item "Change in unrealized gain on investments" or the line item "Change in non-credit component of impairment losses on fixed maturities" in the Consolidated Statements of Changes in Shareholders’ Equity. The following table presents the carrying value and estimated fair value of our financial instruments ($ in thousands): June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents $ 60,481 $ 60,481 $ 84,541 $ 84,541 Investments Fixed maturities 1,440,771 1,440,771 1,431,843 1,431,843 Equity securities 94,397 94,397 94,408 94,408 Short-term 4,121 4,121 803 803 Total cash and investments $ 1,599,771 $ 1,599,771 $ 1,611,594 $ 1,611,594 Liabilities: Long-term debt $ 275,000 $ 287,576 $ 275,000 $ 291,044 Refer to Note 4 to the Consolidated Financial Statements for additional information on investments and Note 5 to the Consolidated Financial Statements for additional information on long-term debt.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	Investments We consider all fixed maturity and equity securities to be available-for-sale and report them at fair value with the net unrealized gains or losses reported after-tax (net of any valuation allowance) as a component of other comprehensive income. The proceeds from sales of securities for the three and six months ended June 30, 2015 , were $56.7 million and $156.6 million , respectively. The proceeds for the three and six months ended June 30, 2014 , were $57.4 million and $122.3 million , respectively. There was no receivable for unsettled sales as of June 30, 2015 or 2014. Gross gains of $0.5 million and gross losses of $0.1 million were realized on sales of available for sale securities during the three months ended June 30, 2015 , compared with gross gains of $1.9 million and gross losses of $0.1 million realized on sales during the three months ended June 30, 2014 . Gross gains of $2.7 million and gross losses of $0.7 million were realized on sales of available for sale securities during the six months ended June 30, 2015 , compared with gross gains of $2.7 million and gross losses of $0.2 million realized on sales during the six months ended June 30, 2014 . Gains or losses on securities are determined on a specific identification basis. Summarized information for the major categories of our investment portfolio follows ($ in thousands): June 30, 2015 Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI Recognized in Accumulated OCI (1) Fixed maturities: U.S. government $ 68,979 $ 387 $ (87 ) $ 69,279 $ 0 State and municipal 494,780 8,117 (621 ) 502,276 (69 ) Mortgage-backed securities: Residential 342,421 4,531 (2,541 ) 344,411 (2,660 ) Commercial 72,179 162 (316 ) 72,025 0 Total mortgage-backed securities 414,600 $ 4,693 (2,858 ) $ 416,435 (2,660 ) Asset-backed securities 58,459 210 (15 ) 58,654 (8 ) Corporates 392,125 4,757 (2,756 ) 394,127 (246 ) Total fixed maturities 1,428,944 18,164 (6,337 ) 1,440,771 (2,983 ) Equity securities 76,691 17,706 0 94,397 0 Short-term investments 4,123 0 (2 ) 4,121 0 Total $ 1,509,758 $ 35,870 $ (6,339 ) $ 1,539,290 $ (2,983 ) December 31, 2014 Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI Recognized in Accumulated OCI (1) Fixed maturities: U.S. government $ 66,625 $ 502 $ (193 ) $ 66,933 $ 0 State and municipal 493,350 10,637 (337 ) 503,650 (69 ) Mortgage-backed securities: Residential 349,371 6,547 (1,390 ) 354,528 (2,914 ) Commercial 50,914 182 (258 ) 50,838 0 Total mortgage-backed securities 400,285 6,729 (1,648 ) 405,366 (2,914 ) Asset-backed securities 58,546 131 (70 ) 58,607 (8 ) Corporates 393,611 5,999 (2,324 ) 397,286 (441 ) Total fixed maturities 1,412,417 23,998 (4,572 ) 1,431,843 (3,433 ) Equity securities 77,862 16,546 0 94,408 0 Short-term investments 803 0 (1 ) 803 0 Total $ 1,491,082 $ 40,544 $ (4,573 ) $ 1,527,054 $ (3,433 ) (1) The total non-credit portion of OTTI recognized in Accumulated OCI reflecting the original non-credit loss at the time the credit impairment was determined. The following tables set forth the amount of unrealized loss by investment category and length of time that individual securities have been in a continuous unrealized loss position ($ in thousands): Less than 12 Months 12 Months or More Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost June 30, 2015 Fixed maturities: U.S. government 9 $ 17,112 $ (63 ) 0.4 % 4 $ 5,165 $ (24 ) 0.5 % State and municipal 60 149,383 (621 ) 0.4 % 0 0 0 0.0 % Mortgage-backed securities: Residential 159 118,336 (1,388 ) 1.2 % 64 46,853 (1,153 ) 2.4 % Commercial 11 36,809 (222 ) 0.6 % 3 14,254 (94 ) 0.7 % Total mortgage-backed securities 170 155,145 (1,610 ) 1.0 % 67 61,107 (1,247 ) 2.0 % Asset-backed securities 12 10,760 (10 ) 0.1 % 2 1,156 (4 ) 0.4 % Corporates 116 160,029 (2,522 ) 1.6 % 8 10,222 (234 ) 2.2 % Total fixed maturities 367 492,429 (4,827 ) 1.0 % 81 77,650 (1,510 ) 1.9 % Equity securities 0 0 0 0.0 % 0 0 0 0.0 % Short-term investments 3 3,621 (2 ) 0.1 % 0 0 0 0.0 % Total 370 $ 496,050 $ (4,829 ) 1.0 % 81 $ 77,650 $ (1,510 ) 1.9 % Less than 12 Months 12 Months or More Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost December 31, 2014 Fixed maturities: U.S. government 2 $ 5,275 $ (13 ) 0.3 % 8 $ 21,051 $ (180 ) 0.8 % State and municipal 45 108,721 (290 ) 0.3 % 2 4,183 (47 ) 1.1 % Mortgage-backed securities: Residential 24 12,855 (34 ) 0.3 % 109 100,752 (1,356 ) 1.3 % Commercial 8 15,638 (122 ) 0.8 % 5 9,519 (136 ) 1.4 % Total mortgage-backed securities 32 28,493 (156 ) 0.5 % 114 110,271 (1,492 ) 1.3 % Asset-backed securities 24 23,351 (60 ) 0.3 % 2 1,150 (9 ) 0.8 % Corporates 103 142,046 (1,820 ) 1.3 % 16 19,865 (503 ) 2.5 % Total fixed maturities 206 307,886 (2,340 ) 0.8 % 142 156,521 (2,232 ) 1.4 % Equity securities 0 0 0 0.0 % 0 0 0 0.0 % Short-term investments 2 803 (1 ) 0.1 % 0 0 0 0.0 % Total 208 $ 308,689 $ (2,341 ) 0.8 % 142 $ 156,521 $ (2,232 ) 1.4 % The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective as well as objective factors. Factors we considered and resources we used in our determination include: • whether the unrealized loss is credit-driven or a result of changes in market interest rates; • the length of time the security’s market value has been below its cost; • the extent to which fair value is less than cost basis; • the intent to sell the security; • whether it is more likely than not that there will be a requirement to sell the security before its anticipated recovery; • historical operating, balance sheet and cash flow data contained in issuer SEC filings; • issuer news releases; • near-term prospects for improvement in the issuer and/or its industry; • industry research and communications with industry specialists; and • third-party research and credit rating reports. We regularly evaluate for potential impairment each security position that has either of the following: a fair value of less than 95% of its book value or an unrealized loss that equals or exceeds $ 100,000 . The following table summarizes those securities, excluding the rabbi trust, with unrealized gains or losses: June 30, December 31, Number of positions held with unrealized: Gains 711 778 Losses 451 350 Number of positions held that individually exceed unrealized: Gains of $500,000 3 3 Losses of $500,000 0 0 Percentage of positions held with unrealized: Gains that were investment grade 92 % 92 % Losses that were investment grade 88 % 84 % Percentage of fair value held with unrealized: Gains that were investment grade 93 % 94 % Losses that were investment grade 89 % 86 % The following table sets forth the amount of unrealized loss, excluding the rabbi trust, by age and severity at June 30, 2015 ($ in thousands): Age of Unrealized Losses: Fair Value of Securities with Unrealized Losses Total Gross Unrealized Losses Less Than 5%* 5% - 10%* Greater Than 10%* Three months or less $ 381,565 $ (2,994 ) $ (2,876 ) $ (118 ) $ 0 Four months through six months 84,909 (1,396 ) (905 ) 0 (491 ) Seven months through nine months 24,560 (341 ) (142 ) (199 ) 0 Ten months through twelve months 9,352 (174 ) (95 ) (79 ) 0 Greater than twelve months 73,315 (1,433 ) (1,433 ) 0 0 Total $ 573,700 $ (6,339 ) $ (5,452 ) $ (395 ) $ (491 ) * As a percentage of amortized cost or cost. The change in unrealized gains (losses) on marketable securities included the following ($ in thousands): Pre-tax Fixed Maturities Equity Securities Short-Term Investments Tax Effects Net Six months ended June 30, 2015 Unrealized holding gains (losses) on securities arising during the period $ (7,313 ) $ 2,259 $ (2 ) $ 1,770 $ (3,287 ) Realized gains on securities sold (875 ) (1,098 ) 0 691 (1,283 ) Impairment loss recognized in earnings 590 0 0 (206 ) 383 Change in unrealized gains (losses) on marketable securities, net $ (7,599 ) $ 1,160 $ (2 ) $ 2,254 $ (4,186 ) Six months ended June 30, 2014 Unrealized holding gains on securities arising during the period $ 18,850 $ 4,515 $ 5 $ (8,179 ) $ 15,190 Realized gains on securities sold (1,246 ) (1,273 ) (5 ) 883 (1,641 ) Impairment loss recognized in earnings 33 0 0 (12 ) 22 Change in unrealized gains (losses) on marketable securities, net $ 17,638 $ 3,242 $ (1 ) $ (7,308 ) $ 13,571 For fixed maturity securities that are other-than-temporarily impaired, we assess our intent to sell and the likelihood that we will be required to sell the security before recovery of our amortized cost. If a fixed maturity security is considered other-than-temporarily impaired but we do not intend to and are not more than likely to be required to sell the security before our recovery of amortized cost, we separate the amount of the impairment into a credit loss component and the amount due to all other factors ("non-credit component"). The excess of the amortized cost over the present value of the expected cash flows determines the credit loss component of an impairment charge on a fixed maturity security. The present value is determined using the best estimate of cash flows discounted at (1) the effective interest rate implicit at the date of acquisition for non-structured securities or (2) the book yield for structured securities. The techniques and assumptions for determining the best estimate of cash flows vary depending on the type of security. We recognize the credit loss component of an impairment charge in net earnings and the non-credit component in accumulated other comprehensive income. If we intend to sell or will, more likely than not, be required to sell a security, we treat the entire amount of the impairment as a credit loss. The following table is a progression of credit losses on fixed maturity securities that were bifurcated between a credit and non-credit component ($ in thousands): Six months ended June 30, 2015 2014 Beginning balance $ 852 $ 956 Additions for: Previously impaired securities 0 19 Newly impaired securities 0 13 Reductions for: Securities sold and paid down (85 ) (74 ) Ending balance $ 766 $ 914 The table below sets forth the scheduled maturities of fixed maturity securities at June 30, 2015 , based on their fair values ($ in thousands). We report securities that do not have a single maturity date at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Fair Value Amortized Cost Maturity Securities with Unrealized Gains Securities with Unrealized Losses Securities with No Unrealized Gains or Losses All Fixed Maturity Securities All Fixed Maturity Securities One year or less $ 70,725 $ 13,087 $ 7,326 $ 91,138 $ 90,524 After one year through five years 405,984 172,795 0 578,779 571,076 After five years through ten years 133,482 150,059 243 283,785 282,626 After ten years 6,011 5,970 0 11,980 11,657 Mortgage- and asset-backed securities 246,053 228,168 869 475,089 473,059 Total $ 862,254 $ 570,079 $ 8,438 $ 1,440,771 $ 1,428,944

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In September 2012 we issued $275 million principal of senior notes due September 2022 (the “5.0% Senior Notes”). The 5.0% Senior Notes accrue interest at 5.0% , payable semiannually. At the time we issued the 5.0% Senior Notes, we capitalized $2.2 million of debt issuance costs, which we are amortizing over the term of the 5.0% Senior Notes. We calculated the June 30, 2015 , fair value of $287.6 million using a 190 basis point spread to the ten -year U.S. Treasury Note of 2.355% . In August 2014 we renewed our agreement for a $50 million three -year revolving credit facility (the “Credit Agreement”) that requires us to meet certain financial and other covenants. We are currently in compliance with all covenants under the Credit Agreement. At June 30, 2015 , there were no borrowings outstanding under the Credit Agreement.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate of 35.0% to the effective provision for income taxes as shown in the Consolidated Statements of Earnings ($ in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Earnings before income taxes $ 19,667 $ 15,143 $ 35,903 $ 29,789 Income taxes at statutory rate 6,883 5,300 12,566 10,426 Effect of: Dividends-received deduction (144 ) (144 ) (248 ) (251 ) Tax-exempt interest (584 ) (701 ) (1,308 ) (1,403 ) Other 19 20 247 23 Provision for income taxes as shown on the Consolidated Statements of Earnings $ 6,174 $ 4,476 $ 11,257 $ 8,795 GAAP effective tax rate 31.4 % 29.6 % 31.4 % 29.5 %

Additional Information

Additional Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Additional Information	Additional Information Supplemental Cash Flow Information We made the following payments that we do not separately disclose in the Consolidated Statements of Cash Flows ($ in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Income tax payments $ 12,000 $ 6,200 $ 12,750 $ 6,200 Interest payments on debt 0 0 6,875 6,875 Interest payments on capital leases $ 21 $ 14 43 29 Negative Cash Book Balances Negative cash book balances, included in the line item “Other liabilities” in the Consolidated Balance Sheets, were $56.8 million and $51.2 million , respectively, at June 30, 2015 , and December 31, 2014 .

Insurance Reserves

Insurance Reserves	6 Months Ended
	Jun. 30, 2015
Insurance [Abstract]
Insurance Reserves	Insurance Reserves Insurance reserves include liabilities for unpaid losses, both known and estimated for incurred but not reported (“IBNR”), and unpaid loss adjustment expenses (“LAE”). The following table provides an analysis of changes in the liability for unpaid losses and LAE on a GAAP basis ($ in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Balance at Beginning of Period Unpaid losses on known claims $ 241,483 $ 226,659 $ 235,037 $ 221,447 IBNR losses 278,863 272,159 277,482 262,660 LAE 155,409 164,072 155,658 162,469 Total unpaid losses and LAE 675,755 662,890 668,177 646,577 Reinsurance recoverables (13,982 ) (14,544 ) (14,370 ) (14,431 ) Unpaid losses and LAE, net of reinsurance recoverables 661,773 648,346 653,808 632,146 Current Activity Loss and LAE incurred: Current accident year 273,246 257,098 531,030 513,874 Prior accident years (10,462 ) (163 ) (12,604 ) (3,237 ) Total loss and LAE incurred 262,784 256,935 518,427 510,637 Loss and LAE payments: Current accident year (164,762 ) (153,772 ) (246,670 ) (234,590 ) Prior accident years (92,922 ) (100,005 ) (258,692 ) (256,688 ) Total loss and LAE payments (257,684 ) (253,776 ) (505,362 ) (491,278 ) Balance at End of Period Unpaid losses and LAE, net of reinsurance recoverables 666,873 651,505 666,873 651,505 Add back reinsurance recoverables 14,155 13,717 14,155 13,717 Total unpaid losses and LAE 681,028 665,222 681,028 665,222 Unpaid losses on known claims 245,863 225,040 245,863 225,040 IBNR losses 281,147 274,830 281,147 274,830 LAE 154,017 165,352 154,017 165,352 Total unpaid losses and LAE $ 681,028 $ 665,222 $ 681,028 $ 665,222 The $10.5 million and $12.6 million of favorable reserve development during the three and six months ended June 30, 2015 , respectively, was primarily due to decreases in loss adjustment expenses related to Florida bodily injury coverages in accident years 2013 and 2014. The $3.2 million of favorable reserve development during the six months ended June 30, 2014 was primarily due to a decrease in frequency in accident year 2013 in Florida personal injury protection and material damage coverages in the states of California and Pennsylvania.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments There have been no material changes from the commitments discussed in the Form 10-K for the year ended December 31, 2014 . For a description of our previously reported commitments, refer to Note 14 Commitments and Contingencies in the Form 10-K for the year ended December 31, 2014 . Contingencies From time to time we and our subsidiaries are named as defendants in various lawsuits incidental to our insurance operations. We consider legal actions relating to claims made in the ordinary course of seeking indemnification for a loss covered by the insurance policy in establishing loss and LAE reserves. We also face, in the ordinary course of business, lawsuits that seek damages beyond policy limits, commonly known as extra-contractual claims, as well as class action and individual lawsuits that involve issues not unlike those facing other insurance companies and employers. We continually evaluate potential liabilities and reserves for litigation of these types using the criteria established by the Contingencies topic of the FASC. Under this guidance we may only record reserves for a loss if the likelihood of occurrence is probable and we can reasonably estimate the amount. If a material loss is judged to be reasonably possible, we will disclose an estimated range of loss or state that an estimate cannot be made. We consider each legal action using this guidance and record reserves for losses as warranted by establishing a reserve captured within our Consolidated Balance Sheets line-items “Unpaid losses and LAE” for extra-contractual claims and “Other liabilities” for class action and other non-claims related lawsuits. We record amounts incurred on the Consolidated Statements of Earnings within “Losses and LAE” for extra-contractual claims and “Other expenses” for class action and other non-claims related lawsuits. Certain claims and legal actions have been brought against us for which we have accrued no loss, and for which an estimate of a possible range of loss cannot be made under the above rules. While it is not possible to predict the ultimate outcome of these claims or lawsuits, we do not believe they are likely to have a material effect on our financial condition or liquidity. However, losses incurred because of these cases could have a material adverse impact on net earnings in a given period. For a description of previously reported contingencies, refer to Note 14 Commitments and Contingencies in the Form 10-K for the year ended December 31, 2014 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The components of other comprehensive income before and after tax are as follows ($ in thousands): Three months ended June 30, 2015 2014 Before Tax Income Tax Net Before Tax Income Tax Net Accumulated change in postretirement benefit liability, beginning of period $ 190 $ (66 ) $ 123 $ 595 $ (208 ) $ 387 Effect on other comprehensive income 16 (6 ) 11 (3 ) 1 (2 ) Accumulated change in postretirement benefit liability, end of period 206 (72 ) 134 593 (208 ) 385 Accumulated unrealized gains on investments, net, beginning of period 43,218 (15,126 ) 28,092 32,846 (11,496 ) 21,350 Other comprehensive income before reclassification (13,472 ) 4,715 (8,757 ) 15,517 (5,431 ) 10,086 Reclassification adjustment for other-than-temporary impairments included in net income 208 (73 ) 135 6 (2 ) 4 Reclassification adjustment for realized gains included in net income (423 ) 148 (275 ) (1,852 ) 648 (1,204 ) Effect on other comprehensive income (13,687 ) 4,790 (8,896 ) 13,671 (4,785 ) 8,886 Accumulated unrealized gains on investments, net, end of period 29,532 (10,336 ) 19,196 46,517 (16,281 ) 30,236 Accumulated other comprehensive income, beginning of period 43,408 (15,193 ) 28,216 33,441 (11,704 ) 21,737 Change in postretirement benefit liability 16 (6 ) 11 (3 ) 1 (2 ) Change in unrealized gains on investments, net (13,687 ) 4,790 (8,896 ) 13,671 (4,785 ) 8,886 Effect on other comprehensive income (13,670 ) 4,785 (8,886 ) 13,669 (4,784 ) 8,885 Accumulated other comprehensive income, end of period $ 29,738 $ (10,408 ) $ 19,330 $ 47,110 $ (16,488 ) $ 30,621 Six months ended June 30, 2015 2014 Before Tax Income Tax Net Before Tax Income Tax Net Accumulated change in postretirement benefit liability, beginning of period $ 174 $ (61 ) $ 113 $ (62 ) $ 22 $ (40 ) Effect on other comprehensive income 33 (12 ) 21 655 (229 ) 426 Accumulated change in postretirement benefit liability, end of period 206 (72 ) 134 593 (208 ) 385 Accumulated unrealized gains on investments, net, beginning of period 35,972 (12,590 ) 23,382 25,638 (8,973 ) 16,665 Other comprehensive income before reclassification (5,056 ) 1,770 (3,287 ) 23,370 (8,179 ) 15,190 Reclassification adjustment for other-than-temporary impairments included in net income 590 (206 ) 383 33 (12 ) 22 Reclassification adjustment for realized gains included in net income (1,973 ) 691 (1,283 ) (2,524 ) 883 (1,641 ) Effect on other comprehensive income (6,440 ) 2,254 (4,186 ) 20,879 (7,308 ) 13,571 Accumulated unrealized gains on investments, net, end of period 29,532 (10,336 ) 19,196 46,517 (16,281 ) 30,236 Accumulated other comprehensive income, beginning of period 36,145 (12,651 ) 23,494 25,576 (8,952 ) 16,624 Change in postretirement benefit liability 33 (12 ) 21 655 (229 ) 426 Change in unrealized gains on investments, net (6,440 ) 2,254 (4,186 ) 20,879 (7,308 ) 13,571 Effect on other comprehensive income (6,407 ) 2,242 (4,164 ) 21,534 (7,537 ) 13,997 Accumulated other comprehensive income, end of period $ 29,738 $ (10,408 ) $ 19,330 $ 47,110 $ (16,488 ) $ 30,621

Reporting And Accounting Poli18

Reporting And Accounting Policies Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Consolidation and Reporting	Basis of Consolidation and Reporting The accompanying consolidated financial statements are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 . This Quarterly Report on Form 10-Q, including the Condensed Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations, focuses on our financial performance since the beginning of the year. These financial statements reflect certain adjustments necessary for a fair presentation of our results of operations and financial position. Such adjustments consist of normal, recurring accruals recorded to match expenses with their related revenue streams and the elimination of all significant inter-company transactions and balances. We have evaluated events that occurred after June 30, 2015 , for recognition or disclosure in our financial statements and the notes to the financial statements. Schedules may not foot due to rounding.
Estimates	Estimates We based certain accounts and balances within these financial statements upon our estimates and assumptions. The amount of reserves for claims not yet paid, for example, is an item that we can only record by estimation. Unrealized capital gains and losses on investments are subject to market fluctuations, and we use judgment in the determination of whether unrealized losses on certain securities are temporary or other-than-temporary. Should actual results differ significantly from these estimates, the effect on our results of operations could be material. The results of operations for the periods presented may not be indicative of our results for the entire year.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2015 the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) related to the disclosure for short-duration contracts. The guidance requires additional disclosures related to the liability for unpaid claims and claim adjustment expenses in an effort to increase transparency and comparability. The standard is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively. The new guidance will have no impact on our results of operations or financial position. In April 2015 the FASB issued an ASU related to the presentation of debt issuance costs. The guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. The standard is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively. The new guidance will have no material impact on our results of operations or financial position. In May 2014 the FASB issued an ASU related to the accounting for revenue from contracts with customers. Insurance contracts have been excluded from the scope of the guidance. The proposed ASU 2015-240 would change the effective date from fiscal years beginning after December 15, 2016, to fiscal years beginning after December 15, 2017. We do not expect the adoption of this standard to have a material impact on our financial condition or results of operations.

Computation of Net Earnings per

Computation of Net Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Earnings Per Common Share	The following table illustrates our computations of basic and diluted net earnings per common share ($ in thousands, except per share figures): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Net earnings $ 13,493 $ 10,667 $ 24,646 $ 20,994 Average basic shares outstanding 11,408 11,435 11,417 11,432 Basic net earnings per share $ 1.18 $ 0.93 $ 2.16 $ 1.84 Average basic shares outstanding 11,408 11,435 11,417 11,432 Restricted stock not yet vested 14 62 13 59 Dilutive effect of assumed option exercises 0 0 0 1 Dilutive effect of Performance Share Plan 61 86 87 89 Average diluted shares outstanding 11,483 11,583 11,517 11,581 Diluted net earnings per share $ 1.18 $ 0.92 $ 2.14 $ 1.81

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value by hierarchy	The following tables present, for each of the fair value hierarchy levels, our assets and liabilities for which we report fair value on a recurring basis ($ in thousands): Fair Value June 30, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 60,481 $ 0 $ 0 $ 60,481 Fixed maturity securities: U.S. government 69,223 56 0 69,279 State and municipal 0 502,266 10 502,276 Mortgage-backed securities: Residential 0 344,411 0 344,411 Commercial 0 72,025 0 72,025 Total mortgage-backed securities 0 416,435 0 416,435 Asset-backed securities 0 58,654 0 58,654 Corporates 0 391,703 2,423 394,127 Total fixed maturities 69,223 1,369,115 2,434 1,440,771 Equity securities 94,397 0 0 94,397 Short-term investments 0 4,121 0 4,121 Total cash and investments $ 224,101 $ 1,373,236 $ 2,434 $ 1,599,771 Percentage of total cash and investments 14.0 % 85.8 % 0.2 % 100.0 % Fair Value December 31, 2014 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 84,541 $ 0 $ 0 $ 84,541 Fixed maturity securities: U.S. government 66,847 87 0 66,933 State and municipal 0 503,650 0 503,650 Mortgage-backed securities: Residential 0 354,528 0 354,528 Commercial 0 50,838 0 50,838 Total mortgage-backed securities 0 405,366 0 405,366 Asset-backed securities 0 58,457 150 58,607 Corporates 0 394,152 3,134 397,286 Total fixed maturities 66,847 1,361,711 3,285 1,431,843 Equity securities 94,408 0 0 94,408 Short-term investments 0 803 0 803 Total cash and investments $ 245,795 $ 1,362,514 $ 3,285 $ 1,611,594 Percentage of total cash and investments 15.3 % 84.5 % 0.2 % 100.0 %
Fair value level 3 reconciliation	The following tables present the progression in the Level 3 fair value category ($ in thousands): Three months ended June 30, 2015 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 10 $ 2,946 $ 46 $ 3,002 Total gains or (losses), unrealized or realized Included in net earnings 0 12 0 12 Included in other comprehensive income 0 (28 ) 0 (28 ) Settlements 0 (506 ) (46 ) (552 ) Balance at end of period $ 10 $ 2,423 $ 0 $ 2,434 Three months ended June 30, 2014 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 0 $ 5,054 $ 530 $ 5,583 Total gains or (losses), unrealized or realized Included in net earnings 0 20 0 20 Included in other comprehensive income 0 (3 ) (2 ) (4 ) Settlements 0 (501 ) (148 ) (649 ) Balance at end of period $ 0 $ 4,569 $ 380 $ 4,949 Six months ended June 30, 2015 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 0 $ 3,134 $ 150 $ 3,285 Total gains or (losses), unrealized or realized Included in net earnings 0 (83 ) 0 (83 ) Included in other comprehensive income 0 (43 ) 0 (42 ) Settlements 0 (586 ) (150 ) (736 ) Transfers in 10 0 0 10 Balance at end of period $ 10 $ 2,423 $ 0 $ 2,434 Six months ended June 30, 2014 State and Municipal Corporates Asset-Backed Securities Total Balance at beginning of period $ 0 $ 5,175 $ 686 $ 5,860 Total gains or (losses), unrealized or realized Included in net earnings 0 29 0 29 Included in other comprehensive income 0 (59 ) (2 ) (60 ) Settlements 0 (575 ) (304 ) (879 ) Transfers in 0 0 0 0 Balance at end of period $ 0 $ 4,569 $ 380 $ 4,949
Carrying Value and Estimated Fair Value	The following table presents the carrying value and estimated fair value of our financial instruments ($ in thousands): June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents $ 60,481 $ 60,481 $ 84,541 $ 84,541 Investments Fixed maturities 1,440,771 1,440,771 1,431,843 1,431,843 Equity securities 94,397 94,397 94,408 94,408 Short-term 4,121 4,121 803 803 Total cash and investments $ 1,599,771 $ 1,599,771 $ 1,611,594 $ 1,611,594 Liabilities: Long-term debt $ 275,000 $ 287,576 $ 275,000 $ 291,044

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Summarized information of investment portfolio	Summarized information for the major categories of our investment portfolio follows ($ in thousands): June 30, 2015 Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI Recognized in Accumulated OCI (1) Fixed maturities: U.S. government $ 68,979 $ 387 $ (87 ) $ 69,279 $ 0 State and municipal 494,780 8,117 (621 ) 502,276 (69 ) Mortgage-backed securities: Residential 342,421 4,531 (2,541 ) 344,411 (2,660 ) Commercial 72,179 162 (316 ) 72,025 0 Total mortgage-backed securities 414,600 $ 4,693 (2,858 ) $ 416,435 (2,660 ) Asset-backed securities 58,459 210 (15 ) 58,654 (8 ) Corporates 392,125 4,757 (2,756 ) 394,127 (246 ) Total fixed maturities 1,428,944 18,164 (6,337 ) 1,440,771 (2,983 ) Equity securities 76,691 17,706 0 94,397 0 Short-term investments 4,123 0 (2 ) 4,121 0 Total $ 1,509,758 $ 35,870 $ (6,339 ) $ 1,539,290 $ (2,983 ) December 31, 2014 Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI Recognized in Accumulated OCI (1) Fixed maturities: U.S. government $ 66,625 $ 502 $ (193 ) $ 66,933 $ 0 State and municipal 493,350 10,637 (337 ) 503,650 (69 ) Mortgage-backed securities: Residential 349,371 6,547 (1,390 ) 354,528 (2,914 ) Commercial 50,914 182 (258 ) 50,838 0 Total mortgage-backed securities 400,285 6,729 (1,648 ) 405,366 (2,914 ) Asset-backed securities 58,546 131 (70 ) 58,607 (8 ) Corporates 393,611 5,999 (2,324 ) 397,286 (441 ) Total fixed maturities 1,412,417 23,998 (4,572 ) 1,431,843 (3,433 ) Equity securities 77,862 16,546 0 94,408 0 Short-term investments 803 0 (1 ) 803 0 Total $ 1,491,082 $ 40,544 $ (4,573 ) $ 1,527,054 $ (3,433 ) (1) The total non-credit portion of OTTI recognized in Accumulated OCI reflecting the original non-credit loss at the time the credit impairment was determined.
Unrealized loss by investment category and length of time	The following tables set forth the amount of unrealized loss by investment category and length of time that individual securities have been in a continuous unrealized loss position ($ in thousands): Less than 12 Months 12 Months or More Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost June 30, 2015 Fixed maturities: U.S. government 9 $ 17,112 $ (63 ) 0.4 % 4 $ 5,165 $ (24 ) 0.5 % State and municipal 60 149,383 (621 ) 0.4 % 0 0 0 0.0 % Mortgage-backed securities: Residential 159 118,336 (1,388 ) 1.2 % 64 46,853 (1,153 ) 2.4 % Commercial 11 36,809 (222 ) 0.6 % 3 14,254 (94 ) 0.7 % Total mortgage-backed securities 170 155,145 (1,610 ) 1.0 % 67 61,107 (1,247 ) 2.0 % Asset-backed securities 12 10,760 (10 ) 0.1 % 2 1,156 (4 ) 0.4 % Corporates 116 160,029 (2,522 ) 1.6 % 8 10,222 (234 ) 2.2 % Total fixed maturities 367 492,429 (4,827 ) 1.0 % 81 77,650 (1,510 ) 1.9 % Equity securities 0 0 0 0.0 % 0 0 0 0.0 % Short-term investments 3 3,621 (2 ) 0.1 % 0 0 0 0.0 % Total 370 $ 496,050 $ (4,829 ) 1.0 % 81 $ 77,650 $ (1,510 ) 1.9 % Less than 12 Months 12 Months or More Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost Number of Securities with Unrealized Losses Fair Value Gross Unrealized Losses Unrealized Losses as % of Cost December 31, 2014 Fixed maturities: U.S. government 2 $ 5,275 $ (13 ) 0.3 % 8 $ 21,051 $ (180 ) 0.8 % State and municipal 45 108,721 (290 ) 0.3 % 2 4,183 (47 ) 1.1 % Mortgage-backed securities: Residential 24 12,855 (34 ) 0.3 % 109 100,752 (1,356 ) 1.3 % Commercial 8 15,638 (122 ) 0.8 % 5 9,519 (136 ) 1.4 % Total mortgage-backed securities 32 28,493 (156 ) 0.5 % 114 110,271 (1,492 ) 1.3 % Asset-backed securities 24 23,351 (60 ) 0.3 % 2 1,150 (9 ) 0.8 % Corporates 103 142,046 (1,820 ) 1.3 % 16 19,865 (503 ) 2.5 % Total fixed maturities 206 307,886 (2,340 ) 0.8 % 142 156,521 (2,232 ) 1.4 % Equity securities 0 0 0 0.0 % 0 0 0 0.0 % Short-term investments 2 803 (1 ) 0.1 % 0 0 0 0.0 % Total 208 $ 308,689 $ (2,341 ) 0.8 % 142 $ 156,521 $ (2,232 ) 1.4 %
Summary of unrealized gains or losses	The following table summarizes those securities, excluding the rabbi trust, with unrealized gains or losses: June 30, December 31, Number of positions held with unrealized: Gains 711 778 Losses 451 350 Number of positions held that individually exceed unrealized: Gains of $500,000 3 3 Losses of $500,000 0 0 Percentage of positions held with unrealized: Gains that were investment grade 92 % 92 % Losses that were investment grade 88 % 84 % Percentage of fair value held with unrealized: Gains that were investment grade 93 % 94 % Losses that were investment grade 89 % 86 %
Unrealized loss by age and severity	The following table sets forth the amount of unrealized loss, excluding the rabbi trust, by age and severity at June 30, 2015 ($ in thousands): Age of Unrealized Losses: Fair Value of Securities with Unrealized Losses Total Gross Unrealized Losses Less Than 5%* 5% - 10%* Greater Than 10%* Three months or less $ 381,565 $ (2,994 ) $ (2,876 ) $ (118 ) $ 0 Four months through six months 84,909 (1,396 ) (905 ) 0 (491 ) Seven months through nine months 24,560 (341 ) (142 ) (199 ) 0 Ten months through twelve months 9,352 (174 ) (95 ) (79 ) 0 Greater than twelve months 73,315 (1,433 ) (1,433 ) 0 0 Total $ 573,700 $ (6,339 ) $ (5,452 ) $ (395 ) $ (491 ) * As a percentage of amortized cost or cost.
Change in unrealized gains (losses) on marketable securities	The change in unrealized gains (losses) on marketable securities included the following ($ in thousands): Pre-tax Fixed Maturities Equity Securities Short-Term Investments Tax Effects Net Six months ended June 30, 2015 Unrealized holding gains (losses) on securities arising during the period $ (7,313 ) $ 2,259 $ (2 ) $ 1,770 $ (3,287 ) Realized gains on securities sold (875 ) (1,098 ) 0 691 (1,283 ) Impairment loss recognized in earnings 590 0 0 (206 ) 383 Change in unrealized gains (losses) on marketable securities, net $ (7,599 ) $ 1,160 $ (2 ) $ 2,254 $ (4,186 ) Six months ended June 30, 2014 Unrealized holding gains on securities arising during the period $ 18,850 $ 4,515 $ 5 $ (8,179 ) $ 15,190 Realized gains on securities sold (1,246 ) (1,273 ) (5 ) 883 (1,641 ) Impairment loss recognized in earnings 33 0 0 (12 ) 22 Change in unrealized gains (losses) on marketable securities, net $ 17,638 $ 3,242 $ (1 ) $ (7,308 ) $ 13,571
Progression of credit losses on fixed maturity securities	The following table is a progression of credit losses on fixed maturity securities that were bifurcated between a credit and non-credit component ($ in thousands): Six months ended June 30, 2015 2014 Beginning balance $ 852 $ 956 Additions for: Previously impaired securities 0 19 Newly impaired securities 0 13 Reductions for: Securities sold and paid down (85 ) (74 ) Ending balance $ 766 $ 914
Scheduled maturities of fixed maturity securities	The table below sets forth the scheduled maturities of fixed maturity securities at June 30, 2015 , based on their fair values ($ in thousands). We report securities that do not have a single maturity date at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Fair Value Amortized Cost Maturity Securities with Unrealized Gains Securities with Unrealized Losses Securities with No Unrealized Gains or Losses All Fixed Maturity Securities All Fixed Maturity Securities One year or less $ 70,725 $ 13,087 $ 7,326 $ 91,138 $ 90,524 After one year through five years 405,984 172,795 0 578,779 571,076 After five years through ten years 133,482 150,059 243 283,785 282,626 After ten years 6,011 5,970 0 11,980 11,657 Mortgage- and asset-backed securities 246,053 228,168 869 475,089 473,059 Total $ 862,254 $ 570,079 $ 8,438 $ 1,440,771 $ 1,428,944

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Reconciliation of provision for income taxes	The following is a reconciliation of income taxes at the statutory rate of 35.0% to the effective provision for income taxes as shown in the Consolidated Statements of Earnings ($ in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Earnings before income taxes $ 19,667 $ 15,143 $ 35,903 $ 29,789 Income taxes at statutory rate 6,883 5,300 12,566 10,426 Effect of: Dividends-received deduction (144 ) (144 ) (248 ) (251 ) Tax-exempt interest (584 ) (701 ) (1,308 ) (1,403 ) Other 19 20 247 23 Provision for income taxes as shown on the Consolidated Statements of Earnings $ 6,174 $ 4,476 $ 11,257 $ 8,795 GAAP effective tax rate 31.4 % 29.6 % 31.4 % 29.5 %

Additional Information (Tables)

Additional Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	We made the following payments that we do not separately disclose in the Consolidated Statements of Cash Flows ($ in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Income tax payments $ 12,000 $ 6,200 $ 12,750 $ 6,200 Interest payments on debt 0 0 6,875 6,875 Interest payments on capital leases $ 21 $ 14 43 29

Insurance Reserves (Tables)

Insurance Reserves (Tables)	6 Months Ended
	Jun. 30, 2015
Insurance [Abstract]
Liability for unpaid losses and LAE	The following table provides an analysis of changes in the liability for unpaid losses and LAE on a GAAP basis ($ in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Balance at Beginning of Period Unpaid losses on known claims $ 241,483 $ 226,659 $ 235,037 $ 221,447 IBNR losses 278,863 272,159 277,482 262,660 LAE 155,409 164,072 155,658 162,469 Total unpaid losses and LAE 675,755 662,890 668,177 646,577 Reinsurance recoverables (13,982 ) (14,544 ) (14,370 ) (14,431 ) Unpaid losses and LAE, net of reinsurance recoverables 661,773 648,346 653,808 632,146 Current Activity Loss and LAE incurred: Current accident year 273,246 257,098 531,030 513,874 Prior accident years (10,462 ) (163 ) (12,604 ) (3,237 ) Total loss and LAE incurred 262,784 256,935 518,427 510,637 Loss and LAE payments: Current accident year (164,762 ) (153,772 ) (246,670 ) (234,590 ) Prior accident years (92,922 ) (100,005 ) (258,692 ) (256,688 ) Total loss and LAE payments (257,684 ) (253,776 ) (505,362 ) (491,278 ) Balance at End of Period Unpaid losses and LAE, net of reinsurance recoverables 666,873 651,505 666,873 651,505 Add back reinsurance recoverables 14,155 13,717 14,155 13,717 Total unpaid losses and LAE 681,028 665,222 681,028 665,222 Unpaid losses on known claims 245,863 225,040 245,863 225,040 IBNR losses 281,147 274,830 281,147 274,830 LAE 154,017 165,352 154,017 165,352 Total unpaid losses and LAE $ 681,028 $ 665,222 $ 681,028 $ 665,222

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss)	The components of other comprehensive income before and after tax are as follows ($ in thousands): Three months ended June 30, 2015 2014 Before Tax Income Tax Net Before Tax Income Tax Net Accumulated change in postretirement benefit liability, beginning of period $ 190 $ (66 ) $ 123 $ 595 $ (208 ) $ 387 Effect on other comprehensive income 16 (6 ) 11 (3 ) 1 (2 ) Accumulated change in postretirement benefit liability, end of period 206 (72 ) 134 593 (208 ) 385 Accumulated unrealized gains on investments, net, beginning of period 43,218 (15,126 ) 28,092 32,846 (11,496 ) 21,350 Other comprehensive income before reclassification (13,472 ) 4,715 (8,757 ) 15,517 (5,431 ) 10,086 Reclassification adjustment for other-than-temporary impairments included in net income 208 (73 ) 135 6 (2 ) 4 Reclassification adjustment for realized gains included in net income (423 ) 148 (275 ) (1,852 ) 648 (1,204 ) Effect on other comprehensive income (13,687 ) 4,790 (8,896 ) 13,671 (4,785 ) 8,886 Accumulated unrealized gains on investments, net, end of period 29,532 (10,336 ) 19,196 46,517 (16,281 ) 30,236 Accumulated other comprehensive income, beginning of period 43,408 (15,193 ) 28,216 33,441 (11,704 ) 21,737 Change in postretirement benefit liability 16 (6 ) 11 (3 ) 1 (2 ) Change in unrealized gains on investments, net (13,687 ) 4,790 (8,896 ) 13,671 (4,785 ) 8,886 Effect on other comprehensive income (13,670 ) 4,785 (8,886 ) 13,669 (4,784 ) 8,885 Accumulated other comprehensive income, end of period $ 29,738 $ (10,408 ) $ 19,330 $ 47,110 $ (16,488 ) $ 30,621 Six months ended June 30, 2015 2014 Before Tax Income Tax Net Before Tax Income Tax Net Accumulated change in postretirement benefit liability, beginning of period $ 174 $ (61 ) $ 113 $ (62 ) $ 22 $ (40 ) Effect on other comprehensive income 33 (12 ) 21 655 (229 ) 426 Accumulated change in postretirement benefit liability, end of period 206 (72 ) 134 593 (208 ) 385 Accumulated unrealized gains on investments, net, beginning of period 35,972 (12,590 ) 23,382 25,638 (8,973 ) 16,665 Other comprehensive income before reclassification (5,056 ) 1,770 (3,287 ) 23,370 (8,179 ) 15,190 Reclassification adjustment for other-than-temporary impairments included in net income 590 (206 ) 383 33 (12 ) 22 Reclassification adjustment for realized gains included in net income (1,973 ) 691 (1,283 ) (2,524 ) 883 (1,641 ) Effect on other comprehensive income (6,440 ) 2,254 (4,186 ) 20,879 (7,308 ) 13,571 Accumulated unrealized gains on investments, net, end of period 29,532 (10,336 ) 19,196 46,517 (16,281 ) 30,236 Accumulated other comprehensive income, beginning of period 36,145 (12,651 ) 23,494 25,576 (8,952 ) 16,624 Change in postretirement benefit liability 33 (12 ) 21 655 (229 ) 426 Change in unrealized gains on investments, net (6,440 ) 2,254 (4,186 ) 20,879 (7,308 ) 13,571 Effect on other comprehensive income (6,407 ) 2,242 (4,164 ) 21,534 (7,537 ) 13,997 Accumulated other comprehensive income, end of period $ 29,738 $ (10,408 ) $ 19,330 $ 47,110 $ (16,488 ) $ 30,621

Reporting And Accounting Poli26

Reporting And Accounting Policies (Details)	Jun. 30, 2015states
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states licensed to write insurance	50

Computation of Net Earnings p27

Computation of Net Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Computation of net earnings per share
Net earnings	$ 13,493	$ 10,667	$ 24,646	$ 36,207	$ 20,994
Average basic shares outstanding (shares)	11,408	11,435	11,417		11,432
Basic net earnings per share (usd per share)	$ 1.18	$ 0.93	$ 2.16		$ 1.84
Average diluted shares outstanding (shares)	11,483	11,583	11,517		11,581
Diluted net earnings per share (usd per share)	$ 1.18	$ 0.92	$ 2.14		$ 1.81
Restricted Stock
Computation of net earnings per share
Dilutive shares (shares)	14	62	13		59
Stock Options
Computation of net earnings per share
Dilutive shares (shares)	0	0	0		1
Performance Shares
Computation of net earnings per share
Dilutive shares (shares)	61	86	87		89

Fair Value - Fair Value by Hier

Fair Value - Fair Value by Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	$ 1,539,290	$ 1,527,054
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Long-term debt	287,600	291,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash and cash equivalents	60,481	84,541
Long-term debt	287,576	291,044
Fair Value | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	1,440,771	1,431,843
Fair Value | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	94,397	94,408
Fair Value | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	4,121	803
Fair Value | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash and cash equivalents	60,481	84,541
Total cash and investments	$ 1,599,771	$ 1,611,594
Percentage of total cash and investments (percent)	100.00%	100.00%
Fair Value | Recurring basis | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	$ 69,279	$ 66,933
Fair Value | Recurring basis | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	1,440,771	1,431,843
Fair Value | Recurring basis | State and Municipal
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	502,276	503,650
Fair Value | Recurring basis | Mortgage- Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	416,435	405,366
Fair Value | Recurring basis | Residential
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	344,411	354,528
Fair Value | Recurring basis | Commercial
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	72,025	50,838
Fair Value | Recurring basis | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	58,654	58,607
Fair Value | Recurring basis | Corporates
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	394,127	397,286
Fair Value | Recurring basis | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	94,397	94,408
Fair Value | Recurring basis | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	4,121	803
Fair Value | Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash and cash equivalents	60,481	84,541
Total cash and investments	$ 224,101	$ 245,795
Percentage of total cash and investments (percent)	14.00%	15.30%
Fair Value | Recurring basis | Level 1 | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	$ 69,223	$ 66,847
Fair Value | Recurring basis | Level 1 | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	69,223	66,847
Fair Value | Recurring basis | Level 1 | State and Municipal
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 1 | Mortgage- Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 1 | Residential
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 1 | Commercial
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 1 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 1 | Corporates
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	94,397	94,408
Fair Value | Recurring basis | Level 1 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash and cash equivalents	0	0
Total cash and investments	$ 1,373,236	$ 1,362,514
Percentage of total cash and investments (percent)	85.80%	84.50%
Fair Value | Recurring basis | Level 2 | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	$ 56	$ 87
Fair Value | Recurring basis | Level 2 | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	1,369,115	1,361,711
Fair Value | Recurring basis | Level 2 | State and Municipal
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	502,266	503,650
Fair Value | Recurring basis | Level 2 | Mortgage- Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	416,435	405,366
Fair Value | Recurring basis | Level 2 | Residential
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	344,411	354,528
Fair Value | Recurring basis | Level 2 | Commercial
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	72,025	50,838
Fair Value | Recurring basis | Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	58,654	58,457
Fair Value | Recurring basis | Level 2 | Corporates
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	391,703	394,152
Fair Value | Recurring basis | Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 2 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	4,121	803
Fair Value | Recurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash and cash equivalents	0	0
Total cash and investments	$ 2,434	$ 3,285
Percentage of total cash and investments (percent)	0.20%	0.20%
Fair Value | Recurring basis | Level 3 | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	$ 0	$ 0
Fair Value | Recurring basis | Level 3 | Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	2,434	3,285
Fair Value | Recurring basis | Level 3 | State and Municipal
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	10	0
Fair Value | Recurring basis | Level 3 | Mortgage- Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 3 | Residential
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 3 | Commercial
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 3 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	150
Fair Value | Recurring basis | Level 3 | Corporates
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	2,423	3,134
Fair Value | Recurring basis | Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	0	0
Fair Value | Recurring basis | Level 3 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments	$ 0	$ 0

Fair Value - Level 3 Investment

Fair Value - Level 3 Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Securities	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Securitiesprice	Jun. 30, 2014USD ($)
Level 3 reconciliation
Balance at beginning of period	$ 3,002	$ 5,583	$ 3,285	$ 5,860
Included in net earnings	12	20	(83)	29
Included in other comprehensive income	(28)	(4)	(42)	(60)
Settlements	(552)	(649)	(736)	(879)
Transfers in			10	0
Balance at end of period	2,434	4,949	$ 2,434	4,949
Number of prices provided by unaffiliated money managers (prices) | price			2
Number of securities not rated by a nationally recognized statistical rating organization (securities) | Securities			2
State and Municipal
Level 3 reconciliation
Balance at beginning of period	10	0	$ 0	0
Included in net earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Settlements	0	0	0	0
Transfers in			10	0
Balance at end of period	10	0	10	0
Corporates
Level 3 reconciliation
Balance at beginning of period	2,946	5,054	3,134	5,175
Included in net earnings	12	20	(83)	29
Included in other comprehensive income	(28)	(3)	(43)	(59)
Settlements	(506)	(501)	(586)	(575)
Transfers in			0	0
Balance at end of period	2,423	4,569	2,423	4,569
Asset-backed securities
Level 3 reconciliation
Balance at beginning of period	46	530	150	686
Included in net earnings	0	0	0	0
Included in other comprehensive income	0	(2)	0	(2)
Settlements	(46)	(148)	(150)	(304)
Transfers in			0	0
Balance at end of period	$ 0	$ 380	$ 0	$ 380
Level 3
Level 3 reconciliation
Number of Positions (securities) | Securities	7		7
Non-Binding Broker Quotes | Level 3
Level 3 reconciliation
Number of Positions (securities) | Securities	3		3

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 1,539,290	$ 1,527,054
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	60,481	84,541
Total cash and investments	1,599,771	1,611,594
Long-term debt	275,000	275,000
Carrying Value | Fixed Maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	1,440,771	1,431,843
Carrying Value | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	94,397	94,408
Carrying Value | Short-term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	4,121	803
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	60,481	84,541
Total cash and investments	1,599,771	1,611,594
Long-term debt	287,576	291,044
Fair Value | Fixed Maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	1,440,771	1,431,843
Fair Value | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	94,397	94,408
Fair Value | Short-term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 4,121	$ 803

Investments - Textual (Details)

Investments - Textual (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Available-for-sale Securities	$ 56.7	$ 57.4	$ 156.6	$ 122.3
Gross realized gains	0.5	1.9	2.7	2.7
Gross realized losses	$ (0.1)	$ (0.1)	$ (0.7)	$ (0.2)

Investments - Investments by ma

Investments - Investments by major category (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Fixed Maturities
Amortized Cost, Fixed Maturities		$ 1,428,944	$ 1,412,417
Fixed maturities, Fair Value		1,440,771	1,431,843
Equity Securities
Equity securities, Amortized cost		76,691	77,862
Equity securities, Fair Value		94,397	94,408
Available-for-sale securities, Amortized Cost or Cost, Total		1,509,758	1,491,082
Available-for-sale securities, Gross Unrealized Gains		35,870	40,544
Available-for-sale securities, Gross Unrealized Losses		(6,339)	(4,573)
Available-for-sale securities, Fair Value		1,539,290	1,527,054
Available-for-sale securities, OTTI Recognized in Accumulated OCI	[1]	(2,983)	(3,433)
Fixed Maturities
Fixed Maturities
Amortized Cost, Fixed Maturities		1,428,944	1,412,417
Fixed maturities, Gross Unrealized Gains		18,164	23,998
Fixed maturities, Gross Unrealized Losses		(6,337)	(4,572)
Fixed maturities, Fair Value		1,440,771	1,431,843
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	(2,983)	(3,433)
U.S. government
Fixed Maturities
Amortized Cost, Fixed Maturities		68,979	66,625
Fixed maturities, Gross Unrealized Gains		387	502
Fixed maturities, Gross Unrealized Losses		(87)	(193)
Fixed maturities, Fair Value		69,279	66,933
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	0	0
State and Municipal
Fixed Maturities
Amortized Cost, Fixed Maturities		494,780	493,350
Fixed maturities, Gross Unrealized Gains		8,117	10,637
Fixed maturities, Gross Unrealized Losses		(621)	(337)
Fixed maturities, Fair Value		502,276	503,650
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	(69)	(69)
Mortgage- Backed Securities
Fixed Maturities
Amortized Cost, Fixed Maturities		414,600	400,285
Fixed maturities, Gross Unrealized Gains		4,693	6,729
Fixed maturities, Gross Unrealized Losses		(2,858)	(1,648)
Fixed maturities, Fair Value		416,435	405,366
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	(2,660)	(2,914)
Residential
Fixed Maturities
Amortized Cost, Fixed Maturities		342,421	349,371
Fixed maturities, Gross Unrealized Gains		4,531	6,547
Fixed maturities, Gross Unrealized Losses		(2,541)	(1,390)
Fixed maturities, Fair Value		344,411	354,528
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	(2,660)	(2,914)
Commercial
Fixed Maturities
Amortized Cost, Fixed Maturities		72,179	50,914
Fixed maturities, Gross Unrealized Gains		162	182
Fixed maturities, Gross Unrealized Losses		(316)	(258)
Fixed maturities, Fair Value		72,025	50,838
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	0	0
Asset-backed securities
Fixed Maturities
Amortized Cost, Fixed Maturities		58,459	58,546
Fixed maturities, Gross Unrealized Gains		210	131
Fixed maturities, Gross Unrealized Losses		(15)	(70)
Fixed maturities, Fair Value		58,654	58,607
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	(8)	(8)
Corporates
Fixed Maturities
Amortized Cost, Fixed Maturities		392,125	393,611
Fixed maturities, Gross Unrealized Gains		4,757	5,999
Fixed maturities, Gross Unrealized Losses		(2,756)	(2,324)
Fixed maturities, Fair Value		394,127	397,286
Fixed maturities, OTTI Recognized in Accumulated OCI	[1]	(246)	(441)
Equity securities
Equity Securities
Equity securities, Amortized cost		76,691	77,862
Equity securities, Gross Unrealized Gains		17,706	16,546
Equity securities, Gross Unrealized Losses		0	0
Equity securities, Fair Value		94,397	94,408
Equity securities, OTTI Recognized in Accumulated OCI	[1]	0	0
Short-term investments
Equity Securities
Equity securities, Amortized cost		4,123	803
Equity securities, Gross Unrealized Gains		0	0
Equity securities, Gross Unrealized Losses		(2)	(1)
Equity securities, Fair Value		4,121	803
Equity securities, OTTI Recognized in Accumulated OCI	[1]	$ 0	$ 0
[1]	The total non-credit portion of OTTI recognized in Accumulated OCI reflecting the original non-credit loss at the time the credit impairment was determined.

Investments - Continuous loss p

Investments - Continuous loss position investments (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)Securities	Dec. 31, 2014USD ($)Securities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions) | Securities	451	350
Less than 12 Months
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	370	208
Less than 12 Months, Fair Value	$ 496,050,000	$ 308,689,000
Less than 12 Months, Gross Unrealized Losses	$ (4,829,000)	$ (2,341,000)
Unrealized Losses as Percentage of Cost	1.00%	0.80%
Less than 12 Months | Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	367	206
Less than 12 Months, Fair Value	$ 492,429,000	$ 307,886,000
Less than 12 Months, Gross Unrealized Losses	$ (4,827,000)	$ (2,340,000)
Unrealized Losses as Percentage of Cost	1.00%	0.80%
Less than 12 Months | U.S. government
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	9	2
Less than 12 Months, Fair Value	$ 17,112,000	$ 5,275,000
Less than 12 Months, Gross Unrealized Losses	$ (63,000)	$ (13,000)
Unrealized Losses as Percentage of Cost	0.40%	0.30%
Less than 12 Months | State and Municipal
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	60	45
Less than 12 Months, Fair Value	$ 149,383,000	$ 108,721,000
Less than 12 Months, Gross Unrealized Losses	$ (621,000)	$ (290,000)
Unrealized Losses as Percentage of Cost	0.40%	0.30%
Less than 12 Months | Mortgage- Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	170	32
Less than 12 Months, Fair Value	$ 155,145,000	$ 28,493,000
Less than 12 Months, Gross Unrealized Losses	$ (1,610,000)	$ (156,000)
Unrealized Losses as Percentage of Cost	1.00%	0.50%
Less than 12 Months | Residential
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	159	24
Less than 12 Months, Fair Value	$ 118,336,000	$ 12,855,000
Less than 12 Months, Gross Unrealized Losses	$ (1,388,000)	$ (34,000)
Unrealized Losses as Percentage of Cost	1.20%	0.30%
Less than 12 Months | Commercial
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	11	8
Less than 12 Months, Fair Value	$ 36,809,000	$ 15,638,000
Less than 12 Months, Gross Unrealized Losses	$ (222,000)	$ (122,000)
Unrealized Losses as Percentage of Cost	0.60%	0.80%
Less than 12 Months | Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	12	24
Less than 12 Months, Fair Value	$ 10,760,000	$ 23,351,000
Less than 12 Months, Gross Unrealized Losses	$ (10,000)	$ (60,000)
Unrealized Losses as Percentage of Cost	0.10%	0.30%
Less than 12 Months | Corporates
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	116	103
Less than 12 Months, Fair Value	$ 160,029,000	$ 142,046,000
Less than 12 Months, Gross Unrealized Losses	$ (2,522,000)	$ (1,820,000)
Unrealized Losses as Percentage of Cost	1.60%	1.30%
Less than 12 Months | Equity securities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	0	0
Less than 12 Months, Fair Value	$ 0	$ 0
Less than 12 Months, Gross Unrealized Losses	$ 0	$ 0
Unrealized Losses as Percentage of Cost	0.00%	0.00%
Less than 12 Months | Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	3	2
Less than 12 Months, Fair Value	$ 3,621,000	$ 803,000
Less than 12 Months, Gross Unrealized Losses	$ (2,000)	$ (1,000)
Unrealized Losses as Percentage of Cost	0.10%	0.10%
12 Months or More
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	81	142
Unrealized Losses as Percentage of Cost	1.90%	1.40%
12 Months or More, Fair Value	$ 77,650,000	$ 156,521,000
12 Months or More, Gross Unrealized Losses	$ (1,510,000)	$ (2,232,000)
12 Months or More | Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	81	142
Unrealized Losses as Percentage of Cost	1.90%	1.40%
12 Months or More, Fair Value	$ 77,650,000	$ 156,521,000
12 Months or More, Gross Unrealized Losses	$ (1,510,000)	$ (2,232,000)
12 Months or More | U.S. government
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	4	8
Unrealized Losses as Percentage of Cost	0.50%	0.80%
12 Months or More, Fair Value	$ 5,165,000	$ 21,051,000
12 Months or More, Gross Unrealized Losses	$ (24,000)	$ (180,000)
12 Months or More | State and Municipal
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	0	2
Unrealized Losses as Percentage of Cost	0.00%	1.10%
12 Months or More, Fair Value	$ 0	$ 4,183,000
12 Months or More, Gross Unrealized Losses	$ 0	$ (47,000)
12 Months or More | Mortgage- Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	67	114
Unrealized Losses as Percentage of Cost	2.00%	1.30%
12 Months or More, Fair Value	$ 61,107,000	$ 110,271,000
12 Months or More, Gross Unrealized Losses	$ (1,247,000)	$ (1,492,000)
12 Months or More | Residential
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	64	109
Unrealized Losses as Percentage of Cost	2.40%	1.30%
12 Months or More, Fair Value	$ 46,853,000	$ 100,752,000
12 Months or More, Gross Unrealized Losses	$ (1,153,000)	$ (1,356,000)
12 Months or More | Commercial
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	3	5
Unrealized Losses as Percentage of Cost	0.70%	1.40%
12 Months or More, Fair Value	$ 14,254,000	$ 9,519,000
12 Months or More, Gross Unrealized Losses	$ (94,000)	$ (136,000)
12 Months or More | Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	2	2
Unrealized Losses as Percentage of Cost	0.40%	0.80%
12 Months or More, Fair Value	$ 1,156,000	$ 1,150,000
12 Months or More, Gross Unrealized Losses	$ (4,000)	$ (9,000)
12 Months or More | Corporates
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	8	16
Unrealized Losses as Percentage of Cost	2.20%	2.50%
12 Months or More, Fair Value	$ 10,222,000	$ 19,865,000
12 Months or More, Gross Unrealized Losses	$ (234,000)	$ (503,000)
12 Months or More | Equity securities
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	0	0
Unrealized Losses as Percentage of Cost	0.00%	0.00%
12 Months or More, Fair Value	$ 0	$ 0
12 Months or More, Gross Unrealized Losses	$ 0	$ 0
12 Months or More | Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Number of Securities with Unrealized Losses (positions)	0	0
Unrealized Losses as Percentage of Cost	0.00%	0.00%
12 Months or More, Fair Value	$ 0	$ 0
12 Months or More, Gross Unrealized Losses	$ 0	$ 0
Maximum
Schedule of Available-for-sale Securities [Line Items]
Percentage of book value (percent)	95.00%
Minimum
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss amount	$ 100,000

Investments - Summary of unreal

Investments - Summary of unrealized gains and losses (Details) - Securities	Jun. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Number of positions held with unrealized gains (positions)	711	778
Number of positions held with unrealized losses (positions)	451	350
Number of positions held that individually exceed unrealized gains of $500,000 (positions)	3	3
Number of positions held that individually exceed unrealized losses of $500,000 (positions)	0	0
Percentage of positions held with unrealized gains that were investment grade (percent)	92.00%	92.00%
Percentage of positions held with unrealized losses that were investment grade (percent)	88.00%	84.00%
Percentage of fair value held with unrealized gains that were investment grade (percent)	93.00%	94.00%
Percentage of fair value held with unrealized losses that were investment grade (percent)	89.00%	86.00%

Investments - Unrealized losses

Investments - Unrealized losses by age and severity (Details) - Jun. 30, 2015 - USD ($) $ in Thousands		Total
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Securities with Unrealized Losses		$ 573,700
Total Gross Unrealized Losses		(6,339)
0-3 months
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Securities with Unrealized Losses		381,565
Total Gross Unrealized Losses		(2,994)
3-6 months
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Securities with Unrealized Losses		84,909
Total Gross Unrealized Losses		(1,396)
6-9 months
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Securities with Unrealized Losses		24,560
Total Gross Unrealized Losses		(341)
9-12 months
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Securities with Unrealized Losses		9,352
Total Gross Unrealized Losses		(174)
Greater than twelve months
Schedule of Available-for-sale Securities [Line Items]
Fair Value of Securities with Unrealized Losses		73,315
Total Gross Unrealized Losses		(1,433)
Less Than 5% as a Percentage of Amortized Cost or Cost
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(5,452)
Less Than 5% as a Percentage of Amortized Cost or Cost | 0-3 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(2,876)
Less Than 5% as a Percentage of Amortized Cost or Cost | 3-6 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(905)
Less Than 5% as a Percentage of Amortized Cost or Cost | 6-9 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(142)
Less Than 5% as a Percentage of Amortized Cost or Cost | 9-12 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(95)
Less Than 5% as a Percentage of Amortized Cost or Cost | Greater than twelve months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(1,433)
5% - 10% as a Percentage of Amortized Cost or Cost
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(395)
5% - 10% as a Percentage of Amortized Cost or Cost | 0-3 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(118)
5% - 10% as a Percentage of Amortized Cost or Cost | 3-6 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	0
5% - 10% as a Percentage of Amortized Cost or Cost | 6-9 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(199)
5% - 10% as a Percentage of Amortized Cost or Cost | 9-12 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(79)
5% - 10% as a Percentage of Amortized Cost or Cost | Greater than twelve months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	0
Greater Than 10% as a Percentage of Amortized Cost or Cost
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(491)
Greater Than 10% as a Percentage of Amortized Cost or Cost | 0-3 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	0
Greater Than 10% as a Percentage of Amortized Cost or Cost | 3-6 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	(491)
Greater Than 10% as a Percentage of Amortized Cost or Cost | 6-9 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	0
Greater Than 10% as a Percentage of Amortized Cost or Cost | 9-12 months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	0
Greater Than 10% as a Percentage of Amortized Cost or Cost | Greater than twelve months
Schedule of Available-for-sale Securities [Line Items]
Total Gross Unrealized Losses	[1]	$ 0
[1]	As a percentage of amortized cost or cost.

Investments - Change in unreali

Investments - Change in unrealized gains and losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Unrealized holding gains (losses) on securities arising during the period	$ (13,472)	$ 15,517	$ (5,056)	$ 23,370
Unrealized holding gains (losses) on securities arising during the period, tax effects			1,770	(8,179)
Unrealized holding gains (losses) on securities arising during period, net of tax			(3,287)	15,190
Realized gains on securities sold, pre-tax	(423)	(1,852)	(1,973)	(2,524)
Realized gains on securities sold, tax effects			691	883
Realized gains on securities sold, net of tax			(1,283)	(1,641)
Impairment loss recognized in earnings, pre-tax	208	6	590	33
Impairment loss recognized in earnings, tax effects			(206)	(12)
Impairment loss recognized in earnings			383	22
Change in unrealized gains (losses) on marketable securities, net, pre-tax	$ (13,687)	$ 13,671	(6,440)	20,879
Change in unrealized gains (losses) on marketable securities, net, tax effects			2,254	(7,308)
Change in unrealized gains (losses) on marketable securities, net, net of tax			(4,186)	13,571
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Unrealized holding gains (losses) on securities arising during the period			(7,313)	18,850
Realized gains on securities sold, pre-tax			(875)	(1,246)
Impairment loss recognized in earnings, pre-tax			590	33
Change in unrealized gains (losses) on marketable securities, net, pre-tax			(7,599)	17,638
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Unrealized holding gains (losses) on securities arising during the period			2,259	4,515
Realized gains on securities sold, pre-tax			(1,098)	(1,273)
Impairment loss recognized in earnings, pre-tax			0	0
Change in unrealized gains (losses) on marketable securities, net, pre-tax			1,160	3,242
Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Unrealized holding gains (losses) on securities arising during the period			(2)	5
Realized gains on securities sold, pre-tax			0	(5)
Impairment loss recognized in earnings, pre-tax			0	0
Change in unrealized gains (losses) on marketable securities, net, pre-tax			$ (2)	$ (1)

Investments - Credit losses rol

Investments - Credit losses rollforward (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Credit losses on fixed maturity securities
Beginning balance	$ 852	$ 956
Additions for: Previously impaired securities	0	19
Additions for: Newly impaired securities	0	13
Reductions for: Securities sold and paid down	(85)	(74)
Ending balance	$ 766	$ 914

Investments - Investments by co

Investments - Investments by contractual maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
One year or less, fair value	$ 91,138
One year or less, amortized cost	90,524
After one year through five years, fair value	578,779
After one year through five years, amortized cost	571,076
After five years through ten years, fair value	283,785
After five years through ten years, amortized cost	282,626
After ten years, fair value	11,980
After ten years, amortized cost basis	11,657
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value	475,089
Mortgage-backed, asset-backed and collateralized mortgage obligations, amortized cost	473,059
Fair Value, Fixed maturities	1,440,771	$ 1,431,843
Amortized Cost, Fixed Maturities	1,428,944	$ 1,412,417
Securities with Unrealized Gains
Schedule of Available-for-sale Securities [Line Items]
One year or less, fair value	70,725
After one year through five years, fair value	405,984
After five years through ten years, fair value	133,482
After ten years, fair value	6,011
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value	246,053
Fair Value, Fixed maturities	862,254
Securities with Unrealized Losses
Schedule of Available-for-sale Securities [Line Items]
One year or less, fair value	13,087
After one year through five years, fair value	172,795
After five years through ten years, fair value	150,059
After ten years, fair value	5,970
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value	228,168
Fair Value, Fixed maturities	570,079
Securities with No Unrealized Gains or Losses
Schedule of Available-for-sale Securities [Line Items]
One year or less, fair value	7,326
After one year through five years, fair value	0
After five years through ten years, fair value	243
After ten years, fair value	0
Mortgage-backed, asset-backed and collateralized mortgage obligations, fair value	869
Fair Value, Fixed maturities	$ 8,438

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	1 Months Ended		6 Months Ended
	Aug. 31, 2014	Sep. 30, 2012	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt, fair value			$ 287,576,000	$ 291,044,000
US Treasury Note
Debt Instrument [Line Items]
Effective percentage (percent)			2.355%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility capacity	$ 50,000,000
Term of revolving credit facility (years)	3 years
Senior Notes Due 2022 | Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 275,000,000
Coupon rate (percent)		5.00%
Capitalized debt issuance costs		$ 2,200,000
Long-term debt, fair value			$ 287,600,000
Basis points			1.90%
Term of note used (years)			10 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Federal statutory income tax rate (percent)			35.00%
Income tax reconciliation
Earnings before income taxes	$ 19,667	$ 15,143	$ 35,903	$ 29,789
Income taxes at statutory rate	6,883	5,300	12,566	10,426
Dividends-received deduction	(144)	(144)	(248)	(251)
Tax-exempt interest	(584)	(701)	(1,308)	(1,403)
Other	19	20	247	23
Provision for income taxes as shown on the Consolidated Statements of Earnings	$ 6,174	$ 4,476	$ 11,257	$ 8,795
GAAP effective tax rate (percent)	31.40%	29.60%	31.40%	29.50%

Additional Information (Details

Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Income tax payments	$ 12,000	$ 6,200	$ 12,750	$ 6,200
Interest payments on debt	0	0	6,875	6,875
Interest payments on capital leases	21	$ 14	43	$ 29
Negative cash book balances	$ 56,800		$ 56,800		$ 51,200

Insurance Reserves (Details)

Insurance Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid losses on known claims, balance at beginning of period	$ 241,483	$ 226,659	$ 235,037	$ 221,447
IBNR losses, balance at beginning of period	278,863	272,159	277,482	262,660
LAE, balance at beginning of period	155,409	164,072	155,658	162,469
Total unpaid losses and LAE, balance at beginning of period	675,755	662,890	668,177	646,577
Reinsurance recoverables, balance at beginning of period	(13,982)	(14,544)	(14,370)	(14,431)
Unpaid losses and LAE, net of reinsurance recoverables, balance at beginning of period	661,773	648,346	653,808	632,146
Loss and LAE incurred, current accident year	273,246	257,098	531,030	513,874
Loss and LAE incurred, Prior accident years	(10,462)	(163)	(12,604)	(3,237)
Total loss and LAE incurred	262,784	256,935	518,427	510,637
Loss and LAE payments, current accident year	(164,762)	(153,772)	(246,670)	(234,590)
Loss and LAE payments, prior accident years	(92,922)	(100,005)	(258,692)	(256,688)
Total loss and LAE payments	(257,684)	(253,776)	(505,362)	(491,278)
Unpaid losses and LAE, net of reinsurance recoverables, balance at end of period	666,873	651,505	666,873	651,505
Add back reinsurance recoverables, balance at end of period	14,155	13,717	14,155	13,717
Total unpaid losses and LAE, balance at end of period	681,028	665,222	681,028	665,222
Unpaid losses on known claims, balance at end of period	245,863	225,040	245,863	225,040
IBNR losses, balance at end of period	281,147	274,830	281,147	274,830
LAE, balance at end of period	$ 154,017	$ 165,352	$ 154,017	$ 165,352

Accumulated Other Comprehensi43

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Before Tax [Abstract]
Accumulated other comprehensive income, beginning of period	$ 43,408	$ 33,441	$ 36,145	$ 25,576
Effect on other comprehensive income	(13,670)	13,669	(6,407)	21,534
Accumulated other comprehensive income, end of period	29,738	47,110	29,738	47,110
Income Tax [Abstract]
Accumulated other comprehensive income, beginning of period	(15,193)	(11,704)	(12,651)	(8,952)
Effect on other comprehensive income	4,785	(4,784)	2,242	(7,537)
Accumulated other comprehensive income, end of period	(10,408)	(16,488)	(10,408)	(16,488)
Net [Abstract]
Accumulated other comprehensive income, beginning of period	28,216	21,737	23,494	16,624
Other comprehensive income, net of tax	(8,886)	8,885	(4,164)	13,997
Accumulated other comprehensive income, end of period	19,330	30,621	19,330	30,621
Accumulated Change Postretirement Benefite Liability [Member]
Before Tax [Abstract]
Accumulated other comprehensive income, beginning of period	190	595	174	(62)
Effect on other comprehensive income	16	(3)	33	655
Accumulated other comprehensive income, end of period	206	593	206	593
Income Tax [Abstract]
Accumulated other comprehensive income, beginning of period	(66)	(208)	(61)	22
Effect on other comprehensive income	(6)	1	(12)	(229)
Accumulated other comprehensive income, end of period	(72)	(208)	(72)	(208)
Net [Abstract]
Accumulated other comprehensive income, beginning of period	123	387	113	(40)
Other comprehensive income, net of tax	11	(2)	21	426
Accumulated other comprehensive income, end of period	134	385	134	385
Accumulated Unrealized Gains on Investments, net [Member]
Before Tax [Abstract]
Accumulated other comprehensive income, beginning of period	43,218	32,846	35,972	25,638
Effect on other comprehensive income	(13,687)	13,671	(6,440)	20,879
Other comprehensive income before reclassification	(13,472)	15,517	(5,056)	23,370
Accumulated other comprehensive income, end of period	29,532	46,517	29,532	46,517
Income Tax [Abstract]
Accumulated other comprehensive income, beginning of period	(15,126)	(11,496)	(12,590)	(8,973)
Other comprehensive income before reclassification	4,715	(5,431)	1,770	(8,179)
Effect on other comprehensive income	4,790	(4,785)	2,254	(7,308)
Accumulated other comprehensive income, end of period	(10,336)	(16,281)	(10,336)	(16,281)
Net [Abstract]
Accumulated other comprehensive income, beginning of period	28,092	21,350	23,382	16,665
Other comprehensive income before reclassification	(8,757)	10,086	(3,287)	15,190
Other comprehensive income, net of tax	(8,896)	8,886	(4,186)	13,571
Accumulated other comprehensive income, end of period	19,196	30,236	19,196	30,236
Reclassification Adjustment for Other-than-Temporary Impairment [Member]
Before Tax [Abstract]
Reclassicification adjustment	208	6	590	33
Income Tax [Abstract]
Reclassicification adjustment	(73)	(2)	(206)	(12)
Net [Abstract]
Reclassicification adjustment	135	4	383	22
Accumulated Unrealized Gains on Investments, Net [Member]
Before Tax [Abstract]
Effect on other comprehensive income	(13,687)	13,671	(6,440)	20,879
Reclassicification adjustment	(423)	(1,852)	(1,973)	(2,524)
Income Tax [Abstract]
Reclassicification adjustment	148	648	691	883
Effect on other comprehensive income	4,790	(4,785)	2,254	(7,308)
Net [Abstract]
Reclassicification adjustment	(275)	(1,204)	(1,283)	(1,641)
Other comprehensive income, net of tax	$ (8,896)	$ 8,886	$ (4,186)	$ 13,571