Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Entity Registrant Name | 'SELECTIVE INSURANCE GROUP INC |
Entity Central Index Key | '0000230557 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock , Shares Outstanding | 56,219,199 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Fixed income securities, held-to-maturity – at carrying value (fair value: $403,536 – 2014; $416,981 – 2013) | $382,056 | $392,879 |
Fixed income securities, available-for-sale – at fair value (amortized cost: $3,784,456– 2014; $3,675,977 – 2013) | 3,815,853 | 3,715,536 |
Equity securities, available-for-sale – at fair value (cost: $162,370 – 2014; $155,350 – 2013) | 197,687 | 192,771 |
Short-term investments (at cost which approximates fair value) | 137,733 | 174,251 |
Other investments | 106,720 | 107,875 |
Total investments | 4,640,049 | 4,583,312 |
Cash | 245 | 193 |
Interest and dividends due or accrued | 36,967 | 37,382 |
Premiums receivable, net of allowance for uncollectible accounts of: $3,771 – 2014; $4,442 – 2013 | 553,912 | 524,870 |
Reinsurance recoverables, net | 574,621 | 550,897 |
Prepaid reinsurance premiums | 141,603 | 143,000 |
Current federal income tax | 0 | 512 |
Deferred federal income tax | 113,061 | 122,613 |
Property and equipment – at cost, net of accumulated depreciation and amortization of: $181,959 – 2014; $179,192 – 2013 | 53,725 | 50,834 |
Deferred policy acquisition costs | 177,678 | 172,981 |
Goodwill | 7,849 | 7,849 |
Other assets | 70,526 | 75,727 |
Total assets | 6,370,236 | 6,270,170 |
Liabilities And Stockholders' Equity | ' | ' |
Reserve for loss and loss expenses | 3,432,432 | 3,349,770 |
Unearned premiums | 1,078,012 | 1,059,155 |
Notes payable | 392,420 | 392,414 |
Current federal income tax | 3,249 | 0 |
Accrued salaries and benefits | 89,558 | 111,427 |
Other liabilities | 189,034 | 203,476 |
Total liabilities | 5,184,705 | 5,116,242 |
Stockholders' Equity: | ' | ' |
Preferred stock of $0 par value per share: Authorized shares: 5,000,000; no shares issued or outstanding | 0 | 0 |
Common stock of $2 par value per share Authorized shares: 360,000,000 Issued: 99,536,697 – 2014; 99,120,235 – 2013 | 199,073 | 198,240 |
Additional paid-in capital | 294,365 | 288,182 |
Retained earnings | 1,212,577 | 1,202,015 |
Accumulated other comprehensive income | 41,529 | 24,851 |
Treasury stock - at cost (shares: 43,317,498 – 2014; 43,198,622 – 2013) | -562,013 | -559,360 |
Total stockholders' equity | 1,185,531 | 1,153,928 |
Commitments and contingencies | ' | ' |
Total liabilities and stockholders' equity | $6,370,236 | $6,270,170 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Fixed income securities, held-to-maturity, fair value | $403,536 | $416,981 |
Fixed maturity securities, available-for-sale, amortized cost | 3,748,456 | 3,675,977 |
Equity securities, available-for-sale, cost | 162,370 | 155,350 |
Premiums receivable, allowance for uncollectible accounts | 3,771 | 4,442 |
Property and equipment, accumulated depreciation and amortization | $181,959 | $179,192 |
Preferred stock, par value per share | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $2 | $2 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common stock, shares issued | 99,536,697 | 99,120,235 |
Treasury stock, shares | 43,317,498 | 43,198,622 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Net premiums earned | $456,495 | $420,940 |
Net investment income earned | 35,534 | 32,870 |
Net realized gains: | ' | ' |
Net realized investment gains | 8,181 | 5,304 |
Other-than-temporary impairments | -963 | -1,919 |
Other-than-temporary impairments on fixed maturity securities recognized in other comprehensive income | 0 | -30 |
Total net realized gains | 7,218 | 3,355 |
Other income | 9,824 | 2,784 |
Total revenues | 509,071 | 459,949 |
Expenses: | ' | ' |
Loss and loss expense incurred | 320,546 | 269,849 |
Policy acquisition costs | 149,266 | 139,528 |
Interest expense | 5,561 | 5,831 |
Other expenses | 8,614 | 15,873 |
Total expenses | 483,987 | 431,081 |
Income from continuing operations, before federal income tax | 25,084 | 28,868 |
Federal income tax expense (benefit): | ' | ' |
Current | 6,538 | 7,453 |
Deferred | 572 | -890 |
Total federal income tax expense | 7,110 | 6,563 |
Net income from continuing operations | 17,974 | 22,305 |
Loss on disposal of discontinued operations, net of tax of $(538) - 2013 | 0 | -997 |
Net income | $17,974 | $21,308 |
Earnings per share: | ' | ' |
Basic net income from continuing operations | $0.32 | $0.40 |
Basic net loss from discontinued operations | $0 | ($0.02) |
Basic net income | $0.32 | $0.38 |
Diluted net income from continuing operations | $0.31 | $0.40 |
Diluted net loss from discontinued operations | $0 | ($0.02) |
Diluted net income | $0.31 | $0.38 |
Dividends to stockholders | $0.13 | $0.13 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income Parenthetical (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Tax effect of loss on disposal of discontinued operations | ($538) |
Consolidation_Statements_of_Co
Consolidation Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $17,974 | $21,308 |
Unrealized holding gains arising during period | 21,426 | 2,394 |
Non-credit portion of other-than-temporary impairments recognized in other comprehensive income | 0 | 20 |
Amount reclassified into net income: Held-to-maturity Securities | -296 | -466 |
Realized gains on available for sale securities | -4,699 | -3,884 |
Total unrealized gains (losses) on investment securities | 16,431 | -1,932 |
Amount reclassified into Net Income: Net actuarial loss | 247 | 1,196 |
Amount reclassified into Net Income: Prior service cost | 0 | 6 |
Amount reclassified into Net Income: Curtailment expense | 0 | 11 |
Total defined benefit pension and post-retirement plans | 247 | 29,813 |
Comprehensive income | 34,652 | 49,189 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Net actuarial gain | 0 | 28,600 |
Total defined benefit pension and post-retirement plans | 247 | ' |
Accumulated Other-than-Temporary Impairment [Member] | ' | ' |
Amounts reclassified into Net Income: Non-credit other-than-temporary impairment | 0 | 4 |
Other comprehensive income | 0 | ' |
Accumulated other comprehensive income [Member] | ' | ' |
Amounts reclassified into Net Income: Non-credit other-than-temporary impairment | -4,748 | ' |
Other comprehensive income | $16,678 | $27,881 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income [Member] | Treasury stock [Member] |
In Thousands | ||||||
Beginning of year at Dec. 31, 2012 | ' | $196,388 | $270,654 | $1,125,154 | $54,040 | ($555,644) |
Dividend reinvestment plan (shares:15,283 – 2014; 17,314 - 2013) | ' | 35 | 349 | ' | ' | ' |
Stock purchase and compensation plans (shares: 401,179 - 2014; 496,647 - 2013) | ' | 993 | 5,714 | ' | ' | ' |
Net income | 21,308 | ' | ' | 21,308 | ' | ' |
Dividends to stockholders ($0.13 per share - 2014 and 2013) | ' | ' | ' | -7,351 | ' | ' |
Other comprehensive income | ' | ' | ' | ' | 27,881 | ' |
Acquisition of treasury stock (shares: 118,876- 2014; 146,436 - 2013) | ' | ' | ' | ' | ' | -3,176 |
End of period at Mar. 31, 2013 | 1,136,345 | 197,416 | 276,717 | 1,139,111 | 81,921 | -558,820 |
Beginning of year at Dec. 31, 2013 | 1,153,928 | 198,240 | 288,182 | 1,202,015 | 24,851 | -559,360 |
Dividend reinvestment plan (shares:15,283 – 2014; 17,314 - 2013) | ' | 31 | 320 | ' | ' | ' |
Stock purchase and compensation plans (shares: 401,179 - 2014; 496,647 - 2013) | ' | 802 | 5,863 | ' | ' | ' |
Net income | 17,974 | ' | ' | 17,974 | ' | ' |
Dividends to stockholders ($0.13 per share - 2014 and 2013) | ' | ' | ' | -7,412 | ' | ' |
Other comprehensive income | ' | ' | ' | ' | 16,678 | ' |
Acquisition of treasury stock (shares: 118,876- 2014; 146,436 - 2013) | ' | ' | ' | ' | ' | -2,653 |
End of period at Mar. 31, 2014 | $1,185,531 | $199,073 | $294,365 | $1,212,577 | $41,529 | ($562,013) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Dividend reinvestment plan, shares | 15,283 | 17,314 |
Stock purchase and compensation plans, shares | 401,179 | 496,647 |
Dividends to stockholders, per share | $0.13 | $0.13 |
Acquisition of treasury stock, shares | 118,876 | 146,436 |
Preferred stock, par value per share | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value per share | $0 | $0 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net income | $17,974 | $21,308 |
Adjustments to Reconcile Net Income to net Cash Provided by Operating Activities [Abstract] | ' | ' |
Depreciation and amortization | 10,578 | 13,148 |
Sale of renewal rights | -8,000 | 0 |
Loss on disposal of discontinued operations | 0 | 997 |
Stock-based compensation expense | 4,176 | 3,692 |
Undistributed (gains) losses of equity method investments | -33 | 426 |
Net realized gains | -7,218 | -3,355 |
Retirement income plan curtailment expense | 0 | 16 |
Changes in assets and liabilities: | ' | ' |
Increase in reserve for loss and loss expenses, net of reinsurance recoverables | 58,938 | 38,556 |
Increase in unearned premiums, net of prepaid reinsurance and advance premiums | 19,875 | 30,106 |
Decrease in net federal income taxes | 4,332 | 5,290 |
Increase in premiums receivable | -29,042 | -36,202 |
Increase in deferred policy acquisition costs | -4,697 | -2,963 |
Decrease in interest and dividends due or accrued | 414 | 384 |
Decrease in accrued salaries and benefits | -21,869 | -4,528 |
Decrease in accrued insurance expenses | -26,957 | -12,378 |
Other-net | 17,293 | -26,357 |
Net adjustments | 17,790 | 6,832 |
Net cash provided by operating activities | 35,764 | 28,140 |
Investing Activities | ' | ' |
Purchase of fixed income securities, available-for-sale | -182,809 | -308,289 |
Purchase of equity securities, available-for-sale | -61,360 | -2 |
Purchase of other investments | -4,615 | -2,329 |
Purchase of short-term investments | -398,348 | -644,274 |
Sale of subsidiary | 0 | 225 |
Sale of fixed income securities, available-for-sale | 1,302 | 6,851 |
Sale of short-term investments | 434,865 | 695,313 |
Redemption and maturities of fixed income securities, held-to-maturity | 9,396 | 28,644 |
Redemption and maturities of fixed income securities, available-for-sale | 104,358 | 124,975 |
Sale of equity securities, available-for-sale | 61,523 | 0 |
Distributions from other investments | 5,704 | 3,447 |
Purchase of property and equipment | -5,699 | -3,673 |
Sale of renewal rights | 8,000 | 0 |
Net cash used in investing activities | -27,683 | -99,112 |
Financing Activities | ' | ' |
Dividends to stockholders | -6,948 | -6,824 |
Acquisition of treasury stock | -2,653 | -3,176 |
Net proceeds from stock purchase and compensation plans | 1,261 | 1,164 |
Proceeds from issuance of notes payable, net of debt issuance costs | 0 | 178,623 |
Repayment of notes payable | 0 | -100,000 |
Excess tax benefits from share-based payment arrangements | 770 | 1,271 |
Repayments of capital lease obligations | -459 | 0 |
Net cash (used in) provided by financing activities | -8,029 | 71,058 |
Net increase in cash | 52 | 86 |
Cash, beginning of year | 193 | 210 |
Cash, end of period | $245 | $296 |
Organization
Organization | 3 Months Ended | |
Mar. 31, 2014 | ||
Organization [Abstract] | ' | |
Organization | ' | |
Organization | ||
Selective Insurance Group, Inc., through its subsidiaries, (collectively referred to as “we,” “us,” or “our”) offers standard and excess and surplus lines (“E&S”) property and casualty insurance products. Selective Insurance Group, Inc. (referred to as the “Parent”) was incorporated in New Jersey in 1977 and its main offices are located in Branchville, New Jersey. The Parent’s common stock is publicly traded on the NASDAQ Global Select Market under the symbol “SIGI.” | ||
We classify our business into three operating segments: | ||
• | Our Standard Insurance Operations segment, which is comprised of both commercial lines ("Commercial Lines") and personal lines ("Personal Lines") business, sells property and casualty insurance products and services in the standard market, including flood insurance through the National Flood Insurance Program's ("NFIPs") write-your-own ("WYO") program; | |
• | Our E&S Insurance Operations segment sells Commercial Lines property and casualty insurance products and services to insureds who have not obtained coverage in the standard market; and | |
• | Our Investments segment, which invests the premiums collected by our Standard and E&S Insurance Operations and amounts generated through our capital management strategies, which may include the issuance of debt and equity securities. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
These interim unaudited consolidated financial statements (“Financial Statements”) include the accounts of the Parent and its subsidiaries, and have been prepared in conformity with: (i) U.S. generally accepted accounting principles (“GAAP”); and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The preparation of the Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions between the Parent and its subsidiaries are eliminated in consolidation. | |
Certain amounts in our prior years' Financial Statements and related notes have been reclassified to conform to the 2014 presentation. Such reclassifications had no effect on our net income, stockholders' equity, or cash flows. | |
These Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. The Financial Statements cover the first quarters ended March 31, 2014 (“First Quarter 2014”) and March 31, 2013 (“First Quarter 2013”). The Financial Statements do not include all of the information and disclosures required by GAAP and the SEC for audited annual financial statements. Results of operations for any interim period are not necessarily indicative of results for a full year. Consequently, the Financial Statements should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Annual Report”) filed with the SEC. |
Adoption_of_Accounting_Pronoun
Adoption of Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
Adoption Of Accounting Pronouncements | ' | |
Adoption of Accounting Pronouncements | ||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) ("ASU 2013-11"). ASU 2013-11 applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. An unrecognized tax benefit is the difference between a tax position taken or expected to be taken in a tax return and the benefit that is more likely than not sustainable under examination. Under ASU 2013-11, an entity must net an unrecognized tax benefit, or a portion of an unrecognized tax benefit, against deferred tax assets for a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward except when: | ||
• | An NOL carryforward, a similar tax loss, or a tax credit carryfoward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; or | |
• | The entity does not intend to use the deferred tax asset for this purpose.If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. | |
ASU 2013-11 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not impact our financial condition or results of operation. | ||
Pronouncements to be effective in the future | ||
In January 2014, the FASB issued ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects ("ASU 2014-01"). ASU 2014-01 applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for a low-income housing tax credit. ASU 2014-01 permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using a newly defined "proportional amortization method" if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as components of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment is required to be accounted for as an equity method investment or a cost method investment. | ||
ASU 2014-01 is effective for public business entities for annual periods and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on our financial condition or results of operations. |
Statements_of_Cash_Flow
Statements of Cash Flow | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Statements of Cash Flow | ' | |||||||
Statements of Cash Flow | ||||||||
Cash paid during the period for interest and federal income taxes was as follows: | ||||||||
Three Months ended March 31, | ||||||||
($ in thousands) | 2014 | 2013 | ||||||
Cash paid during the period for: | ||||||||
Interest | $ | 2,973 | 1,964 | |||||
Federal income tax | 2,000 | — | ||||||
Non-cash items: | ||||||||
Tax-free exchange of fixed income securities, AFS | — | 8,470 | ||||||
Tax-free exchange of fixed income securities, HTM | 15 | 7,168 | ||||||
At March 31, 2014, included in "Other assets" on the Consolidated Balance Sheets was $6.1 million of cash received from the NFIP, which is restricted to pay flood claims under the WYO program. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Investments | ||||||||||||||||||||
(a) The amortized cost, net unrealized gains and losses, carrying value, unrecognized holding gains and losses, and fair value of held-to-maturity (“HTM”) fixed income securities as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 110 | 5,402 | 150 | — | 5,552 | |||||||||||||
Obligations of state and political subdivisions | 344,360 | 3,475 | 347,835 | 16,472 | — | 364,307 | ||||||||||||||
Corporate securities | 21,903 | (341 | ) | 21,562 | 2,902 | — | 24,464 | |||||||||||||
Asset-backed securities (“ABS”) | 3,347 | (621 | ) | 2,726 | 640 | — | 3,366 | |||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 5,353 | (822 | ) | 4,531 | 1,316 | — | 5,847 | |||||||||||||
Total HTM fixed income securities | $ | 380,255 | 1,801 | 382,056 | 21,480 | — | 403,536 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 131 | 5,423 | 168 | — | 5,591 | |||||||||||||
Obligations of state and political subdivisions | 348,109 | 4,013 | 352,122 | 17,634 | — | 369,756 | ||||||||||||||
Corporate securities | 28,174 | (346 | ) | 27,828 | 2,446 | — | 30,274 | |||||||||||||
ABS | 3,413 | (655 | ) | 2,758 | 657 | — | 3,415 | |||||||||||||
CMBS | 5,634 | (886 | ) | 4,748 | 3,197 | — | 7,945 | |||||||||||||
Total HTM fixed income securities | $ | 390,622 | 2,257 | 392,879 | 24,102 | — | 416,981 | |||||||||||||
Unrecognized holding gains and losses of HTM securities are not reflected in the Financial Statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as HTM; or (ii) the date that an other-than-temporary impairment (“OTTI”) charge is recognized on an HTM security, through the date of the balance sheet. Our HTM securities had an average duration of 2.2 years as of March 31, 2014. | ||||||||||||||||||||
(b) The cost/amortized cost, unrealized gains and losses, and fair value of AFS securities as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 161,428 | 10,007 | (370 | ) | 171,065 | ||||||||||||||
Foreign government | 31,538 | 912 | (29 | ) | 32,421 | |||||||||||||||
Obligations of states and political subdivisions | 963,237 | 26,617 | (10,687 | ) | 979,167 | |||||||||||||||
Corporate securities | 1,777,186 | 48,305 | (9,793 | ) | 1,815,698 | |||||||||||||||
ABS | 131,386 | 908 | (360 | ) | 131,934 | |||||||||||||||
CMBS1 | 172,386 | 4,686 | (2,256 | ) | 174,816 | |||||||||||||||
Residential mortgage-backed | 511,295 | 7,210 | (7,753 | ) | 510,752 | |||||||||||||||
securities (“RMBS”)2 | ||||||||||||||||||||
AFS fixed income securities | 3,748,456 | 98,645 | (31,248 | ) | 3,815,853 | |||||||||||||||
AFS equity securities | 162,370 | 35,434 | (117 | ) | 197,687 | |||||||||||||||
Total AFS securities | $ | 3,910,826 | 134,079 | (31,365 | ) | 4,013,540 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 163,218 | 10,661 | (504 | ) | 173,375 | ||||||||||||||
Foreign government | 29,781 | 906 | (72 | ) | 30,615 | |||||||||||||||
Obligations of states and political subdivisions | 946,455 | 25,194 | (20,025 | ) | 951,624 | |||||||||||||||
Corporate securities | 1,707,928 | 44,004 | (17,049 | ) | 1,734,883 | |||||||||||||||
ABS | 140,430 | 934 | (468 | ) | 140,896 | |||||||||||||||
CMBS1 | 172,288 | 2,462 | (3,466 | ) | 171,284 | |||||||||||||||
RMBS2 | 515,877 | 7,273 | (10,291 | ) | 512,859 | |||||||||||||||
AFS fixed income securities | 3,675,977 | 91,434 | (51,875 | ) | 3,715,536 | |||||||||||||||
AFS equity securities | 155,350 | 37,517 | (96 | ) | 192,771 | |||||||||||||||
Total AFS securities | $ | 3,831,327 | 128,951 | (51,971 | ) | 3,908,307 | ||||||||||||||
1 CMBS includes government guaranteed agency securities with a fair value of $24.5 million at March 31, 2014 and $30.0 million at December 31, 2013. | ||||||||||||||||||||
2 RMBS includes government guaranteed agency securities with a fair value of $48.2 million at March 31, 2014 and $55.2 million at December 31, 2013. | ||||||||||||||||||||
Unrealized gains and losses of AFS securities represent fair value fluctuations from the later of: (i) the date a security is designated as AFS; or (ii) the date that an OTTI charge is recognized on an AFS security, through the date of the balance sheet. These unrealized gains and losses are recorded in Accumulated Other Comprehensive Income ("AOCI") on the Consolidated Balance Sheets. | ||||||||||||||||||||
(c) The following tables summarize, for all securities in a net unrealized/unrecognized loss position at March 31, 2014 and December 31, 2013, the fair value and gross pre-tax net unrealized/unrecognized loss by asset class and by length of time those securities have been in a net loss position: | ||||||||||||||||||||
March 31, 2014 | Less than 12 months | 12 months or longer | ||||||||||||||||||
($ in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||
Losses1 | Losses1 | |||||||||||||||||||
AFS securities | ||||||||||||||||||||
U.S. government and government agencies | $ | 13,119 | (370 | ) | — | — | ||||||||||||||
Foreign government | 1,753 | (9 | ) | 2,978 | (20 | ) | ||||||||||||||
Obligations of states and political subdivisions | 373,064 | (9,984 | ) | 20,096 | (703 | ) | ||||||||||||||
Corporate securities | 464,163 | (8,636 | ) | 17,713 | (1,157 | ) | ||||||||||||||
ABS | 23,855 | (360 | ) | — | — | |||||||||||||||
CMBS | 72,437 | (1,962 | ) | 7,466 | (294 | ) | ||||||||||||||
RMBS | 221,314 | (7,294 | ) | 4,823 | (459 | ) | ||||||||||||||
Total fixed income securities | 1,169,705 | (28,615 | ) | 53,076 | (2,633 | ) | ||||||||||||||
Equity securities | 1,938 | (117 | ) | — | — | |||||||||||||||
Subtotal | $ | 1,171,643 | (28,732 | ) | 53,076 | (2,633 | ) | |||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||
($ in thousands) | Fair | Unrealized | Unrecognized | Fair | Unrealized | Unrecognized | ||||||||||||||
Value | Losses1 | Gains2 | Value | Losses1 | Gains2 | |||||||||||||||
HTM securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | — | — | 445 | (19 | ) | 18 | ||||||||||||
ABS | — | — | — | 2,495 | (621 | ) | 592 | |||||||||||||
Subtotal | $ | — | — | — | 2,940 | (640 | ) | 610 | ||||||||||||
Total AFS and HTM | $ | 1,171,643 | (28,732 | ) | — | 56,016 | (3,273 | ) | 610 | |||||||||||
December 31, 2013 | Less than 12 months | 12 months or longer | ||||||||||||||||||
($ in thousands) | Fair | Unrealized | Fair Value | Unrealized | ||||||||||||||||
Value | Losses1 | Losses1 | ||||||||||||||||||
AFS securities | ||||||||||||||||||||
U.S. government and government agencies | $ | 16,955 | (500 | ) | 507 | (4 | ) | |||||||||||||
Foreign government | 2,029 | (30 | ) | 2,955 | (42 | ) | ||||||||||||||
Obligations of states and political subdivisions | 442,531 | (19,120 | ) | 13,530 | (905 | ) | ||||||||||||||
Corporate securities | 511,100 | (15,911 | ) | 14,771 | (1,138 | ) | ||||||||||||||
ABS | 68,725 | (468 | ) | — | — | |||||||||||||||
CMBS | 100,396 | (2,950 | ) | 6,298 | (516 | ) | ||||||||||||||
RMBS | 268,943 | (10,031 | ) | 2,670 | (260 | ) | ||||||||||||||
Total fixed income securities | 1,410,679 | (49,010 | ) | 40,731 | (2,865 | ) | ||||||||||||||
Equity securities | 1,124 | (96 | ) | — | — | |||||||||||||||
Subtotal | $ | 1,411,803 | (49,106 | ) | 40,731 | (2,865 | ) | |||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||
($ in thousands) | Fair | Unrealized | Unrecognized | Fair | Unrealized | Unrecognized | ||||||||||||||
Value | Losses1 | Gains2 | Value | Losses1 | Gains2 | |||||||||||||||
HTM securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 65 | (5 | ) | 5 | 441 | (20 | ) | 14 | |||||||||||
ABS | — | — | — | 2,490 | (655 | ) | 621 | |||||||||||||
Subtotal | 65 | (5 | ) | 5 | 2,931 | (675 | ) | 635 | ||||||||||||
Total AFS and HTM | $ | 1,411,868 | (49,111 | ) | 5 | 43,662 | (3,540 | ) | 635 | |||||||||||
1 Gross unrealized losses include non-OTTI unrealized amounts and OTTI losses recognized in AOCI. In addition, this column includes remaining unrealized gain or loss amounts on securities that were transferred to an HTM designation in the first quarter of 2009 for those securities that are in a net unrealized/unrecognized loss position. | ||||||||||||||||||||
2 Unrecognized gains represent fair value fluctuations from the later of: (i) the date a security is designated as HTM; or (ii) the date that an OTTI charge is recognized on an HTM security. | ||||||||||||||||||||
As evidenced by the table below, our net unrealized/unrecognized loss positions improved by $20.6 million as of March 31, 2014 compared to December 31, 2013 as follows: | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Number of | % of Market/Book | Unrealized/ | Number of | % of | Unrealized/ | |||||||||||||||
Issues | Unrecognized Loss | Issues | Market/Book | Unrecognized | ||||||||||||||||
Loss | ||||||||||||||||||||
466 | 80% - 99% | $ | 31,395 | 556 | 80% - 99% | $ | 51,835 | |||||||||||||
— | 60% - 79% | — | 1 | 60% - 79% | 176 | |||||||||||||||
— | 40% - 59% | — | — | 40% - 59% | — | |||||||||||||||
— | 20% - 39% | — | — | 20% - 39% | — | |||||||||||||||
— | 0% - 19% | — | — | 0% - 19% | — | |||||||||||||||
$ | 31,395 | $ | 52,011 | |||||||||||||||||
We have reviewed the securities in the tables above in accordance with our OTTI policy, as described in Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2013 Annual Report. | ||||||||||||||||||||
At March 31, 2014, we had 466 securities in an aggregate unrealized/unrecognized loss position of $31.4 million, $2.7 million of which have been in a loss position for more than 12 months. At December 31, 2013, we had 557 securities in an aggregate unrealized/unrecognized loss position of $52.0 million, $2.9 million of which had been in a loss position for more than 12 months. During First Quarter 2014, interest rates on the 10-year U.S. Treasury Note fell by 31 basis points. This interest rate movement had a positive impact on our fixed income securities portfolio's valuation, thus decreasing the number of securities in a loss position and the corresponding dollar amount of unrealized losses. For a discussion regarding the sensitivity of interest rate movements and the related impacts on the fixed income securities portfolio, refer to Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" in our 2013 Annual Report. | ||||||||||||||||||||
We do not intend to sell any securities in an unrealized/unrecognized loss position, nor do we believe we will be required to sell these securities, and therefore we have concluded that they are temporarily impaired as of March 31, 2014. This conclusion reflects our current judgment as to the financial position and future prospects of the entity that issued the investment security and underlying collateral. If our judgment about an individual security changes in the future, we may ultimately record a credit loss after having originally concluded that one did not exist, which could have a material impact on our net income and financial position in future periods. | ||||||||||||||||||||
(d) Fixed income securities at March 31, 2014, by contractual maturity, are shown below. Mortgage-backed securities ("MBS") are included in the maturity tables using the estimated average life of each security. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations, with or without call or prepayment penalties. | ||||||||||||||||||||
Listed below are HTM fixed income securities at March 31, 2014: | ||||||||||||||||||||
($ in thousands) | Carrying Value | Fair Value | ||||||||||||||||||
Due in one year or less | $ | 80,337 | 81,332 | |||||||||||||||||
Due after one year through five years | 270,608 | 287,045 | ||||||||||||||||||
Due after five years through 10 years | 31,111 | 35,159 | ||||||||||||||||||
Total HTM fixed income securities | $ | 382,056 | 403,536 | |||||||||||||||||
Listed below are AFS fixed income securities at March 31, 2014: | ||||||||||||||||||||
($ in thousands) | Fair Value | |||||||||||||||||||
Due in one year or less | $ | 425,744 | ||||||||||||||||||
Due after one year through five years | 1,991,515 | |||||||||||||||||||
Due after five years through 10 years | 1,345,666 | |||||||||||||||||||
Due after 10 years | 52,928 | |||||||||||||||||||
Total AFS fixed income securities | $ | 3,815,853 | ||||||||||||||||||
(e) The following table summarizes our other investment portfolio by strategy and the remaining commitment amount associated with each strategy: | ||||||||||||||||||||
Other Investments | Carrying Value | March 31, | ||||||||||||||||||
2014 | ||||||||||||||||||||
($ in thousands) | March 31, | December 31, | Remaining Commitment | |||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Alternative Investments | ||||||||||||||||||||
Secondary private equity | $ | 23,595 | 25,618 | 6,479 | ||||||||||||||||
Private equity | 21,117 | 20,192 | 9,959 | |||||||||||||||||
Energy/power generation | 17,978 | 17,361 | 6,984 | |||||||||||||||||
Mezzanine financing | 13,831 | 12,738 | 15,038 | |||||||||||||||||
Distressed debt | 10,882 | 11,579 | 2,971 | |||||||||||||||||
Real estate | 10,728 | 11,698 | 10,178 | |||||||||||||||||
Venture capital | 7,019 | 7,025 | 350 | |||||||||||||||||
Total alternative investments | 105,150 | 106,211 | 51,959 | |||||||||||||||||
Other securities | 1,570 | 1,664 | 597 | |||||||||||||||||
Total other investments | $ | 106,720 | 107,875 | 52,556 | ||||||||||||||||
For a description of our seven alternative investment strategies, as well as information regarding redemption, restrictions, and fund liquidations, refer to Note 5. “Investments” in Item 8. “Financial Statements and Supplementary Data.” of our 2013 Annual Report. | ||||||||||||||||||||
The following table sets forth gross summarized financial information for our other investments portfolio, including the portion not owned by us. The investments are carried under the equity method of accounting. The last line of the table below reflects our share of the aggregate income, which is the portion included in our Financial Statements. As the majority of these investments reports results to us on a quarter lag, the summarized financial statement information for the three-month periods ended December 31 is as follows: | ||||||||||||||||||||
Income Statement Information | Quarter ended December 31, | |||||||||||||||||||
($ in millions) | 2013 | 2012 | ||||||||||||||||||
Net investment income | $ | 65.1 | 204.8 | |||||||||||||||||
Realized gains | 63.3 | 593.4 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 505.9 | (417.5 | ) | |||||||||||||||||
Net income | $ | 634.3 | 380.7 | |||||||||||||||||
Selective’s insurance subsidiaries’ other investments income | $ | 5.2 | 3.6 | |||||||||||||||||
(f) At March 31, 2014, we had fixed income securities, with a carrying value of $61.8 million, that were pledged as collateral for our outstanding borrowing of $58 million with the Federal Home Loan Bank of Indianapolis (“FHLBI”). This outstanding borrowing is included in “Notes payable” on the Consolidated Balance Sheets. In accordance with the terms of our agreement with the FHLBI, we retain all rights regarding these securities, which are included in the “U.S. government and government agencies,” “RMBS,” and “CMBS” classifications of our AFS fixed income securities portfolio. | ||||||||||||||||||||
Also at March 31, 2014, we had fixed income securities, with a carrying value of $22.3 million, and short-term investments with a carrying value of $0.2 million, that collateralize reinsurance obligations related to our 2011 acquisition of our E&S book of business. Similar to the FHLBI collateral discussion above, we retain all rights regarding these investments. These fixed income securities are included in the "Municipal," "Corporate," "U.S. government and government agencies," "RMBS," and "ABS" classifications of our AFS fixed income securities portfolio. | ||||||||||||||||||||
In addition, fixed income securities with a carrying value of $26.2 million were on deposit with various state and regulatory agencies to comply with insurance laws. We retain all rights regarding these securities, which are primarily included in the "U.S. government and government agencies" classification of our AFS fixed income securities portfolio. | ||||||||||||||||||||
(g) The components of net investment income earned for the periods indicated were as follows: | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||||||||
Fixed income securities | $ | 31,028 | 30,089 | |||||||||||||||||
Equity securities | 1,449 | 1,207 | ||||||||||||||||||
Short-term investments | 19 | 52 | ||||||||||||||||||
Other investments | 5,218 | 3,602 | ||||||||||||||||||
Investment expenses | (2,180 | ) | (2,080 | ) | ||||||||||||||||
Net investment income earned | $ | 35,534 | 32,870 | |||||||||||||||||
(h) The following tables summarize OTTI by asset type for the periods indicated: | ||||||||||||||||||||
First Quarter 2014 | Gross | Included in Other | Recognized in | |||||||||||||||||
Comprehensive | Earnings | |||||||||||||||||||
($ in thousands) | Income (“OCI”) | |||||||||||||||||||
AFS securities | ||||||||||||||||||||
Equity securities | $ | 963 | — | 963 | ||||||||||||||||
Total AFS Securities | 963 | — | 963 | |||||||||||||||||
OTTI losses | $ | 963 | — | 963 | ||||||||||||||||
First Quarter 2013 | Gross | Included in OCI | Recognized in Earnings | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
RMBS | $ | (22 | ) | (30 | ) | 8 | ||||||||||||||
Total AFS fixed income securities | (22 | ) | (30 | ) | 8 | |||||||||||||||
Equity securities | 217 | — | 217 | |||||||||||||||||
Total AFS securities | 195 | (30 | ) | 225 | ||||||||||||||||
Other investments | 1,724 | — | 1,724 | |||||||||||||||||
OTTI losses | $ | 1,919 | (30 | ) | 1,949 | |||||||||||||||
The OTTI charges in First Quarter 2014 relate to equity securities for which we have the intent to sell. The majority of the OTTI charges in First Quarter 2013 related to an investment in a limited liability company within our other investments portfolio that had sustained significant losses for which we did not anticipate recovery. For a discussion of our evaluation for OTTI of fixed income securities, short-term investments, equity securities, and other investments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data" of our 2013 Annual Report. | ||||||||||||||||||||
The following tables set forth, for the periods indicated, credit loss impairments on fixed income securities for which a portion of the OTTI charge was recognized in OCI, and the corresponding changes in such amounts: | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||||||||
Balance, beginning of period | $ | 7,488 | 7,477 | |||||||||||||||||
Addition for the amount related to credit loss for which an OTTI was not previously recognized | — | — | ||||||||||||||||||
Reductions for securities sold during the period | — | — | ||||||||||||||||||
Reductions for securities for which the amount previously recognized in OCI was recognized in earnings because of intention or potential requirement to sell before recovery of amortized cost | — | — | ||||||||||||||||||
Reductions for securities for which the entire amount previously recognized in OCI was recognized in earnings due to a decrease in cash flows expected | — | — | ||||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | 9 | ||||||||||||||||||
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | — | — | ||||||||||||||||||
Balance, end of period | $ | 7,488 | 7,486 | |||||||||||||||||
(i) The components of net realized gains, excluding OTTI charges, for the periods indicated were as follows: | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||||||||
HTM fixed income securities | ||||||||||||||||||||
Gains | $ | — | — | |||||||||||||||||
Losses | (11 | ) | (37 | ) | ||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
Gains | 158 | 951 | ||||||||||||||||||
Losses | (112 | ) | (253 | ) | ||||||||||||||||
AFS equity securities | ||||||||||||||||||||
Gains | 8,317 | 5,671 | ||||||||||||||||||
Losses | (171 | ) | (168 | ) | ||||||||||||||||
Other investments | ||||||||||||||||||||
Gains | — | — | ||||||||||||||||||
Losses | — | (860 | ) | |||||||||||||||||
Total other net realized investment gains | 8,181 | 5,304 | ||||||||||||||||||
Total OTTI charges recognized in earnings | (963 | ) | (1,949 | ) | ||||||||||||||||
Total net realized gains | $ | 7,218 | 3,355 | |||||||||||||||||
Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold. The $8.2 million and $5.3 million in net realized gains in First Quarter 2014 and First Quarter 2013, respectively, were primarily related to the sale of AFS equity securities due to a rebalancing of our equity portfolio. | ||||||||||||||||||||
Proceeds from the sale of AFS securities were $62.8 million in First Quarter 2014 and $6.9 million in First Quarter 2013. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||
The following table presents the carrying amounts and estimated fair values of our financial instruments as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
($ in thousands) | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
HTM | $ | 382,056 | 403,536 | 392,879 | 416,981 | ||||||||||||||||||||||||
AFS | 3,815,853 | 3,815,853 | 3,715,536 | 3,715,536 | |||||||||||||||||||||||||
Equity securities, AFS | 197,687 | 197,687 | 192,771 | 192,771 | |||||||||||||||||||||||||
Short-term investments | 137,733 | 137,733 | 174,251 | 174,251 | |||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||||
2.90% borrowings from FHLBI | 13,000 | 13,243 | 13,000 | 13,319 | |||||||||||||||||||||||||
1.25% borrowings from FHLBI | 45,000 | 45,226 | 45,000 | 45,259 | |||||||||||||||||||||||||
7.25% Senior Notes | 49,917 | 53,065 | 49,916 | 50,887 | |||||||||||||||||||||||||
6.70% Senior Notes | 99,503 | 102,810 | 99,498 | 98,247 | |||||||||||||||||||||||||
5.875% Senior Notes | 185,000 | 165,316 | 185,000 | 146,298 | |||||||||||||||||||||||||
Total notes payable | $ | 392,420 | 379,660 | 392,414 | 354,010 | ||||||||||||||||||||||||
The fair values of our financial assets and liabilities are generated using various valuation techniques and are placed into the fair value hierarchy considering the following: (i) the highest priority is given to quoted prices in active markets for identical assets (Level 1); (ii) the next highest priority is given to quoted prices in markets that are not active or inputs that are observable either directly or indirectly, including quoted prices for similar assets in markets that are not active and other inputs that can be derived principally from, or corroborated by, observable market data for substantially the full term of the assets (Level 2); and (iii) the lowest priority is given to unobservable inputs supported by little or no market activity and that reflect our assumptions about the exit price, including assumptions that market participants would use in pricing the asset (Level 3). An asset or liability's classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. Transfers between levels in the fair value hierarchy are recognized at the end of the reporting period. | |||||||||||||||||||||||||||||
For a discussion of the techniques used to value the majority of our financial assets and liabilities, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2013 Annual Report. | |||||||||||||||||||||||||||||
The following tables provide quantitative disclosures of our financial assets that were measured at fair value at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
March 31, 2014 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets | Quoted Prices in | Significant Other | Significant Unobservable | |||||||||||||||||||||||||
Measured at | Active Markets for | Observable | Inputs | ||||||||||||||||||||||||||
Fair Value | Identical Assets/ | Inputs | (Level 3) | ||||||||||||||||||||||||||
at 3/31/2014 | Liabilities (Level 1)1 | (Level 2)1 | |||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||||||||
AFS: | |||||||||||||||||||||||||||||
U.S. government and government agencies | $ | 171,065 | 51,796 | 119,269 | — | ||||||||||||||||||||||||
Foreign government | 32,421 | — | 32,421 | — | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 979,167 | — | 979,167 | — | |||||||||||||||||||||||||
Corporate securities | 1,815,698 | — | 1,815,698 | — | |||||||||||||||||||||||||
ABS | 131,934 | — | 131,934 | — | |||||||||||||||||||||||||
CMBS | 174,816 | — | 174,816 | — | |||||||||||||||||||||||||
RMBS | 510,752 | — | 510,752 | — | |||||||||||||||||||||||||
Total AFS fixed income securities | 3,815,853 | 51,796 | 3,764,057 | — | |||||||||||||||||||||||||
Equity securities | 197,687 | 194,787 | — | 2,900 | |||||||||||||||||||||||||
Total AFS Securities | 4,013,540 | 246,583 | 3,764,057 | 2,900 | |||||||||||||||||||||||||
Short-term investments | 137,733 | 137,733 | — | — | |||||||||||||||||||||||||
Total assets measured at fair value | $ | 4,151,273 | 384,316 | 3,764,057 | 2,900 | ||||||||||||||||||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | ||||||||||||||||||||||||||||
December 31, 2013 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets | Quoted Prices in | Significant | Significant Unobservable | |||||||||||||||||||||||||
Measured at | Active Markets for | Other Observable | Inputs | ||||||||||||||||||||||||||
Fair Value | Identical Assets/Liabilities | Inputs | (Level 3) | ||||||||||||||||||||||||||
at 12/31/13 | (Level 1)1 | (Level 2)1 | |||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||||||||
AFS: | |||||||||||||||||||||||||||||
U.S. government and government agencies | $ | 173,375 | 52,153 | 121,222 | — | ||||||||||||||||||||||||
Foreign government | 30,615 | — | 30,615 | — | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 951,624 | — | 951,624 | — | |||||||||||||||||||||||||
Corporate securities | 1,734,883 | — | 1,734,883 | — | |||||||||||||||||||||||||
ABS | 140,896 | — | 140,896 | — | |||||||||||||||||||||||||
CMBS | 171,284 | — | 171,284 | — | |||||||||||||||||||||||||
RMBS | 512,859 | — | 512,859 | — | |||||||||||||||||||||||||
Total AFS fixed income securities | 3,715,536 | 52,153 | 3,663,383 | — | |||||||||||||||||||||||||
Equity securities | 192,771 | 189,871 | — | 2,900 | |||||||||||||||||||||||||
Total AFS Securities | 3,908,307 | 242,024 | 3,663,383 | 2,900 | |||||||||||||||||||||||||
Short-term investments | 174,251 | 174,251 | — | — | |||||||||||||||||||||||||
Total assets measured at fair value | $ | 4,082,558 | 416,275 | 3,663,383 | 2,900 | ||||||||||||||||||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | ||||||||||||||||||||||||||||
There have been no changes in the fair value of securities measured using Level 3 prices during First Quarter 2014. The following table provides a summary of these changes during 2013: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
($ in thousands) | Government | Corporate | ABS | CMBS | Equity | Receivable for | Total | ||||||||||||||||||||||
Proceeds | |||||||||||||||||||||||||||||
Related to Sale | |||||||||||||||||||||||||||||
of Selective HR Solutions ("Selective HR") | |||||||||||||||||||||||||||||
Fair value, December 31, 2012 | $ | 19,789 | 2,946 | 6,068 | 7,162 | 3,607 | 2,705 | 42,277 | |||||||||||||||||||||
Total net (losses) gains for the period included in: | |||||||||||||||||||||||||||||
OCI1 | (537 | ) | (7 | ) | (74 | ) | 772 | 3,935 | — | 4,089 | |||||||||||||||||||
Net income2,3 | (76 | ) | — | — | 361 | — | (1,480 | ) | (1,195 | ) | |||||||||||||||||||
Purchases | — | — | — | — | — | — | — | ||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | ||||||||||||||||||||||
Issuances | — | — | — | — | — | — | — | ||||||||||||||||||||||
Settlements | (1,847 | ) | (168 | ) | — | (2,420 | ) | — | (225 | ) | (4,660 | ) | |||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Transfers out of Level 3 | (17,329 | ) | (2,771 | ) | (5,994 | ) | (5,875 | ) | (4,642 | ) | (1,000 | ) | (37,611 | ) | |||||||||||||||
Fair value, December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | 2,900 | $ | — | $ | 2,900 | |||||||||||||||
1 Amounts are reported in “Unrealized holding (losses) gains arising during period” on the Consolidated Statements of Comprehensive Income in our 2013 Annual Report. | |||||||||||||||||||||||||||||
2 Amounts are reported in “Net realized gains” for realized gains and losses and “Net investment income earned” for amortization of securities on the Consolidated Statements of Income in our 2013 Annual Report. | |||||||||||||||||||||||||||||
3 For the receivable related to the sale of Selective HR, amounts in "Loss on disposal of discontinued operations, net of tax" relate to an impairment charge and amounts in "Other income" relate to interest accretion on the Consolidated Statements of Income in our 2013 Annual Report. | |||||||||||||||||||||||||||||
As discussed in Note 2. "Summary of Significant Accounting Policies," in Item 8. "Financial Statements and Supplementary Data." in our 2013 Annual Report, the fair value of our Level 3 fixed income securities is typically obtained through non-binding broker quotes based on unobservable inputs, which we review for reasonableness. There were no fixed income securities measured using Level 3 inputs at March 31, 2014 and December 31, 2013. However, in 2013, fixed income securities with a fair value of $32.0 million were transferred out of Level 3 during the year due to the availability of Level 2 pricing at December 31, 2013 that was not available previously. | |||||||||||||||||||||||||||||
Equity securities with fair values of $2.9 million were measured using Level 3 inputs at March 31, 2014 and December 31, 2013. An equity security with a fair value of $4.6 million was transferred out of Level 3 during 2013 due to the availability of Level 2 pricing at the date of transfer. In addition, the receivable related to the sale of Selective HR was settled during 2013 and as a result was also transferred out of Level 3. | |||||||||||||||||||||||||||||
The following tables provide quantitative information regarding our financial assets and liabilities that were disclosed at fair value at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
March 31, 2014 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets/ | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||||||
Liabilities | Active Markets for | Observable | Unobservable | ||||||||||||||||||||||||||
Disclosed at | Identical Assets/ | Inputs | Inputs | ||||||||||||||||||||||||||
Fair Value at 3/31/2014 | Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
HTM: | |||||||||||||||||||||||||||||
Foreign government | $ | 5,552 | — | 5,552 | — | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 364,307 | — | 364,307 | — | |||||||||||||||||||||||||
Corporate securities | 24,464 | — | 24,464 | — | |||||||||||||||||||||||||
ABS | 3,366 | — | 3,366 | — | |||||||||||||||||||||||||
CMBS | 5,847 | — | 5,847 | — | |||||||||||||||||||||||||
Total HTM fixed income securities | $ | 403,536 | — | 403,536 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||||
2.90% borrowings from FHLBI | $ | 13,243 | — | 13,243 | — | ||||||||||||||||||||||||
1.25% borrowings from FHLBI | 45,226 | — | 45,226 | — | |||||||||||||||||||||||||
7.25% Senior Notes | 53,065 | — | 53,065 | — | |||||||||||||||||||||||||
6.70% Senior Notes | 102,810 | — | 102,810 | — | |||||||||||||||||||||||||
5.875% Senior Notes | 165,316 | 165,316 | — | — | |||||||||||||||||||||||||
Total notes payable | $ | 379,660 | 165,316 | 214,344 | — | ||||||||||||||||||||||||
December 31, 2013 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets/ | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||||||
Liabilities | Active Markets for | Observable | Unobservable | ||||||||||||||||||||||||||
Disclosed at | Identical Assets/ | Inputs | Inputs | ||||||||||||||||||||||||||
Fair Value at 12/31/2013 | Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
HTM: | |||||||||||||||||||||||||||||
Foreign government | $ | 5,591 | — | 5,591 | — | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 369,756 | — | 369,756 | — | |||||||||||||||||||||||||
Corporate securities | 30,274 | — | 30,274 | — | |||||||||||||||||||||||||
ABS | 3,415 | — | 3,415 | — | |||||||||||||||||||||||||
CMBS | 7,945 | — | 7,945 | — | |||||||||||||||||||||||||
Total HTM fixed income securities | $ | 416,981 | — | 416,981 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||||
2.90% borrowings from FHLBI | $ | 13,319 | — | 13,319 | — | ||||||||||||||||||||||||
1.25% borrowings from FHLBI | 45,259 | — | 45,259 | — | |||||||||||||||||||||||||
7.25% Senior Notes | 50,887 | — | 50,887 | — | |||||||||||||||||||||||||
6.70% Senior Notes | 98,247 | — | 98,247 | — | |||||||||||||||||||||||||
5.875% Senior Notes | 146,298 | 146,298 | — | — | |||||||||||||||||||||||||
Total notes payable | $ | 354,010 | 146,298 | 207,712 | — | ||||||||||||||||||||||||
Reinsurance
Reinsurance | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||
Reinsurance | ' | |||||||
Reinsurance | ||||||||
The following table contains a listing of direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expenses incurred for the periods indicated. For more information concerning reinsurance, refer to Note 8. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2013 Annual Report. | ||||||||
Quarter ended March 31, | ||||||||
($ in thousands) | 2014 | 2013 | ||||||
Premiums written: | ||||||||
Direct | $ | 557,891 | 528,816 | |||||
Assumed | 7,850 | 8,482 | ||||||
Ceded | (88,991 | ) | (87,174 | ) | ||||
Net | $ | 476,750 | 450,124 | |||||
Premiums earned: | ||||||||
Direct | $ | 536,700 | 494,066 | |||||
Assumed | 10,185 | 12,463 | ||||||
Ceded | (90,390 | ) | (85,589 | ) | ||||
Net | $ | 456,495 | 420,940 | |||||
Loss and loss expense incurred: | ||||||||
Direct | $ | 358,349 | 365,646 | |||||
Assumed | 7,479 | 9,074 | ||||||
Ceded | (45,282 | ) | (104,871 | ) | ||||
Net | $ | 320,546 | 269,849 | |||||
The growth in direct premium written ("DPW") for our ten insurance subsidiaries ("Insurance Subsidiaries") in First Quarter 2014 compared to First Quarter 2013 reflects pure price increases and retention that we have achieved in our Standard Insurance Operations. | ||||||||
Direct premiums earned increases in First Quarter 2014 were consistent with the fluctuation in DPW for the twelve-month period ended March 31, 2014 as compared to the twelve-month period ended March 31, 2013. | ||||||||
The ceded premiums and losses related to our participation in the NFIP, under which 100% of our flood premiums, losses, and loss expenses are ceded to the NFIP, are as follows: | ||||||||
NFIP | Quarter ended March 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Ceded premiums written | $ | (57,303 | ) | (56,707 | ) | |||
Ceded premiums earned | (58,286 | ) | (55,327 | ) | ||||
Ceded loss and loss expense incurred | (7,379 | ) | (76,176 | ) |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
The disaggregated results of our three operating segments are used by senior management to manage our operations. These segments are evaluated based on the following: | ||||||||
• | Our Standard Insurance Operations segment and our E&S Insurance Operations segment are evaluated based on statutory underwriting results (net premiums earned, incurred loss and loss expenses, policyholders dividends, policy acquisition costs, and other underwriting expenses), and statutory combined ratios; and | |||||||
• | Our Investments segment is evaluated based on after-tax net investment income and net realized gains and losses. | |||||||
In computing the results of each segment, we do not make adjustments for interest expense or net general corporate expenses. While we do not fully allocate taxes to all segments, we do allocate taxes to our investments segment as we manage that segment on after-tax results. We do not maintain separate investment portfolios for the segments and therefore, do not allocate assets to the segments. | ||||||||
In First Quarter 2014, we sold the renewal rights to our $38 million self-insured group, or "SIG," book of business within the Standard Insurance Operations segment. We decided to opportunistically sell this very small and specialized book of pooled business as a significant portion of the business was produced outside of our standard lines footprint, and proved difficult to grow. As this was a renewal rights sale, we will continue to service policies that were in force at the date of the sale. We continue to remain active in the municipal and public school marketplace for individual risks that procure traditional insurance programs rather than pooling arrangements. The proceeds from this sale, which amounted to $8 million, are included in "Miscellaneous income" within the table below as a component of the Standard Insurance Operations revenue. | ||||||||
The following summaries present revenues from continuing operations (net investment income and net realized gains on investments in the case of the Investments segment) and pre-tax income from continuing operations for the individual segments: | ||||||||
Revenue by Segment | Quarter ended March 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Standard Insurance Operations: | ||||||||
Net premiums earned: | ||||||||
Commercial automobile | $ | 82,216 | 74,347 | |||||
Workers compensation | 69,413 | 66,084 | ||||||
General liability | 108,818 | 97,703 | ||||||
Commercial property | 60,186 | 53,415 | ||||||
Businessowners’ policies | 20,869 | 18,540 | ||||||
Bonds | 4,756 | 4,764 | ||||||
Other | 3,183 | 2,992 | ||||||
Total Standard Commercial Lines | 349,441 | 317,845 | ||||||
Personal automobile | 38,226 | 38,393 | ||||||
Homeowners | 33,298 | 31,135 | ||||||
Other | 3,294 | 3,508 | ||||||
Total Standard Personal Lines | 74,818 | 73,036 | ||||||
Total Standard Insurance Operations net premiums earned | 424,259 | 390,881 | ||||||
Miscellaneous income | 9,819 | 2,720 | ||||||
Total Standard Insurance Operations revenue | 434,078 | 393,601 | ||||||
E&S Insurance Operations: | ||||||||
Net premiums earned | 32,236 | 30,059 | ||||||
Investments: | ||||||||
Net investment income | 35,534 | 32,870 | ||||||
Net realized investment gains | 7,218 | 3,355 | ||||||
Total investment revenues | 42,752 | 36,225 | ||||||
Total all segments | 509,066 | 459,885 | ||||||
Other income | 5 | 64 | ||||||
Total revenues from continuing operations | $ | 509,071 | 459,949 | |||||
Income from Continuing Operations before Federal Income Tax | Quarter ended March 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Standard Insurance Operations: | ||||||||
Commercial Lines underwriting (loss) gain | $ | (3,630 | ) | 6,102 | ||||
Personal Lines underwriting (loss) gain | (2,360 | ) | 5,973 | |||||
Total Standard Insurance Operations underwriting (loss) gain, before federal income tax | (5,990 | ) | 12,075 | |||||
GAAP combined ratio | 101.4 | % | 96.9 | % | ||||
Statutory combined ratio | 101.1 | % | 96.8 | % | ||||
E&S Insurance Operations: | ||||||||
Underwriting gain | 975 | 86 | ||||||
GAAP combined ratio | 97 | % | 99.7 | % | ||||
Statutory combined ratio | 97.9 | % | 98.2 | % | ||||
Investments: | ||||||||
Net investment income | 35,534 | 32,870 | ||||||
Net realized investment gains | 7,218 | 3,355 | ||||||
Total investment income, before federal income tax | 42,752 | 36,225 | ||||||
Tax on investment income | 11,575 | 9,205 | ||||||
Total investment income, after federal income tax | 31,177 | 27,020 | ||||||
Reconciliation of Segment Results to Income from Continuing Operations, | Quarter ended March 31, | |||||||
before Federal Income Tax | ||||||||
($ in thousands) | 2014 | 2013 | ||||||
Standard Insurance Operations underwriting (loss) gain, before federal income tax | $ | (5,990 | ) | 12,075 | ||||
E&S Insurance Operations underwriting gain, before federal income tax | 975 | 86 | ||||||
Investment income, before federal income tax | 42,752 | 36,225 | ||||||
Total all segments | 37,737 | 48,386 | ||||||
Interest expense | (5,561 | ) | (5,831 | ) | ||||
General corporate and other expenses | (7,092 | ) | (13,687 | ) | ||||
Income from continuing operations, before federal income tax | $ | 25,084 | 28,868 | |||||
Retirement_Plans
Retirement Plans | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Retirement Plans | ' | |||||||||||||
Retirement Plans | ||||||||||||||
The following table shows the net periodic benefit cost related to the Retirement Income Plan for Selective Insurance Company of America (“Retirement Income Plan”) and the life insurance benefits provided to eligible Selective Insurance Company of America retirees (referred to as the "Retirement Life Plan"). For more information concerning these plans, refer to Note 15. “Retirement Plans” in Item 8.“Financial Statements and Supplementary Data.” of our 2013 Annual Report. | ||||||||||||||
Retirement Income Plan | Retirement Life Plan | |||||||||||||
Quarter ended March 31, | Quarter ended March 31, | |||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Components of Net Periodic Benefit Cost: | ||||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||
Service cost | $ | 1,627 | 2,449 | — | — | |||||||||
Interest cost | 3,254 | 3,303 | 73 | 70 | ||||||||||
Expected return on plan assets | (3,919 | ) | (3,848 | ) | — | — | ||||||||
Amortization of unrecognized prior service cost | — | 10 | — | — | ||||||||||
Amortization of unrecognized net actuarial loss | 367 | 1,822 | 13 | 18 | ||||||||||
Curtailment expense | — | 16 | — | — | ||||||||||
Total net periodic cost | $ | 1,329 | 3,752 | 86 | 88 | |||||||||
Retirement Income Plan | Retirement Life Plan | |||||||||||||
Quarter ended March 31, | Quarter ended March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Weighted-Average Expense Assumptions: | ||||||||||||||
Discount rate | 5.16 | % | 4.42 | 4.85 | % | 4.42 | ||||||||
Expected return on plan assets | 6.92 | 7.4 | — | — | ||||||||||
Rate of compensation increase | 4 | 4 | — | — | ||||||||||
We presently anticipate contributing $9.8 million to the Retirement Income Plan in 2014, $2.7 million of which has been funded as of March 31, 2014. |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||
The components of comprehensive income, both gross and net of tax, for First Quarter 2014 and 2013 are as follows: | ||||||||||||||||||||
First Quarter 2014 | ||||||||||||||||||||
($ in thousands) | Gross | Tax | Net | |||||||||||||||||
Net income | $ | 25,084 | 7,110 | 17,974 | ||||||||||||||||
Components of OCI: | ||||||||||||||||||||
Unrealized gains on investment securities: | ||||||||||||||||||||
Unrealized holding gains during the period | 32,964 | 11,538 | 21,426 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
HTM securities | (456 | ) | (160 | ) | (296 | ) | ||||||||||||||
Realized gains on AFS securities | (7,229 | ) | (2,530 | ) | (4,699 | ) | ||||||||||||||
Net unrealized gains | 25,279 | 8,848 | 16,431 | |||||||||||||||||
Defined benefit pension and post-retirement plans: | ||||||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
Net actuarial loss | 380 | 133 | 247 | |||||||||||||||||
Prior service cost | — | — | — | |||||||||||||||||
Defined benefit pension and post-retirement plans | 380 | 133 | 247 | |||||||||||||||||
Other comprehensive income | 25,659 | 8,981 | 16,678 | |||||||||||||||||
Comprehensive income | $ | 50,743 | 16,091 | 34,652 | ||||||||||||||||
First Quarter 2013 | ||||||||||||||||||||
($ in thousands) | Gross | Tax | Net | |||||||||||||||||
Net income | $ | 27,333 | 6,025 | 21,308 | ||||||||||||||||
Components of OCI: | ||||||||||||||||||||
Unrealized gains on investment securities: | ||||||||||||||||||||
Unrealized holding gains during the period | 3,684 | 1,290 | 2,394 | |||||||||||||||||
Non-credit OTTI recognized in OCI | 30 | 10 | 20 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
HTM securities | (717 | ) | (251 | ) | (466 | ) | ||||||||||||||
Non-credit OTTI | 7 | 3 | 4 | |||||||||||||||||
Realized gains on AFS securities | (5,976 | ) | (2,092 | ) | (3,884 | ) | ||||||||||||||
Net unrealized losses | (2,972 | ) | (1,040 | ) | (1,932 | ) | ||||||||||||||
Defined benefit pension and post-retirement plans: | ||||||||||||||||||||
Net actuarial losses | 44,000 | 15,400 | 28,600 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
Net actuarial loss | 1,840 | 644 | 1,196 | |||||||||||||||||
Prior service cost | 10 | 4 | 6 | |||||||||||||||||
Curtailment expense | 16 | 5 | 11 | |||||||||||||||||
Defined benefit pension and post-retirement plans | 45,866 | 16,053 | 29,813 | |||||||||||||||||
Other comprehensive income | 42,894 | 15,013 | 27,881 | |||||||||||||||||
Comprehensive income | $ | 70,227 | 21,038 | 49,189 | ||||||||||||||||
The balances of, and changes in, each component of AOCI (net of taxes) as of March 31, 2014 are as follows: | ||||||||||||||||||||
March 31, 2014 | Net Unrealized (Loss) Gain on Investment Securities | |||||||||||||||||||
($ in thousands) | OTTI | HTM | All | Investments | Defined Benefit | Total AOCI | ||||||||||||||
Related | Related | Other | Subtotal | Pension and Post-Retirement Plans | ||||||||||||||||
Balance, December 31, 2013 | $ | (1,599 | ) | 1,467 | 51,635 | 51,503 | (26,652 | ) | 24,851 | |||||||||||
OCI before reclassifications | — | — | 21,426 | 21,426 | — | 21,426 | ||||||||||||||
Amounts reclassified from AOCI | — | (296 | ) | (4,699 | ) | (4,995 | ) | 247 | (4,748 | ) | ||||||||||
Net current period OCI | — | (296 | ) | 16,727 | 16,431 | 247 | 16,678 | |||||||||||||
Balance, March 31, 2014 | $ | (1,599 | ) | 1,171 | 68,362 | 67,934 | (26,405 | ) | 41,529 | |||||||||||
The reclassifications out of AOCI for First Quarter 2014 are as follows: | ||||||||||||||||||||
($ in thousands) | Quarter ended March 31, 2014 | Affected Line Item in the Unaudited Consolidated Statement of Income | ||||||||||||||||||
HTM related | ||||||||||||||||||||
Unrealized losses on HTM disposals | 24 | Net realized gains | ||||||||||||||||||
Amortization of net unrealized gains on HTM securities | (480 | ) | Net investment income earned | |||||||||||||||||
(456 | ) | Income from continuing operations, before federal income tax | ||||||||||||||||||
160 | Total federal income tax expense | |||||||||||||||||||
(296 | ) | Net income | ||||||||||||||||||
Realized gains and losses on AFS | ||||||||||||||||||||
Realized gains on AFS disposals and OTTI | (7,229 | ) | Net realized gains | |||||||||||||||||
(7,229 | ) | Income from continuing operations, before federal income tax | ||||||||||||||||||
2,530 | Total federal income tax expense | |||||||||||||||||||
(4,699 | ) | Net income | ||||||||||||||||||
Defined benefit pension and post-retirement life plans | ||||||||||||||||||||
Net actuarial loss | 87 | Loss and loss expense incurred | ||||||||||||||||||
293 | Policy acquisition costs | |||||||||||||||||||
Total defined benefit pension and post-retirement life plans | 380 | Income from continuing operations, before federal income tax | ||||||||||||||||||
(133 | ) | Total federal income tax expense | ||||||||||||||||||
247 | Net income | |||||||||||||||||||
Total reclassifications for the period | $ | (4,748 | ) | Net income |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | ' |
Litigation | ' |
Litigation | |
In the ordinary course of conducting business, we are named as defendants in various legal proceedings. Most of these proceedings are claims litigation involving our Insurance Subsidiaries as either: (i) liability insurers defending or providing indemnity for third-party claims brought against insureds; or (ii) insurers defending first-party coverage claims brought against them. We account for such activity through the establishment of unpaid loss and loss expense reserves. We expect that the ultimate liability, if any, with respect to such ordinary course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to our consolidated financial condition, results of operations, or cash flows. | |
Our Insurance Subsidiaries are also from time to time involved in other legal actions, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of a state or national class. Such putative class actions have alleged, for example, improper reimbursement of medical providers paid under workers compensation and personal and commercial automobile insurance policies. Our Insurance Subsidiaries also are involved from time to time in individual actions in which extra-contractual damages, punitive damages, or penalties are sought, such as claims alleging bad faith in the handling of insurance claims. We believe that we have valid defenses to these cases. We expect that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to our consolidated financial condition. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, an adverse outcome in certain matters could, from time to time, have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. |
Statements_of_Cash_Flow_Tables
Statements of Cash Flow (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||
Three Months ended March 31, | ||||||||
($ in thousands) | 2014 | 2013 | ||||||
Cash paid during the period for: | ||||||||
Interest | $ | 2,973 | 1,964 | |||||
Federal income tax | 2,000 | — | ||||||
Non-cash items: | ||||||||
Tax-free exchange of fixed income securities, AFS | — | 8,470 | ||||||
Tax-free exchange of fixed income securities, HTM | 15 | 7,168 | ||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investments [Line Items] | ' | |||||||||||||||||||
Schedule of Held-to-maturity Securities | ' | |||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 110 | 5,402 | 150 | — | 5,552 | |||||||||||||
Obligations of state and political subdivisions | 344,360 | 3,475 | 347,835 | 16,472 | — | 364,307 | ||||||||||||||
Corporate securities | 21,903 | (341 | ) | 21,562 | 2,902 | — | 24,464 | |||||||||||||
Asset-backed securities (“ABS”) | 3,347 | (621 | ) | 2,726 | 640 | — | 3,366 | |||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 5,353 | (822 | ) | 4,531 | 1,316 | — | 5,847 | |||||||||||||
Total HTM fixed income securities | $ | 380,255 | 1,801 | 382,056 | 21,480 | — | 403,536 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 131 | 5,423 | 168 | — | 5,591 | |||||||||||||
Obligations of state and political subdivisions | 348,109 | 4,013 | 352,122 | 17,634 | — | 369,756 | ||||||||||||||
Corporate securities | 28,174 | (346 | ) | 27,828 | 2,446 | — | 30,274 | |||||||||||||
ABS | 3,413 | (655 | ) | 2,758 | 657 | — | 3,415 | |||||||||||||
CMBS | 5,634 | (886 | ) | 4,748 | 3,197 | — | 7,945 | |||||||||||||
Total HTM fixed income securities | $ | 390,622 | 2,257 | 392,879 | 24,102 | — | 416,981 | |||||||||||||
Schedule Of Available For Sale Securities | ' | |||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 161,428 | 10,007 | (370 | ) | 171,065 | ||||||||||||||
Foreign government | 31,538 | 912 | (29 | ) | 32,421 | |||||||||||||||
Obligations of states and political subdivisions | 963,237 | 26,617 | (10,687 | ) | 979,167 | |||||||||||||||
Corporate securities | 1,777,186 | 48,305 | (9,793 | ) | 1,815,698 | |||||||||||||||
ABS | 131,386 | 908 | (360 | ) | 131,934 | |||||||||||||||
CMBS1 | 172,386 | 4,686 | (2,256 | ) | 174,816 | |||||||||||||||
Residential mortgage-backed | 511,295 | 7,210 | (7,753 | ) | 510,752 | |||||||||||||||
securities (“RMBS”)2 | ||||||||||||||||||||
AFS fixed income securities | 3,748,456 | 98,645 | (31,248 | ) | 3,815,853 | |||||||||||||||
AFS equity securities | 162,370 | 35,434 | (117 | ) | 197,687 | |||||||||||||||
Total AFS securities | $ | 3,910,826 | 134,079 | (31,365 | ) | 4,013,540 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 163,218 | 10,661 | (504 | ) | 173,375 | ||||||||||||||
Foreign government | 29,781 | 906 | (72 | ) | 30,615 | |||||||||||||||
Obligations of states and political subdivisions | 946,455 | 25,194 | (20,025 | ) | 951,624 | |||||||||||||||
Corporate securities | 1,707,928 | 44,004 | (17,049 | ) | 1,734,883 | |||||||||||||||
ABS | 140,430 | 934 | (468 | ) | 140,896 | |||||||||||||||
CMBS1 | 172,288 | 2,462 | (3,466 | ) | 171,284 | |||||||||||||||
RMBS2 | 515,877 | 7,273 | (10,291 | ) | 512,859 | |||||||||||||||
AFS fixed income securities | 3,675,977 | 91,434 | (51,875 | ) | 3,715,536 | |||||||||||||||
AFS equity securities | 155,350 | 37,517 | (96 | ) | 192,771 | |||||||||||||||
Total AFS securities | $ | 3,831,327 | 128,951 | (51,971 | ) | 3,908,307 | ||||||||||||||
1 CMBS includes government guaranteed agency securities with a fair value of $24.5 million at March 31, 2014 and $30.0 million at December 31, 2013. | ||||||||||||||||||||
2 RMBS includes government guaranteed agency securities with a fair value of $48.2 million at March 31, 2014 and $55.2 million at December 31, 2013. | ||||||||||||||||||||
Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time | ' | |||||||||||||||||||
March 31, 2014 | Less than 12 months | 12 months or longer | ||||||||||||||||||
($ in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||
Losses1 | Losses1 | |||||||||||||||||||
AFS securities | ||||||||||||||||||||
U.S. government and government agencies | $ | 13,119 | (370 | ) | — | — | ||||||||||||||
Foreign government | 1,753 | (9 | ) | 2,978 | (20 | ) | ||||||||||||||
Obligations of states and political subdivisions | 373,064 | (9,984 | ) | 20,096 | (703 | ) | ||||||||||||||
Corporate securities | 464,163 | (8,636 | ) | 17,713 | (1,157 | ) | ||||||||||||||
ABS | 23,855 | (360 | ) | — | — | |||||||||||||||
CMBS | 72,437 | (1,962 | ) | 7,466 | (294 | ) | ||||||||||||||
RMBS | 221,314 | (7,294 | ) | 4,823 | (459 | ) | ||||||||||||||
Total fixed income securities | 1,169,705 | (28,615 | ) | 53,076 | (2,633 | ) | ||||||||||||||
Equity securities | 1,938 | (117 | ) | — | — | |||||||||||||||
Subtotal | $ | 1,171,643 | (28,732 | ) | 53,076 | (2,633 | ) | |||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||
($ in thousands) | Fair | Unrealized | Unrecognized | Fair | Unrealized | Unrecognized | ||||||||||||||
Value | Losses1 | Gains2 | Value | Losses1 | Gains2 | |||||||||||||||
HTM securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | — | — | 445 | (19 | ) | 18 | ||||||||||||
ABS | — | — | — | 2,495 | (621 | ) | 592 | |||||||||||||
Subtotal | $ | — | — | — | 2,940 | (640 | ) | 610 | ||||||||||||
Total AFS and HTM | $ | 1,171,643 | (28,732 | ) | — | 56,016 | (3,273 | ) | 610 | |||||||||||
December 31, 2013 | Less than 12 months | 12 months or longer | ||||||||||||||||||
($ in thousands) | Fair | Unrealized | Fair Value | Unrealized | ||||||||||||||||
Value | Losses1 | Losses1 | ||||||||||||||||||
AFS securities | ||||||||||||||||||||
U.S. government and government agencies | $ | 16,955 | (500 | ) | 507 | (4 | ) | |||||||||||||
Foreign government | 2,029 | (30 | ) | 2,955 | (42 | ) | ||||||||||||||
Obligations of states and political subdivisions | 442,531 | (19,120 | ) | 13,530 | (905 | ) | ||||||||||||||
Corporate securities | 511,100 | (15,911 | ) | 14,771 | (1,138 | ) | ||||||||||||||
ABS | 68,725 | (468 | ) | — | — | |||||||||||||||
CMBS | 100,396 | (2,950 | ) | 6,298 | (516 | ) | ||||||||||||||
RMBS | 268,943 | (10,031 | ) | 2,670 | (260 | ) | ||||||||||||||
Total fixed income securities | 1,410,679 | (49,010 | ) | 40,731 | (2,865 | ) | ||||||||||||||
Equity securities | 1,124 | (96 | ) | — | — | |||||||||||||||
Subtotal | $ | 1,411,803 | (49,106 | ) | 40,731 | (2,865 | ) | |||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||
($ in thousands) | Fair | Unrealized | Unrecognized | Fair | Unrealized | Unrecognized | ||||||||||||||
Value | Losses1 | Gains2 | Value | Losses1 | Gains2 | |||||||||||||||
HTM securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 65 | (5 | ) | 5 | 441 | (20 | ) | 14 | |||||||||||
ABS | — | — | — | 2,490 | (655 | ) | 621 | |||||||||||||
Subtotal | 65 | (5 | ) | 5 | 2,931 | (675 | ) | 635 | ||||||||||||
Total AFS and HTM | $ | 1,411,868 | (49,111 | ) | 5 | 43,662 | (3,540 | ) | 635 | |||||||||||
1 Gross unrealized losses include non-OTTI unrealized amounts and OTTI losses recognized in AOCI. In addition, this column includes remaining unrealized gain or loss amounts on securities that were transferred to an HTM designation in the first quarter of 2009 for those securities that are in a net unrealized/unrecognized loss position. | ||||||||||||||||||||
2 Unrecognized gains represent fair value fluctuations from the later of: (i) the date a security is designated as HTM; or (ii) the date that an OTTI charge is recognized on an HTM security. | ||||||||||||||||||||
Schedule Of The Number Of Securities In An Unrealized Unrecognized Loss Position | ' | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Number of | % of Market/Book | Unrealized/ | Number of | % of | Unrealized/ | |||||||||||||||
Issues | Unrecognized Loss | Issues | Market/Book | Unrecognized | ||||||||||||||||
Loss | ||||||||||||||||||||
466 | 80% - 99% | $ | 31,395 | 556 | 80% - 99% | $ | 51,835 | |||||||||||||
— | 60% - 79% | — | 1 | 60% - 79% | 176 | |||||||||||||||
— | 40% - 59% | — | — | 40% - 59% | — | |||||||||||||||
— | 20% - 39% | — | — | 20% - 39% | — | |||||||||||||||
— | 0% - 19% | — | — | 0% - 19% | — | |||||||||||||||
$ | 31,395 | $ | 52,011 | |||||||||||||||||
Schedule Of Other Investment Portfolio By Strategy And Remaining Commitment Amount Associated With Each Strategy | ' | |||||||||||||||||||
Other Investments | Carrying Value | March 31, | ||||||||||||||||||
2014 | ||||||||||||||||||||
($ in thousands) | March 31, | December 31, | Remaining Commitment | |||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Alternative Investments | ||||||||||||||||||||
Secondary private equity | $ | 23,595 | 25,618 | 6,479 | ||||||||||||||||
Private equity | 21,117 | 20,192 | 9,959 | |||||||||||||||||
Energy/power generation | 17,978 | 17,361 | 6,984 | |||||||||||||||||
Mezzanine financing | 13,831 | 12,738 | 15,038 | |||||||||||||||||
Distressed debt | 10,882 | 11,579 | 2,971 | |||||||||||||||||
Real estate | 10,728 | 11,698 | 10,178 | |||||||||||||||||
Venture capital | 7,019 | 7,025 | 350 | |||||||||||||||||
Total alternative investments | 105,150 | 106,211 | 51,959 | |||||||||||||||||
Other securities | 1,570 | 1,664 | 597 | |||||||||||||||||
Total other investments | $ | 106,720 | 107,875 | 52,556 | ||||||||||||||||
Schedule Of Aggregated Summarized Income Statement Financial Information For Partnerhips In Our Alternative Investment Portfolio | ' | |||||||||||||||||||
Income Statement Information | Quarter ended December 31, | |||||||||||||||||||
($ in millions) | 2013 | 2012 | ||||||||||||||||||
Net investment income | $ | 65.1 | 204.8 | |||||||||||||||||
Realized gains | 63.3 | 593.4 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 505.9 | (417.5 | ) | |||||||||||||||||
Net income | $ | 634.3 | 380.7 | |||||||||||||||||
Selective’s insurance subsidiaries’ other investments income | $ | 5.2 | 3.6 | |||||||||||||||||
Schedule of Net Investment Income earned | ' | |||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||||||||
Fixed income securities | $ | 31,028 | 30,089 | |||||||||||||||||
Equity securities | 1,449 | 1,207 | ||||||||||||||||||
Short-term investments | 19 | 52 | ||||||||||||||||||
Other investments | 5,218 | 3,602 | ||||||||||||||||||
Investment expenses | (2,180 | ) | (2,080 | ) | ||||||||||||||||
Net investment income earned | $ | 35,534 | 32,870 | |||||||||||||||||
Schedule of OTTI By Asset Type | ' | |||||||||||||||||||
First Quarter 2014 | Gross | Included in Other | Recognized in | |||||||||||||||||
Comprehensive | Earnings | |||||||||||||||||||
($ in thousands) | Income (“OCI”) | |||||||||||||||||||
AFS securities | ||||||||||||||||||||
Equity securities | $ | 963 | — | 963 | ||||||||||||||||
Total AFS Securities | 963 | — | 963 | |||||||||||||||||
OTTI losses | $ | 963 | — | 963 | ||||||||||||||||
First Quarter 2013 | Gross | Included in OCI | Recognized in Earnings | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
RMBS | $ | (22 | ) | (30 | ) | 8 | ||||||||||||||
Total AFS fixed income securities | (22 | ) | (30 | ) | 8 | |||||||||||||||
Equity securities | 217 | — | 217 | |||||||||||||||||
Total AFS securities | 195 | (30 | ) | 225 | ||||||||||||||||
Other investments | 1,724 | — | 1,724 | |||||||||||||||||
OTTI losses | $ | 1,919 | (30 | ) | 1,949 | |||||||||||||||
Schedule of Gross Credit Loss Impairments on Fixed Maturity Securities for Which a Portion of the OTTI Charge was Recognized in OCI | ' | |||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||||||||
Balance, beginning of period | $ | 7,488 | 7,477 | |||||||||||||||||
Addition for the amount related to credit loss for which an OTTI was not previously recognized | — | — | ||||||||||||||||||
Reductions for securities sold during the period | — | — | ||||||||||||||||||
Reductions for securities for which the amount previously recognized in OCI was recognized in earnings because of intention or potential requirement to sell before recovery of amortized cost | — | — | ||||||||||||||||||
Reductions for securities for which the entire amount previously recognized in OCI was recognized in earnings due to a decrease in cash flows expected | — | — | ||||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | 9 | ||||||||||||||||||
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | — | — | ||||||||||||||||||
Balance, end of period | $ | 7,488 | 7,486 | |||||||||||||||||
Schedule of Components of Net Realized Gains Excluding OTTI Charges | ' | |||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||||||||
HTM fixed income securities | ||||||||||||||||||||
Gains | $ | — | — | |||||||||||||||||
Losses | (11 | ) | (37 | ) | ||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
Gains | 158 | 951 | ||||||||||||||||||
Losses | (112 | ) | (253 | ) | ||||||||||||||||
AFS equity securities | ||||||||||||||||||||
Gains | 8,317 | 5,671 | ||||||||||||||||||
Losses | (171 | ) | (168 | ) | ||||||||||||||||
Other investments | ||||||||||||||||||||
Gains | — | — | ||||||||||||||||||
Losses | — | (860 | ) | |||||||||||||||||
Total other net realized investment gains | 8,181 | 5,304 | ||||||||||||||||||
Total OTTI charges recognized in earnings | (963 | ) | (1,949 | ) | ||||||||||||||||
Total net realized gains | $ | 7,218 | 3,355 | |||||||||||||||||
Held To Maturity Fixed Income Securities [Member] | ' | |||||||||||||||||||
Investments [Line Items] | ' | |||||||||||||||||||
Schedule Of Fixed Maturity Securities By Contractual Maturities | ' | |||||||||||||||||||
($ in thousands) | Carrying Value | Fair Value | ||||||||||||||||||
Due in one year or less | $ | 80,337 | 81,332 | |||||||||||||||||
Due after one year through five years | 270,608 | 287,045 | ||||||||||||||||||
Due after five years through 10 years | 31,111 | 35,159 | ||||||||||||||||||
Total HTM fixed income securities | $ | 382,056 | 403,536 | |||||||||||||||||
AFS Fixed Income Securities [Member] | ' | |||||||||||||||||||
Investments [Line Items] | ' | |||||||||||||||||||
Schedule Of Fixed Maturity Securities By Contractual Maturities | ' | |||||||||||||||||||
($ in thousands) | Fair Value | |||||||||||||||||||
Due in one year or less | $ | 425,744 | ||||||||||||||||||
Due after one year through five years | 1,991,515 | |||||||||||||||||||
Due after five years through 10 years | 1,345,666 | |||||||||||||||||||
Due after 10 years | 52,928 | |||||||||||||||||||
Total AFS fixed income securities | $ | 3,815,853 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of The Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
($ in thousands) | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
HTM | $ | 382,056 | 403,536 | 392,879 | 416,981 | ||||||||||||||||||||||||
AFS | 3,815,853 | 3,815,853 | 3,715,536 | 3,715,536 | |||||||||||||||||||||||||
Equity securities, AFS | 197,687 | 197,687 | 192,771 | 192,771 | |||||||||||||||||||||||||
Short-term investments | 137,733 | 137,733 | 174,251 | 174,251 | |||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||||
2.90% borrowings from FHLBI | 13,000 | 13,243 | 13,000 | 13,319 | |||||||||||||||||||||||||
1.25% borrowings from FHLBI | 45,000 | 45,226 | 45,000 | 45,259 | |||||||||||||||||||||||||
7.25% Senior Notes | 49,917 | 53,065 | 49,916 | 50,887 | |||||||||||||||||||||||||
6.70% Senior Notes | 99,503 | 102,810 | 99,498 | 98,247 | |||||||||||||||||||||||||
5.875% Senior Notes | 185,000 | 165,316 | 185,000 | 146,298 | |||||||||||||||||||||||||
Total notes payable | $ | 392,420 | 379,660 | 392,414 | 354,010 | ||||||||||||||||||||||||
Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value | ' | ||||||||||||||||||||||||||||
March 31, 2014 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets | Quoted Prices in | Significant Other | Significant Unobservable | |||||||||||||||||||||||||
Measured at | Active Markets for | Observable | Inputs | ||||||||||||||||||||||||||
Fair Value | Identical Assets/ | Inputs | (Level 3) | ||||||||||||||||||||||||||
at 3/31/2014 | Liabilities (Level 1)1 | (Level 2)1 | |||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||||||||
AFS: | |||||||||||||||||||||||||||||
U.S. government and government agencies | $ | 171,065 | 51,796 | 119,269 | — | ||||||||||||||||||||||||
Foreign government | 32,421 | — | 32,421 | — | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 979,167 | — | 979,167 | — | |||||||||||||||||||||||||
Corporate securities | 1,815,698 | — | 1,815,698 | — | |||||||||||||||||||||||||
ABS | 131,934 | — | 131,934 | — | |||||||||||||||||||||||||
CMBS | 174,816 | — | 174,816 | — | |||||||||||||||||||||||||
RMBS | 510,752 | — | 510,752 | — | |||||||||||||||||||||||||
Total AFS fixed income securities | 3,815,853 | 51,796 | 3,764,057 | — | |||||||||||||||||||||||||
Equity securities | 197,687 | 194,787 | — | 2,900 | |||||||||||||||||||||||||
Total AFS Securities | 4,013,540 | 246,583 | 3,764,057 | 2,900 | |||||||||||||||||||||||||
Short-term investments | 137,733 | 137,733 | — | — | |||||||||||||||||||||||||
Total assets measured at fair value | $ | 4,151,273 | 384,316 | 3,764,057 | 2,900 | ||||||||||||||||||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | ||||||||||||||||||||||||||||
December 31, 2013 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets | Quoted Prices in | Significant | Significant Unobservable | |||||||||||||||||||||||||
Measured at | Active Markets for | Other Observable | Inputs | ||||||||||||||||||||||||||
Fair Value | Identical Assets/Liabilities | Inputs | (Level 3) | ||||||||||||||||||||||||||
at 12/31/13 | (Level 1)1 | (Level 2)1 | |||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||||||||
AFS: | |||||||||||||||||||||||||||||
U.S. government and government agencies | $ | 173,375 | 52,153 | 121,222 | — | ||||||||||||||||||||||||
Foreign government | 30,615 | — | 30,615 | — | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 951,624 | — | 951,624 | — | |||||||||||||||||||||||||
Corporate securities | 1,734,883 | — | 1,734,883 | — | |||||||||||||||||||||||||
ABS | 140,896 | — | 140,896 | — | |||||||||||||||||||||||||
CMBS | 171,284 | — | 171,284 | — | |||||||||||||||||||||||||
RMBS | 512,859 | — | 512,859 | — | |||||||||||||||||||||||||
Total AFS fixed income securities | 3,715,536 | 52,153 | 3,663,383 | — | |||||||||||||||||||||||||
Equity securities | 192,771 | 189,871 | — | 2,900 | |||||||||||||||||||||||||
Total AFS Securities | 3,908,307 | 242,024 | 3,663,383 | 2,900 | |||||||||||||||||||||||||
Short-term investments | 174,251 | 174,251 | — | — | |||||||||||||||||||||||||
Total assets measured at fair value | $ | 4,082,558 | 416,275 | 3,663,383 | 2,900 | ||||||||||||||||||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | ||||||||||||||||||||||||||||
Schedule of Summary of the Changes in Fair Value of Securities measured Using Level 3 Inputs | ' | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
($ in thousands) | Government | Corporate | ABS | CMBS | Equity | Receivable for | Total | ||||||||||||||||||||||
Proceeds | |||||||||||||||||||||||||||||
Related to Sale | |||||||||||||||||||||||||||||
of Selective HR Solutions ("Selective HR") | |||||||||||||||||||||||||||||
Fair value, December 31, 2012 | $ | 19,789 | 2,946 | 6,068 | 7,162 | 3,607 | 2,705 | 42,277 | |||||||||||||||||||||
Total net (losses) gains for the period included in: | |||||||||||||||||||||||||||||
OCI1 | (537 | ) | (7 | ) | (74 | ) | 772 | 3,935 | — | 4,089 | |||||||||||||||||||
Net income2,3 | (76 | ) | — | — | 361 | — | (1,480 | ) | (1,195 | ) | |||||||||||||||||||
Purchases | — | — | — | — | — | — | — | ||||||||||||||||||||||
Sales | — | — | — | — | — | — | — | ||||||||||||||||||||||
Issuances | — | — | — | — | — | — | — | ||||||||||||||||||||||
Settlements | (1,847 | ) | (168 | ) | — | (2,420 | ) | — | (225 | ) | (4,660 | ) | |||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Transfers out of Level 3 | (17,329 | ) | (2,771 | ) | (5,994 | ) | (5,875 | ) | (4,642 | ) | (1,000 | ) | (37,611 | ) | |||||||||||||||
Fair value, December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | 2,900 | $ | — | $ | 2,900 | |||||||||||||||
1 Amounts are reported in “Unrealized holding (losses) gains arising during period” on the Consolidated Statements of Comprehensive Income in our 2013 Annual Report. | |||||||||||||||||||||||||||||
2 Amounts are reported in “Net realized gains” for realized gains and losses and “Net investment income earned” for amortization of securities on the Consolidated Statements of Income in our 2013 Annual Report. | |||||||||||||||||||||||||||||
3 For the receivable related to the sale of Selective HR, amounts in "Loss on disposal of discontinued operations, net of tax" relate to an impairment charge and amounts in "Other income" relate to interest accretion on the Consolidated Statements of Income in our 2013 Annual Report. | |||||||||||||||||||||||||||||
Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value | ' | ||||||||||||||||||||||||||||
: | |||||||||||||||||||||||||||||
March 31, 2014 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets/ | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||||||
Liabilities | Active Markets for | Observable | Unobservable | ||||||||||||||||||||||||||
Disclosed at | Identical Assets/ | Inputs | Inputs | ||||||||||||||||||||||||||
Fair Value at 3/31/2014 | Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
HTM: | |||||||||||||||||||||||||||||
Foreign government | $ | 5,552 | — | 5,552 | — | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 364,307 | — | 364,307 | — | |||||||||||||||||||||||||
Corporate securities | 24,464 | — | 24,464 | — | |||||||||||||||||||||||||
ABS | 3,366 | — | 3,366 | — | |||||||||||||||||||||||||
CMBS | 5,847 | — | 5,847 | — | |||||||||||||||||||||||||
Total HTM fixed income securities | $ | 403,536 | — | 403,536 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||||
2.90% borrowings from FHLBI | $ | 13,243 | — | 13,243 | — | ||||||||||||||||||||||||
1.25% borrowings from FHLBI | 45,226 | — | 45,226 | — | |||||||||||||||||||||||||
7.25% Senior Notes | 53,065 | — | 53,065 | — | |||||||||||||||||||||||||
6.70% Senior Notes | 102,810 | — | 102,810 | — | |||||||||||||||||||||||||
5.875% Senior Notes | 165,316 | 165,316 | — | — | |||||||||||||||||||||||||
Total notes payable | $ | 379,660 | 165,316 | 214,344 | — | ||||||||||||||||||||||||
December 31, 2013 | Fair Value Measurements Using | ||||||||||||||||||||||||||||
($ in thousands) | Assets/ | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||||||
Liabilities | Active Markets for | Observable | Unobservable | ||||||||||||||||||||||||||
Disclosed at | Identical Assets/ | Inputs | Inputs | ||||||||||||||||||||||||||
Fair Value at 12/31/2013 | Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
HTM: | |||||||||||||||||||||||||||||
Foreign government | $ | 5,591 | — | 5,591 | — | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 369,756 | — | 369,756 | — | |||||||||||||||||||||||||
Corporate securities | 30,274 | — | 30,274 | — | |||||||||||||||||||||||||
ABS | 3,415 | — | 3,415 | — | |||||||||||||||||||||||||
CMBS | 7,945 | — | 7,945 | — | |||||||||||||||||||||||||
Total HTM fixed income securities | $ | 416,981 | — | 416,981 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||||
2.90% borrowings from FHLBI | $ | 13,319 | — | 13,319 | — | ||||||||||||||||||||||||
1.25% borrowings from FHLBI | 45,259 | — | 45,259 | — | |||||||||||||||||||||||||
7.25% Senior Notes | 50,887 | — | 50,887 | — | |||||||||||||||||||||||||
6.70% Senior Notes | 98,247 | — | 98,247 | — | |||||||||||||||||||||||||
5.875% Senior Notes | 146,298 | 146,298 | — | — | |||||||||||||||||||||||||
Total notes payable | $ | 354,010 | 146,298 | 207,712 | — | ||||||||||||||||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts | ' | |||||||
Quarter ended March 31, | ||||||||
($ in thousands) | 2014 | 2013 | ||||||
Premiums written: | ||||||||
Direct | $ | 557,891 | 528,816 | |||||
Assumed | 7,850 | 8,482 | ||||||
Ceded | (88,991 | ) | (87,174 | ) | ||||
Net | $ | 476,750 | 450,124 | |||||
Premiums earned: | ||||||||
Direct | $ | 536,700 | 494,066 | |||||
Assumed | 10,185 | 12,463 | ||||||
Ceded | (90,390 | ) | (85,589 | ) | ||||
Net | $ | 456,495 | 420,940 | |||||
Loss and loss expense incurred: | ||||||||
Direct | $ | 358,349 | 365,646 | |||||
Assumed | 7,479 | 9,074 | ||||||
Ceded | (45,282 | ) | (104,871 | ) | ||||
Net | $ | 320,546 | 269,849 | |||||
Schedule of Ceded Premiums and Losses Related to Flood Operations | ' | |||||||
NFIP | Quarter ended March 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Ceded premiums written | $ | (57,303 | ) | (56,707 | ) | |||
Ceded premiums earned | (58,286 | ) | (55,327 | ) | ||||
Ceded loss and loss expense incurred | (7,379 | ) | (76,176 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Revenue from Continuing Operations By Segment | ' | |||||||
Revenue by Segment | Quarter ended March 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Standard Insurance Operations: | ||||||||
Net premiums earned: | ||||||||
Commercial automobile | $ | 82,216 | 74,347 | |||||
Workers compensation | 69,413 | 66,084 | ||||||
General liability | 108,818 | 97,703 | ||||||
Commercial property | 60,186 | 53,415 | ||||||
Businessowners’ policies | 20,869 | 18,540 | ||||||
Bonds | 4,756 | 4,764 | ||||||
Other | 3,183 | 2,992 | ||||||
Total Standard Commercial Lines | 349,441 | 317,845 | ||||||
Personal automobile | 38,226 | 38,393 | ||||||
Homeowners | 33,298 | 31,135 | ||||||
Other | 3,294 | 3,508 | ||||||
Total Standard Personal Lines | 74,818 | 73,036 | ||||||
Total Standard Insurance Operations net premiums earned | 424,259 | 390,881 | ||||||
Miscellaneous income | 9,819 | 2,720 | ||||||
Total Standard Insurance Operations revenue | 434,078 | 393,601 | ||||||
E&S Insurance Operations: | ||||||||
Net premiums earned | 32,236 | 30,059 | ||||||
Investments: | ||||||||
Net investment income | 35,534 | 32,870 | ||||||
Net realized investment gains | 7,218 | 3,355 | ||||||
Total investment revenues | 42,752 | 36,225 | ||||||
Total all segments | 509,066 | 459,885 | ||||||
Other income | 5 | 64 | ||||||
Total revenues from continuing operations | $ | 509,071 | 459,949 | |||||
Schedule of Segment Income | ' | |||||||
Income from Continuing Operations before Federal Income Tax | Quarter ended March 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Standard Insurance Operations: | ||||||||
Commercial Lines underwriting (loss) gain | $ | (3,630 | ) | 6,102 | ||||
Personal Lines underwriting (loss) gain | (2,360 | ) | 5,973 | |||||
Total Standard Insurance Operations underwriting (loss) gain, before federal income tax | (5,990 | ) | 12,075 | |||||
GAAP combined ratio | 101.4 | % | 96.9 | % | ||||
Statutory combined ratio | 101.1 | % | 96.8 | % | ||||
E&S Insurance Operations: | ||||||||
Underwriting gain | 975 | 86 | ||||||
GAAP combined ratio | 97 | % | 99.7 | % | ||||
Statutory combined ratio | 97.9 | % | 98.2 | % | ||||
Investments: | ||||||||
Net investment income | 35,534 | 32,870 | ||||||
Net realized investment gains | 7,218 | 3,355 | ||||||
Total investment income, before federal income tax | 42,752 | 36,225 | ||||||
Tax on investment income | 11,575 | 9,205 | ||||||
Total investment income, after federal income tax | 31,177 | 27,020 | ||||||
Schedule of Reconciliation of Segment Results to Income From Continuing Operations, Before Federal Income Tax | ' | |||||||
Reconciliation of Segment Results to Income from Continuing Operations, | Quarter ended March 31, | |||||||
before Federal Income Tax | ||||||||
($ in thousands) | 2014 | 2013 | ||||||
Standard Insurance Operations underwriting (loss) gain, before federal income tax | $ | (5,990 | ) | 12,075 | ||||
E&S Insurance Operations underwriting gain, before federal income tax | 975 | 86 | ||||||
Investment income, before federal income tax | 42,752 | 36,225 | ||||||
Total all segments | 37,737 | 48,386 | ||||||
Interest expense | (5,561 | ) | (5,831 | ) | ||||
General corporate and other expenses | (7,092 | ) | (13,687 | ) | ||||
Income from continuing operations, before federal income tax | $ | 25,084 | 28,868 | |||||
Retirement_Plans_Table
Retirement Plans (Table) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Schedule of Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income | ' | |||||||||||||
Retirement Income Plan | Retirement Life Plan | |||||||||||||
Quarter ended March 31, | Quarter ended March 31, | |||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Components of Net Periodic Benefit Cost: | ||||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||
Service cost | $ | 1,627 | 2,449 | — | — | |||||||||
Interest cost | 3,254 | 3,303 | 73 | 70 | ||||||||||
Expected return on plan assets | (3,919 | ) | (3,848 | ) | — | — | ||||||||
Amortization of unrecognized prior service cost | — | 10 | — | — | ||||||||||
Amortization of unrecognized net actuarial loss | 367 | 1,822 | 13 | 18 | ||||||||||
Curtailment expense | — | 16 | — | — | ||||||||||
Total net periodic cost | $ | 1,329 | 3,752 | 86 | 88 | |||||||||
Schedule Of Weighted-Average Expense Assumptions | ' | |||||||||||||
Retirement Income Plan | Retirement Life Plan | |||||||||||||
Quarter ended March 31, | Quarter ended March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Weighted-Average Expense Assumptions: | ||||||||||||||
Discount rate | 5.16 | % | 4.42 | 4.85 | % | 4.42 | ||||||||
Expected return on plan assets | 6.92 | 7.4 | — | — | ||||||||||
Rate of compensation increase | 4 | 4 | — | — | ||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||||
Schedule of Components of Comprehensive Income-Gross and Net of Tax | ' | |||||||||||||||||||
First Quarter 2014 | ||||||||||||||||||||
($ in thousands) | Gross | Tax | Net | |||||||||||||||||
Net income | $ | 25,084 | 7,110 | 17,974 | ||||||||||||||||
Components of OCI: | ||||||||||||||||||||
Unrealized gains on investment securities: | ||||||||||||||||||||
Unrealized holding gains during the period | 32,964 | 11,538 | 21,426 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
HTM securities | (456 | ) | (160 | ) | (296 | ) | ||||||||||||||
Realized gains on AFS securities | (7,229 | ) | (2,530 | ) | (4,699 | ) | ||||||||||||||
Net unrealized gains | 25,279 | 8,848 | 16,431 | |||||||||||||||||
Defined benefit pension and post-retirement plans: | ||||||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
Net actuarial loss | 380 | 133 | 247 | |||||||||||||||||
Prior service cost | — | — | — | |||||||||||||||||
Defined benefit pension and post-retirement plans | 380 | 133 | 247 | |||||||||||||||||
Other comprehensive income | 25,659 | 8,981 | 16,678 | |||||||||||||||||
Comprehensive income | $ | 50,743 | 16,091 | 34,652 | ||||||||||||||||
First Quarter 2013 | ||||||||||||||||||||
($ in thousands) | Gross | Tax | Net | |||||||||||||||||
Net income | $ | 27,333 | 6,025 | 21,308 | ||||||||||||||||
Components of OCI: | ||||||||||||||||||||
Unrealized gains on investment securities: | ||||||||||||||||||||
Unrealized holding gains during the period | 3,684 | 1,290 | 2,394 | |||||||||||||||||
Non-credit OTTI recognized in OCI | 30 | 10 | 20 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
HTM securities | (717 | ) | (251 | ) | (466 | ) | ||||||||||||||
Non-credit OTTI | 7 | 3 | 4 | |||||||||||||||||
Realized gains on AFS securities | (5,976 | ) | (2,092 | ) | (3,884 | ) | ||||||||||||||
Net unrealized losses | (2,972 | ) | (1,040 | ) | (1,932 | ) | ||||||||||||||
Defined benefit pension and post-retirement plans: | ||||||||||||||||||||
Net actuarial losses | 44,000 | 15,400 | 28,600 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
Net actuarial loss | 1,840 | 644 | 1,196 | |||||||||||||||||
Prior service cost | 10 | 4 | 6 | |||||||||||||||||
Curtailment expense | 16 | 5 | 11 | |||||||||||||||||
Defined benefit pension and post-retirement plans | 45,866 | 16,053 | 29,813 | |||||||||||||||||
Other comprehensive income | 42,894 | 15,013 | 27,881 | |||||||||||||||||
Comprehensive income | $ | 70,227 | 21,038 | 49,189 | ||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
March 31, 2014 | Net Unrealized (Loss) Gain on Investment Securities | |||||||||||||||||||
($ in thousands) | OTTI | HTM | All | Investments | Defined Benefit | Total AOCI | ||||||||||||||
Related | Related | Other | Subtotal | Pension and Post-Retirement Plans | ||||||||||||||||
Balance, December 31, 2013 | $ | (1,599 | ) | 1,467 | 51,635 | 51,503 | (26,652 | ) | 24,851 | |||||||||||
OCI before reclassifications | — | — | 21,426 | 21,426 | — | 21,426 | ||||||||||||||
Amounts reclassified from AOCI | — | (296 | ) | (4,699 | ) | (4,995 | ) | 247 | (4,748 | ) | ||||||||||
Net current period OCI | — | (296 | ) | 16,727 | 16,431 | 247 | 16,678 | |||||||||||||
Balance, March 31, 2014 | $ | (1,599 | ) | 1,171 | 68,362 | 67,934 | (26,405 | ) | 41,529 | |||||||||||
Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
($ in thousands) | Quarter ended March 31, 2014 | Affected Line Item in the Unaudited Consolidated Statement of Income | ||||||||||||||||||
HTM related | ||||||||||||||||||||
Unrealized losses on HTM disposals | 24 | Net realized gains | ||||||||||||||||||
Amortization of net unrealized gains on HTM securities | (480 | ) | Net investment income earned | |||||||||||||||||
(456 | ) | Income from continuing operations, before federal income tax | ||||||||||||||||||
160 | Total federal income tax expense | |||||||||||||||||||
(296 | ) | Net income | ||||||||||||||||||
Realized gains and losses on AFS | ||||||||||||||||||||
Realized gains on AFS disposals and OTTI | (7,229 | ) | Net realized gains | |||||||||||||||||
(7,229 | ) | Income from continuing operations, before federal income tax | ||||||||||||||||||
2,530 | Total federal income tax expense | |||||||||||||||||||
(4,699 | ) | Net income | ||||||||||||||||||
Defined benefit pension and post-retirement life plans | ||||||||||||||||||||
Net actuarial loss | 87 | Loss and loss expense incurred | ||||||||||||||||||
293 | Policy acquisition costs | |||||||||||||||||||
Total defined benefit pension and post-retirement life plans | 380 | Income from continuing operations, before federal income tax | ||||||||||||||||||
(133 | ) | Total federal income tax expense | ||||||||||||||||||
247 | Net income | |||||||||||||||||||
Total reclassifications for the period | $ | (4,748 | ) | Net income |
Organization_Narrative_Details
Organization (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Number of Operating Segments | 3 |
Statements_of_Cash_Flow_Cash_F
Statements of Cash Flow (Cash Flow Supplemental Disclosures) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest | $2,973,000 | $1,964,000 |
Federal income tax | 2,000,000 | 0 |
Tax-free exchange of fixed maturity security, AFS | 0 | 8,470,000 |
Tax-free exchange of fixed maturity security, HTM | 15,000 | 7,168,000 |
National Flood Insurance Program [Member] | ' | ' |
Restricted Cash | $6,100,000 | ' |
Investments_HeldToMaturity_Sec
Investments (Held-To-Maturity Securities Disclosure) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $380,255 | $390,622 |
Net Unrealized Gains (Losses) | 1,801 | 2,257 |
Carrying Value | 382,056 | 392,879 |
Unrecognized Holding Gains | 21,480 | 24,102 |
Unrecoginzed Holding Losses | 0 | 0 |
Fixed income securities, held-to-maturity, fair value | 403,536 | 416,981 |
Held To Maturity securities average duration | '2 years 2 months | ' |
Foreign Government [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 5,292 | 5,292 |
Net Unrealized Gains (Losses) | 110 | 131 |
Carrying Value | 5,402 | 5,423 |
Unrecognized Holding Gains | 150 | 168 |
Unrecoginzed Holding Losses | 0 | 0 |
Fixed income securities, held-to-maturity, fair value | 5,552 | 5,591 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 344,360 | 348,109 |
Net Unrealized Gains (Losses) | 3,475 | 4,013 |
Carrying Value | 347,835 | 352,122 |
Unrecognized Holding Gains | 16,472 | 17,634 |
Unrecoginzed Holding Losses | 0 | 0 |
Fixed income securities, held-to-maturity, fair value | 364,307 | 369,756 |
Corporate Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 21,903 | 28,174 |
Net Unrealized Gains (Losses) | -341 | -346 |
Carrying Value | 21,562 | 27,828 |
Unrecognized Holding Gains | 2,902 | 2,446 |
Unrecoginzed Holding Losses | 0 | 0 |
Fixed income securities, held-to-maturity, fair value | 24,464 | 30,274 |
Asset-backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 3,347 | 3,413 |
Net Unrealized Gains (Losses) | -621 | -655 |
Carrying Value | 2,726 | 2,758 |
Unrecognized Holding Gains | 640 | 657 |
Unrecoginzed Holding Losses | 0 | 0 |
Fixed income securities, held-to-maturity, fair value | 3,366 | 3,415 |
Commercial Mortgage-backed Securities (CMBS) [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 5,353 | 5,634 |
Net Unrealized Gains (Losses) | -822 | -886 |
Carrying Value | 4,531 | 4,748 |
Unrecognized Holding Gains | 1,316 | 3,197 |
Unrecoginzed Holding Losses | 0 | 0 |
Fixed income securities, held-to-maturity, fair value | $5,847 | $7,945 |
Investments_AvailableForSale_S
Investments (Available-For-Sale Securities Disclosure) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | $3,910,826,000 | $3,831,327,000 | ||
Unrealized Gains | 134,079,000 | 128,951,000 | ||
Unrealized Losses | -31,365,000 | -51,971,000 | ||
Fair Value | 4,013,540,000 | 3,908,307,000 | ||
AFS Fixed Income Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 3,748,456,000 | 3,675,977,000 | ||
Unrealized Gains | 98,645,000 | 91,434,000 | ||
Unrealized Losses | -31,248,000 | -51,875,000 | ||
Fair Value | 3,815,853,000 | 3,715,536,000 | ||
AFS Fixed Income Securities [Member] | U.S. Government and Government Agencies [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 161,428,000 | 163,218,000 | ||
Unrealized Gains | 10,007,000 | 10,661,000 | ||
Unrealized Losses | -370,000 | -504,000 | ||
Fair Value | 171,065,000 | 173,375,000 | ||
AFS Fixed Income Securities [Member] | Foreign Government [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 31,538,000 | 29,781,000 | ||
Unrealized Gains | 912,000 | 906,000 | ||
Unrealized Losses | -29,000 | -72,000 | ||
Fair Value | 32,421,000 | 30,615,000 | ||
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 963,237,000 | 946,455,000 | ||
Unrealized Gains | 26,617,000 | 25,194,000 | ||
Unrealized Losses | -10,687,000 | -20,025,000 | ||
Fair Value | 979,167,000 | 951,624,000 | ||
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 1,777,186,000 | 1,707,928,000 | ||
Unrealized Gains | 48,305,000 | 44,004,000 | ||
Unrealized Losses | -9,793,000 | -17,049,000 | ||
Fair Value | 1,815,698,000 | 1,734,883,000 | ||
AFS Fixed Income Securities [Member] | Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 131,386,000 | 140,430,000 | ||
Unrealized Gains | 908,000 | 934,000 | ||
Unrealized Losses | -360,000 | -468,000 | ||
Fair Value | 131,934,000 | 140,896,000 | ||
AFS Fixed Income Securities [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 172,386,000 | [1] | 172,288,000 | [1] |
Unrealized Gains | 4,686,000 | [1] | 2,462,000 | [1] |
Unrealized Losses | -2,256,000 | [1] | -3,466,000 | [1] |
Fair Value | 174,816,000 | [1] | 171,284,000 | [1] |
Government guaranteed agency securities fair value | 24,500,000 | 30,000,000 | ||
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities (RMBS) [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 511,295,000 | [2] | 515,877,000 | [2] |
Unrealized Gains | 7,210,000 | [2] | 7,273,000 | [2] |
Unrealized Losses | -7,753,000 | [2] | -10,291,000 | [2] |
Fair Value | 510,752,000 | [2] | 512,859,000 | [2] |
Government guaranteed agency securities fair value | 48,200,000 | 55,200,000 | ||
Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost/Amortized Cost | 162,370,000 | 155,350,000 | ||
Unrealized Gains | 35,434,000 | 37,517,000 | ||
Unrealized Losses | -117,000 | -96,000 | ||
Fair Value | $197,687,000 | $192,771,000 | ||
[1] | CMBS includes government guaranteed agency securities with a fair value of $24.5 million at March 31, 2014 and $30.0 million at December 31, 2013. | |||
[2] | RMBS includes government guaranteed agency securities with a fair value of $48.2 million at March 31, 2014 and $55.2 million at December 31, 2013. |
Investments_Fair_Value_and_Gro
Investments (Fair Value and Gross Pre-Tax Net Unrealized Unrecognized Loss of Securities By Length of Time) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
AFS Fair Value, Less than 12 months | $1,171,643 | $1,411,803 | ||
AFS Unrealized Losses, Less than 12 month | -28,732 | [1] | -49,106 | [1] |
AFS Fair Value, 12 months or longer | 53,076 | 40,731 | ||
AFS Unrealized Losses, 12 months or longer | -2,633 | [1] | -2,865 | [1] |
HTM Fair Value, Less than 12 months | 0 | 65 | ||
HTM Unrealized Losses, Less than 12 months | 0 | [1] | -5 | [1] |
HTM Unrecognized Gains, Less than 12 months | 0 | [2] | 5 | [2] |
HTM Fair Value, 12 months or longer | 2,940 | 2,931 | ||
HTM Unrealized Losses, 12 months or longer | -640 | [1] | -675 | [1] |
HTM Unrecognized Gains, 12 months or longer | 610 | [2] | 635 | [2] |
Total AFS and HTM Fair Value, Less than 12 months | 1,171,643 | 1,411,868 | ||
Total AFS and HTM Unrealized Losses, Less than 12 months | -28,732 | [1] | -49,111 | [1] |
Total AFS and HTM Fair Value, 12 months or longer | 56,016 | 43,662 | ||
Total AFS and HTM Unrealized Losses, 12 months or longer | -3,273 | [1] | -3,540 | [1] |
Obligations of States and Political Subdivisions [Member] | ' | ' | ||
HTM Fair Value, Less than 12 months | 0 | 65 | ||
HTM Unrealized Losses, Less than 12 months | 0 | [1] | -5 | [1] |
HTM Unrecognized Gains, Less than 12 months | 0 | [2] | 5 | [2] |
HTM Fair Value, 12 months or longer | 445 | 441 | ||
HTM Unrealized Losses, 12 months or longer | -19 | [1] | -20 | [1] |
HTM Unrecognized Gains, 12 months or longer | 18 | [2] | 14 | [2] |
Asset-backed Securities [Member] | ' | ' | ||
HTM Fair Value, Less than 12 months | 0 | 0 | ||
HTM Unrealized Losses, Less than 12 months | 0 | [1] | 0 | [1] |
HTM Unrecognized Gains, Less than 12 months | 0 | [2] | 0 | [2] |
HTM Fair Value, 12 months or longer | 2,495 | 2,490 | ||
HTM Unrealized Losses, 12 months or longer | -621 | [1] | -655 | [1] |
HTM Unrecognized Gains, 12 months or longer | 592 | [2] | 621 | [2] |
AFS Fixed Income Securities [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 1,169,705 | 1,410,679 | ||
AFS Unrealized Losses, Less than 12 month | -28,615 | [1] | -49,010 | [1] |
AFS Fair Value, 12 months or longer | 53,076 | 40,731 | ||
AFS Unrealized Losses, 12 months or longer | -2,633 | [1] | -2,865 | [1] |
AFS Fixed Income Securities [Member] | U.S. Government and Government Agencies [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 13,119 | 16,955 | ||
AFS Unrealized Losses, Less than 12 month | -370 | [1] | -500 | [1] |
AFS Fair Value, 12 months or longer | 0 | 507 | ||
AFS Unrealized Losses, 12 months or longer | 0 | [1] | -4 | [1] |
AFS Fixed Income Securities [Member] | Foreign Government [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 1,753 | 2,029 | ||
AFS Unrealized Losses, Less than 12 month | -9 | [1] | -30 | [1] |
AFS Fair Value, 12 months or longer | 2,978 | 2,955 | ||
AFS Unrealized Losses, 12 months or longer | -20 | [1] | -42 | [1] |
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 373,064 | 442,531 | ||
AFS Unrealized Losses, Less than 12 month | -9,984 | [1] | -19,120 | [1] |
AFS Fair Value, 12 months or longer | 20,096 | 13,530 | ||
AFS Unrealized Losses, 12 months or longer | -703 | [1] | -905 | [1] |
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 464,163 | 511,100 | ||
AFS Unrealized Losses, Less than 12 month | -8,636 | [1] | -15,911 | [1] |
AFS Fair Value, 12 months or longer | 17,713 | 14,771 | ||
AFS Unrealized Losses, 12 months or longer | -1,157 | [1] | -1,138 | [1] |
AFS Fixed Income Securities [Member] | Asset-backed Securities [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 23,855 | 68,725 | ||
AFS Unrealized Losses, Less than 12 month | -360 | [1] | -468 | [1] |
AFS Fair Value, 12 months or longer | 0 | 0 | ||
AFS Unrealized Losses, 12 months or longer | 0 | [1] | 0 | [1] |
AFS Fixed Income Securities [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 72,437 | 100,396 | ||
AFS Unrealized Losses, Less than 12 month | -1,962 | [1] | -2,950 | [1] |
AFS Fair Value, 12 months or longer | 7,466 | 6,298 | ||
AFS Unrealized Losses, 12 months or longer | -294 | [1] | -516 | [1] |
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities (RMBS) [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 221,314 | 268,943 | ||
AFS Unrealized Losses, Less than 12 month | -7,294 | [1] | -10,031 | [1] |
AFS Fair Value, 12 months or longer | 4,823 | 2,670 | ||
AFS Unrealized Losses, 12 months or longer | -459 | [1] | -260 | [1] |
Equity Securities [Member] | ' | ' | ||
AFS Fair Value, Less than 12 months | 1,938 | 1,124 | ||
AFS Unrealized Losses, Less than 12 month | -117 | [1] | -96 | [1] |
AFS Fair Value, 12 months or longer | 0 | 0 | ||
AFS Unrealized Losses, 12 months or longer | $0 | [1] | $0 | [1] |
[1] | Gross unrealized losses include non-OTTI unrealized amounts and OTTI losses recognized in AOCI. In addition, this column includes remaining unrealized gain or loss amounts on securities that were transferred to an HTM designation in the first quarter of 2009 for those securities that are in a net unrealized/unrecognized loss position. | |||
[2] | Unrecognized gains represent fair value fluctuations from the later of: (i) the date a security is designated as HTM; or (ii) the date that an OTTI charge is recognized on an HTM security. |
Investments_Number_of_Securiti
Investments (Number of Securities in an Unrealized Unrecognized Loss Position) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Securities | Securities | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized/unrecognized loss position | 466 | 557 |
Unrealized Unrecognized Loss | $31,395,000 | $52,011,000 |
Unrealized Unrecognized Losses Period Improvement | 20,600,000 | ' |
Securities In Unrealized Unrecognized Loss Position For More Than Twelve Months | 2,700,000 | 2,900,000 |
Eighty Percent to Ninety-Nine Percent [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized/unrecognized loss position | 466 | 556 |
Unrealized Unrecognized Loss | 31,395,000 | 51,835,000 |
Sixty Percent to Seventy-Nine Percent [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized/unrecognized loss position | 0 | 1 |
Unrealized Unrecognized Loss | 0 | 176,000 |
Forty Percent to Fifty-Nine Percent [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized/unrecognized loss position | 0 | 0 |
Unrealized Unrecognized Loss | 0 | 0 |
Twenty Percent to Thirty-Nine Percent [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized/unrecognized loss position | 0 | 0 |
Unrealized Unrecognized Loss | 0 | 0 |
Zero Percent to Nineteen Percent [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities in an unrealized/unrecognized loss position | 0 | 0 |
Unrealized Unrecognized Loss | $0 | $0 |
10 year U.S. Treasury Note [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Decrease of Yield on 10-year U.S. Treasury Note | 31 | ' |
Investments_HTM_Fixed_Income_S
Investments (HTM Fixed Income Securities by Contractual Maturity) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Due in one year or less carrying value | $80,337 | ' |
Due after one year through five years carrying value | 270,608 | ' |
Due after five years through 10 years carrying value | 31,111 | ' |
Total HTM fixed income securities carrying value | 382,056 | 392,879 |
Due in one year or less fair value | 81,332 | ' |
Due after one year through five years fair value | 287,045 | ' |
Due after five years through 10 years fair value | 35,159 | ' |
Total HTM fixed income securities fair value | $403,536 | $416,981 |
Investments_AFS_Fixed_Income_s
Investments (AFS Fixed Income securities by Contractual Maturity) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Due in one year or less fair value | $425,744 | ' |
Due after one year through five years fair value | 1,991,515 | ' |
Due after five years through 10 years fair value | 1,345,666 | ' |
Due after 10 years fair value | 52,928 | ' |
Total AFS fixed income securities | $3,815,853 | $3,715,536 |
Investments_Other_Investment_P
Investments (Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | $106,720 | $107,875 |
Other Investments [Member] | ' | ' |
Carrying Value | 106,720 | 107,875 |
Remaining Commitment | 52,556 | ' |
Alternative Investments [Member] | ' | ' |
Carrying Value | 105,150 | 106,211 |
Remaining Commitment | 51,959 | ' |
Secondary Private Equity Member | Alternative Investments [Member] | ' | ' |
Carrying Value | 23,595 | 25,618 |
Remaining Commitment | 6,479 | ' |
Private Equity [Member] | Alternative Investments [Member] | ' | ' |
Carrying Value | 21,117 | 20,192 |
Remaining Commitment | 9,959 | ' |
Energy Power Generation [Member] | Alternative Investments [Member] | ' | ' |
Carrying Value | 17,978 | 17,361 |
Remaining Commitment | 6,984 | ' |
Mezzanine Financing [Member] | Alternative Investments [Member] | ' | ' |
Carrying Value | 13,831 | 12,738 |
Remaining Commitment | 15,038 | ' |
Distressed Debt [Member] | Alternative Investments [Member] | ' | ' |
Carrying Value | 10,882 | 11,579 |
Remaining Commitment | 2,971 | ' |
Real Estate Strategy [Member] | Alternative Investments [Member] | ' | ' |
Carrying Value | 10,728 | 11,698 |
Remaining Commitment | 10,178 | ' |
Venture Capital [Member] | Alternative Investments [Member] | ' | ' |
Carrying Value | 7,019 | 7,025 |
Remaining Commitment | 350 | ' |
Other Securities [Member] | ' | ' |
Carrying Value | 1,570 | 1,664 |
Remaining Commitment | $597 | ' |
Investments_Aggregated_Income_
Investments (Aggregated Income Statement Summarized Financial Information for Partnerhips in our Alternative Investment Portfolio) (Details) (USD $) | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Alternative Investments [Member] | Alternative Investments [Member] | Investments accounted for under the equity method [Member] | Investments accounted for under the equity method [Member] | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Net Investment Income | ' | ' | ' | ' | $65,100,000 | $204,800,000 |
Realized gains | ' | ' | ' | ' | 63,300,000 | 593,400,000 |
Net change in unrealized appreciation (depreciation) | ' | ' | ' | ' | 505,900,000 | -417,500,000 |
Net income | ' | ' | ' | ' | 634,300,000 | 380,700,000 |
Net investment income earned | $35,534,000 | $32,870,000 | $5,200,000 | $3,600,000 | ' | ' |
Investments_Investments_Pledge
Investments (Investments Pledged as Collateral) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fixed income securities pledged at carrying value | $61.80 |
Outstanding borrowing with the Federal Home Loan Bank of Indianapolis | 58 |
Carrying value bonds on deposit with various State and Regulatory agencies | 26.2 |
Short-term Investments [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Securities pledged as collateral | 0.2 |
Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Securities pledged as collateral | $22.30 |
Investments_Net_Investment_Inc
Investments (Net Investment Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Investment Income [Line Items] | ' | ' |
Net investment income earned | $35,534 | $32,870 |
Fixed Income Securities [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net investment income earned | 31,028 | 30,089 |
Equity Securities [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net investment income earned | 1,449 | 1,207 |
Short-term Investments [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net investment income earned | 19 | 52 |
Other Investments [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net investment income earned | 5,218 | 3,602 |
Investment Expenses [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net investment income earned | ($2,180) | ($2,080) |
Investments_OTTI_by_Asset_Type
Investments (OTTI by Asset Type) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OTTI Losses Gross | $963 | $1,919 |
Other-than-temporary impairments on fixed maturity securities recognized in other comprehensive income | 0 | -30 |
OTTI Losses Recognized in Earnings | 963 | 1,949 |
Equity Securities [Member] | ' | ' |
OTTI Losses Gross | 963 | 217 |
Other-than-temporary impairments on fixed maturity securities recognized in other comprehensive income | 0 | 0 |
OTTI Losses Recognized in Earnings | 963 | 217 |
Other Investments [Member] | ' | ' |
OTTI Losses Gross | ' | 1,724 |
Other-than-temporary impairments on fixed maturity securities recognized in other comprehensive income | ' | 0 |
OTTI Losses Recognized in Earnings | ' | 1,724 |
AFS Fixed Income Securities [Member] | ' | ' |
OTTI Losses Gross | ' | -22 |
Other-than-temporary impairments on fixed maturity securities recognized in other comprehensive income | ' | -30 |
OTTI Losses Recognized in Earnings | ' | 8 |
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities (RMBS) [Member] | ' | ' |
OTTI Losses Gross | ' | -22 |
Other-than-temporary impairments on fixed maturity securities recognized in other comprehensive income | ' | -30 |
OTTI Losses Recognized in Earnings | ' | 8 |
Total AFS Securities [Member] | ' | ' |
OTTI Losses Gross | 963 | 195 |
Other-than-temporary impairments on fixed maturity securities recognized in other comprehensive income | 0 | -30 |
OTTI Losses Recognized in Earnings | $963 | $225 |
Investments_Gross_Credit_Loss_
Investments (Gross Credit Loss Impairments of Fixed Maturity Securities for Which a Portion of the OTTI Charge was Recognized in OCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments [Abstract] | ' | ' |
Balance, beginning of period | $7,488 | $7,477 |
Addition for the amount related to credit loss for which an OTTI was not previously recognized | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for securities for which the amount previously recognized in OCI was recognized in earnings because of intention or potential requirement to sell before recovery of amortized cost | 0 | 0 |
Reductions for securities for which the entire amount previously recognized in OCI was recognized in earnings due to a decrease in cash flows expected | 0 | 0 |
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | 0 | 9 |
Accretion of credit loss impairments previously recognized due to increase in cash flows expected to be collected | 0 | 0 |
Balance, end of period | $7,488 | $7,486 |
Investments_Components_Of_Net_
Investments (Components Of Net Realized Gains, Excluding OTTI Charges) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
HTM fixed income securities Gains | $0 | $0 |
HTM fixed income securities Losses | -11,000 | -37,000 |
Other investments Gains | 0 | 0 |
Other Investments Losses | 0 | -860,000 |
Total other net realized investment gains | 8,181,000 | 5,304,000 |
Total OTTI charges recognized in earnings | -963,000 | -1,949,000 |
Total net realized gains | 7,218,000 | 3,355,000 |
Proceeds From Sale Of Available For Sale Securities | 62,800,000 | 6,900,000 |
Fixed Income Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
AFS securities Gains | 158,000 | 951,000 |
AFS securities Losses | -112,000 | -253,000 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
AFS securities Gains | 8,317,000 | 5,671,000 |
AFS securities Losses | ($171,000) | ($168,000) |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Value and Estimated Fair Value of Financial Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities | $382,056 | $392,879 |
Available-for-sale Securities | 3,815,853 | 3,715,536 |
Equity securities, AFS | 197,687 | 192,771 |
Short-term investments | 137,733 | 174,251 |
Notes payable | 392,420 | 392,414 |
Carrying Amount [Member] | ' | ' |
Held-to-maturity Securities | 382,056 | 392,879 |
Available-for-sale Securities | 3,815,853 | 3,715,536 |
Equity securities, AFS | 197,687 | 192,771 |
Short-term investments | 137,733 | 174,251 |
Notes payable | 392,420 | 392,414 |
Carrying Amount [Member] | Two Point Ninety Percent Borrowing From Federal Home Loan Bank [Member] | ' | ' |
Notes payable | 13,000 | 13,000 |
Carrying Amount [Member] | One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | ' | ' |
Notes payable | 45,000 | 45,000 |
Carrying Amount [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ' | ' |
Notes payable | 49,917 | 49,916 |
Carrying Amount [Member] | Six Point Seventy Percent Senior Notes [Member] | ' | ' |
Notes payable | 99,503 | 99,498 |
Carrying Amount [Member] | Five Point Eight Hundred Seventy Five Senior Notes [Member] | ' | ' |
Notes payable | 185,000 | 185,000 |
Fair Value [Member] | ' | ' |
Held-to-maturity Securities | 403,536 | 416,981 |
Available-for-sale Securities | 3,815,853 | 3,715,536 |
Equity securities, AFS | 197,687 | 192,771 |
Short-term investments | 137,733 | 174,251 |
Notes payable | 379,660 | 354,010 |
Fair Value [Member] | Two Point Ninety Percent Borrowing From Federal Home Loan Bank [Member] | ' | ' |
Notes payable | 13,243 | 13,319 |
Fair Value [Member] | One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | ' | ' |
Notes payable | 45,226 | 45,259 |
Fair Value [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ' | ' |
Notes payable | 53,065 | 50,887 |
Fair Value [Member] | Six Point Seventy Percent Senior Notes [Member] | ' | ' |
Notes payable | 102,810 | 98,247 |
Fair Value [Member] | Five Point Eight Hundred Seventy Five Senior Notes [Member] | ' | ' |
Notes payable | $165,316 | $146,298 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Disclosures of Fair Value Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Available-for-sale Securities, Debt Securities | $3,815,853 | $3,715,536 | ||
Equity securities, AFS | 197,687 | 192,771 | ||
Total AFS securities | 4,013,540 | 3,908,307 | ||
Short-term investments | 137,733 | 174,251 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 3,815,853 | 3,715,536 | ||
Equity securities, AFS | 197,687 | 192,771 | ||
Total AFS securities | 4,013,540 | 3,908,307 | ||
Short-term investments | 137,733 | 174,251 | ||
Total assets measured at fair value | 4,151,273 | 4,082,558 | ||
Fair Value [Member] | US Government and Government Agencies and Authorities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 171,065 | 173,375 | ||
Fair Value [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 32,421 | 30,615 | ||
Fair Value [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 979,167 | 951,624 | ||
Fair Value [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 1,815,698 | 1,734,883 | ||
Fair Value [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 131,934 | 140,896 | ||
Fair Value [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 174,816 | 171,284 | ||
Fair Value [Member] | Residential Mortgage Backed Securities (RMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 510,752 | 512,859 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 51,796 | [1] | 52,153 | [1] |
Equity securities, AFS | 194,787 | [1] | 189,871 | [1] |
Total AFS securities | 246,583 | [1] | 242,024 | [1] |
Short-term investments | 137,733 | [1] | 174,251 | [1] |
Total assets measured at fair value | 384,316 | [1] | 416,275 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | US Government and Government Agencies and Authorities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 51,796 | [1] | 52,153 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Residential Mortgage Backed Securities (RMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 3,764,057 | [1] | 3,663,383 | [1] |
Equity securities, AFS | 0 | [1] | 0 | [1] |
Total AFS securities | 3,764,057 | [1] | 3,663,383 | [1] |
Short-term investments | 0 | [1] | 0 | [1] |
Total assets measured at fair value | 3,764,057 | [1] | 3,663,383 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | US Government and Government Agencies and Authorities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 119,269 | [1] | 121,222 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 32,421 | [1] | 30,615 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 979,167 | [1] | 951,624 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 1,815,698 | [1] | 1,734,883 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 131,934 | [1] | 140,896 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 174,816 | [1] | 171,284 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities (RMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 510,752 | [1] | 512,859 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Equity securities, AFS | 2,900 | 2,900 | ||
Total AFS securities | 2,900 | 2,900 | ||
Short-term investments | 0 | 0 | ||
Total assets measured at fair value | 2,900 | 2,900 | ||
Significant Unobservable Inputs (Level 3) [Member] | US Government and Government Agencies and Authorities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities (RMBS) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Available-for-sale Securities, Debt Securities | $0 | $0 | ||
[1] | 1Â There were no transfers of securities between Level 1 and Level 2. |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Fair Value of Securities Using Level 3 Inputs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Fair value, Beginning balance | $42,277 | |
Total net (losses) gains for the period included in OCI | 4,089 | [1] |
Total net (losses) gains for the period included in net income | -1,195 | [2],[3] |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | -4,660 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -37,611 | |
Fair value, Ending balance | 2,900 | |
Equity Securities [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Fair value, Beginning balance | 3,607 | |
Total net (losses) gains for the period included in OCI | 3,935 | [1] |
Total net (losses) gains for the period included in net income | 0 | [2],[3] |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -4,642 | |
Fair value, Ending balance | 2,900 | |
AFS Fixed Income Securities [Member] | U.S. Government and Government Agencies [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Fair value, Beginning balance | 19,789 | |
Total net (losses) gains for the period included in OCI | -537 | [1] |
Total net (losses) gains for the period included in net income | -76 | [2],[3] |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | -1,847 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -17,329 | |
Fair value, Ending balance | 0 | |
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Fair value, Beginning balance | 2,946 | |
Total net (losses) gains for the period included in OCI | -7 | [1] |
Total net (losses) gains for the period included in net income | 0 | [2],[3] |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | -168 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -2,771 | |
Fair value, Ending balance | 0 | |
AFS Fixed Income Securities [Member] | Asset-backed Securities [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Fair value, Beginning balance | 6,068 | |
Total net (losses) gains for the period included in OCI | -74 | [1] |
Total net (losses) gains for the period included in net income | 0 | [2],[3] |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -5,994 | |
Fair value, Ending balance | 0 | |
AFS Fixed Income Securities [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Fair value, Beginning balance | 7,162 | |
Total net (losses) gains for the period included in OCI | 772 | [1] |
Total net (losses) gains for the period included in net income | 361 | [2],[3] |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | -2,420 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -5,875 | |
Fair value, Ending balance | 0 | |
Receivable For Proceeds From Divestiture Of Business [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Fair value, Beginning balance | 2,705 | |
Total net (losses) gains for the period included in OCI | 0 | [1] |
Total net (losses) gains for the period included in net income | -1,480 | [2],[3] |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | -225 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -1,000 | |
Fair value, Ending balance | 0 | |
Fair Value, Inputs, Level 3 [Member] | AFS Fixed Income Securities [Member] | ' | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | |
Transfers out of Level 3 | ($32,000) | |
[1] | Amounts are reported in “Unrealized holding (losses) gains arising during period†on the Consolidated Statements of Comprehensive Income in our 2013 Annual Report. | |
[2] | Amounts are reported in “Net realized gains†for realized gains and losses and “Net investment income earned†for amortization of securities on the Consolidated Statements of Income in our 2013 Annual Report. | |
[3] | For the receivable related to the sale of Selective HR, amounts in "Loss on disposal of discontinued operations, net of tax" relate to an impairment charge and amounts in "Other income" relate to interest accretion on the Consolidated Statements of Income in our 2013 Annual Report. |
Fair_Value_Measurements_Quanti1
Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | $382,056 | $392,879 |
Notes payable | 392,420 | 392,414 |
Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 403,536 | 416,981 |
Notes payable | 379,660 | 354,010 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Notes payable | 165,316 | 146,298 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 403,536 | 416,981 |
Notes payable | 214,344 | 207,712 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Notes payable | 0 | 0 |
Foreign Government [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 5,552 | 5,591 |
Foreign Government [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Foreign Government [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 5,552 | 5,591 |
Foreign Government [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 364,307 | 369,756 |
Obligations of States and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 364,307 | 369,756 |
Obligations of States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Corporate Securities [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 24,464 | 30,274 |
Corporate Securities [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 24,464 | 30,274 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Asset-backed Securities [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 3,366 | 3,415 |
Asset-backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 3,366 | 3,415 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 5,847 | 7,945 |
Commercial Mortgage-backed Securities (CMBS) [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Commercial Mortgage-backed Securities (CMBS) [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 5,847 | 7,945 |
Commercial Mortgage-backed Securities (CMBS) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Held-to-maturity Securities | 0 | 0 |
Two Point Ninety Percent Borrowing From Federal Home Loan Bank [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 13,243 | 13,319 |
Two Point Ninety Percent Borrowing From Federal Home Loan Bank [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
Two Point Ninety Percent Borrowing From Federal Home Loan Bank [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 13,243 | 13,319 |
Two Point Ninety Percent Borrowing From Federal Home Loan Bank [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 45,226 | 45,259 |
One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 45,226 | 45,259 |
One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
Seven Point Twenty Five Percent Senior Notes [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 53,065 | 50,887 |
Seven Point Twenty Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 53,065 | 50,887 |
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
Six Point Seventy Percent Senior Notes [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 102,810 | 98,247 |
Six Point Seventy Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
Six Point Seventy Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 102,810 | 98,247 |
Six Point Seventy Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
Five Point Eight Hundred Seventy Five Senior Notes [Member] | Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 165,316 | 146,298 |
Five Point Eight Hundred Seventy Five Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 165,316 | 146,298 |
Five Point Eight Hundred Seventy Five Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 0 | 0 |
Five Point Eight Hundred Seventy Five Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | $0 | $0 |
Reinsurance_List_of_Direct_Ass
Reinsurance (List of Direct, Assumed, and Ceded Reinsurance Amounts) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Premiums written: | ' | ' |
Direct | $557,891 | $528,816 |
Assumed | 7,850 | 8,482 |
Ceded premiums written | -88,991 | -87,174 |
Net | 476,750 | 450,124 |
Premiums earned: | ' | ' |
Direct | 536,700 | 494,066 |
Assumed | 10,185 | 12,463 |
Ceded premiums earned | -90,390 | -85,589 |
Net | 456,495 | 420,940 |
Loss and loss expense incurred: | ' | ' |
Direct | 358,349 | 365,646 |
Assumed | 7,479 | 9,074 |
Ceded loss and loss expense incurred | -45,282 | -104,871 |
Net | $320,546 | $269,849 |
Number of insurance subsidiaries | 10 | ' |
Percentage of NFIP claims ceded by federal government | 100.00% | ' |
Reinsurance_Ceded_Premiums_and
Reinsurance (Ceded Premiums and Losses Related to Flood Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Ceded premiums written | ($88,991) | ($87,174) |
Ceded premiums earned | -90,390 | -85,589 |
Ceded loss and loss expense incurred | -45,282 | -104,871 |
National Flood Insurance Program [Member] | ' | ' |
Ceded premiums written | -57,303 | -56,707 |
Ceded premiums earned | -58,286 | -55,327 |
Ceded loss and loss expense incurred | ($7,379) | ($76,176) |
Segment_Information_Narrative_
Segment Information Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Number of Operating Segments | 3 | ' |
Gross premiums of self-insured pooled group renewal book of business sold | $38,000,000 | ' |
Proceeds from sale of renewal rights | $8,000,000 | $0 |
Segment_Information_Revenue_Fr
Segment Information (Revenue From Continuing Operations by Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | $456,495 | $420,940 |
Other income | 9,824 | 2,784 |
Net investment income | 35,534 | 32,870 |
Net realized investment gains | 7,218 | 3,355 |
Total investment revenues | 42,752 | 36,225 |
Total all segments | 509,066 | 459,885 |
Total revenues | 509,071 | 459,949 |
Commercial Automobile [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 82,216 | 74,347 |
Workers Compensation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 69,413 | 66,084 |
General Liability [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 108,818 | 97,703 |
Commercial Property [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 60,186 | 53,415 |
Business Owners' Policies [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 20,869 | 18,540 |
Bonds Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 4,756 | 4,764 |
Other Commercial [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 3,183 | 2,992 |
Total Standard Commercial Lines [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 349,441 | 317,845 |
Personal Automobile [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 38,226 | 38,393 |
Homeowners [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 33,298 | 31,135 |
Other Personal [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 3,294 | 3,508 |
Total standard Personal Lines [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 74,818 | 73,036 |
Total Standard Insurance Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 424,259 | 390,881 |
Total insurance operations revenues | 434,078 | 393,601 |
Miscellaneous Income [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Other income | 9,819 | 2,720 |
Excess And Surplus Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total net premiums earned | 32,236 | 30,059 |
Other Income [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Other income | $5 | $64 |
Segment_Information_Income_Fro
Segment Information (Income From Continuing Operations, Before Federal Income Tax) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net investment income | $35,534 | $32,870 |
Net realized investment gains | 7,218 | 3,355 |
Investment income, before federal income tax | 42,752 | 36,225 |
Tax on investment income | 11,575 | 9,205 |
Total investment income, after federal income tax | 31,177 | 27,020 |
Total Standard Commercial Lines [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Underwriting (loss) gain, before federal income tax | -3,630 | 6,102 |
Total standard Personal Lines [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Underwriting (loss) gain, before federal income tax | -2,360 | 5,973 |
Total Standard Insurance Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Underwriting (loss) gain, before federal income tax | -5,990 | 12,075 |
GAAP combined ratio | 101.40% | 96.90% |
Statutory combined ratio | 101.10% | 96.80% |
Excess And Surplus Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Underwriting (loss) gain, before federal income tax | $975 | $86 |
GAAP combined ratio | 97.00% | 99.70% |
Statutory combined ratio | 97.90% | 98.20% |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Results to Income from Continuing Operations, before Federal Income Tax (Details)) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Investment income, before federal income tax | $42,752 | $36,225 |
Total all segments | 37,737 | 48,386 |
Interest expense | -5,561 | -5,831 |
General corporate and other expenses | -7,092 | -13,687 |
Income from continuing operations, before federal income tax | 25,084 | 28,868 |
Total Standard Insurance Operations [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Underwriting (loss) gain, before federal income tax | -5,990 | 12,075 |
Excess And Surplus Operations [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Underwriting (loss) gain, before federal income tax | $975 | $86 |
Retirement_Plans_Components_of
Retirement Plans (Components of Net Periodic Benefit Cost and Other Amount Recognized in Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | ' | ' |
Curtailment expense | $0 | $16 |
Retirement Income Plan [Member] | ' | ' |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | ' | ' |
Service cost | 1,627 | 2,449 |
Interest cost | 3,254 | 3,303 |
Expected return on plan assets | -3,919 | -3,848 |
Amortization of unrecognized prior service cost | 0 | 10 |
Amortization of unrecognized net actuarial loss | 367 | 1,822 |
Curtailment expense | 0 | 16 |
Total net periodic cost | 1,329 | 3,752 |
Retirement Life Plan [Member] | ' | ' |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | ' | ' |
Service cost | 0 | 0 |
Interest cost | 73 | 70 |
Expected return on plan assets | 0 | 0 |
Amortization of unrecognized prior service cost | 0 | 0 |
Amortization of unrecognized net actuarial loss | 13 | 18 |
Curtailment expense | 0 | 0 |
Total net periodic cost | $86 | $88 |
Retirement_Plans_WeightedAvera
Retirement Plans (Weighted-Average Expense Assumptions) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Retirement Income Plan [Member] | ' | ' |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | ' | ' |
Discount rate | 5.16% | 4.42% |
Expected return on plan assets | 6.92% | 7.40% |
Rate of compensation increase | 4.00% | 4.00% |
Estimated contribution from the employer | $2.70 | ' |
Retirement Life Plan [Member] | ' | ' |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | ' | ' |
Discount rate | 4.85% | 4.42% |
Expected return on plan assets | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% |
Scenario, Forecast [Member] | Retirement Income Plan [Member] | ' | ' |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | ' | ' |
Estimated contribution from the employer | $9.80 | ' |
Comprehensive_Income_Component
Comprehensive Income (Components of Comprehensive Income-Gross and Net of Tax) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income, Gross | $25,084 | $27,333 |
Unrealized holding gains during the period, Gross | 32,964 | 3,684 |
Non-credit portion of other-than-temporary impairment losses recognized in other comprehensive income, Gross | ' | 30 |
HTM securties, Gross | -456 | -717 |
Realized gains on AFS securities, Gross | -7,229 | -5,976 |
Net unrealized gains (losses), Gross | 25,279 | -2,972 |
Amount reclassified into Net Income: Net actuarial loss, Gross | 380 | 1,840 |
Amount reclassified into Net Income: Prior service cost, Gross | 0 | 10 |
Amount reclassified into Net Income: Curtailment expense, Gross | ' | 16 |
Defined pension and other post-retirement benefit plans, gross | 380 | 45,866 |
Comprehensive income, Gross | 50,743 | 70,227 |
Net income, Tax | 7,110 | 6,025 |
Unrealized holding gains (losses) during the period, Tax | 11,538 | 1,290 |
Non-credit portion of other-than-temporary impairment losses recognized in other comprehensive income, Tax | ' | 10 |
HTM securities, Tax | -160 | -251 |
Realized gains on AFS securities, Tax | -2,530 | -2,092 |
Net unrealized gains (losses), Tax | 8,848 | -1,040 |
Amount reclassified into Net Income: Net actuarial loss, Tax | 133 | 644 |
Amount reclassified into Net Income: Prior service cost, Tax | 0 | 4 |
Amount reclassified into Net Income: Curtailment expense, tax | ' | 5 |
Defined pension and other post-retirement benefit plans, tax | 133 | 16,053 |
Comprehensive income, Tax | 16,091 | 21,038 |
Net income | 17,974 | 21,308 |
Unrealized holding gains arising during period | 21,426 | 2,394 |
Non-credit portion of other-than-temporary impairments recognized in other comprehensive income | 0 | 20 |
HTM Securities | -296 | -466 |
Realized gains on available for sale securities | -4,699 | -3,884 |
Net unrealized gains (losses) on Investment Securities | 16,431 | -1,932 |
Amount reclassified into Net Income: Net actuarial loss | 247 | 1,196 |
Amount reclassified into Net Income: Prior service cost | 0 | 6 |
Amount reclassified into Net Income: Curtailment expense | 0 | 11 |
Total defined benefit pension and post-retirement plans | 247 | 29,813 |
Comprehensive income | 34,652 | 49,189 |
Accumulated Other-than-Temporary Impairment [Member] | ' | ' |
Non-credit OTTI, Gross | ' | 7 |
Non-credit OTTI, Tax | ' | 3 |
Amounts reclassified from AOCI | 0 | 4 |
Other Comprehensive Income, Net of Tax | 0 | ' |
Accumulated other comprehensive income [Member] | ' | ' |
Other comprehensive loss, Gross | 25,659 | 42,894 |
Other comprehensive income, Tax | 8,981 | 15,013 |
Amounts reclassified from AOCI | -4,748 | ' |
Other Comprehensive Income, Net of Tax | 16,678 | 27,881 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Net actuarial gain, Gross | ' | 44,000 |
Net actuarial gain, Tax | ' | 15,400 |
Net actuarial gain | 0 | 28,600 |
Total defined benefit pension and post-retirement plans | $247 | ' |
Comprehensive_Income_Component1
Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance,December 31, 2013 | $24,851 | ' |
Amounts reclassified from AOCI, HTM Related | -296 | -466 |
Amounts reclassified from AOCI, All Other | -4,699 | -3,884 |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 247 | 29,813 |
Ending Balance, March 31, 2014 | 41,529 | ' |
Available-for-sale Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance,December 31, 2013 | 51,635 | ' |
OCI before reclassifications | 21,426 | ' |
Other comprehensive income | 16,727 | ' |
Ending Balance, March 31, 2014 | 68,362 | ' |
Investments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance,December 31, 2013 | 51,503 | ' |
OCI before reclassifications | 21,426 | ' |
Amounts reclassified from AOCI | -4,995 | ' |
Other comprehensive income | 16,431 | ' |
Ending Balance, March 31, 2014 | 67,934 | ' |
Accumulated Other-than-Temporary Impairment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance,December 31, 2013 | -1,599 | ' |
OCI before reclassifications | 0 | ' |
Amounts reclassified from AOCI | 0 | 4 |
Other comprehensive income | 0 | ' |
Ending Balance, March 31, 2014 | -1,599 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Held To Maturity Fixed Income Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance,December 31, 2013 | 1,467 | ' |
OCI before reclassifications | 0 | ' |
Other comprehensive income | -296 | ' |
Ending Balance, March 31, 2014 | 1,171 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance,December 31, 2013 | -26,652 | ' |
OCI before reclassifications, Defined Benefit Pension and Post Retirement Plans | 0 | 28,600 |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 247 | ' |
Ending Balance, March 31, 2014 | -26,405 | ' |
Accumulated other comprehensive income [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance,December 31, 2013 | 24,851 | ' |
OCI before reclassifications | 21,426 | ' |
Amounts reclassified from AOCI | -4,748 | ' |
Other comprehensive income | 16,678 | 27,881 |
Ending Balance, March 31, 2014 | $41,529 | ' |
Comprehensive_Income_Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Total HTM Related, Tax | $160 | $251 |
Amounts reclassified from AOCI, HTM Related | -296 | -466 |
Realized gains on AFS disposals and OTTI | -7,229 | -5,976 |
Total unrealized gains and losses on AFS, Tax | 2,530 | 2,092 |
Realized gains on available for sale securities | -4,699 | -3,884 |
Amount reclassified into Net Income: Net actuarial loss, Gross | 380 | 1,840 |
Total defined benefit pension and post-retirement life, Gross | 380 | 45,866 |
Total defined benefit pension and post-retirement life,Tax | -133 | -16,053 |
Total defined benefit pension and post-retirement plans | 247 | 29,813 |
Accumulated Other-than-Temporary Impairment [Member] | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Net Realized Gains [Member] | ' | ' |
Unrealized gains and losses on HTM disposals | 24 | ' |
Realized gains on AFS disposals and OTTI | -7,229 | ' |
Net Investment Income Earned [Member] | ' | ' |
Amortization of net unrealized gains on HTM securities | -480 | ' |
Income From Continuing Operations Before Federal Income Tax [Member] | ' | ' |
Amortization of net unrealized gains on HTM securities | -456 | ' |
Realized gains on AFS disposals and OTTI | -7,229 | ' |
Total defined benefit pension and post-retirement life, Gross | 380 | ' |
Total Federal Income Tax Expense [Member] | ' | ' |
Total HTM Related, Tax | 160 | ' |
Total unrealized gains and losses on AFS, Tax | 2,530 | ' |
Total defined benefit pension and post-retirement life,Tax | -133 | ' |
Net Income Financial Statement [Member] | ' | ' |
Amounts reclassified from AOCI, HTM Related | -296 | ' |
Realized gains on available for sale securities | -4,699 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -4,748 | ' |
Net Income Financial Statement [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Total defined benefit pension and post-retirement plans | 247 | ' |
Loss and loss expense incurred [Member] | ' | ' |
Amount reclassified into Net Income: Net actuarial loss, Gross | 87 | ' |
Policy acquisition costs [Member] | ' | ' |
Amount reclassified into Net Income: Net actuarial loss, Gross | $293 | ' |