Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 15, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SELECTIVE INSURANCE GROUP INC | |
Entity Central Index Key | 230557 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock , Shares Outstanding | 56,948,239 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Fixed income securities, held-to-maturity – at carrying value (fair value: $311,093 – 2015; $333,961 – 2014) | $296,557 | $318,137 |
Fixed income securities, available-for-sale – at fair value (amortized cost: $4,059,034 – 2015; $3,975,786 – 2014) | 4,174,242 | 4,066,122 |
Equity securities, available-for-sale – at fair value (cost: $199,617 – 2015; $159,011 – 2014) | 211,571 | 191,400 |
Short-term investments (at cost which approximates fair value) | 124,376 | 131,972 |
Other investments | 95,020 | 99,203 |
Total investments | 4,901,766 | 4,806,834 |
Cash | 14,804 | 23,959 |
Interest and dividends due or accrued | 38,416 | 38,901 |
Premiums receivable, net of allowance for uncollectible accounts of: $4,201 – 2015; $4,137 – 2014 | 596,888 | 558,778 |
Reinsurance recoverables, net | 574,982 | 581,548 |
Prepaid reinsurance premiums | 141,941 | 146,993 |
Deferred federal income tax | 92,061 | 98,449 |
Property and equipment – at cost, net of accumulated depreciation and amortization of: $175,896 – 2015; $172,183 – 2014 | 61,855 | 59,416 |
Deferred policy acquisition costs | 191,956 | 185,608 |
Goodwill | 7,849 | 7,849 |
Other assets | 78,627 | 73,215 |
Total assets | 6,701,145 | 6,581,550 |
Liabilities And Stockholders' Equity | ||
Reserve for loss and loss expenses | 3,516,268 | 3,477,870 |
Unearned premiums | 1,132,733 | 1,095,819 |
Notes payable | 394,301 | 379,297 |
Current federal income tax | 10,627 | 3,921 |
Accrued salaries and benefits | 142,092 | 158,382 |
Other liabilities | 189,186 | 190,675 |
Total liabilities | 5,385,207 | 5,305,964 |
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: 100,430,480 – 2015; 99,947,933 – 2014 | 200,861 | 199,896 |
Additional paid-in capital | 312,930 | 305,385 |
Retained earnings | 1,345,035 | 1,313,440 |
Accumulated other comprehensive income | 23,615 | 19,788 |
Treasury stock - at cost (shares: 43,482,438 – 2015; 43,353,181 – 2014) | -566,503 | -562,923 |
Total stockholders' equity | 1,315,938 | 1,275,586 |
Commitments and contingencies | ||
Total liabilities and stockholders' equity | $6,701,145 | $6,581,550 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Fixed income securities, held-to-maturity, fair value | $311,093 | $333,961 |
Fixed income securities, available-for-sale, amortized cost | 4,059,034 | 3,975,786 |
Equity securities, available-for-sale, cost | 199,617 | 159,011 |
Premiums receivable, allowance for uncollectible accounts | 4,201 | 4,137 |
Property and equipment - at cost, accumulated depreciation and amortization | $175,896 | $172,183 |
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 | 100,430,480 | 99,947,933 |
Treasury stock - at cost, shares | 43,482,438 | 43,353,181 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Net premiums earned | $476,123 | $456,495 |
Net investment income earned | 26,917 | 35,534 |
Net realized gains: | ||
Net realized investment gains | 20,977 | 8,181 |
Other-than-temporary impairments | -2,094 | -963 |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 |
Total net realized gains | 18,883 | 7,218 |
Other income | 1,969 | 9,824 |
Total revenues | 523,892 | 509,071 |
Expenses: | ||
Loss and loss expense incurred | 284,999 | 320,546 |
Policy acquisition costs | 164,723 | 149,266 |
Interest expense | 5,479 | 5,561 |
Other expenses | 12,401 | 8,614 |
Total expenses | 467,602 | 483,987 |
Income before federal income tax | 56,290 | 25,084 |
Federal income tax expense: | ||
Current | 12,254 | 6,538 |
Deferred | 4,328 | 572 |
Total federal income tax expense | 16,582 | 7,110 |
Net income | $39,708 | $17,974 |
Earnings per share: | ||
Basic net income | $0.70 | $0.32 |
Diluted net income | $0.69 | $0.31 |
Dividends to stockholders | $0.14 | $0.13 |
Consolidation_Statements_of_Co
Consolidation Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $39,708 | $17,974 |
Unrealized holding gains arising during period | 15,586 | 21,426 |
Amount reclassified into net income: Held-to-maturity securities | -170 | -296 |
Amount reclassified into net income: Non-credit other-than-temporary impairments | 232 | 0 |
Amount reclassified into net income: Realized gains on available for sale securities | -12,932 | -4,699 |
Total unrealized gains on investment securities | 2,716 | 16,431 |
Amount reclassified into net income: Net actuarial loss | 1,111 | 247 |
Total defined benefit pension and post-retirement plans | 1,111 | 247 |
Other comprehensive income | 3,827 | 16,678 |
Comprehensive income | $43,535 | $34,652 |
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, 2013 | $198,240 | $288,182 | $1,202,015 | $24,851 | ($559,360) | |
Dividend reinvestment plan (shares: 13,533 – 2015; 15,283 - 2014) | 31 | 320 | ||||
Stock purchase and compensation plans (shares: 469,014 - 2015; 401,179 - 2014) | 802 | 5,863 | ||||
Net income | 17,974 | 17,974 | ||||
Dividends to stockholders ($0.14 per share - 2015; $0.13 per share - 2014) | -7,412 | |||||
Other comprehensive income | 16,678 | 16,678 | ||||
Acquisition of treasury stock (shares: 129,257 - 2015; 118,876 - 2014) | -2,653 | |||||
End of period at Mar. 31, 2014 | 1,185,531 | 199,073 | 294,365 | 1,212,577 | 41,529 | -562,013 |
Beginning of year at Dec. 31, 2014 | 1,275,586 | 199,896 | 305,385 | 1,313,440 | 19,788 | -562,923 |
Dividend reinvestment plan (shares: 13,533 – 2015; 15,283 - 2014) | 27 | 346 | ||||
Stock purchase and compensation plans (shares: 469,014 - 2015; 401,179 - 2014) | 938 | 7,199 | ||||
Net income | 39,708 | 39,708 | ||||
Dividends to stockholders ($0.14 per share - 2015; $0.13 per share - 2014) | -8,113 | |||||
Other comprehensive income | 3,827 | 3,827 | ||||
Acquisition of treasury stock (shares: 129,257 - 2015; 118,876 - 2014) | -3,580 | |||||
End of period at Mar. 31, 2015 | $1,315,938 | $200,861 | $312,930 | $1,345,035 | $23,615 | ($566,503) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Dividend reinvestment plan, shares | 13,533 | 15,283 |
Stock purchase and compensation plans, shares | 469,014 | 401,179 |
Dividends to stockholders, per share | $0.14 | $0.13 |
Acquisition of treasury stock, shares | 129,257 | 118,876 |
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, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net income | $39,708 | $17,974 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,041 | 10,578 |
Sale of renewal rights | 0 | -8,000 |
Stock-based compensation expense | 3,681 | 4,176 |
Undistributed losses (gains) of equity method investments | 3,541 | -33 |
Net realized gains | -18,883 | -7,218 |
Changes in assets and liabilities: | ||
Increase in reserve for loss and loss expenses, net of reinsurance recoverables | 44,964 | 58,938 |
Increase in unearned premiums, net of prepaid reinsurance | 41,966 | 20,254 |
Decrease in net federal income taxes | 11,034 | 4,332 |
Increase in premiums receivable | -38,110 | -29,042 |
Increase in deferred policy acquisition costs | -6,348 | -4,697 |
Decrease in interest and dividends due or accrued | 510 | 414 |
Decrease in accrued salaries and benefits | -16,290 | -21,869 |
Decrease in accrued insurance expenses | -24,255 | -26,957 |
Increase in other assets and other liabilities | 5,015 | 16,914 |
Net adjustments | 20,866 | 17,790 |
Net cash provided by operating activities | 60,574 | 35,764 |
Investing Activities | ||
Purchase of fixed income securities, available-for-sale | -238,000 | -182,809 |
Purchase of equity securities, available-for-sale | -150,500 | -61,360 |
Purchase of other investments | -1,724 | -4,615 |
Purchase of short-term investments | -333,550 | -398,348 |
Sale of fixed income securities, available-for-sale | 9,305 | 1,302 |
Sale of short-term investments | 341,146 | 434,865 |
Redemption and maturities of fixed income securities, held-to-maturity | 20,720 | 9,396 |
Redemption and maturities of fixed income securities, available-for-sale | 145,661 | 104,358 |
Sale of equity securities, available-for-sale | 129,052 | 61,523 |
Distributions from other investments | 5,845 | 5,704 |
Purchase of property and equipment | -4,064 | -5,699 |
Sale of renewal rights | 0 | 8,000 |
Net cash used in investing activities | -76,109 | -27,683 |
Financing Activities | ||
Dividends to stockholders | -7,591 | -6,948 |
Acquisition of treasury stock | -3,580 | -2,653 |
Net proceeds from stock purchase and compensation plans | 2,271 | 1,261 |
Proceeds from borrowings | 15,000 | 0 |
Excess tax benefits from share-based payment arrangements | 1,398 | 770 |
Repayments of capital lease obligations | -1,118 | -459 |
Net cash provided by (used in) financing activities | 6,380 | -8,029 |
Net (decrease) increase in cash | -9,155 | 52 |
Cash, beginning of year | 23,959 | 193 |
Cash, end of period | $14,804 | $245 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation And Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
As used herein, the "Company,” “we,” “us,” or “our” refers to Selective Insurance Group, Inc. (the "Parent"), and its subsidiaries, except as expressly indicated or unless the context otherwise requires. Our interim unaudited consolidated financial statements (“Financial Statements”) have been prepared by us 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 the prior years' Financial Statements and related notes have been reclassified to conform to the 2015 presentation. Such reclassifications had no effect on our net income, stockholders' equity, or cash flows. | |
Our 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. Our Financial Statements cover the first quarters ended March 31, 2015 (“First Quarter 2015”) and March 31, 2014 (“First Quarter 2014”) and 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, our 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, 2014 (“2014 Annual Report”) filed with the SEC. |
Accounting_Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements |
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that performance targets that affect vesting and could be achieved after the requisite service period be treated as performance conditions. The effective date for ASU 2014-12 is for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2014-12 will not affect us, as we are currently recording expense consistent with the requirements of this accounting update. | |
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about: (i) management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern; and (ii) the content of related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods beginning in 2017. Early application is permitted. The adoption of this ASU is not expected to impact the Company. | |
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the current consolidation guidance, focusing mainly on the investment management industry, although entities across all industries will be impacted. The main provisions in this update affect the following areas: (i) limited partnerships and similar legal entities; (ii) the evaluation of fees paid to a decision maker or a service provider as a variable interest; (iii) the effect of fee arrangements on the primary beneficiary determination; (iv) the effect of related parties on the primary beneficiary determination; and (v) certain investment funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. While we are currently evaluating ASU 2015-02, we do not expect a material impact on our financial condition or results of operations from the adoption of this guidance. |
Statements_of_Cash_Flow
Statements of Cash Flow | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Statements of Cash Flow | Statements of Cash Flow | |||||||
Supplemental cash flow information for First Quarter 2015 and First Quarter 2014 is as follows: | ||||||||
Quarter ended March 31, | ||||||||
($ in thousands) | 2015 | 2014 | ||||||
Cash paid during the period for: | ||||||||
Interest | $ | 2,887 | 2,973 | |||||
Federal income tax | 4,000 | 2,000 | ||||||
Non-cash items: | ||||||||
Tax-free exchange of fixed income securities, available-for-sale ("AFS") | 8,586 | — | ||||||
Tax-free exchange of fixed income securities, held-to-maturity ("HTM") | — | 15 | ||||||
Corporate actions related to equity securities, AFS1 | 389 | — | ||||||
Assets acquired under capital lease arrangements | 2,428 | 1,419 | ||||||
1Examples of such corporate actions include non-cash acquisitions and stock splits. | ||||||||
Included in "Other assets" on the Consolidated Balance Sheet was $6.0 million at March 31, 2015 and $6.1 million at March 31, 2014 of cash received from the National Flood Insurance Program ("NFIP"), which is restricted to pay flood claims under the Write Your Own ("WYO") program. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||
Investments | Investments | |||||||||||||||||||
(a) The amortized cost, net unrealized gains and losses, carrying value, unrecognized holding gains and losses, and fair value of HTM fixed income securities as of March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 25 | 5,317 | 21 | — | 5,338 | |||||||||||||
Obligations of states and political subdivisions | 264,788 | 1,706 | 266,494 | 10,536 | — | 277,030 | ||||||||||||||
Corporate securities | 18,532 | (269 | ) | 18,263 | 2,936 | — | 21,199 | |||||||||||||
Asset-backed securities (“ABS”) | 2,483 | (378 | ) | 2,105 | 375 | — | 2,480 | |||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 4,764 | (386 | ) | 4,378 | 668 | — | 5,046 | |||||||||||||
Total HTM fixed income securities | $ | 295,859 | 698 | 296,557 | 14,536 | — | 311,093 | |||||||||||||
December 31, 2014 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 47 | 5,339 | 55 | — | 5,394 | |||||||||||||
Obligations of states and political subdivisions | 285,301 | 2,071 | 287,372 | 11,760 | — | 299,132 | ||||||||||||||
Corporate securities | 18,899 | (273 | ) | 18,626 | 2,796 | — | 21,422 | |||||||||||||
ABS | 2,818 | (455 | ) | 2,363 | 460 | — | 2,823 | |||||||||||||
CMBS | 4,869 | (432 | ) | 4,437 | 753 | — | 5,190 | |||||||||||||
Total HTM fixed income securities | $ | 317,179 | 958 | 318,137 | 15,824 | — | 333,961 | |||||||||||||
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 1.7 years as of March 31, 2015. | ||||||||||||||||||||
(b) The cost/amortized cost, unrealized gains and losses, and fair value of AFS securities as of March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 112,146 | 7,342 | (2 | ) | 119,486 | ||||||||||||||
Foreign government | 27,030 | 885 | — | 27,915 | ||||||||||||||||
Obligations of states and political subdivisions | 1,254,037 | 40,872 | (534 | ) | 1,294,375 | |||||||||||||||
Corporate securities | 1,770,747 | 55,057 | (1,539 | ) | 1,824,265 | |||||||||||||||
ABS | 184,278 | 1,214 | (105 | ) | 185,387 | |||||||||||||||
CMBS1 | 197,304 | 3,335 | (128 | ) | 200,511 | |||||||||||||||
Residential mortgage-backed | 513,492 | 9,991 | (1,180 | ) | 522,303 | |||||||||||||||
securities (“RMBS”)2 | ||||||||||||||||||||
AFS fixed income securities | 4,059,034 | 118,696 | (3,488 | ) | 4,174,242 | |||||||||||||||
AFS equity securities | 199,617 | 15,223 | (3,269 | ) | 211,571 | |||||||||||||||
Total AFS securities | $ | 4,258,651 | 133,919 | (6,757 | ) | 4,385,813 | ||||||||||||||
December 31, 2014 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 116,666 | 7,592 | (128 | ) | 124,130 | ||||||||||||||
Foreign government | 27,035 | 796 | — | 27,831 | ||||||||||||||||
Obligations of states and political subdivisions | 1,208,776 | 38,217 | (729 | ) | 1,246,264 | |||||||||||||||
Corporate securities | 1,763,427 | 42,188 | (5,809 | ) | 1,799,806 | |||||||||||||||
ABS | 176,837 | 760 | (373 | ) | 177,224 | |||||||||||||||
CMBS1 | 177,932 | 2,438 | (777 | ) | 179,593 | |||||||||||||||
RMBS2 | 505,113 | 8,587 | (2,426 | ) | 511,274 | |||||||||||||||
AFS fixed income securities | 3,975,786 | 100,578 | (10,242 | ) | 4,066,122 | |||||||||||||||
AFS equity securities | 159,011 | 32,725 | (336 | ) | 191,400 | |||||||||||||||
Total AFS securities | $ | 4,134,797 | 133,303 | (10,578 | ) | 4,257,522 | ||||||||||||||
1 CMBS includes government guaranteed agency securities with a fair value of $12.9 million at March 31, 2015 and $13.2 million at December 31, 2014. | ||||||||||||||||||||
2 RMBS includes government guaranteed agency securities with a fair value of $29.2 million at March 31, 2015 and $32.4 million at December 31, 2014. | ||||||||||||||||||||
Unrealized gains and losses of AFS securities represent fair value fluctuations from the later of: (i) the date a security is designated as AFS; or (ii) the date that an OTTI charge is recognized on an AFS security, through the date of the balance sheet. These unrealized gains and losses are recorded in Accumulated other comprehensive income ("AOCI") on the Consolidated Balance Sheets. | ||||||||||||||||||||
(c) The following tables summarize, for all securities in a net unrealized/unrecognized loss position at March 31, 2015 and December 31, 2014, the fair value and pre-tax net unrealized/unrecognized loss by asset class and by length of time those securities have been in a net loss position: | ||||||||||||||||||||
March 31, 2015 | Less than 12 months | 12 months or longer | ||||||||||||||||||
($ in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||
Losses1 | Losses1 | |||||||||||||||||||
AFS securities | ||||||||||||||||||||
U.S. government and government agencies | $ | — | — | 398 | (2 | ) | ||||||||||||||
Obligations of states and political subdivisions | 75,935 | (534 | ) | — | — | |||||||||||||||
Corporate securities | 93,912 | (821 | ) | 50,858 | (718 | ) | ||||||||||||||
ABS | 25,684 | (16 | ) | 14,353 | (89 | ) | ||||||||||||||
CMBS | 24,664 | (55 | ) | 15,682 | (73 | ) | ||||||||||||||
RMBS | 50,977 | (189 | ) | 75,521 | (991 | ) | ||||||||||||||
Total fixed income securities | 271,172 | (1,615 | ) | 156,812 | (1,873 | ) | ||||||||||||||
Equity securities | 100,209 | (3,269 | ) | — | — | |||||||||||||||
Subtotal | $ | 371,381 | (4,884 | ) | 156,812 | (1,873 | ) | |||||||||||||
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 | 197 | (2 | ) | 1 | — | — | — | |||||||||||||
ABS | — | — | — | 2,003 | (379 | ) | 361 | |||||||||||||
Subtotal | $ | 197 | (2 | ) | 1 | 2,003 | (379 | ) | 361 | |||||||||||
Total AFS and HTM | $ | 371,578 | (4,886 | ) | 1 | 158,815 | (2,252 | ) | 361 | |||||||||||
December 31, 2014 | 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 | $ | 7,567 | (13 | ) | 10,866 | (115 | ) | |||||||||||||
Obligations of states and political subdivisions | 47,510 | (105 | ) | 64,018 | (624 | ) | ||||||||||||||
Corporate securities | 276,648 | (1,734 | ) | 153,613 | (4,075 | ) | ||||||||||||||
ABS | 113,202 | (178 | ) | 15,618 | (195 | ) | ||||||||||||||
CMBS | 12,799 | (34 | ) | 59,219 | (743 | ) | ||||||||||||||
RMBS | 3,399 | (8 | ) | 138,724 | (2,418 | ) | ||||||||||||||
Total fixed income securities | 461,125 | (2,072 | ) | 442,058 | (8,170 | ) | ||||||||||||||
Equity securities | 5,262 | (336 | ) | — | — | |||||||||||||||
Subtotal | $ | 466,387 | (2,408 | ) | 442,058 | (8,170 | ) | |||||||||||||
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 | $ | 196 | (3 | ) | 1 | — | — | — | ||||||||||||
ABS | — | — | — | 2,235 | (455 | ) | 439 | |||||||||||||
Subtotal | 196 | (3 | ) | 1 | 2,235 | (455 | ) | 439 | ||||||||||||
Total AFS and HTM | $ | 466,583 | (2,411 | ) | 1 | 444,293 | (8,625 | ) | 439 | |||||||||||
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. | ||||||||||||||||||||
The table below provides our net unrealized/unrecognized loss positions by impairment severity as of March 31, 2015 compared to December 31, 2014: | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Number of | % of Market/Book | Unrealized/ | Number of | % of | Unrealized/ | |||||||||||||||
Issues | Unrecognized Loss | Issues | Market/Book | Unrecognized Loss | ||||||||||||||||
189 | 80% - 99% | $ | 6,776 | 350 | 80% - 99% | $ | 10,596 | |||||||||||||
— | 60% - 79% | — | — | 60% - 79% | — | |||||||||||||||
— | 40% - 59% | — | — | 40% - 59% | — | |||||||||||||||
— | 20% - 39% | — | — | 20% - 39% | — | |||||||||||||||
— | 0% - 19% | — | — | 0% - 19% | — | |||||||||||||||
$ | 6,776 | $ | 10,596 | |||||||||||||||||
The improvement in the number of securities in a loss position in our portfolio and the related loss amounts was mainly driven by a lower interest rate environment. During First Quarter 2015, interest rates on the 10-year U.S. Treasury Note fell by 25 basis points. This interest rate movement had a positive impact on the valuation of our fixed income securities portfolio, thus decreasing the number of securities in a loss position and the corresponding dollar amount of unrealized losses. For a discussion regarding the impact of interest rate movements on our fixed income securities portfolio, refer to Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." in our 2014 Annual Report. Partially offsetting the improvement in fixed income securities was an increase in unrealized losses on our equity portfolio. Unrealized losses of $3.3 million on this portfolio related to 28 securities with an average impairment severity of 3% of cost. The temporary dislocation in market value on these securities was driven by energy and utility-related holdings that are expected to recover in the near term. | ||||||||||||||||||||
We do not intend to sell any of the securities in the tables above, nor do we believe we will be required to sell any of these securities. We have also reviewed these securities under our OTTI policy, as described in Note 2. “Summary of Significant Accounting Policies” within Item 8. “Financial Statements and Supplementary Data.” of our 2014 Annual Report, and have concluded that they are temporarily impaired. This conclusion reflects our current judgment as to the financial position and future prospects of the entity that issued the investment security and underlying collateral. If our judgment about an individual security changes in the future, we may ultimately record a credit loss after having originally concluded that one did not exist, which could have a material impact on our net income and financial position in future periods. | ||||||||||||||||||||
(d) Fixed income securities at March 31, 2015, by contractual maturity, are shown below. Mortgage-backed securities ("MBS") are included in the maturity tables using the estimated average life of each security. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations, with or without call or prepayment penalties. | ||||||||||||||||||||
Listed below are the contractual maturities of HTM fixed income securities at March 31, 2015: | ||||||||||||||||||||
($ in thousands) | Carrying Value | Fair Value | ||||||||||||||||||
Due in one year or less | $ | 124,997 | 126,670 | |||||||||||||||||
Due after one year through five years | 160,671 | 171,337 | ||||||||||||||||||
Due after five years through 10 years | 10,889 | 13,086 | ||||||||||||||||||
Total HTM fixed income securities | $ | 296,557 | 311,093 | |||||||||||||||||
Listed below are the contractual maturities of AFS fixed income securities at March 31, 2015: | ||||||||||||||||||||
($ in thousands) | Fair Value | |||||||||||||||||||
Due in one year or less | $ | 416,983 | ||||||||||||||||||
Due after one year through five years | 2,067,679 | |||||||||||||||||||
Due after five years through 10 years | 1,605,398 | |||||||||||||||||||
Due after 10 years | 84,182 | |||||||||||||||||||
Total AFS fixed income securities | $ | 4,174,242 | ||||||||||||||||||
(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, | ||||||||||||||||||
2015 | ||||||||||||||||||||
($ in thousands) | March 31, | December 31, | Remaining Commitment | |||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Alternative Investments | ||||||||||||||||||||
Secondary private equity | $ | 20,208 | 21,807 | 7,040 | ||||||||||||||||
Private equity | 17,519 | 20,126 | 8,879 | |||||||||||||||||
Energy/power generation | 12,393 | 14,445 | 21,905 | |||||||||||||||||
Real estate | 11,986 | 11,452 | 10,016 | |||||||||||||||||
Mezzanine financing | 8,363 | 9,853 | 13,598 | |||||||||||||||||
Distressed debt | 7,569 | 8,679 | 2,982 | |||||||||||||||||
Venture capital | 6,236 | 6,606 | 350 | |||||||||||||||||
Total alternative investments | 84,274 | 92,968 | 64,770 | |||||||||||||||||
Other securities | 10,746 | 6,235 | 2,001 | |||||||||||||||||
Total other investments | $ | 95,020 | 99,203 | 66,771 | ||||||||||||||||
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 2014 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 report results to us on a one 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) | 2014 | 2013 | ||||||||||||||||||
Net investment income | $ | 77 | 65.1 | |||||||||||||||||
Realized gains | 160.5 | 63.3 | ||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (518.0 | ) | 505.9 | |||||||||||||||||
Net (loss) income | $ | (280.5 | ) | 634.3 | ||||||||||||||||
Selective’s insurance subsidiaries’ other investments (loss) income | $ | (3.5 | ) | 5.2 | ||||||||||||||||
(f) We have pledged certain AFS fixed income securities as collateral related to: (i) our outstanding borrowing of $60 million with the Federal Home Loan Bank of Indianapolis ("FHLBI"); and (ii) our reinsurance obligations related to our 2011 acquisition of our excess and surplus lines ("E&S") book of business. In addition, certain securities were on deposit with various state and regulatory agencies to comply with insurance laws. We retain all rights regarding all securities pledged as collateral. | ||||||||||||||||||||
The following table summarizes the market value of these securities at March 31, 2015: | ||||||||||||||||||||
($ in millions) | FHLBI Collateral | Reinsurance Collateral | State and Regulatory Deposits | Total | ||||||||||||||||
U.S. government and government agencies | $ | 7.7 | — | 25.2 | 32.9 | |||||||||||||||
Obligations of states and political subdivisions | — | 5 | — | 5 | ||||||||||||||||
Corporate securities | — | 4.8 | — | 4.8 | ||||||||||||||||
ABS | — | 1 | — | 1 | ||||||||||||||||
CMBS | 1.7 | — | — | 1.7 | ||||||||||||||||
RMBS | 54.6 | 2.2 | — | 56.8 | ||||||||||||||||
Total pledged as collateral | $ | 64 | 13 | 25.2 | 102.2 | |||||||||||||||
(g) The components of pre-tax net investment income earned for the periods indicated were as follows: | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2015 | 2014 | ||||||||||||||||||
Fixed income securities | $ | 30,967 | 31,028 | |||||||||||||||||
Equity securities | 1,792 | 1,449 | ||||||||||||||||||
Short-term investments | 25 | 19 | ||||||||||||||||||
Other investments | (3,540 | ) | 5,218 | |||||||||||||||||
Investment expenses | (2,327 | ) | (2,180 | ) | ||||||||||||||||
Net investment income earned | $ | 26,917 | 35,534 | |||||||||||||||||
(h) The following tables summarize OTTI by asset type for the periods indicated: | ||||||||||||||||||||
First Quarter 2015 | Gross | Included in Other Comprehensive Income ("OCI") | Recognized in | |||||||||||||||||
($ in thousands) | Earnings | |||||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
Corporate securities | $ | 1,009 | — | 1,009 | ||||||||||||||||
RMBS | 1 | — | 1 | |||||||||||||||||
Total AFS fixed income securities | 1,010 | — | 1,010 | |||||||||||||||||
AFS equity securities | $ | 1,084 | — | 1,084 | ||||||||||||||||
OTTI losses | $ | 2,094 | — | 2,094 | ||||||||||||||||
First Quarter 2014 | Gross | Included in OCI | Recognized in Earnings | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
AFS securities | ||||||||||||||||||||
Equity securities | $ | 963 | — | 963 | ||||||||||||||||
OTTI losses | $ | 963 | — | 963 | ||||||||||||||||
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 2014 Annual Report. | ||||||||||||||||||||
The following table 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) | 2015 | 2014 | ||||||||||||||||||
Balance, beginning of period | $ | 5,444 | 7,488 | |||||||||||||||||
Addition for the amount related to credit loss for which an OTTI was not previously recognized | — | — | ||||||||||||||||||
Reductions for securities sold during the period | (4,431 | ) | — | |||||||||||||||||
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 | — | — | ||||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | — | ||||||||||||||||||
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | — | — | ||||||||||||||||||
Balance, end of period | 1,013 | 7,488 | ||||||||||||||||||
(i) The components of net realized gains, excluding OTTI charges, for the periods indicated were as follows: | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2015 | 2014 | ||||||||||||||||||
HTM fixed income securities | ||||||||||||||||||||
Gains | $ | — | — | |||||||||||||||||
Losses | (1 | ) | (11 | ) | ||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
Gains | 1,502 | 158 | ||||||||||||||||||
Losses | (112 | ) | (112 | ) | ||||||||||||||||
AFS equity securities | ||||||||||||||||||||
Gains | 21,318 | 8,317 | ||||||||||||||||||
Losses | (1,076 | ) | (171 | ) | ||||||||||||||||
Other investments | ||||||||||||||||||||
Gains | — | — | ||||||||||||||||||
Losses | (654 | ) | — | |||||||||||||||||
Total net realized gains (excluding OTTI charges) | $ | 20,977 | 8,181 | |||||||||||||||||
Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold. Proceeds from the sale of AFS securities were $138.4 million in First Quarter 2015 and $62.8 million in First Quarter 2014. The $21.0 million in net realized gains in First Quarter 2015 were primarily related to the sale of AFS equity securities due to a change in our dividend equity strategy from a quantitative, model-driven stock selection strategy to a fundamentally-based stock selection approach that incorporates an assessment of the sustainability and growth rate of a company’s dividends and future cash flow. The $8.2 million in net realized gains in First Quarter 2014 was primarily related to the sale of AFS equity securities due to the quantitative rebalancing of our dividend yield strategy holdings. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Indebtedness | NOTE 5. Indebtedness |
Of our ten insurance subsidiaries ("Insurance Subsidiaries"), we have two domiciled in Indiana ("Indiana Subsidiaries") that are members of the FHLBI. In January 2015, the Indiana Subsidiaries borrowed $15 million in the aggregate from the FHLBI for general corporate purposes. The unpaid principal amount accrues interest of 0.63%, which is paid on the 15th of every month. The principal amount is due on July 22, 2016. For a summary of the Indiana Subsidiaries' borrowings from the FHLBI, refer to Note 10. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2014 Annual Report. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||
The following table presents the carrying amounts and estimated fair values of our financial instruments as of March 31, 2015 and December 31, 2014: | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
($ in thousands) | Carrying Amount | Fair | Carrying Amount | Fair | ||||||||||
Value | Value | |||||||||||||
Financial Assets | ||||||||||||||
Fixed income securities: | ||||||||||||||
HTM | $ | 296,557 | 311,093 | 318,137 | 333,961 | |||||||||
AFS | 4,174,242 | 4,174,242 | 4,066,122 | 4,066,122 | ||||||||||
Equity securities, AFS | 211,571 | 211,571 | 191,400 | 191,400 | ||||||||||
Short-term investments | 124,376 | 124,376 | 131,972 | 131,972 | ||||||||||
Financial Liabilities | ||||||||||||||
Notes payable: | ||||||||||||||
0.63% borrowings from FHLBI | 15,000 | 14,994 | — | — | ||||||||||
1.25% borrowings from FHLBI | 45,000 | 45,338 | 45,000 | 45,244 | ||||||||||
7.25% Senior Notes | 49,896 | 60,407 | 49,896 | 59,181 | ||||||||||
6.70% Senior Notes | 99,405 | 117,389 | 99,401 | 114,845 | ||||||||||
5.875% Senior Notes | 185,000 | 189,440 | 185,000 | 185,000 | ||||||||||
Total notes payable | $ | 394,301 | 427,568 | 379,297 | 404,270 | |||||||||
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 our financial assets and liabilities, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2014 Annual Report. | ||||||||||||||
The following tables provide quantitative disclosures of our financial assets that were measured at fair value at March 31, 2015 and December 31, 2014: | ||||||||||||||
March 31, 2015 | 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 3/31/2015 | Liabilities (Level 1)1 | (Level 2)1 | ||||||||||||
Description | ||||||||||||||
Measured on a recurring basis: | ||||||||||||||
AFS: | ||||||||||||||
U.S. government and government agencies | $ | 119,486 | 52,977 | 66,509 | — | |||||||||
Foreign government | 27,915 | — | 27,915 | — | ||||||||||
Obligations of states and political subdivisions | 1,294,375 | — | 1,294,375 | — | ||||||||||
Corporate securities | 1,824,265 | — | 1,824,265 | — | ||||||||||
ABS | 185,387 | — | 185,387 | — | ||||||||||
CMBS | 200,511 | — | 200,511 | — | ||||||||||
RMBS | 522,303 | — | 522,303 | — | ||||||||||
Total AFS fixed income securities | 4,174,242 | 52,977 | 4,121,265 | — | ||||||||||
Equity securities | 211,571 | 208,671 | — | 2,900 | ||||||||||
Total AFS Securities | 4,385,813 | 261,648 | 4,121,265 | 2,900 | ||||||||||
Short-term investments | 124,376 | 124,376 | — | — | ||||||||||
Total assets measured at fair value | $ | 4,510,189 | 386,024 | 4,121,265 | 2,900 | |||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | |||||||||||||
December 31, 2014 | 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 12/31/14 | (Level 1)1 | (Level 2)1 | ||||||||||||
Description | ||||||||||||||
Measured on a recurring basis: | ||||||||||||||
AFS: | ||||||||||||||
U.S. government and government agencies | $ | 124,130 | 53,199 | 70,931 | — | |||||||||
Foreign government | 27,831 | — | 27,831 | — | ||||||||||
Obligations of states and political subdivisions | 1,246,264 | — | 1,246,264 | — | ||||||||||
Corporate securities | 1,799,806 | — | 1,799,806 | — | ||||||||||
ABS | 177,224 | — | 177,224 | — | ||||||||||
CMBS | 179,593 | — | 179,593 | — | ||||||||||
RMBS | 511,274 | — | 511,274 | — | ||||||||||
Total AFS fixed income securities | 4,066,122 | 53,199 | 4,012,923 | — | ||||||||||
Equity securities | 191,400 | 188,500 | — | 2,900 | ||||||||||
Total AFS Securities | 4,257,522 | 241,699 | 4,012,923 | 2,900 | ||||||||||
Short-term investments | 131,972 | 131,972 | — | — | ||||||||||
Total assets measured at fair value | $ | 4,389,494 | 373,671 | 4,012,923 | 2,900 | |||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | |||||||||||||
The $2.9 million fair value of securities measured using Level 3 prices remained unchanged during First Quarter 2015 and full year 2014. The price for the securities, which were measured using Level 3 inputs at March 31, 2015 and December 31, 2014, was obtained through statements provided by the issuer, which we review for reasonabless. | ||||||||||||||
The following tables provide quantitative information regarding our financial assets and liabilities that were disclosed at fair value at March 31, 2015 and December 31, 2014: | ||||||||||||||
March 31, 2015 | Fair Value Measurements Using | |||||||||||||
($ in thousands) | Assets/ | Quoted Prices in | Significant Other | Significant | ||||||||||
Liabilities | Active Markets for | Observable | Unobservable | |||||||||||
Disclosed at | Identical Assets/ | Inputs | Inputs | |||||||||||
Fair Value at 3/31/2015 | Liabilities | (Level 2) | (Level 3) | |||||||||||
(Level 1) | ||||||||||||||
Financial Assets | ||||||||||||||
HTM: | ||||||||||||||
Foreign government | $ | 5,338 | — | 5,338 | — | |||||||||
Obligations of states and political subdivisions | 277,030 | — | 277,030 | — | ||||||||||
Corporate securities | 21,199 | — | 21,199 | — | ||||||||||
ABS | 2,480 | — | 2,480 | — | ||||||||||
CMBS | 5,046 | — | 5,046 | — | ||||||||||
Total HTM fixed income securities | $ | 311,093 | — | 311,093 | — | |||||||||
Financial Liabilities | ||||||||||||||
Notes payable: | ||||||||||||||
0.63% borrowings from FHLBI | $ | 14,994 | — | 14,994 | — | |||||||||
1.25% borrowings from FHLBI | 45,338 | — | 45,338 | — | ||||||||||
7.25% Senior Notes | 60,407 | — | 60,407 | — | ||||||||||
6.70% Senior Notes | 117,389 | — | 117,389 | — | ||||||||||
5.875% Senior Notes | 189,440 | 189,440 | — | — | ||||||||||
Total notes payable | $ | 427,568 | 189,440 | 238,128 | — | |||||||||
December 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 12/31/2014 | Liabilities | (Level 2) | (Level 3) | |||||||||||
(Level 1) | ||||||||||||||
Financial Assets | ||||||||||||||
HTM: | ||||||||||||||
Foreign government | $ | 5,394 | — | 5,394 | — | |||||||||
Obligations of states and political subdivisions | 299,132 | — | 299,132 | — | ||||||||||
Corporate securities | 21,422 | — | 21,422 | — | ||||||||||
ABS | 2,823 | — | 2,823 | — | ||||||||||
CMBS | 5,190 | — | 5,190 | — | ||||||||||
Total HTM fixed income securities | $ | 333,961 | — | 333,961 | — | |||||||||
Financial Liabilities | ||||||||||||||
Notes payable: | ||||||||||||||
1.25% borrowings from FHLBI | $ | 45,244 | — | 45,244 | — | |||||||||
7.25% Senior Notes | 59,181 | — | 59,181 | — | ||||||||||
6.70% Senior Notes | 114,845 | — | 114,845 | — | ||||||||||
5.875% Senior Notes | 185,000 | 185,000 | — | — | ||||||||||
Total notes payable | $ | 404,270 | 185,000 | 219,270 | — | |||||||||
Reinsurance
Reinsurance | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 2014 Annual Report. | |||||||||
Quarter ended March 31, | |||||||||
($ in thousands) | 2015 | 2014 | |||||||
Premiums written: | |||||||||
Direct | $ | 598,783 | 557,891 | ||||||
Assumed | 6,081 | 7,850 | |||||||
Ceded | (86,776 | ) | (88,991 | ) | |||||
Net | $ | 518,088 | 476,750 | ||||||
Premiums earned: | |||||||||
Direct | $ | 562,042 | 536,700 | ||||||
Assumed | 5,908 | 10,185 | |||||||
Ceded | (91,827 | ) | (90,390 | ) | |||||
Net | $ | 476,123 | 456,495 | ||||||
Loss and loss expense incurred: | |||||||||
Direct | $ | 312,246 | 358,349 | ||||||
Assumed | 4,662 | 7,479 | |||||||
Ceded | (31,909 | ) | (45,282 | ) | |||||
Net | $ | 284,999 | 320,546 | ||||||
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: | |||||||||
Ceded to NFIP | Quarter ended March 31, | ||||||||
($ in thousands) | 2015 | 2014 | |||||||
Ceded premiums written | $ | (53,842 | ) | (57,303 | ) | ||||
Ceded premiums earned | (58,998 | ) | (58,286 | ) | |||||
Ceded loss and loss expense incurred | (6,249 | ) | (7,379 | ) |
Segment_Information
Segment Information | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Segment Information | Segment Information | |||||||||
Selective Insurance Group, Inc., through its Insurance Subsidiaries, offers property and casualty insurance products in the standard and E&S marketplaces. We classify our business into four reportable segments, which are as follows: | ||||||||||
• | Standard Commercial Lines - comprised of insurance products and services provided in the standard marketplace to | |||||||||
commercial enterprises, which are typically businesses, non-profit organizations, and local government agencies. | ||||||||||
• | Standard Personal Lines - comprised of insurance products and services, including flood insurance coverage, provided primarily to individuals acquiring coverage in the standard marketplace. | |||||||||
• | E&S Lines - comprised of insurance products and services provided to customers who have not obtained coverage in | |||||||||
the standard marketplace. | ||||||||||
• | Investments - invests the premiums collected by our Standard Commercial Lines, Standard Personal Lines, and E&S | |||||||||
Lines, our earnings and amounts generated through our capital management strategies, which may include the issuance of debt and equity securities. | ||||||||||
In the fourth quarter of 2014, we revised our reporting segments from our previously-reported Standard Insurance Operations segment to Standard Commercial Lines and Standard Personal Lines. For information regarding this change, see Note 11. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our 2014 Annual Report. | ||||||||||
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 $37 million self-insured group, or "SIG," book of business within the Standard Commercial Lines segment. We decided to opportunistically sell this 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 $8 million, are included in "Miscellaneous income" within the table below as a component of Standard Commercial Lines revenue. | ||||||||||
The following summaries present revenues (net investment income and net realized gains on investments in the case of the Investments segment) and pre-tax income for the individual segments: | ||||||||||
Revenue by Segment | Quarter ended | |||||||||
March 31, | ||||||||||
($ in thousands) | 2015 | 2014 | ||||||||
Standard Commercial Lines: | ||||||||||
Net premiums earned: | ||||||||||
Commercial automobile | $ | 86,355 | 82,216 | |||||||
Workers compensation | 68,477 | 69,413 | ||||||||
General liability | 114,971 | 108,818 | ||||||||
Commercial property | 64,563 | 60,186 | ||||||||
Businessowners’ policies | 22,699 | 20,869 | ||||||||
Bonds | 5,000 | 4,756 | ||||||||
Other | 3,468 | 3,183 | ||||||||
Miscellaneous income | 1,669 | 8,914 | ||||||||
Total Standard Commercial Lines revenue | 367,202 | 358,355 | ||||||||
Standard Personal Lines: | ||||||||||
Net premiums earned: | ||||||||||
Personal automobile | 37,010 | 38,226 | ||||||||
Homeowners | 33,721 | 33,298 | ||||||||
Other | 1,748 | 3,294 | ||||||||
Miscellaneous income | 300 | 905 | ||||||||
Total Standard Personal Lines revenue | 72,779 | 75,723 | ||||||||
E&S Lines: | ||||||||||
Net premiums earned: | ||||||||||
General liability | 26,726 | 21,931 | ||||||||
Commercial property | 9,655 | 9,117 | ||||||||
Commercial automobile | 1,730 | 1,188 | ||||||||
Total E&S Lines revenue | 38,111 | 32,236 | ||||||||
Investments: | ||||||||||
Net investment income | 26,917 | 35,534 | ||||||||
Net realized investment gains | 18,883 | 7,218 | ||||||||
Total Investments revenue | 45,800 | 42,752 | ||||||||
Total segments revenue | 523,892 | 509,066 | ||||||||
Other income | — | 5 | ||||||||
Total revenues | $ | 523,892 | 509,071 | |||||||
Income Before Federal Income Tax | Quarter ended March 31, | |||||||||
($ in thousands) | 2015 | 2014 | ||||||||
Standard Commercial Lines: | ||||||||||
Underwriting gain (loss) | $ | 30,036 | (3,630 | ) | ||||||
GAAP combined ratio | 91.8 | % | 101 | % | ||||||
Statutory combined ratio | 89.7 | % | 100.3 | % | ||||||
Standard Personal Lines: | ||||||||||
Underwriting loss | $ | (2,466 | ) | (2,360 | ) | |||||
GAAP combined ratio | 103.4 | % | 103.2 | % | ||||||
Statutory combined ratio | 105.1 | % | 104.5 | % | ||||||
E&S Insurance Operations: | ||||||||||
Underwriting (loss) gain | $ | (1,549 | ) | 975 | ||||||
GAAP combined ratio | 104.1 | % | 97 | % | ||||||
Statutory combined ratio | 102.1 | % | 97.9 | % | ||||||
Investments: | ||||||||||
Net investment income | $ | 26,917 | 35,534 | |||||||
Net realized investment gains | 18,883 | 7,218 | ||||||||
Total investment income, before federal income tax | 45,800 | 42,752 | ||||||||
Tax on investment income | 12,318 | 11,575 | ||||||||
Total investment income, after federal income tax | 33,482 | 31,177 | ||||||||
Reconciliation of Segment Results to Income | Quarter ended | |||||||||
Before Federal Income Tax | March 31, | |||||||||
($ in thousands) | 2015 | 2014 | ||||||||
Underwriting gain (loss), before federal income tax | ||||||||||
Standard Commercial Lines | $ | 30,036 | (3,630 | ) | ||||||
Standard Personal Lines | (2,466 | ) | (2,360 | ) | ||||||
E&S Lines | (1,549 | ) | 975 | |||||||
Investment income, before federal income tax | 45,800 | 42,752 | ||||||||
Total all segments | 71,821 | 37,737 | ||||||||
Interest expense | (5,479 | ) | (5,561 | ) | ||||||
General corporate and other expenses | (10,052 | ) | (7,092 | ) | ||||||
Income before federal income tax | $ | 56,290 | $ | 25,084 | ||||||
Retirement_Plans
Retirement Plans | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 2014 Annual Report. | ||||||||||||||
Retirement Income Plan | Retirement Life Plan | |||||||||||||
Quarter ended March 31, | Quarter ended March 31, | |||||||||||||
($ in thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Components of Net Periodic Benefit Cost: | ||||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||
Service cost | $ | 1,964 | 1,627 | — | — | |||||||||
Interest cost | 3,502 | 3,254 | 63 | 73 | ||||||||||
Expected return on plan assets | (3,991 | ) | (3,919 | ) | — | — | ||||||||
Amortization of unrecognized net actuarial loss | 1,695 | 367 | 14 | 13 | ||||||||||
Total net periodic cost | $ | 3,170 | 1,329 | 77 | 86 | |||||||||
Retirement Income Plan | Retirement Life Plan | |||||||||||||
Quarter ended March 31, | Quarter ended March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Weighted-Average Expense Assumptions: | ||||||||||||||
Discount rate | 4.29 | % | 5.16 | 4.08 | % | 4.85 | ||||||||
Expected return on plan assets | 6.27 | 6.92 | — | — | ||||||||||
Rate of compensation increase | 4 | 4 | — | — | ||||||||||
We presently anticipate contributing $11.9 million to the Retirement Income Plan in 2015, $3.2 million of which has been funded as of March 31, 2015. |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Comprehensive Income | Comprehensive Income | |||||||||||||||||||
The components of comprehensive income, both gross and net of tax, for First Quarter 2015 and First Quarter 2014 are as follows: | ||||||||||||||||||||
First Quarter 2015 | ||||||||||||||||||||
($ in thousands) | Gross | Tax | Net | |||||||||||||||||
Net income | $ | 56,290 | 16,582 | 39,708 | ||||||||||||||||
Components of OCI: | ||||||||||||||||||||
Unrealized gains on investment securities: | ||||||||||||||||||||
Unrealized holding gains during the period | 23,977 | 8,391 | 15,586 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
HTM securities | (261 | ) | (91 | ) | (170 | ) | ||||||||||||||
Non-credit OTTI | 357 | 125 | 232 | |||||||||||||||||
Realized gains on AFS securities | (19,895 | ) | (6,963 | ) | (12,932 | ) | ||||||||||||||
Net unrealized gains | 4,178 | 1,462 | 2,716 | |||||||||||||||||
Defined benefit pension and post-retirement plans: | ||||||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
Net actuarial loss | 1,709 | 598 | 1,111 | |||||||||||||||||
Defined benefit pension and post-retirement plans | 1,709 | 598 | 1,111 | |||||||||||||||||
Other comprehensive income | 5,887 | 2,060 | 3,827 | |||||||||||||||||
Comprehensive income | $ | 62,177 | 18,642 | 43,535 | ||||||||||||||||
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 | |||||||||||||||||
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 | ||||||||||||||||
The balances of, and changes in, each component of AOCI (net of taxes) as of March 31, 2015 are as follows: | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Net Unrealized (Loss) Gain on Investment Securities | Defined Benefit | |||||||||||||||||||
($ in thousands) | OTTI | HTM | All | Investments | Pension and Post-Retirement Plans | Total AOCI | ||||||||||||||
Related | Related | Other | Subtotal | |||||||||||||||||
Balance, December 31, 2014 | $ | (514 | ) | 623 | 80,284 | 80,393 | (60,605 | ) | 19,788 | |||||||||||
OCI before reclassifications | — | — | 15,586 | 15,586 | — | 15,586 | ||||||||||||||
Amounts reclassified from AOCI | 232 | (170 | ) | (12,932 | ) | (12,870 | ) | 1,111 | (11,759 | ) | ||||||||||
Net current period OCI | 232 | (170 | ) | 2,654 | 2,716 | 1,111 | 3,827 | |||||||||||||
Balance, March 31, 2015 | $ | (282 | ) | 453 | 82,938 | 83,109 | (59,494 | ) | 23,615 | |||||||||||
The reclassifications out of AOCI are as follows: | ||||||||||||||||||||
Quarter ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
($ in thousands) | 2015 | 2014 | Affected Line Item in the Unaudited Consolidated Statement of Income | |||||||||||||||||
OTTI related | ||||||||||||||||||||
Non-credit OTTI on disposed securities | 357 | — | Net realized gains | |||||||||||||||||
357 | — | Income before federal income tax | ||||||||||||||||||
(125 | ) | — | Total federal income tax expense | |||||||||||||||||
232 | — | Net income | ||||||||||||||||||
HTM related | ||||||||||||||||||||
Unrealized losses on HTM disposals | 50 | 24 | Net realized gains | |||||||||||||||||
Amortization of net unrealized gains on HTM securities | (311 | ) | (480 | ) | Net investment income earned | |||||||||||||||
(261 | ) | (456 | ) | Income before federal income tax | ||||||||||||||||
91 | 160 | Total federal income tax expense | ||||||||||||||||||
(170 | ) | (296 | ) | Net income | ||||||||||||||||
Realized gains and losses on AFS and OTTI | ||||||||||||||||||||
Realized gains on AFS disposals and OTTI | (19,895 | ) | (7,229 | ) | Net realized gains | |||||||||||||||
(19,895 | ) | (7,229 | ) | Income before federal income tax | ||||||||||||||||
6,963 | 2,530 | Total federal income tax expense | ||||||||||||||||||
(12,932 | ) | (4,699 | ) | Net income | ||||||||||||||||
Defined benefit pension and post-retirement life plans | ||||||||||||||||||||
Net actuarial loss | 371 | 87 | Loss and loss expense incurred | |||||||||||||||||
1,338 | 293 | Policy acquisition costs | ||||||||||||||||||
Total defined benefit pension and post-retirement life | 1,709 | 380 | Income before federal income tax | |||||||||||||||||
(598 | ) | (133 | ) | Total federal income tax expense | ||||||||||||||||
1,111 | 247 | Net income | ||||||||||||||||||
Total reclassifications for the period | (11,759 | ) | (4,748 | ) | Net income |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2015 | |
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 our customers; 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. As of March 31, 2015, we do not believe the Company was involved in any legal action that could have a material adverse effect on our consolidated financial position, results of operations, or cash flows. |
Statements_of_Cash_Flow_Tables
Statements of Cash Flow (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | ||||||||
Quarter ended March 31, | ||||||||
($ in thousands) | 2015 | 2014 | ||||||
Cash paid during the period for: | ||||||||
Interest | $ | 2,887 | 2,973 | |||||
Federal income tax | 4,000 | 2,000 | ||||||
Non-cash items: | ||||||||
Tax-free exchange of fixed income securities, available-for-sale ("AFS") | 8,586 | — | ||||||
Tax-free exchange of fixed income securities, held-to-maturity ("HTM") | — | 15 | ||||||
Corporate actions related to equity securities, AFS1 | 389 | — | ||||||
Assets acquired under capital lease arrangements | 2,428 | 1,419 | ||||||
1Examples of such corporate actions include non-cash acquisitions and stock splits. |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments [Line Items] | ||||||||||||||||||||
Schedule of Held-to-maturity Securities | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 25 | 5,317 | 21 | — | 5,338 | |||||||||||||
Obligations of states and political subdivisions | 264,788 | 1,706 | 266,494 | 10,536 | — | 277,030 | ||||||||||||||
Corporate securities | 18,532 | (269 | ) | 18,263 | 2,936 | — | 21,199 | |||||||||||||
Asset-backed securities (“ABS”) | 2,483 | (378 | ) | 2,105 | 375 | — | 2,480 | |||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 4,764 | (386 | ) | 4,378 | 668 | — | 5,046 | |||||||||||||
Total HTM fixed income securities | $ | 295,859 | 698 | 296,557 | 14,536 | — | 311,093 | |||||||||||||
December 31, 2014 | ||||||||||||||||||||
($ in thousands) | Amortized | Net | Carrying | Unrecognized | Unrecognized Holding | Fair | ||||||||||||||
Cost | Unrealized Gains | Value | Holding | Losses | Value | |||||||||||||||
(Losses) | Gains | |||||||||||||||||||
Foreign government | $ | 5,292 | 47 | 5,339 | 55 | — | 5,394 | |||||||||||||
Obligations of states and political subdivisions | 285,301 | 2,071 | 287,372 | 11,760 | — | 299,132 | ||||||||||||||
Corporate securities | 18,899 | (273 | ) | 18,626 | 2,796 | — | 21,422 | |||||||||||||
ABS | 2,818 | (455 | ) | 2,363 | 460 | — | 2,823 | |||||||||||||
CMBS | 4,869 | (432 | ) | 4,437 | 753 | — | 5,190 | |||||||||||||
Total HTM fixed income securities | $ | 317,179 | 958 | 318,137 | 15,824 | — | 333,961 | |||||||||||||
Schedule Of Available For Sale Securities | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 112,146 | 7,342 | (2 | ) | 119,486 | ||||||||||||||
Foreign government | 27,030 | 885 | — | 27,915 | ||||||||||||||||
Obligations of states and political subdivisions | 1,254,037 | 40,872 | (534 | ) | 1,294,375 | |||||||||||||||
Corporate securities | 1,770,747 | 55,057 | (1,539 | ) | 1,824,265 | |||||||||||||||
ABS | 184,278 | 1,214 | (105 | ) | 185,387 | |||||||||||||||
CMBS1 | 197,304 | 3,335 | (128 | ) | 200,511 | |||||||||||||||
Residential mortgage-backed | 513,492 | 9,991 | (1,180 | ) | 522,303 | |||||||||||||||
securities (“RMBS”)2 | ||||||||||||||||||||
AFS fixed income securities | 4,059,034 | 118,696 | (3,488 | ) | 4,174,242 | |||||||||||||||
AFS equity securities | 199,617 | 15,223 | (3,269 | ) | 211,571 | |||||||||||||||
Total AFS securities | $ | 4,258,651 | 133,919 | (6,757 | ) | 4,385,813 | ||||||||||||||
December 31, 2014 | ||||||||||||||||||||
($ in thousands) | Cost/ | Unrealized | Unrealized | Fair | ||||||||||||||||
Amortized | Gains | Losses | Value | |||||||||||||||||
Cost | ||||||||||||||||||||
U.S. government and government agencies | $ | 116,666 | 7,592 | (128 | ) | 124,130 | ||||||||||||||
Foreign government | 27,035 | 796 | — | 27,831 | ||||||||||||||||
Obligations of states and political subdivisions | 1,208,776 | 38,217 | (729 | ) | 1,246,264 | |||||||||||||||
Corporate securities | 1,763,427 | 42,188 | (5,809 | ) | 1,799,806 | |||||||||||||||
ABS | 176,837 | 760 | (373 | ) | 177,224 | |||||||||||||||
CMBS1 | 177,932 | 2,438 | (777 | ) | 179,593 | |||||||||||||||
RMBS2 | 505,113 | 8,587 | (2,426 | ) | 511,274 | |||||||||||||||
AFS fixed income securities | 3,975,786 | 100,578 | (10,242 | ) | 4,066,122 | |||||||||||||||
AFS equity securities | 159,011 | 32,725 | (336 | ) | 191,400 | |||||||||||||||
Total AFS securities | $ | 4,134,797 | 133,303 | (10,578 | ) | 4,257,522 | ||||||||||||||
1 CMBS includes government guaranteed agency securities with a fair value of $12.9 million at March 31, 2015 and $13.2 million at December 31, 2014. | ||||||||||||||||||||
2 RMBS includes government guaranteed agency securities with a fair value of $29.2 million at March 31, 2015 and $32.4 million at December 31, 2014. | ||||||||||||||||||||
Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time | ||||||||||||||||||||
March 31, 2015 | Less than 12 months | 12 months or longer | ||||||||||||||||||
($ in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||
Losses1 | Losses1 | |||||||||||||||||||
AFS securities | ||||||||||||||||||||
U.S. government and government agencies | $ | — | — | 398 | (2 | ) | ||||||||||||||
Obligations of states and political subdivisions | 75,935 | (534 | ) | — | — | |||||||||||||||
Corporate securities | 93,912 | (821 | ) | 50,858 | (718 | ) | ||||||||||||||
ABS | 25,684 | (16 | ) | 14,353 | (89 | ) | ||||||||||||||
CMBS | 24,664 | (55 | ) | 15,682 | (73 | ) | ||||||||||||||
RMBS | 50,977 | (189 | ) | 75,521 | (991 | ) | ||||||||||||||
Total fixed income securities | 271,172 | (1,615 | ) | 156,812 | (1,873 | ) | ||||||||||||||
Equity securities | 100,209 | (3,269 | ) | — | — | |||||||||||||||
Subtotal | $ | 371,381 | (4,884 | ) | 156,812 | (1,873 | ) | |||||||||||||
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 | 197 | (2 | ) | 1 | — | — | — | |||||||||||||
ABS | — | — | — | 2,003 | (379 | ) | 361 | |||||||||||||
Subtotal | $ | 197 | (2 | ) | 1 | 2,003 | (379 | ) | 361 | |||||||||||
Total AFS and HTM | $ | 371,578 | (4,886 | ) | 1 | 158,815 | (2,252 | ) | 361 | |||||||||||
December 31, 2014 | 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 | $ | 7,567 | (13 | ) | 10,866 | (115 | ) | |||||||||||||
Obligations of states and political subdivisions | 47,510 | (105 | ) | 64,018 | (624 | ) | ||||||||||||||
Corporate securities | 276,648 | (1,734 | ) | 153,613 | (4,075 | ) | ||||||||||||||
ABS | 113,202 | (178 | ) | 15,618 | (195 | ) | ||||||||||||||
CMBS | 12,799 | (34 | ) | 59,219 | (743 | ) | ||||||||||||||
RMBS | 3,399 | (8 | ) | 138,724 | (2,418 | ) | ||||||||||||||
Total fixed income securities | 461,125 | (2,072 | ) | 442,058 | (8,170 | ) | ||||||||||||||
Equity securities | 5,262 | (336 | ) | — | — | |||||||||||||||
Subtotal | $ | 466,387 | (2,408 | ) | 442,058 | (8,170 | ) | |||||||||||||
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 | $ | 196 | (3 | ) | 1 | — | — | — | ||||||||||||
ABS | — | — | — | 2,235 | (455 | ) | 439 | |||||||||||||
Subtotal | 196 | (3 | ) | 1 | 2,235 | (455 | ) | 439 | ||||||||||||
Total AFS and HTM | $ | 466,583 | (2,411 | ) | 1 | 444,293 | (8,625 | ) | 439 | |||||||||||
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, 2015 | December 31, 2014 | |||||||||||||||||||
Number of | % of Market/Book | Unrealized/ | Number of | % of | Unrealized/ | |||||||||||||||
Issues | Unrecognized Loss | Issues | Market/Book | Unrecognized Loss | ||||||||||||||||
189 | 80% - 99% | $ | 6,776 | 350 | 80% - 99% | $ | 10,596 | |||||||||||||
— | 60% - 79% | — | — | 60% - 79% | — | |||||||||||||||
— | 40% - 59% | — | — | 40% - 59% | — | |||||||||||||||
— | 20% - 39% | — | — | 20% - 39% | — | |||||||||||||||
— | 0% - 19% | — | — | 0% - 19% | — | |||||||||||||||
$ | 6,776 | $ | 10,596 | |||||||||||||||||
Schedule Of Other Investment Portfolio By Strategy And Remaining Commitment Amount Associated With Each Strategy | ||||||||||||||||||||
Other Investments | Carrying Value | March 31, | ||||||||||||||||||
2015 | ||||||||||||||||||||
($ in thousands) | March 31, | December 31, | Remaining Commitment | |||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Alternative Investments | ||||||||||||||||||||
Secondary private equity | $ | 20,208 | 21,807 | 7,040 | ||||||||||||||||
Private equity | 17,519 | 20,126 | 8,879 | |||||||||||||||||
Energy/power generation | 12,393 | 14,445 | 21,905 | |||||||||||||||||
Real estate | 11,986 | 11,452 | 10,016 | |||||||||||||||||
Mezzanine financing | 8,363 | 9,853 | 13,598 | |||||||||||||||||
Distressed debt | 7,569 | 8,679 | 2,982 | |||||||||||||||||
Venture capital | 6,236 | 6,606 | 350 | |||||||||||||||||
Total alternative investments | 84,274 | 92,968 | 64,770 | |||||||||||||||||
Other securities | 10,746 | 6,235 | 2,001 | |||||||||||||||||
Total other investments | $ | 95,020 | 99,203 | 66,771 | ||||||||||||||||
Schedule Of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio | ||||||||||||||||||||
Income Statement Information | Quarter ended December 31, | |||||||||||||||||||
($ in millions) | 2014 | 2013 | ||||||||||||||||||
Net investment income | $ | 77 | 65.1 | |||||||||||||||||
Realized gains | 160.5 | 63.3 | ||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (518.0 | ) | 505.9 | |||||||||||||||||
Net (loss) income | $ | (280.5 | ) | 634.3 | ||||||||||||||||
Selective’s insurance subsidiaries’ other investments (loss) income | $ | (3.5 | ) | 5.2 | ||||||||||||||||
Schedule Of Securities Pledged As Collateral | ||||||||||||||||||||
($ in millions) | FHLBI Collateral | Reinsurance Collateral | State and Regulatory Deposits | Total | ||||||||||||||||
U.S. government and government agencies | $ | 7.7 | — | 25.2 | 32.9 | |||||||||||||||
Obligations of states and political subdivisions | — | 5 | — | 5 | ||||||||||||||||
Corporate securities | — | 4.8 | — | 4.8 | ||||||||||||||||
ABS | — | 1 | — | 1 | ||||||||||||||||
CMBS | 1.7 | — | — | 1.7 | ||||||||||||||||
RMBS | 54.6 | 2.2 | — | 56.8 | ||||||||||||||||
Total pledged as collateral | $ | 64 | 13 | 25.2 | 102.2 | |||||||||||||||
Schedule of Net Investment Income Earned | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2015 | 2014 | ||||||||||||||||||
Fixed income securities | $ | 30,967 | 31,028 | |||||||||||||||||
Equity securities | 1,792 | 1,449 | ||||||||||||||||||
Short-term investments | 25 | 19 | ||||||||||||||||||
Other investments | (3,540 | ) | 5,218 | |||||||||||||||||
Investment expenses | (2,327 | ) | (2,180 | ) | ||||||||||||||||
Net investment income earned | $ | 26,917 | 35,534 | |||||||||||||||||
Schedule of OTTI By Asset Type | ||||||||||||||||||||
First Quarter 2015 | Gross | Included in Other Comprehensive Income ("OCI") | Recognized in | |||||||||||||||||
($ in thousands) | Earnings | |||||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
Corporate securities | $ | 1,009 | — | 1,009 | ||||||||||||||||
RMBS | 1 | — | 1 | |||||||||||||||||
Total AFS fixed income securities | 1,010 | — | 1,010 | |||||||||||||||||
AFS equity securities | $ | 1,084 | — | 1,084 | ||||||||||||||||
OTTI losses | $ | 2,094 | — | 2,094 | ||||||||||||||||
First Quarter 2014 | Gross | Included in OCI | Recognized in Earnings | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
AFS securities | ||||||||||||||||||||
Equity securities | $ | 963 | — | 963 | ||||||||||||||||
OTTI losses | $ | 963 | — | 963 | ||||||||||||||||
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) | 2015 | 2014 | ||||||||||||||||||
Balance, beginning of period | $ | 5,444 | 7,488 | |||||||||||||||||
Addition for the amount related to credit loss for which an OTTI was not previously recognized | — | — | ||||||||||||||||||
Reductions for securities sold during the period | (4,431 | ) | — | |||||||||||||||||
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 | — | — | ||||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | — | ||||||||||||||||||
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | — | — | ||||||||||||||||||
Balance, end of period | 1,013 | 7,488 | ||||||||||||||||||
Schedule of Components of Net Realized Gains Excluding OTTI Charges | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
($ in thousands) | 2015 | 2014 | ||||||||||||||||||
HTM fixed income securities | ||||||||||||||||||||
Gains | $ | — | — | |||||||||||||||||
Losses | (1 | ) | (11 | ) | ||||||||||||||||
AFS fixed income securities | ||||||||||||||||||||
Gains | 1,502 | 158 | ||||||||||||||||||
Losses | (112 | ) | (112 | ) | ||||||||||||||||
AFS equity securities | ||||||||||||||||||||
Gains | 21,318 | 8,317 | ||||||||||||||||||
Losses | (1,076 | ) | (171 | ) | ||||||||||||||||
Other investments | ||||||||||||||||||||
Gains | — | — | ||||||||||||||||||
Losses | (654 | ) | — | |||||||||||||||||
Total net realized gains (excluding OTTI charges) | $ | 20,977 | 8,181 | |||||||||||||||||
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 | $ | 124,997 | 126,670 | |||||||||||||||||
Due after one year through five years | 160,671 | 171,337 | ||||||||||||||||||
Due after five years through 10 years | 10,889 | 13,086 | ||||||||||||||||||
Total HTM fixed income securities | $ | 296,557 | 311,093 | |||||||||||||||||
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 | $ | 416,983 | ||||||||||||||||||
Due after one year through five years | 2,067,679 | |||||||||||||||||||
Due after five years through 10 years | 1,605,398 | |||||||||||||||||||
Due after 10 years | 84,182 | |||||||||||||||||||
Total AFS fixed income securities | $ | 4,174,242 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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, 2015 | December 31, 2014 | |||||||||||||
($ in thousands) | Carrying Amount | Fair | Carrying Amount | Fair | ||||||||||
Value | Value | |||||||||||||
Financial Assets | ||||||||||||||
Fixed income securities: | ||||||||||||||
HTM | $ | 296,557 | 311,093 | 318,137 | 333,961 | |||||||||
AFS | 4,174,242 | 4,174,242 | 4,066,122 | 4,066,122 | ||||||||||
Equity securities, AFS | 211,571 | 211,571 | 191,400 | 191,400 | ||||||||||
Short-term investments | 124,376 | 124,376 | 131,972 | 131,972 | ||||||||||
Financial Liabilities | ||||||||||||||
Notes payable: | ||||||||||||||
0.63% borrowings from FHLBI | 15,000 | 14,994 | — | — | ||||||||||
1.25% borrowings from FHLBI | 45,000 | 45,338 | 45,000 | 45,244 | ||||||||||
7.25% Senior Notes | 49,896 | 60,407 | 49,896 | 59,181 | ||||||||||
6.70% Senior Notes | 99,405 | 117,389 | 99,401 | 114,845 | ||||||||||
5.875% Senior Notes | 185,000 | 189,440 | 185,000 | 185,000 | ||||||||||
Total notes payable | $ | 394,301 | 427,568 | 379,297 | 404,270 | |||||||||
Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value | ||||||||||||||
March 31, 2015 | 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 3/31/2015 | Liabilities (Level 1)1 | (Level 2)1 | ||||||||||||
Description | ||||||||||||||
Measured on a recurring basis: | ||||||||||||||
AFS: | ||||||||||||||
U.S. government and government agencies | $ | 119,486 | 52,977 | 66,509 | — | |||||||||
Foreign government | 27,915 | — | 27,915 | — | ||||||||||
Obligations of states and political subdivisions | 1,294,375 | — | 1,294,375 | — | ||||||||||
Corporate securities | 1,824,265 | — | 1,824,265 | — | ||||||||||
ABS | 185,387 | — | 185,387 | — | ||||||||||
CMBS | 200,511 | — | 200,511 | — | ||||||||||
RMBS | 522,303 | — | 522,303 | — | ||||||||||
Total AFS fixed income securities | 4,174,242 | 52,977 | 4,121,265 | — | ||||||||||
Equity securities | 211,571 | 208,671 | — | 2,900 | ||||||||||
Total AFS Securities | 4,385,813 | 261,648 | 4,121,265 | 2,900 | ||||||||||
Short-term investments | 124,376 | 124,376 | — | — | ||||||||||
Total assets measured at fair value | $ | 4,510,189 | 386,024 | 4,121,265 | 2,900 | |||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | |||||||||||||
December 31, 2014 | 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 12/31/14 | (Level 1)1 | (Level 2)1 | ||||||||||||
Description | ||||||||||||||
Measured on a recurring basis: | ||||||||||||||
AFS: | ||||||||||||||
U.S. government and government agencies | $ | 124,130 | 53,199 | 70,931 | — | |||||||||
Foreign government | 27,831 | — | 27,831 | — | ||||||||||
Obligations of states and political subdivisions | 1,246,264 | — | 1,246,264 | — | ||||||||||
Corporate securities | 1,799,806 | — | 1,799,806 | — | ||||||||||
ABS | 177,224 | — | 177,224 | — | ||||||||||
CMBS | 179,593 | — | 179,593 | — | ||||||||||
RMBS | 511,274 | — | 511,274 | — | ||||||||||
Total AFS fixed income securities | 4,066,122 | 53,199 | 4,012,923 | — | ||||||||||
Equity securities | 191,400 | 188,500 | — | 2,900 | ||||||||||
Total AFS Securities | 4,257,522 | 241,699 | 4,012,923 | 2,900 | ||||||||||
Short-term investments | 131,972 | 131,972 | — | — | ||||||||||
Total assets measured at fair value | $ | 4,389,494 | 373,671 | 4,012,923 | 2,900 | |||||||||
1 | There were no transfers of securities between Level 1 and Level 2. | |||||||||||||
Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value | : | |||||||||||||
March 31, 2015 | 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 3/31/2015 | Liabilities | (Level 2) | (Level 3) | |||||||||||
(Level 1) | ||||||||||||||
Financial Assets | ||||||||||||||
HTM: | ||||||||||||||
Foreign government | $ | 5,338 | — | 5,338 | — | |||||||||
Obligations of states and political subdivisions | 277,030 | — | 277,030 | — | ||||||||||
Corporate securities | 21,199 | — | 21,199 | — | ||||||||||
ABS | 2,480 | — | 2,480 | — | ||||||||||
CMBS | 5,046 | — | 5,046 | — | ||||||||||
Total HTM fixed income securities | $ | 311,093 | — | 311,093 | — | |||||||||
Financial Liabilities | ||||||||||||||
Notes payable: | ||||||||||||||
0.63% borrowings from FHLBI | $ | 14,994 | — | 14,994 | — | |||||||||
1.25% borrowings from FHLBI | 45,338 | — | 45,338 | — | ||||||||||
7.25% Senior Notes | 60,407 | — | 60,407 | — | ||||||||||
6.70% Senior Notes | 117,389 | — | 117,389 | — | ||||||||||
5.875% Senior Notes | 189,440 | 189,440 | — | — | ||||||||||
Total notes payable | $ | 427,568 | 189,440 | 238,128 | — | |||||||||
December 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 12/31/2014 | Liabilities | (Level 2) | (Level 3) | |||||||||||
(Level 1) | ||||||||||||||
Financial Assets | ||||||||||||||
HTM: | ||||||||||||||
Foreign government | $ | 5,394 | — | 5,394 | — | |||||||||
Obligations of states and political subdivisions | 299,132 | — | 299,132 | — | ||||||||||
Corporate securities | 21,422 | — | 21,422 | — | ||||||||||
ABS | 2,823 | — | 2,823 | — | ||||||||||
CMBS | 5,190 | — | 5,190 | — | ||||||||||
Total HTM fixed income securities | $ | 333,961 | — | 333,961 | — | |||||||||
Financial Liabilities | ||||||||||||||
Notes payable: | ||||||||||||||
1.25% borrowings from FHLBI | $ | 45,244 | — | 45,244 | — | |||||||||
7.25% Senior Notes | 59,181 | — | 59,181 | — | ||||||||||
6.70% Senior Notes | 114,845 | — | 114,845 | — | ||||||||||
5.875% Senior Notes | 185,000 | 185,000 | — | — | ||||||||||
Total notes payable | $ | 404,270 | 185,000 | 219,270 | — | |||||||||
Reinsurance_Tables
Reinsurance (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Reinsurance Disclosures [Abstract] | |||||||||
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts | |||||||||
Quarter ended March 31, | |||||||||
($ in thousands) | 2015 | 2014 | |||||||
Premiums written: | |||||||||
Direct | $ | 598,783 | 557,891 | ||||||
Assumed | 6,081 | 7,850 | |||||||
Ceded | (86,776 | ) | (88,991 | ) | |||||
Net | $ | 518,088 | 476,750 | ||||||
Premiums earned: | |||||||||
Direct | $ | 562,042 | 536,700 | ||||||
Assumed | 5,908 | 10,185 | |||||||
Ceded | (91,827 | ) | (90,390 | ) | |||||
Net | $ | 476,123 | 456,495 | ||||||
Loss and loss expense incurred: | |||||||||
Direct | $ | 312,246 | 358,349 | ||||||
Assumed | 4,662 | 7,479 | |||||||
Ceded | (31,909 | ) | (45,282 | ) | |||||
Net | $ | 284,999 | 320,546 | ||||||
Schedule of Ceded Premiums and Losses Related to Flood Operations | |||||||||
Ceded to NFIP | Quarter ended March 31, | ||||||||
($ in thousands) | 2015 | 2014 | |||||||
Ceded premiums written | $ | (53,842 | ) | (57,303 | ) | ||||
Ceded premiums earned | (58,998 | ) | (58,286 | ) | |||||
Ceded loss and loss expense incurred | (6,249 | ) | (7,379 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Schedule Of Revenue By Segment | ||||||||||
Revenue by Segment | Quarter ended | |||||||||
March 31, | ||||||||||
($ in thousands) | 2015 | 2014 | ||||||||
Standard Commercial Lines: | ||||||||||
Net premiums earned: | ||||||||||
Commercial automobile | $ | 86,355 | 82,216 | |||||||
Workers compensation | 68,477 | 69,413 | ||||||||
General liability | 114,971 | 108,818 | ||||||||
Commercial property | 64,563 | 60,186 | ||||||||
Businessowners’ policies | 22,699 | 20,869 | ||||||||
Bonds | 5,000 | 4,756 | ||||||||
Other | 3,468 | 3,183 | ||||||||
Miscellaneous income | 1,669 | 8,914 | ||||||||
Total Standard Commercial Lines revenue | 367,202 | 358,355 | ||||||||
Standard Personal Lines: | ||||||||||
Net premiums earned: | ||||||||||
Personal automobile | 37,010 | 38,226 | ||||||||
Homeowners | 33,721 | 33,298 | ||||||||
Other | 1,748 | 3,294 | ||||||||
Miscellaneous income | 300 | 905 | ||||||||
Total Standard Personal Lines revenue | 72,779 | 75,723 | ||||||||
E&S Lines: | ||||||||||
Net premiums earned: | ||||||||||
General liability | 26,726 | 21,931 | ||||||||
Commercial property | 9,655 | 9,117 | ||||||||
Commercial automobile | 1,730 | 1,188 | ||||||||
Total E&S Lines revenue | 38,111 | 32,236 | ||||||||
Investments: | ||||||||||
Net investment income | 26,917 | 35,534 | ||||||||
Net realized investment gains | 18,883 | 7,218 | ||||||||
Total Investments revenue | 45,800 | 42,752 | ||||||||
Total segments revenue | 523,892 | 509,066 | ||||||||
Other income | — | 5 | ||||||||
Total revenues | $ | 523,892 | 509,071 | |||||||
Schedule of Income Before Federal Income Tax | ||||||||||
Income Before Federal Income Tax | Quarter ended March 31, | |||||||||
($ in thousands) | 2015 | 2014 | ||||||||
Standard Commercial Lines: | ||||||||||
Underwriting gain (loss) | $ | 30,036 | (3,630 | ) | ||||||
GAAP combined ratio | 91.8 | % | 101 | % | ||||||
Statutory combined ratio | 89.7 | % | 100.3 | % | ||||||
Standard Personal Lines: | ||||||||||
Underwriting loss | $ | (2,466 | ) | (2,360 | ) | |||||
GAAP combined ratio | 103.4 | % | 103.2 | % | ||||||
Statutory combined ratio | 105.1 | % | 104.5 | % | ||||||
E&S Insurance Operations: | ||||||||||
Underwriting (loss) gain | $ | (1,549 | ) | 975 | ||||||
GAAP combined ratio | 104.1 | % | 97 | % | ||||||
Statutory combined ratio | 102.1 | % | 97.9 | % | ||||||
Investments: | ||||||||||
Net investment income | $ | 26,917 | 35,534 | |||||||
Net realized investment gains | 18,883 | 7,218 | ||||||||
Total investment income, before federal income tax | 45,800 | 42,752 | ||||||||
Tax on investment income | 12,318 | 11,575 | ||||||||
Total investment income, after federal income tax | 33,482 | 31,177 | ||||||||
Schedule of Reconciliation of Segment Results to Income Before Federal Income Tax | ||||||||||
Reconciliation of Segment Results to Income | Quarter ended | |||||||||
Before Federal Income Tax | March 31, | |||||||||
($ in thousands) | 2015 | 2014 | ||||||||
Underwriting gain (loss), before federal income tax | ||||||||||
Standard Commercial Lines | $ | 30,036 | (3,630 | ) | ||||||
Standard Personal Lines | (2,466 | ) | (2,360 | ) | ||||||
E&S Lines | (1,549 | ) | 975 | |||||||
Investment income, before federal income tax | 45,800 | 42,752 | ||||||||
Total all segments | 71,821 | 37,737 | ||||||||
Interest expense | (5,479 | ) | (5,561 | ) | ||||||
General corporate and other expenses | (10,052 | ) | (7,092 | ) | ||||||
Income before federal income tax | $ | 56,290 | $ | 25,084 | ||||||
Retirement_Plans_Table
Retirement Plans (Table) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Components of Net Periodic Benefit Cost: | ||||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||
Service cost | $ | 1,964 | 1,627 | — | — | |||||||||
Interest cost | 3,502 | 3,254 | 63 | 73 | ||||||||||
Expected return on plan assets | (3,991 | ) | (3,919 | ) | — | — | ||||||||
Amortization of unrecognized net actuarial loss | 1,695 | 367 | 14 | 13 | ||||||||||
Total net periodic cost | $ | 3,170 | 1,329 | 77 | 86 | |||||||||
Schedule Of Weighted-Average Expense Assumptions | ||||||||||||||
Retirement Income Plan | Retirement Life Plan | |||||||||||||
Quarter ended March 31, | Quarter ended March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Weighted-Average Expense Assumptions: | ||||||||||||||
Discount rate | 4.29 | % | 5.16 | 4.08 | % | 4.85 | ||||||||
Expected return on plan assets | 6.27 | 6.92 | — | — | ||||||||||
Rate of compensation increase | 4 | 4 | — | — | ||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Schedule of Components of Comprehensive Income-Gross and Net of Tax | ||||||||||||||||||||
First Quarter 2015 | ||||||||||||||||||||
($ in thousands) | Gross | Tax | Net | |||||||||||||||||
Net income | $ | 56,290 | 16,582 | 39,708 | ||||||||||||||||
Components of OCI: | ||||||||||||||||||||
Unrealized gains on investment securities: | ||||||||||||||||||||
Unrealized holding gains during the period | 23,977 | 8,391 | 15,586 | |||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
HTM securities | (261 | ) | (91 | ) | (170 | ) | ||||||||||||||
Non-credit OTTI | 357 | 125 | 232 | |||||||||||||||||
Realized gains on AFS securities | (19,895 | ) | (6,963 | ) | (12,932 | ) | ||||||||||||||
Net unrealized gains | 4,178 | 1,462 | 2,716 | |||||||||||||||||
Defined benefit pension and post-retirement plans: | ||||||||||||||||||||
Amounts reclassified into net income: | ||||||||||||||||||||
Net actuarial loss | 1,709 | 598 | 1,111 | |||||||||||||||||
Defined benefit pension and post-retirement plans | 1,709 | 598 | 1,111 | |||||||||||||||||
Other comprehensive income | 5,887 | 2,060 | 3,827 | |||||||||||||||||
Comprehensive income | $ | 62,177 | 18,642 | 43,535 | ||||||||||||||||
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 | |||||||||||||||||
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 | ||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Net Unrealized (Loss) Gain on Investment Securities | Defined Benefit | |||||||||||||||||||
($ in thousands) | OTTI | HTM | All | Investments | Pension and Post-Retirement Plans | Total AOCI | ||||||||||||||
Related | Related | Other | Subtotal | |||||||||||||||||
Balance, December 31, 2014 | $ | (514 | ) | 623 | 80,284 | 80,393 | (60,605 | ) | 19,788 | |||||||||||
OCI before reclassifications | — | — | 15,586 | 15,586 | — | 15,586 | ||||||||||||||
Amounts reclassified from AOCI | 232 | (170 | ) | (12,932 | ) | (12,870 | ) | 1,111 | (11,759 | ) | ||||||||||
Net current period OCI | 232 | (170 | ) | 2,654 | 2,716 | 1,111 | 3,827 | |||||||||||||
Balance, March 31, 2015 | $ | (282 | ) | 453 | 82,938 | 83,109 | (59,494 | ) | 23,615 | |||||||||||
Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income | ||||||||||||||||||||
Quarter ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
($ in thousands) | 2015 | 2014 | Affected Line Item in the Unaudited Consolidated Statement of Income | |||||||||||||||||
OTTI related | ||||||||||||||||||||
Non-credit OTTI on disposed securities | 357 | — | Net realized gains | |||||||||||||||||
357 | — | Income before federal income tax | ||||||||||||||||||
(125 | ) | — | Total federal income tax expense | |||||||||||||||||
232 | — | Net income | ||||||||||||||||||
HTM related | ||||||||||||||||||||
Unrealized losses on HTM disposals | 50 | 24 | Net realized gains | |||||||||||||||||
Amortization of net unrealized gains on HTM securities | (311 | ) | (480 | ) | Net investment income earned | |||||||||||||||
(261 | ) | (456 | ) | Income before federal income tax | ||||||||||||||||
91 | 160 | Total federal income tax expense | ||||||||||||||||||
(170 | ) | (296 | ) | Net income | ||||||||||||||||
Realized gains and losses on AFS and OTTI | ||||||||||||||||||||
Realized gains on AFS disposals and OTTI | (19,895 | ) | (7,229 | ) | Net realized gains | |||||||||||||||
(19,895 | ) | (7,229 | ) | Income before federal income tax | ||||||||||||||||
6,963 | 2,530 | Total federal income tax expense | ||||||||||||||||||
(12,932 | ) | (4,699 | ) | Net income | ||||||||||||||||
Defined benefit pension and post-retirement life plans | ||||||||||||||||||||
Net actuarial loss | 371 | 87 | Loss and loss expense incurred | |||||||||||||||||
1,338 | 293 | Policy acquisition costs | ||||||||||||||||||
Total defined benefit pension and post-retirement life | 1,709 | 380 | Income before federal income tax | |||||||||||||||||
(598 | ) | (133 | ) | Total federal income tax expense | ||||||||||||||||
1,111 | 247 | Net income | ||||||||||||||||||
Total reclassifications for the period | (11,759 | ) | (4,748 | ) | Net income |
Statements_of_Cash_Flow_Cash_F
Statements of Cash Flow (Cash Flow Supplemental Disclosures) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Interest | $2,887,000 | $2,973,000 | ||
Federal income tax | 4,000,000 | 2,000,000 | ||
Corporate Actions Related To Equity Securities, AFS | 389,000 | [1] | 0 | [1] |
Assets acquired under capital lease arrangements | 2,428,000 | 1,419,000 | ||
AFS Fixed Maturity Securities [Member] | ||||
Tax-free exchange of fixed maturity security | 8,586,000 | 0 | ||
Held-to-maturity Securities [Member] | ||||
Tax-free exchange of fixed maturity security | 0 | 15,000 | ||
National Flood Insurance Program [Member] | ||||
Restricted Cash | $6,000,000 | $6,100,000 | ||
[1] | 1Examples of such corporate actions include non-cash acquisitions and stock splits. |
Investments_HeldToMaturity_Sec
Investments (Held-To-Maturity Securities Disclosure) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $295,859 | $317,179 |
Net Unrealized Gains (Losses) | 698 | 958 |
Carrying Value | 296,557 | 318,137 |
Unrecognized Holding Gains | 14,536 | 15,824 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 311,093 | 333,961 |
Held To Maturity securities average duration | 1 year 8 months 8 days | |
Foreign Government [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,292 | 5,292 |
Net Unrealized Gains (Losses) | 25 | 47 |
Carrying Value | 5,317 | 5,339 |
Unrecognized Holding Gains | 21 | 55 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 5,338 | 5,394 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 264,788 | 285,301 |
Net Unrealized Gains (Losses) | 1,706 | 2,071 |
Carrying Value | 266,494 | 287,372 |
Unrecognized Holding Gains | 10,536 | 11,760 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 277,030 | 299,132 |
Corporate Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 18,532 | 18,899 |
Net Unrealized Gains (Losses) | -269 | -273 |
Carrying Value | 18,263 | 18,626 |
Unrecognized Holding Gains | 2,936 | 2,796 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 21,199 | 21,422 |
Asset-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,483 | 2,818 |
Net Unrealized Gains (Losses) | -378 | -455 |
Carrying Value | 2,105 | 2,363 |
Unrecognized Holding Gains | 375 | 460 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 2,480 | 2,823 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 4,764 | 4,869 |
Net Unrealized Gains (Losses) | -386 | -432 |
Carrying Value | 4,378 | 4,437 |
Unrecognized Holding Gains | 668 | 753 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | $5,046 | $5,190 |
Investments_AvailableForSale_S
Investments (Available-For-Sale Securities Disclosure) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | $4,258,651,000 | $4,134,797,000 | ||
Unrealized Gains | 133,919,000 | 133,303,000 | ||
Unrealized Losses | -6,757,000 | -10,578,000 | ||
Total AFS securities | 4,385,813,000 | 4,257,522,000 | ||
AFS Fixed Income Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 4,059,034,000 | 3,975,786,000 | ||
Unrealized Gains | 118,696,000 | 100,578,000 | ||
Unrealized Losses | -3,488,000 | -10,242,000 | ||
Total AFS securities | 4,174,242,000 | 4,066,122,000 | ||
AFS Fixed Income Securities [Member] | U.S. Government and Government Agencies [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 112,146,000 | 116,666,000 | ||
Unrealized Gains | 7,342,000 | 7,592,000 | ||
Unrealized Losses | -2,000 | -128,000 | ||
Total AFS securities | 119,486,000 | 124,130,000 | ||
AFS Fixed Income Securities [Member] | Foreign Government [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 27,030,000 | 27,035,000 | ||
Unrealized Gains | 885,000 | 796,000 | ||
Unrealized Losses | 0 | 0 | ||
Total AFS securities | 27,915,000 | 27,831,000 | ||
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 1,254,037,000 | 1,208,776,000 | ||
Unrealized Gains | 40,872,000 | 38,217,000 | ||
Unrealized Losses | -534,000 | -729,000 | ||
Total AFS securities | 1,294,375,000 | 1,246,264,000 | ||
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 1,770,747,000 | 1,763,427,000 | ||
Unrealized Gains | 55,057,000 | 42,188,000 | ||
Unrealized Losses | -1,539,000 | -5,809,000 | ||
Total AFS securities | 1,824,265,000 | 1,799,806,000 | ||
AFS Fixed Income Securities [Member] | Asset-Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 184,278,000 | 176,837,000 | ||
Unrealized Gains | 1,214,000 | 760,000 | ||
Unrealized Losses | -105,000 | -373,000 | ||
Total AFS securities | 185,387,000 | 177,224,000 | ||
AFS Fixed Income Securities [Member] | Commercial Mortgage Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 197,304,000 | [1] | 177,932,000 | [1] |
Unrealized Gains | 3,335,000 | [1] | 2,438,000 | [1] |
Unrealized Losses | -128,000 | [1] | -777,000 | [1] |
Total AFS securities | 200,511,000 | [1] | 179,593,000 | [1] |
Government guaranteed agency securities fair value | 12,900,000 | 13,200,000 | ||
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 513,492,000 | [2] | 505,113,000 | [2] |
Unrealized Gains | 9,991,000 | [2] | 8,587,000 | [2] |
Unrealized Losses | -1,180,000 | [2] | -2,426,000 | [2] |
Total AFS securities | 522,303,000 | [2] | 511,274,000 | [2] |
Government guaranteed agency securities fair value | 29,200,000 | 32,400,000 | ||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost/Amortized Cost | 199,617,000 | 159,011,000 | ||
Unrealized Gains | 15,223,000 | 32,725,000 | ||
Unrealized Losses | -3,269,000 | -336,000 | ||
Total AFS securities | $211,571,000 | $191,400,000 | ||
[1] | CMBS includes government guaranteed agency securities with a fair value of $12.9 million at March 31, 2015 and $13.2 million at December 31, 2014. | |||
[2] | RMBS includes government guaranteed agency securities with a fair value of $29.2 million at March 31, 2015 and $32.4 million at December 31, 2014. |
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, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
AFS Fair Value, Less than 12 months | $371,381 | $466,387 | ||
AFS Unrealized Losses, Less than 12 months | -4,884 | [1] | -2,408 | [1] |
AFS Fair Value, 12 months or longer | 156,812 | 442,058 | ||
AFS Unrealized Losses, 12 months or longer | -1,873 | [1] | -8,170 | [1] |
HTM Fair Value, Less than 12 months | 197 | 196 | ||
HTM Unrealized Losses, Less than 12 months | -2 | [1] | -3 | [1] |
HTM Unrecognized Gains, Less than 12 months | 1 | [2] | 1 | [2] |
HTM Fair Value, 12 months or longer | 2,003 | 2,235 | ||
HTM Unrealized Losses, 12 months or longer | -379 | [1] | -455 | [1] |
HTM Unrecognized Gains, 12 months or longer | 361 | [2] | 439 | [2] |
Total AFS and HTM Fair Value, Less than 12 months | 371,578 | 466,583 | ||
Total AFS and HTM Unrealized Losses, Less than 12 months | -4,886 | [1] | -2,411 | [1] |
Total AFS and HTM Securities Unrecognized Gains, Less Than 12 Months | 1 | [2] | 1 | [2] |
Total AFS and HTM Fair Value, 12 months or longer | 158,815 | 444,293 | ||
Total AFS and HTM Unrealized Losses, 12 months or longer | -2,252 | [1] | -8,625 | [1] |
Total AFS and HTM Securities Unrecognized Gains, 12 months or longer | 361 | [2] | 439 | [2] |
Obligations of States and Political Subdivisions [Member] | ||||
HTM Fair Value, Less than 12 months | 197 | 196 | ||
HTM Unrealized Losses, Less than 12 months | -2 | [1] | -3 | [1] |
HTM Unrecognized Gains, Less than 12 months | 1 | [2] | 1 | [2] |
HTM Fair Value, 12 months or longer | 0 | 0 | ||
HTM Unrealized Losses, 12 months or longer | 0 | [1] | 0 | [1] |
HTM Unrecognized Gains, 12 months or longer | 0 | [2] | 0 | [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 | 2,003 | 2,235 | ||
HTM Unrealized Losses, 12 months or longer | -379 | [1] | -455 | [1] |
HTM Unrecognized Gains, 12 months or longer | 361 | [2] | 439 | [2] |
AFS Fixed Income Securities [Member] | ||||
AFS Fair Value, Less than 12 months | 271,172 | 461,125 | ||
AFS Unrealized Losses, Less than 12 months | -1,615 | [1] | -2,072 | [1] |
AFS Fair Value, 12 months or longer | 156,812 | 442,058 | ||
AFS Unrealized Losses, 12 months or longer | -1,873 | [1] | -8,170 | [1] |
AFS Fixed Income Securities [Member] | U.S. Government and Government Agencies [Member] | ||||
AFS Fair Value, Less than 12 months | 0 | 7,567 | ||
AFS Unrealized Losses, Less than 12 months | 0 | [1] | -13 | [1] |
AFS Fair Value, 12 months or longer | 398 | 10,866 | ||
AFS Unrealized Losses, 12 months or longer | -2 | [1] | -115 | [1] |
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | ||||
AFS Fair Value, Less than 12 months | 75,935 | 47,510 | ||
AFS Unrealized Losses, Less than 12 months | -534 | [1] | -105 | [1] |
AFS Fair Value, 12 months or longer | 0 | 64,018 | ||
AFS Unrealized Losses, 12 months or longer | 0 | [1] | -624 | [1] |
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | ||||
AFS Fair Value, Less than 12 months | 93,912 | 276,648 | ||
AFS Unrealized Losses, Less than 12 months | -821 | [1] | -1,734 | [1] |
AFS Fair Value, 12 months or longer | 50,858 | 153,613 | ||
AFS Unrealized Losses, 12 months or longer | -718 | [1] | -4,075 | [1] |
AFS Fixed Income Securities [Member] | Asset-Backed Securities [Member] | ||||
AFS Fair Value, Less than 12 months | 25,684 | 113,202 | ||
AFS Unrealized Losses, Less than 12 months | -16 | [1] | -178 | [1] |
AFS Fair Value, 12 months or longer | 14,353 | 15,618 | ||
AFS Unrealized Losses, 12 months or longer | -89 | [1] | -195 | [1] |
AFS Fixed Income Securities [Member] | Commercial Mortgage Backed Securities [Member] | ||||
AFS Fair Value, Less than 12 months | 24,664 | 12,799 | ||
AFS Unrealized Losses, Less than 12 months | -55 | [1] | -34 | [1] |
AFS Fair Value, 12 months or longer | 15,682 | 59,219 | ||
AFS Unrealized Losses, 12 months or longer | -73 | [1] | -743 | [1] |
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities [Member] | ||||
AFS Fair Value, Less than 12 months | 50,977 | 3,399 | ||
AFS Unrealized Losses, Less than 12 months | -189 | [1] | -8 | [1] |
AFS Fair Value, 12 months or longer | 75,521 | 138,724 | ||
AFS Unrealized Losses, 12 months or longer | -991 | [1] | -2,418 | [1] |
Equity Securities [Member] | ||||
AFS Fair Value, Less than 12 months | 100,209 | 5,262 | ||
AFS Unrealized Losses, Less than 12 months | -3,269 | [1] | -336 | [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, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Unrecognized Loss | 6,776,000 | $10,596,000 |
Eighty Percent to Ninety-Nine Percent [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number Of Securities In An Unrealized/Unrecognized Loss Position | 189 | 350 |
Unrealized Unrecognized Loss | 6,776,000 | 10,596,000 |
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 | 0 |
Unrealized Unrecognized Loss | 0 | 0 |
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 | 25 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number Of Securities In An Unrealized/Unrecognized Loss Position | 28 | |
Unrealized Loss on Securities | 3,300,000 | |
Percentage Decline In Fair Value Cost | 3.00% |
Investments_HTM_Fixed_Income_S
Investments (HTM Fixed Income Securities by Contractual Maturity) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ||
Due in one year or less carrying value | $124,997 | |
Due after one year through five years carrying value | 160,671 | |
Due after five years through 10 years carrying value | 10,889 | |
Carrying Value | 296,557 | 318,137 |
Due in one year or less fair value | 126,670 | |
Due after one year through five years fair value | 171,337 | |
Due after five years through 10 years fair value | 13,086 | |
HTM, Fair Value | $311,093 | $333,961 |
Investments_AFS_Fixed_Income_s
Investments (AFS Fixed Income securities by Contractual Maturity) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ||
Due in one year or less fair value | $416,983 | |
Due after one year through five years fair value | 2,067,679 | |
Due after five years through 10 years fair value | 1,605,398 | |
Due after 10 years fair value | 84,182 | |
Total AFS fixed income securities | $4,174,242 | $4,066,122 |
Investments_Other_Investment_P
Investments (Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Value | $95,020 | $99,203 |
Other Investments [Member] | ||
Carrying Value | 95,020 | 99,203 |
Remaining Commitment | 66,771 | |
Alternative Investments [Member] | ||
Carrying Value | 84,274 | 92,968 |
Remaining Commitment | 64,770 | |
Secondary Private Equity Member | Alternative Investments [Member] | ||
Carrying Value | 20,208 | 21,807 |
Remaining Commitment | 7,040 | |
Private Equity [Member] | Alternative Investments [Member] | ||
Carrying Value | 17,519 | 20,126 |
Remaining Commitment | 8,879 | |
Energy Power Generation [Member] | Alternative Investments [Member] | ||
Carrying Value | 12,393 | 14,445 |
Remaining Commitment | 21,905 | |
Real Estate Strategy [Member] | Alternative Investments [Member] | ||
Carrying Value | 11,986 | 11,452 |
Remaining Commitment | 10,016 | |
Mezzanine Financing [Member] | Alternative Investments [Member] | ||
Carrying Value | 8,363 | 9,853 |
Remaining Commitment | 13,598 | |
Distressed debt [Member] | Alternative Investments [Member] | ||
Carrying Value | 7,569 | 8,679 |
Remaining Commitment | 2,982 | |
Venture Capital [Member] | Alternative Investments [Member] | ||
Carrying Value | 6,236 | 6,606 |
Remaining Commitment | 350 | |
Other Securities [Member] | ||
Carrying Value | 10,746 | 6,235 |
Remaining Commitment | $2,001 |
Investments_Aggregated_Income_
Investments (Aggregated Income Statement Summarized Financial Information for Partnerhips in our Alternative Investment Portfolio) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net investment income earned | $26,917,000 | $35,534,000 | ||
Alternative Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net investment income earned | -3,500,000 | 5,200,000 | ||
Investments accounted for under the equity method [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net Investment Income | 77,000,000 | 65,100,000 | ||
Realized gains | 160,500,000 | 63,300,000 | ||
Net change in unrealized (depreciation) appreciation | -518,000,000 | 505,900,000 | ||
Net income (loss) | ($280,500,000) | $634,300,000 |
Investments_Investments_Pledge
Investments (Investments Pledged as Collateral) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | $64 |
Securities Pledged As Collateral For Reinsurance Obligations | 13 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 25.2 |
Securities Pledged As Collateral | 102.2 |
Outstanding Borrowing With The Federal Home Loan Bank Of Indianapolis | 60 |
U.S. Government and Government Agencies [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 7.7 |
Securities Pledged As Collateral For Reinsurance Obligations | 0 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 25.2 |
Securities Pledged As Collateral | 32.9 |
Obligations of States and Political Subdivisions [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 0 |
Securities Pledged As Collateral For Reinsurance Obligations | 5 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 5 |
Corporate Securities [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 0 |
Securities Pledged As Collateral For Reinsurance Obligations | 4.8 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 4.8 |
Asset-Backed Securities [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 0 |
Securities Pledged As Collateral For Reinsurance Obligations | 1 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 1 |
Commercial Mortgage Backed Securities [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 1.7 |
Securities Pledged As Collateral For Reinsurance Obligations | 0 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 1.7 |
Residential Mortgage Backed Securities [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 54.6 |
Securities Pledged As Collateral For Reinsurance Obligations | 2.2 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | $56.80 |
Investments_Net_Investment_Inc
Investments (Net Investment Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Investment Income [Line Items] | ||
Net investment income earned | $26,917 | $35,534 |
Fixed Income Securities [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 30,967 | 31,028 |
Equity Securities [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 1,792 | 1,449 |
Short-Term Investments [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | 25 | 19 |
Other Investments [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | -3,540 | 5,218 |
Investment Expenses [Member] | ||
Net Investment Income [Line Items] | ||
Net investment income earned | ($2,327) | ($2,180) |
Investments_OTTI_by_Asset_Type
Investments (OTTI by Asset Type) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OTTI Losses Gross | $2,094 | $963 |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 |
OTTI Losses Recognized in Earnings | 2,094 | 963 |
Residential Mortgage Backed Securities [Member] | AFS Fixed Income Securities [Member] | ||
OTTI Losses Gross | 1 | |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | |
OTTI Losses Recognized in Earnings | 1 | |
AFS Fixed Income Securities [Member] | ||
OTTI Losses Gross | 1,010 | |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | |
OTTI Losses Recognized in Earnings | 1,010 | |
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | ||
OTTI Losses Gross | 1,009 | |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | |
OTTI Losses Recognized in Earnings | 1,009 | |
Total AFS Securities [Member] | Equity Securities [Member] | ||
OTTI Losses Gross | 1,084 | 963 |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 |
OTTI Losses Recognized in Earnings | $1,084 | $963 |
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, 2015 | Mar. 31, 2014 |
Investments [Abstract] | ||
Balance, beginning of period | $5,444 | $7,488 |
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 | -4,431 | 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 |
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | 0 | 0 |
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | 0 | 0 |
Balance, end of period | $1,013 | $7,488 |
Investments_Components_Of_Net_
Investments (Components Of Net Realized Gains, Excluding OTTI Charges) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
HTM fixed income securities Gains | $0 | $0 |
HTM fixed income securities Losses | -1,000 | -11,000 |
Other investments Gains | 0 | 0 |
Other Investments Losses | -654,000 | 0 |
Total other net realized investment gains | 20,977,000 | 8,181,000 |
Proceeds From Sale Of Available For Sale Securities | 138,400,000 | 62,800,000 |
Fixed Income Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS securities Gains | 1,502,000 | 158,000 |
AFS securities Losses | -112,000 | -112,000 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AFS securities Gains | 21,318,000 | 8,317,000 |
AFS securities Losses | ($1,076,000) | ($171,000) |
Indebtedness_Details
Indebtedness (Details) (Point sixty three Percent Borrowing From Federal Home Loan Bank [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Point sixty three Percent Borrowing From Federal Home Loan Bank [Member] | |
Debt Instrument [Line Items] | |
FHLBI Borrowing | $15 |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Value and Estimated Fair Value of Financial Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities | $296,557 | $318,137 |
Available-for-sale Securities | 4,174,242 | 4,066,122 |
Equity securities, AFS | 211,571 | 191,400 |
Short-term investments | 124,376 | 131,972 |
Notes payable | 394,301 | 379,297 |
Carrying Amount [Member] | ||
Held-to-maturity Securities | 296,557 | 318,137 |
Available-for-sale Securities | 4,174,242 | 4,066,122 |
Equity securities, AFS | 211,571 | 191,400 |
Short-term investments | 124,376 | 131,972 |
Notes payable | 394,301 | 379,297 |
Carrying Amount [Member] | Point sixty three Percent Borrowing From Federal Home Loan Bank [Member] | ||
Notes payable | 15,000 | 0 |
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 | 49,896 | 49,896 |
Carrying Amount [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Notes payable | 99,405 | 99,401 |
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 | 311,093 | 333,961 |
Available-for-sale Securities | 4,174,242 | 4,066,122 |
Equity securities, AFS | 211,571 | 191,400 |
Short-term investments | 124,376 | 131,972 |
Notes payable | 427,568 | 404,270 |
Fair Value [Member] | Point sixty three Percent Borrowing From Federal Home Loan Bank [Member] | ||
Notes payable | 14,994 | 0 |
Fair Value [Member] | One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | ||
Notes payable | 45,338 | 45,244 |
Fair Value [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ||
Notes payable | 60,407 | 59,181 |
Fair Value [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Notes payable | 117,389 | 114,845 |
Fair Value [Member] | Five Point Eight Hundred Seventy Five Senior Notes [Member] | ||
Notes payable | $189,440 | $185,000 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Disclosures of Fair Value Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Available-for-sale Securities, Debt Securities | $4,174,242 | $4,066,122 | ||
Equity securities, AFS | 211,571 | 191,400 | ||
Total AFS securities | 4,385,813 | 4,257,522 | ||
Short-term investments | 124,376 | 131,972 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 4,174,242 | 4,066,122 | ||
Equity securities, AFS | 211,571 | 191,400 | ||
Total AFS securities | 4,385,813 | 4,257,522 | ||
Short-term investments | 124,376 | 131,972 | ||
Total assets measured at fair value | 4,510,189 | 4,389,494 | ||
Fair Value [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 119,486 | 124,130 | ||
Fair Value [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 27,915 | 27,831 | ||
Fair Value [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 1,294,375 | 1,246,264 | ||
Fair Value [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 1,824,265 | 1,799,806 | ||
Fair Value [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 185,387 | 177,224 | ||
Fair Value [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 200,511 | 179,593 | ||
Fair Value [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 522,303 | 511,274 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 52,977 | [1] | 53,199 | [1] |
Equity securities, AFS | 208,671 | [1] | 188,500 | [1] |
Total AFS securities | 261,648 | [1] | 241,699 | [1] |
Short-term investments | 124,376 | [1] | 131,972 | [1] |
Total assets measured at fair value | 386,024 | [1] | 373,671 | [1] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 52,977 | [1] | 53,199 | [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 [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 [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 | 4,121,265 | [1] | 4,012,923 | [1] |
Equity securities, AFS | 0 | [1] | 0 | [1] |
Total AFS securities | 4,121,265 | [1] | 4,012,923 | [1] |
Short-term investments | 0 | [1] | 0 | [1] |
Total assets measured at fair value | 4,121,265 | [1] | 4,012,923 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 66,509 | [1] | 70,931 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 27,915 | [1] | 27,831 | [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 | 1,294,375 | [1] | 1,246,264 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 1,824,265 | [1] | 1,799,806 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 185,387 | [1] | 177,224 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 200,511 | [1] | 179,593 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 522,303 | [1] | 511,274 | [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] | U.S. Government and Government Agencies [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 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [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_Quanti1
Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities | $296,557 | $318,137 |
Notes payable | 394,301 | 379,297 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities | 311,093 | 333,961 |
Notes payable | 427,568 | 404,270 |
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 | 189,440 | 185,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities | 311,093 | 333,961 |
Notes payable | 238,128 | 219,270 |
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 | 5,338 | 5,394 |
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 | 5,338 | 5,394 |
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 | 277,030 | 299,132 |
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 | 277,030 | 299,132 |
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 | 21,199 | 21,422 |
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 | 21,199 | 21,422 |
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 | 2,480 | 2,823 |
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 | 2,480 | 2,823 |
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 [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities | 5,046 | 5,190 |
Commercial Mortgage 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 |
Commercial Mortgage 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 | 5,046 | 5,190 |
Commercial Mortgage 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 |
Point sixty three 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 | 14,994 | |
Point sixty three 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 | |
Point sixty three 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 | 14,994 | |
Point sixty three 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 | |
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 | 45,338 | 45,244 |
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 | 45,338 | 45,244 |
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 | 60,407 | 59,181 |
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 | 60,407 | 59,181 |
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 | 117,389 | 114,845 |
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 | 117,389 | 114,845 |
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 | 189,440 | 185,000 |
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 | 189,440 | 185,000 |
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, 2015 | Mar. 31, 2014 |
Premiums written: | ||
Direct | $598,783 | $557,891 |
Assumed | 6,081 | 7,850 |
Ceded premiums written | -86,776 | -88,991 |
Net | 518,088 | 476,750 |
Premiums earned: | ||
Direct | 562,042 | 536,700 |
Assumed | 5,908 | 10,185 |
Ceded premiums earned | -91,827 | -90,390 |
Net | 476,123 | 456,495 |
Loss and loss expense incurred: | ||
Direct | 312,246 | 358,349 |
Assumed | 4,662 | 7,479 |
Ceded loss and loss expense incurred | -31,909 | -45,282 |
Net | $284,999 | $320,546 |
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, 2015 | Mar. 31, 2014 |
Ceded premiums written | ($86,776) | ($88,991) |
Ceded premiums earned | -91,827 | -90,390 |
Ceded loss and loss expense incurred | -31,909 | -45,282 |
National Flood Insurance Program [Member] | ||
Ceded premiums written | -53,842 | -57,303 |
Ceded premiums earned | -58,998 | -58,286 |
Ceded loss and loss expense incurred | ($6,249) | ($7,379) |
Segment_Information_Narrative_
Segment Information Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Number of Operating Segments | 4 | |
Gross premiums of self-insured pooled group renewal book of business sold | $37,000,000 | |
Proceeds from sale of renewal rights | $0 | $8,000,000 |
Segment_Information_Revenue_by
Segment Information (Revenue by Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total net premiums earned | $476,123 | $456,495 |
Investment Income, Net | 26,917 | 35,534 |
Other income | 1,969 | 9,824 |
Net realized investment gains | 18,883 | 7,218 |
Total investment revenues | 45,800 | 42,752 |
Total revenues | 523,892 | 509,071 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 523,892 | 509,066 |
Other Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Other income | 0 | 5 |
Standard Commercial Lines [Member] | Commercial Automobile [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 86,355 | 82,216 |
Standard Commercial Lines [Member] | Workers Compensation [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 68,477 | 69,413 |
Standard Commercial Lines [Member] | General Liability [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 114,971 | 108,818 |
Standard Commercial Lines [Member] | Commercial Property [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 64,563 | 60,186 |
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 22,699 | 20,869 |
Standard Commercial Lines [Member] | Bonds Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 5,000 | 4,756 |
Standard Commercial Lines [Member] | Other Commercial [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 3,468 | 3,183 |
Standard Commercial Lines [Member] | Miscellaneous Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 1,669 | 8,914 |
Standard Commercial Lines [Member] | Total Standard Commercial Lines [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 367,202 | 358,355 |
Standard Personal Lines [Member] | Miscellaneous Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 300 | 905 |
Standard Personal Lines [Member] | Personal Automobile [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 37,010 | 38,226 |
Standard Personal Lines [Member] | Homeowners [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 33,721 | 33,298 |
Standard Personal Lines [Member] | Other Personal [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 1,748 | 3,294 |
Standard Personal Lines [Member] | Total Standard Personal Lines [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 72,779 | 75,723 |
Excess And Surplus Operations [Member] | Commercial Automobile [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 1,730 | 1,188 |
Excess And Surplus Operations [Member] | General Liability [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 26,726 | 21,931 |
Excess And Surplus Operations [Member] | Commercial Property [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | 9,655 | 9,117 |
Excess And Surplus Operations [Member] | Total Standard Personal Lines [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net premiums earned | $38,111 | $32,236 |
Segment_Information_Income_Bef
Segment Information (Income Before Federal Income Tax) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net investment income earned | $26,917 | $35,534 |
Net realized investment gains | 18,883 | 7,218 |
Total investment revenues | 45,800 | 42,752 |
Tax on investment income | 12,318 | 11,575 |
Total investment income after federal income tax | 33,482 | 31,177 |
Standard Commercial Lines [Member] | ||
Segment Reporting Information [Line Items] | ||
Underwriting gain (loss), before federal income tax | 30,036 | -3,630 |
GAAP combined ratio | 91.80% | 101.00% |
Statutory combined ratio | 89.70% | 100.30% |
Standard Personal Lines [Member] | ||
Segment Reporting Information [Line Items] | ||
Underwriting gain (loss), before federal income tax | -2,466 | -2,360 |
GAAP combined ratio | 103.40% | 103.20% |
Statutory combined ratio | 105.10% | 104.50% |
Excess And Surplus Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Underwriting gain (loss), before federal income tax | ($1,549) | $975 |
GAAP combined ratio | 104.10% | 97.00% |
Statutory combined ratio | 102.10% | 97.90% |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Results to Income Before Federal Income Tax (Details)) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Investment income, before federal income tax | $45,800 | $42,752 |
Interest expense | -5,479 | -5,561 |
General corporate and other expenses | -10,052 | -7,092 |
Income before federal income tax | 56,290 | 25,084 |
Standard Commercial Lines [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Underwriting gain (loss), before federal income tax | 30,036 | -3,630 |
Standard Personal Lines [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Underwriting gain (loss), before federal income tax | -2,466 | -2,360 |
Excess And Surplus Operations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Underwriting gain (loss), before federal income tax | -1,549 | 975 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total all segments | $71,821 | $37,737 |
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, 2015 | Mar. 31, 2014 |
Retirement Income Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $1,964 | $1,627 |
Interest cost | 3,502 | 3,254 |
Expected return on plan assets | -3,991 | -3,919 |
Amortization of unrecognized net actuarial loss | 1,695 | 367 |
Total net periodic cost | 3,170 | 1,329 |
Retirement Life Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 63 | 73 |
Expected return on plan assets | 0 | 0 |
Amortization of unrecognized net actuarial loss | 14 | 13 |
Total net periodic cost | $77 | $86 |
Retirement_Plans_WeightedAvera
Retirement Plans (Weighted-Average Expense Assumptions) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Retirement Income Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.29% | 5.16% |
Expected return on plan assets | 6.27% | 6.92% |
Rate of compensation increase | 4.00% | 4.00% |
Contributions by Employer | $3.20 | |
Retirement Income Plan [Member] | Scenario, Forecast [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Estimated contribution from the employer | $11.90 | |
Retirement Life Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.08% | 4.85% |
Expected return on plan assets | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% |
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, 2015 | Mar. 31, 2014 |
Net income, Gross | $56,290 | $25,084 |
Unrealized holding gains during the period, Gross | 23,977 | 32,964 |
Amounts reclassified into net income: HTM securities, Gross | -261 | -456 |
Amounts reclassified into net income: non-credit OTTI | 357 | |
Realized gains on AFS securities, Gross | -19,895 | -7,229 |
Net unrealized gains, Gross | 4,178 | 25,279 |
Amount reclassified into Net Income: Net actuarial loss, Gross | 1,709 | 380 |
Defined pension and other post-retirement benefit plans, gross | 1,709 | 380 |
Other comprehensive income, Gross | 5,887 | 25,659 |
Net income, Tax | 16,582 | 7,110 |
Unrealized holding gains during the period, Tax | 8,391 | 11,538 |
HTM securities, Tax | -91 | -160 |
Non-credit OTTI, Tax | 125 | |
Realized gains on AFS securities, Tax | -6,963 | -2,530 |
Net unrealized gains, Tax | 1,462 | 8,848 |
Amount reclassified into Net Income: Net actuarial loss, Tax | 598 | 133 |
Defined pension and other post-retirement benefit plans, tax | 598 | 133 |
Other comprehensive income, Tax | 2,060 | 8,981 |
Comprehensive Income Tax | 18,642 | 16,091 |
Net income | 39,708 | 17,974 |
Unrealized holding gains arising during period | 15,586 | 21,426 |
HTM Securities | -170 | -296 |
Amounts reclassified into Net Income: Non-credit other-than-temporary impairments | 232 | 0 |
Realized gains on available for sale securities | -12,932 | -4,699 |
Total unrealized gains on investment securities | 2,716 | 16,431 |
Amount reclassified into Net Income: Net actuarial loss | 1,111 | 247 |
Total defined benefit pension and post-retirement plans | 1,111 | 247 |
Other comprehensive income | 3,827 | 16,678 |
Comprehensive Income Loss Before Tax | 62,177 | 50,743 |
Comprehensive income | $43,535 | $34,652 |
Comprehensive_Income_Component1
Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance,December 31, 2014 | $19,788 | |
Amounts reclassified into Net Income: Non-credit other-than-temporary impairments | 232 | 0 |
OCI before reclassifications, Defined Benefit Pension and Post Retirement Plans | 0 | |
Amounts reclassified from AOCI, HTM Related | -170 | -296 |
Amounts reclassified from AOCI, All Other | -12,932 | -4,699 |
Other comprehensive income | 3,827 | 16,678 |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1,111 | 247 |
Ending Balance, March, 2015 | 23,615 | |
Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance,December 31, 2014 | 80,284 | |
OCI before reclassifications | 15,586 | |
Other comprehensive income | 2,654 | |
Ending Balance, March, 2015 | 82,938 | |
Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance,December 31, 2014 | 80,393 | |
OCI before reclassifications | 15,586 | |
Amounts reclassified from AOCI | -12,870 | |
Other comprehensive income | 2,716 | |
Ending Balance, March, 2015 | 83,109 | |
Accumulated Other-than-Temporary Impairment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance,December 31, 2014 | -514 | |
OCI before reclassifications | 0 | |
Other comprehensive income | 232 | |
Ending Balance, March, 2015 | -282 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Held-to-maturity Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance,December 31, 2014 | 623 | |
OCI before reclassifications | 0 | |
Other comprehensive income | -170 | |
Ending Balance, March, 2015 | 453 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance,December 31, 2014 | -60,605 | |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1,111 | |
Ending Balance, March, 2015 | -59,494 | |
Accumulated other comprehensive income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance,December 31, 2014 | 19,788 | |
OCI before reclassifications | 15,586 | |
Amounts reclassified from AOCI | -11,759 | |
Other comprehensive income | 3,827 | 16,678 |
Ending Balance, March, 2015 | $23,615 |
Comprehensive_Income_Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts reclassified into net income: non-credit OTTI | $357 | |
Non-credit OTTI, Tax | -125 | |
Amounts reclassified into Net Income: Non-credit other-than-temporary impairments | 232 | 0 |
Reclassification of net unrealized gains on HTM securities including disposals and amortization | -261 | -456 |
Total HTM Related, Tax | 91 | 160 |
Amounts reclassified from AOCI, HTM Related | -170 | -296 |
Realized gains on AFS disposals and OTTI | -19,895 | -7,229 |
Total realized gains on AFS disposals and OTTI | 6,963 | 2,530 |
Amounts reclassified into net income: realized gains on available for sale securities | -12,932 | -4,699 |
Amount reclassified into Net Income: Net actuarial loss, Gross | 1,709 | 380 |
Defined pension and other post-retirement benefit plans, tax | -598 | -133 |
Total defined benefit pension and post-retirement plans | 1,111 | 247 |
Investment Income [Member] | ||
Amortization of net unrealized gains on HTM securities | -311 | -480 |
Income Before Federal Income Tax [Member] | ||
Amounts reclassified into net income: non-credit OTTI | 357 | 0 |
Reclassification of net unrealized gains on HTM securities including disposals and amortization | -261 | -456 |
Realized gains on AFS disposals and OTTI | -19,895 | -7,229 |
Amount reclassified into Net Income: Net actuarial loss, Gross | 1,709 | 380 |
Total Federal Income Tax Expense [Member] | ||
Non-credit OTTI, Tax | -125 | 0 |
Total HTM Related, Tax | 91 | 160 |
Total realized gains on AFS disposals and OTTI | 6,963 | 2,530 |
Defined pension and other post-retirement benefit plans, tax | -598 | -133 |
Net Income Financial Statement Line Item [Member] | ||
Amounts reclassified into Net Income: Non-credit other-than-temporary impairments | 232 | 0 |
Amounts reclassified from AOCI, HTM Related | -170 | -296 |
Amounts reclassified into net income: realized gains on available for sale securities | -12,932 | -4,699 |
Total defined benefit pension and post-retirement plans | 1,111 | 247 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -11,759 | -4,748 |
Net Realized Investment Gains [Member] | ||
Unrealized gains and losses on HTM disposals | 50 | 24 |
Realized gains on AFS disposals and OTTI | -19,895 | -7,229 |
Net Realized Investment Gains [Member] | Non-credit OTTI on Disposed Securities [Member] | ||
Amounts reclassified into net income: non-credit OTTI | 357 | 0 |
Loss And Loss Expense Incurred [Member] | ||
Amount reclassified into Net Income: Net actuarial loss, Gross | 371 | 87 |
Policy acquisition costs [Member] | ||
Amount reclassified into Net Income: Net actuarial loss, Gross | $1,338 | $293 |