Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 15, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SELECTIVE INSURANCE GROUP INC | |
Entity Central Index Key | 230,557 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock , Shares Outstanding | 57,110,201 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Fixed income securities, held-to-maturity – at carrying value (fair value: $259,702 – 2015; $333,961 – 2014) | $ 247,859 | $ 318,137 |
Fixed income securities, available-for-sale – at fair value (amortized cost: $4,133,223 – 2015; $3,975,786 – 2014) | 4,192,818 | 4,066,122 |
Equity securities, available-for-sale – at fair value (cost: $218,138 – 2015; $159,011 – 2014) | 228,883 | 191,400 |
Short-term investments (at cost which approximates fair value) | 168,349 | 131,972 |
Other investments | 85,420 | 99,203 |
Total investments | 4,923,329 | 4,806,834 |
Cash | 368 | 23,959 |
Interest and dividends due or accrued | 38,488 | 38,901 |
Premiums receivable, net of allowance for uncollectible accounts of: $4,210 – 2015; $4,137 – 2014 | 647,591 | 558,778 |
Reinsurance recoverables, net | 572,502 | 581,548 |
Prepaid reinsurance premiums | 145,286 | 146,993 |
Deferred federal income tax | 106,152 | 98,449 |
Property and equipment – at cost, net of accumulated depreciation and amortization of: $180,146 – 2015; $172,183 – 2014 | 62,182 | 59,416 |
Deferred policy acquisition costs | 203,224 | 185,608 |
Goodwill | 7,849 | 7,849 |
Other assets | 77,342 | 73,215 |
Total assets | 6,784,313 | 6,581,550 |
Liabilities And Stockholders' Equity | ||
Reserve for loss and loss expenses | 3,535,433 | 3,477,870 |
Unearned premiums | 1,177,901 | 1,095,819 |
Notes payable | 394,305 | 379,297 |
Current federal income tax | 13,562 | 3,921 |
Accrued salaries and benefits | 140,211 | 158,382 |
Other liabilities | 212,588 | 190,675 |
Total liabilities | 5,474,000 | 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: 100,585,852 – 2015; 99,947,933 – 2014 | 201,172 | 199,896 |
Additional paid-in capital | 317,295 | 305,385 |
Retained earnings | 1,370,681 | 1,313,440 |
Accumulated other comprehensive (loss) income | (12,329) | 19,788 |
Treasury stock - at cost (shares: 43,482,533 – 2015; 43,353,181 – 2014) | (566,506) | (562,923) |
Total stockholders' equity | $ 1,310,313 | $ 1,275,586 |
Commitments and contingencies | ||
Total liabilities and stockholders' equity | $ 6,784,313 | $ 6,581,550 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - Class of Stock [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fixed income securities, held-to-maturity, fair value | $ 259,702 | $ 333,961 |
Fixed income securities, available-for-sale, amortized cost | 4,133,223 | 3,975,786 |
Equity securities, available-for-sale, cost | 218,138 | 159,011 |
Premiums receivable, allowance for uncollectible accounts | 4,210 | 4,137 |
Property and equipment - at cost, accumulated depreciation and amortization | $ 180,146 | $ 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 | 100,585,852 | 99,947,933 |
Treasury stock - at cost, shares | 43,482,533 | 43,353,181 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Net premiums earned | $ 490,309 | $ 463,625 | $ 966,432 | $ 920,120 |
Net investment income earned | 32,230 | 36,774 | 59,147 | 72,308 |
Net realized (losses) gains: | ||||
Net realized investment gains | 1,031 | 4,958 | 22,008 | 13,139 |
Other-than-temporary impairments | (4,451) | (419) | (6,545) | (1,382) |
Total net realized (losses) gains | (3,420) | 4,539 | 15,463 | 11,757 |
Other income | 2,854 | 1,911 | 4,823 | 11,735 |
Total revenues | 521,973 | 506,849 | 1,045,865 | 1,015,920 |
Expenses: | ||||
Loss and loss expense incurred | 291,561 | 297,795 | 576,560 | 618,341 |
Policy acquisition costs | 169,770 | 155,173 | 334,493 | 304,439 |
Interest expense | 5,490 | 5,425 | 10,969 | 10,986 |
Other expenses | 8,387 | 8,935 | 20,788 | 17,549 |
Total expenses | 475,208 | 467,328 | 942,810 | 951,315 |
Income before federal income tax | 46,765 | 39,521 | 103,055 | 64,605 |
Federal income tax expense: | ||||
Current | 7,733 | 8,781 | 19,987 | 15,319 |
Deferred | 5,264 | 1,399 | 9,592 | 1,971 |
Total federal income tax expense | 12,997 | 10,180 | 29,579 | 17,290 |
Net income | $ 33,768 | $ 29,341 | $ 73,476 | $ 47,315 |
Earnings per share: | ||||
Basic net income | $ 0.59 | $ 0.52 | $ 1.29 | $ 0.84 |
Diluted net income | 0.58 | 0.51 | 1.27 | 0.83 |
Dividends to stockholders | $ 0.14 | $ 0.13 | $ 0.28 | $ 0.26 |
Consolidation Statements of Com
Consolidation Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 33,768 | $ 29,341 | $ 73,476 | $ 47,315 |
Unrealized holding (losses) gains arising during period | (39,160) | 29,329 | (23,574) | 50,755 |
Amount reclassified into net income: Held-to-maturity securities | (120) | (144) | (290) | (440) |
Amount reclassified into net income: Non-credit other-than-temporary impairments | 0 | 305 | 232 | 305 |
Amount reclassified into net income: Realized losses (gains) on available for sale securities | 2,225 | (3,255) | (10,707) | (7,954) |
Total unrealized (losses) gains on investment securities | (37,055) | 26,235 | (34,339) | 42,666 |
Amount reclassified into net income: Net actuarial loss | 1,111 | 248 | 2,222 | 495 |
Total defined benefit pension and post-retirement plans | 1,111 | 248 | 2,222 | 495 |
Other comprehensive (loss) income | (35,944) | 26,483 | (32,117) | 43,161 |
Comprehensive (loss) income | $ (2,176) | $ 55,824 | $ 41,359 | $ 90,476 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Treasury stock [Member] |
Beginning of year at Dec. 31, 2013 | $ 198,240 | $ 288,182 | $ 1,202,015 | $ 24,851 | $ (559,360) | |
Dividend reinvestment plan (shares: 26,843 – 2015; 29,949 - 2014) | 60 | 642 | ||||
Stock purchase and compensation plans (shares: 611,076 - 2015; 547,190 - 2014) | 1,095 | 9,528 | ||||
Net income | $ 47,315 | 47,315 | ||||
Dividends to stockholders ($0.28 per share - 2015; $0.26 per share - 2014) | (14,868) | |||||
Other comprehensive (loss) income | 43,161 | 43,161 | ||||
Acquisition of treasury stock (shares: 129,352 - 2015; 124,819 - 2014) | (2,786) | |||||
End of period at Jun. 30, 2014 | 1,238,075 | 199,395 | 298,352 | 1,234,462 | 68,012 | (562,146) |
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: 26,843 – 2015; 29,949 - 2014) | 54 | 677 | ||||
Stock purchase and compensation plans (shares: 611,076 - 2015; 547,190 - 2014) | 1,222 | 11,233 | ||||
Net income | 73,476 | 73,476 | ||||
Dividends to stockholders ($0.28 per share - 2015; $0.26 per share - 2014) | (16,235) | |||||
Other comprehensive (loss) income | (32,117) | (32,117) | ||||
Acquisition of treasury stock (shares: 129,352 - 2015; 124,819 - 2014) | (3,583) | |||||
End of period at Jun. 30, 2015 | $ 1,310,313 | $ 201,172 | $ 317,295 | $ 1,370,681 | $ (12,329) | $ (566,506) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Dividend reinvestment plan, shares | 26,843 | 29,949 |
Stock purchase and compensation plans, shares | 611,076 | 547,190 |
Dividends to stockholders, per share | $ 0.28 | $ 0.26 |
Acquisition of treasury stock, shares | 129,352 | 124,819 |
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 Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income | $ 73,476 | $ 47,315 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29,085 | 18,912 |
Sale of renewal rights | 0 | (8,000) |
Stock-based compensation expense | 6,049 | 6,102 |
Undistributed losses (gains) of equity method investments | 2,117 | (138) |
Net realized gains | (15,463) | (11,757) |
Changes in assets and liabilities: | ||
Increase in reserve for loss and loss expenses, net of reinsurance recoverables | 66,609 | 93,675 |
Increase in unearned premiums, net of prepaid reinsurance | 83,789 | 36,453 |
Decrease in net federal income taxes | 19,232 | 12,634 |
Increase in premiums receivable | (88,813) | (64,747) |
Increase in deferred policy acquisition costs | (17,616) | (9,106) |
Decrease (increase) in interest and dividends due or accrued | 395 | (361) |
Decrease in accrued salaries and benefits | (18,171) | (26,557) |
Decrease in accrued insurance expenses | (5,091) | (16,872) |
Increase (decrease) in other assets and other liabilities | 29,999 | (4,881) |
Net adjustments | 92,121 | 25,357 |
Net cash provided by operating activities | 165,597 | 72,672 |
Investing Activities | ||
Purchase of fixed income securities, available-for-sale | (463,758) | (339,362) |
Purchase of equity securities, available-for-sale | (177,386) | (111,886) |
Purchase of other investments | (2,947) | (6,039) |
Purchase of short-term investments | (732,278) | (764,692) |
Sale of fixed income securities, available-for-sale | 22,323 | 19,557 |
Sale of short-term investments | 695,901 | 772,455 |
Redemption and maturities of fixed income securities, held-to-maturity | 68,704 | 28,595 |
Redemption and maturities of fixed income securities, available-for-sale | 254,995 | 222,568 |
Sale of equity securities, available-for-sale | 135,548 | 111,996 |
Distributions from other investments | 17,840 | 7,726 |
Purchase of property and equipment | (7,591) | (6,628) |
Sale of renewal rights | 0 | 8,000 |
Net cash used in investing activities | (188,649) | (57,710) |
Financing Activities | ||
Dividends to stockholders | (15,211) | (13,914) |
Acquisition of treasury stock | (3,583) | (2,786) |
Net proceeds from stock purchase and compensation plans | 4,037 | 3,091 |
Proceeds from borrowings | 15,000 | 0 |
Excess tax benefits from share-based payment arrangements | 1,549 | 955 |
Repayments of capital lease obligations | (2,331) | (954) |
Net cash used in financing activities | (539) | (13,608) |
Net (decrease) increase in cash | (23,591) | 1,354 |
Cash, beginning of year | 23,959 | 193 |
Cash, end of period | $ 368 | $ 1,547 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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 U.S. generally accepted accounting principles (“GAAP”) and 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 second quarters ended June 30, 2015 (“ Second Quarter 2015 ”) and June 30, 2014 (“ Second Quarter 2014 ”) and the six -month periods ended June 30, 2015 (" Six Months 2015 ") and June 30, 2014 (" Six Months 2014 "). The Financial Statements do not include all of the information and disclosures required by GAAP and the SEC for audited annual financial statements. Results of operations for any interim period are not necessarily indicative of results for a full year. Consequently, 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 | 6 Months Ended |
Jun. 30, 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 amendments in ASU 2014-12 may be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented and all modified awards thereafter. 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 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. As the requirements of this literature are disclosure only, ASU 2014-15 will not impact our financial condition or results of operations. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 affects 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. The amendments in ASU 2015-02 may be applied either retrospectively or by applying a modified retrospective approach, which would include recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be netted against the related debt liability in the balance sheet rather than presented as a separate asset. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The amendments in ASU 2015-03 should be applied on a retrospective basis. As the requirements of this literature are disclosure only, ASU 2015-03 will not impact our financial condition or results of operations. In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). ASU 2015-05 provides guidance to customers with cloud computing arrangements that include a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The amendments in ASU 2015-05 can be adopted either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. While we are currently evaluating ASU 2015-05, we do not expect a material impact on our financial condition or results of operations from the adoption of this guidance. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 provides guidance that investments for which the practical expedient is used to measure fair value at net asset value per share ("NAV") must be removed from the fair value hierarchy. Instead, those investments must be included as a reconciling line item so that the total fair value amount of investments in the disclosure is consistent with the amount on the balance sheet. ASU 2015-07 also includes disclosure requirements for investments for which the NAV practical expedient was used to determine fair value. ASU 2015-07 is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The amendments in ASU 2015-07 should be applied retrospectively to all periods presented. As the requirements of this literature are disclosure only, the application of this guidance will not impact our financial condition or results of operations. In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts (“ASU 2015-09”). ASU 2015-09 requires companies that issue short duration contracts to disclose additional information, including: (i) incurred and paid claims development tables; (ii) frequency and severity of claims; and (iii) information about material changes in judgments made in calculating the liability for unpaid claim adjustment expenses, including reasons for the change and the effects on the financial statements. ASU 2015-09 is effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. The amendments in ASU 2015-09 should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. As the requirements of this literature are disclosure only, the application of this guidance will not impact our financial condition or results of operations. |
Statements of Cash Flow
Statements of Cash Flow | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flow | Statements of Cash Flow Supplemental cash flow information is as follows: Six Months ended June 30, ($ in thousands) 2015 2014 Cash paid during the period for: Interest $ 10,947 11,113 Federal income tax 8,500 3,699 Non-cash items: Tax-free exchange of fixed income securities, available-for-sale ("AFS") 17,120 9,180 Tax-free exchange of fixed income securities, held-to-maturity ("HTM") — 15 Corporate actions related to equity securities, AFS 1 884 334 Assets acquired under capital lease arrangements 3,478 2,124 1 Examples of such corporate actions include non-cash acquisitions and stock splits. Included in "Other assets" on the Consolidated Balance Sheet was $5.2 million at June 30, 2015 and $8.5 million at June 30, 2014 of cash received from the National Flood Insurance Program ("NFIP"), which is restricted to pay flood claims under the Write Your Own ("WYO") program. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | Investments (a) The amortized cost, net unrealized gains and losses, carrying value, unrecognized holding gains and losses, and fair value of HTM fixed income securities as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 ($ in thousands) Amortized Cost Net Unrealized Gains (Losses) Carrying Value Unrecognized Holding Gains Unrecognized Holding Losses Fair Value Foreign government $ 5,292 3 5,295 — (3 ) 5,292 Obligations of states and political subdivisions 216,870 1,395 218,265 8,441 — 226,706 Corporate securities 18,532 (265 ) 18,267 2,565 — 20,832 Asset-backed securities (“ABS”) 1,976 (280 ) 1,696 285 — 1,981 Commercial mortgage-backed securities (“CMBS”) 4,676 (340 ) 4,336 555 — 4,891 Total HTM fixed income securities $ 247,346 513 247,859 11,846 (3 ) 259,702 December 31, 2014 ($ in thousands) Amortized Cost Net Unrealized Gains (Losses) Carrying Value Unrecognized Holding Gains Unrecognized Holding Losses Fair Value 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 1.6 years as of June 30, 2015 . (b) The cost/amortized cost, unrealized gains and losses, and fair value of AFS securities as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 ($ in thousands) Cost/ Amortized Cost Unrealized Gains Unrealized Losses Fair Value AFS fixed income securities: U.S. government and government agencies $ 109,506 6,420 (65 ) 115,861 Foreign government 22,026 693 — 22,719 Obligations of states and political subdivisions 1,277,635 23,242 (4,819 ) 1,296,058 Corporate securities 1,794,698 36,201 (6,324 ) 1,824,575 ABS 213,662 990 (155 ) 214,497 CMBS 1 213,497 1,861 (1,180 ) 214,178 Residential mortgage-backed securities (“RMBS”) 2 502,199 6,224 (3,493 ) 504,930 Total AFS fixed income securities 4,133,223 75,631 (16,036 ) 4,192,818 AFS equity securities: Common stock 200,150 15,159 (4,190 ) 211,119 Preferred stock 17,988 23 (247 ) 17,764 Total AFS equity securities 218,138 15,182 (4,437 ) 228,883 Total AFS securities $ 4,351,361 90,813 (20,473 ) 4,421,701 December 31, 2014 ($ in thousands) Cost/ Amortized Cost Unrealized Gains Unrealized Losses Fair Value AFS fixed income securities: 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 CMBS 1 177,932 2,438 (777 ) 179,593 RMBS 2 505,113 8,587 (2,426 ) 511,274 Total AFS fixed income securities 3,975,786 100,578 (10,242 ) 4,066,122 AFS equity securities: Common stock 159,011 32,725 (336 ) 191,400 Total 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 $10.2 million at June 30, 2015 and $13.2 million at December 31, 2014 . 2 RMBS includes government guaranteed agency securities with a fair value of $25.7 million at June 30, 2015 and $32.4 million at December 31, 2014 . Unrealized gains and losses of AFS securities represent fair value fluctuations from the later of: (i) the date a security is designated as AFS; or (ii) the date that an OTTI charge is recognized on an AFS security, through the date of the balance sheet. These unrealized gains and losses are recorded in Accumulated other comprehensive (loss) income ("AOCI") on the Consolidated Balance Sheets. (c) The following tables summarize, for all securities in a net unrealized/unrecognized loss position at June 30, 2015 and December 31, 2014 , the fair value and pre-tax net unrealized/unrecognized loss by asset class and by length of time those securities have been in a net loss position: June 30, 2015 Less than 12 months 12 months or longer ($ in thousands) Fair Value Unrealized Losses 1 Fair Value Unrealized Losses 1 AFS fixed income securities: U.S. government and government agencies $ 7,513 (62 ) 398 (3 ) Obligations of states and political subdivisions 398,429 (4,819 ) — — Corporate securities 440,510 (4,939 ) 50,187 (1,385 ) ABS 40,185 (40 ) 15,071 (115 ) CMBS 80,860 (1,057 ) 15,579 (123 ) RMBS 172,482 (1,763 ) 67,336 (1,730 ) Total AFS fixed income securities 1,139,979 (12,680 ) 148,571 (3,356 ) AFS equity securities: Common stock 103,352 (4,190 ) — — Preferred stock 8,432 (247 ) — — Total AFS equity securities 111,784 (4,437 ) — — Subtotal $ 1,251,763 (17,117 ) 148,571 (3,356 ) Less than 12 months 12 months or longer ($ in thousands) Fair Value Unrealized Losses 1 Unrecognized Gains 2 Fair Value Unrealized Losses 1 Unrecognized Gains 2 HTM securities: Obligations of states and political subdivisions 180 (2 ) — — — — ABS — — — 1,540 (280 ) 272 Subtotal $ 180 (2 ) — 1,540 (280 ) 272 Total AFS and HTM $ 1,251,943 (17,119 ) — 150,111 (3,636 ) 272 December 31, 2014 Less than 12 months 12 months or longer ($ in thousands) Fair Value Unrealized Losses 1 Fair Value Unrealized Losses 1 AFS fixed income 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 AFS fixed income securities 461,125 (2,072 ) 442,058 (8,170 ) AFS equity securities: Common stock 5,262 (336 ) — — Total AFS 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 Value Unrealized Losses 1 Unrecognized Gains 2 Fair Value Unrealized Losses 1 Unrecognized Gains 2 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 June 30, 2015 compared to December 31, 2014 : ($ in thousands) June 30, 2015 December 31, 2014 Number of Issues % of Market/Book Unrealized/ Unrecognized Loss Number of Issues % of Market/Book Unrealized/ Unrecognized Loss 495 80% - 99% $ 20,483 350 80% - 99% $ 10,596 — 60% - 79% — — 60% - 79% — — 40% - 59% — — 40% - 59% — — 20% - 39% — — 20% - 39% — — 0% - 19% — — 0% - 19% — $ 20,483 $ 10,596 The increase in the number of securities in a loss position in our portfolio as of June 30, 2015 compared to December 31, 2014, and the related loss amounts were mainly driven by a higher interest rate environment. During Six Months 2015 , interest rates on the 10-year U.S. Treasury Note rose by 18 basis points. This interest rate movement had a negative impact on the valuation of our fixed income securities portfolio, thus increasing the number of securities in a loss position and the corresponding dollar amount of unrealized losses. In addition, unrealized losses on our equity portfolio increased to $4.4 million . These unrealized losses are related to 27 securities with an average impairment severity of 4% of cost, which reflects a temporary dislocation in market values that are expected to recover in the near term. We do not intend to sell any of the securities in the tables above, nor do we believe we will be required to sell any of these securities. We have also reviewed these securities under our OTTI policy, as described in Note 2. “Summary of Significant Accounting Policies” within Item 8. “Financial Statements and Supplementary Data.” of our 2014 Annual Report , and have concluded that they are temporarily impaired. This conclusion reflects our current judgment as to the financial position and future prospects of the entity that issued the investment security and underlying collateral. If our judgment about an individual security changes in the future, we may ultimately record a credit loss after having originally concluded that one did not exist, which could have a material impact on our net income and financial position in future periods. (d) Fixed income securities at June 30, 2015 , by contractual maturity, are shown below. Mortgage-backed securities ("MBS") are included in the maturity tables using the estimated average life of each security. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations, with or without call or prepayment penalties. Listed below are the contractual maturities of HTM fixed income securities at June 30, 2015 : ($ in thousands) Carrying Value Fair Value Due in one year or less $ 87,104 88,688 Due after one year through five years 149,865 158,092 Due after five years through 10 years 10,890 12,922 Total HTM fixed income securities $ 247,859 259,702 Listed below are the contractual maturities of AFS fixed income securities at June 30, 2015 : ($ in thousands) Fair Value Due in one year or less $ 447,462 Due after one year through five years 2,146,816 Due after five years through 10 years 1,504,185 Due after 10 years 94,355 Total AFS fixed income securities $ 4,192,818 (e) The following table summarizes our other investment portfolio by strategy and the remaining commitment amount associated with each strategy: Other Investments Carrying Value June 30, 2015 ($ in thousands) June 30, December 31, Remaining Commitment Alternative Investments Secondary private equity $ 18,997 21,807 7,072 Private equity 16,027 20,126 8,823 Energy/power generation 9,662 14,445 19,610 Real estate 8,242 11,452 9,975 Mezzanine financing 7,563 9,853 13,383 Distressed debt 7,000 8,679 3,048 Venture capital 6,697 6,606 350 Total alternative investments 74,188 92,968 62,261 Other securities 11,232 6,235 2,269 Total other investments $ 85,420 99,203 64,530 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 and six-month periods ended March 31 is as follows: Income Statement Information Quarter ended March 31, Six Months ended March 31, ($ in millions) 2015 2014 2015 2014 Net investment income $ 8.5 22.8 $ 95.6 85.7 Realized gains 279.4 74.2 592.5 197.6 Net change in unrealized (depreciation) appreciation (223.4 ) 207.6 (866.9 ) 842.4 Net (loss) income $ 64.5 304.6 $ (178.8 ) 1,125.7 Selective’s insurance subsidiaries’ other investments income (loss) $ 1.4 3.6 $ (2.1 ) 8.8 (f) We have pledged certain AFS fixed income securities as collateral related to: (i) our outstanding borrowing of $60 million with the Federal Home Loan Bank of Indianapolis ("FHLBI"); and (ii) our reinsurance obligations related to our 2011 acquisition of our excess and surplus lines ("E&S") book of business. In addition, certain securities were on deposit with various state and regulatory agencies to comply with insurance laws. We retain all rights regarding all securities pledged as collateral. The following table summarizes the market value of these securities at June 30, 2015 : ($ in millions) FHLBI Collateral Reinsurance Collateral State and Regulatory Deposits Total U.S. government and government agencies $ 7.7 — 24.7 32.4 Obligations of states and political subdivisions — 4.9 — 4.9 Corporate securities — 4.8 — 4.8 CMBS 1.5 — — 1.5 RMBS 54.5 2.0 — 56.5 Total pledged as collateral $ 63.7 11.7 24.7 100.1 (g) The Company did not have exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity, other than certain U.S. government agencies, as of June 30, 2015 or December 31, 2014 . (h) The components of pre-tax net investment income earned for the periods indicated were as follows: Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Fixed income securities $ 30,659 33,781 $ 61,626 $ 64,809 Equity securities 2,384 1,736 4,176 3,185 Short-term investments 23 14 48 33 Other investments 1,422 3,553 (2,118 ) 8,771 Investment expenses (2,258 ) (2,310 ) (4,585 ) (4,490 ) Net investment income earned $ 32,230 36,774 59,147 72,308 (i) The following tables summarize OTTI by asset type for the periods indicated: Second Quarter 2015 Gross Included in Other Comprehensive Income ("OCI") Recognized in ($ in thousands) AFS fixed income securities: Corporate securities $ 183 — 183 Total AFS fixed income securities 183 — 183 AFS equity securities: Common stock 4,088 — 4,088 Preferred stock 180 — 180 Total AFS equity securities 4,268 — 4,268 Total OTTI losses $ 4,451 — 4,451 Second Quarter 2014 Gross Included in OCI Recognized in Earnings ($ in thousands) AFS equity securities: Common stock $ 419 — 419 Total OTTI losses $ 419 — 419 Six Months 2015 Gross Included in Other Comprehensive Income ("OCI") Recognized in ($ in thousands) AFS fixed income securities: Corporate securities $ 1,192 — 1,192 RMBS 1 — 1 Total AFS fixed income securities 1,193 — 1,193 AFS equity securities: Common stock 5,172 — 5,172 Preferred stock 180 — 180 Total AFS equity securities 5,352 — 5,352 Total OTTI losses $ 6,545 — 6,545 Six Months 2014 Gross Included in OCI Recognized in Earnings ($ in thousands) AFS equity securities: Common stock $ 1,382 — 1,382 Total OTTI losses $ 1,382 — 1,382 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 tables set forth, for the periods indicated, credit loss impairments on fixed income securities for which a portion of the OTTI charge was recognized in OCI, and the corresponding changes in such amounts: Quarter ended June 30, ($ in thousands) 2015 2014 Balance, beginning of period $ 1,013 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 — (1,954 ) 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 5,534 Six Months ended June 30, ($ 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 ) (1,954 ) 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 5,534 (j) The components of net realized gains, excluding OTTI charges, for the periods indicated were as follows: Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 HTM fixed income securities Gains $ 2 3 2 3 Losses — (3 ) (1 ) (14 ) AFS fixed income securities Gains 487 780 1,989 938 Losses (18 ) (31 ) (130 ) (143 ) AFS equity securities Gains 830 4,362 22,148 12,679 Losses (270 ) (153 ) (1,346 ) (324 ) Other investments Gains — — — — Losses — — (654 ) — Total net realized gains (excluding OTTI charges) $ 1,031 4,958 22,008 13,139 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 $19.5 million and $157.9 million in Second Quarter and Six Months 2015 , respectively. The $22.0 million in net realized gains for Six Months 2015 was 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 $5.0 million and $13.1 million in net realized gains in Second Quarter and Six Months 2014 , respectively, were primarily related to the sale of AFS equity securities due to the quantitative rebalancing of our dividend yield strategy holdings within our equity portfolio. |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 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 $15 million in the aggregate from the FHLBI for general corporate purposes. The unpaid principal amount accrues interest of 0.63% , which is paid on the 15th of every month. The principal amount is due on July 22, 2016. For a summary of the Indiana Subsidiaries' borrowings from the FHLBI, refer to Note 10. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2014 Annual Report. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the carrying amounts and estimated fair values of our financial instruments as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets Fixed income securities: HTM $ 247,859 259,702 318,137 333,961 AFS 4,192,818 4,192,818 4,066,122 4,066,122 Equity securities, AFS 228,883 228,883 191,400 191,400 Short-term investments 168,349 168,349 131,972 131,972 Financial Liabilities Notes payable: 0.63% borrowings from FHLBI 15,000 14,999 — — 1.25% borrowings from FHLBI 45,000 45,290 45,000 45,244 7.25% Senior Notes 49,897 56,607 49,896 59,181 6.70% Senior Notes 99,408 109,656 99,401 114,845 5.875% Senior Notes 185,000 183,742 185,000 185,000 Total notes payable $ 394,305 410,294 379,297 404,270 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 June 30, 2015 and December 31, 2014 : June 30, 2015 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value at 6/30/2015 Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) 1 Significant Other Observable Inputs (Level 2) 1 Significant Unobservable Inputs (Level 3) Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 115,861 52,361 63,500 — Foreign government 22,719 — 22,719 — Obligations of states and political subdivisions 1,296,058 — 1,296,058 — Corporate securities 1,824,575 — 1,824,575 — ABS 214,497 — 214,497 — CMBS 214,178 — 214,178 — RMBS 504,930 — 504,930 — Total AFS fixed income securities 4,192,818 52,361 4,140,457 — AFS equity securities: Common stock 211,119 208,334 — 2,785 Preferred stock 17,764 17,764 — — Total AFS equity securities 228,883 226,098 — 2,785 Total AFS securities 4,421,701 278,459 4,140,457 2,785 Short-term investments 168,349 168,349 — — Total assets measured at fair value $ 4,590,050 446,808 4,140,457 2,785 1 There were no transfers of securities between Level 1 and Level 2. December 31, 2014 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value at 12/31/14 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) 1 Significant Other Observable Inputs (Level 2) 1 Significant Unobservable Inputs (Level 3) 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 — AFS equity securities: Common stock 191,400 188,500 — 2,900 Total AFS 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 following table provides a summary of the changes in the fair value of securities measured using Level 3 inputs and related quantitative information for the six-month period ended June 30, 2015 . June 30, 2015 Common Stock ($ in thousands) Fair value, December 31, 2014 $ 2,900 Total net (losses) gains for the period included in: OCI — Net income — Purchases — Sales (115 ) Issuances — Settlements — Transfers into Level 3 — Transfers out of Level 3 — Fair value, June 30, 2015 $ 2,785 The $2.9 million in fair value of securities measured using Level 3 prices remained unchanged during the full year 2014 . The price for the securities, which were measured using Level 3 inputs at June 30, 2015 and December 31, 2014 , was obtained through statements provided by the issuer, which we review for reasonableness. The following tables provide quantitative information regarding our financial assets and liabilities that were disclosed at fair value at June 30, 2015 and December 31, 2014 : June 30, 2015 Fair Value Measurements Using ($ in thousands) Assets/ Liabilities Disclosed at Fair Value at 6/30/2015 Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets HTM: Foreign government $ 5,292 — 5,292 — Obligations of states and political subdivisions 226,706 — 226,706 — Corporate securities 20,832 — 20,832 — ABS 1,981 — 1,981 — CMBS 4,891 — 4,891 — Total HTM fixed income securities $ 259,702 — 259,702 — Financial Liabilities Notes payable: 0.63% borrowings from FHLBI $ 14,999 — 14,999 — 1.25% borrowings from FHLBI 45,290 — 45,290 — 7.25% Senior Notes 56,607 — 56,607 — 6.70% Senior Notes 109,656 — 109,656 — 5.875% Senior Notes 183,742 183,742 — — Total notes payable $ 410,294 183,742 226,552 — December 31, 2014 Fair Value Measurements Using ($ in thousands) Assets/ Liabilities Disclosed at Fair Value at 12/31/2014 Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Premiums written: Direct $ 621,408 572,314 1,220,191 1,130,205 Assumed 4,960 5,837 11,041 13,687 Ceded (94,235 ) (98,328 ) (181,011 ) (187,319 ) Net $ 532,133 479,823 1,050,221 956,573 Premiums earned: Direct $ 576,107 544,913 1,138,149 1,081,613 Assumed 5,093 10,385 11,001 20,570 Ceded (90,891 ) (91,673 ) (182,718 ) (182,063 ) Net $ 490,309 463,625 966,432 920,120 Loss and loss expense incurred: Direct $ 316,648 332,707 628,894 691,056 Assumed 4,228 7,377 8,890 14,856 Ceded (29,315 ) (42,289 ) (61,224 ) (87,571 ) Net $ 291,561 297,795 576,560 618,341 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 June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Ceded premiums written $ (62,479 ) (65,775 ) (116,321 ) (123,078 ) Ceded premiums earned (58,781 ) (59,213 ) (117,779 ) (117,499 ) Ceded loss and loss expense incurred (14,684 ) (26,712 ) (20,933 ) (34,091 ) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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, as well as 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 the first quarter of 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 $8 million , are included in "Miscellaneous income" within the table below as a component of Standard Commercial Lines revenue. The following summaries present revenues (net investment income and net realized gains on investments in the case of the Investments segment) and pre-tax income for the individual segments: Revenue by Segment Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Standard Commercial Lines: Net premiums earned: Commercial automobile $ 88,658 83,472 175,013 165,688 Workers compensation 70,954 68,992 139,431 138,405 General liability 119,207 111,591 234,178 220,409 Commercial property 66,549 61,226 131,112 121,412 Businessowners’ policies 23,178 21,279 45,877 42,148 Bonds 5,106 4,734 10,106 9,490 Other 3,553 3,213 7,021 6,396 Miscellaneous income 2,563 1,571 4,232 10,485 Total Standard Commercial Lines revenue 379,768 356,078 746,970 714,433 Standard Personal Lines: Net premiums earned: Personal automobile 36,740 38,022 73,750 76,248 Homeowners 33,731 33,576 67,452 66,874 Other 1,600 2,946 3,348 6,240 Miscellaneous income 291 337 591 1,242 Total Standard Personal Lines revenue 72,362 74,881 145,141 150,604 E&S Lines: Net premiums earned: General liability 28,793 23,936 55,519 45,867 Commercial property 10,464 9,379 20,119 18,496 Commercial automobile 1,776 1,259 3,506 2,447 Total E&S Lines revenue 41,033 34,574 79,144 66,810 Investments: Net investment income 32,230 36,774 59,147 72,308 Net realized investment (losses) gains (3,420 ) 4,539 15,463 11,757 Total Investments revenue 28,810 41,313 74,610 84,065 Total segments revenue 521,973 506,846 1,045,865 1,015,912 Other income — 3 — 8 Total revenues $ 521,973 506,849 1,045,865 1,015,920 Income Before Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Standard Commercial Lines: Underwriting gain $ 35,241 15,703 65,277 12,073 GAAP combined ratio 90.7 % 95.6 91.2 98.3 Statutory combined ratio 90.1 95.5 89.9 97.8 Standard Personal Lines: Underwriting loss $ (4,655 ) (5,582 ) (7,121 ) (7,942 ) GAAP combined ratio 106.5 % 107.5 104.9 105.3 Statutory combined ratio 105.4 106.1 105.2 105.3 E&S Insurance Operations: Underwriting (loss) gain $ (1,462 ) (37 ) (3,011 ) 938 GAAP combined ratio 103.6 % 100.1 103.8 98.6 Statutory combined ratio 102.7 99.9 102.5 98.8 Investments: Net investment income $ 32,230 36,774 59,147 72,308 Net realized investment (losses) gains (3,420 ) 4,539 15,463 11,757 Total investment income, before federal income tax 28,810 41,313 74,610 84,065 Tax on investment income 6,254 10,941 18,572 22,516 Total investment income, after federal income tax $ 22,556 30,372 56,038 61,549 Reconciliation of Segment Results to Income Before Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Underwriting gain (loss), before federal income tax Standard Commercial Lines $ 35,241 15,703 65,277 12,073 Standard Personal Lines (4,655 ) (5,582 ) (7,121 ) (7,942 ) E&S Lines (1,462 ) (37 ) (3,011 ) 938 Investment income, before federal income tax 28,810 41,313 74,610 84,065 Total all segments 57,934 51,397 129,755 89,134 Interest expense (5,490 ) (5,425 ) (10,969 ) (10,986 ) General corporate and other expenses (5,679 ) (6,451 ) (15,731 ) (13,543 ) Income before federal income tax $ 46,765 39,521 103,055 64,605 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans The following tables show 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 ($ in thousands) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Net Periodic Benefit Cost: Service cost $ 1,963 1,626 — — Interest cost 3,501 3,253 63 73 Expected return on plan assets (3,990 ) (3,918 ) — — Amortization of unrecognized net actuarial loss 1,695 368 14 13 Total net periodic cost $ 3,169 1,329 77 86 Retirement Income Plan Retirement Life Plan ($ in thousands) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Net Periodic Benefit Cost: Service cost $ 3,927 3,253 — — Interest cost 7,003 6,507 126 146 Expected return on plan assets (7,981 ) (7,837 ) — — Amortization of unrecognized net actuarial loss 3,390 735 28 26 Total net periodic cost $ 6,339 2,658 154 172 Retirement Income Plan Retirement Life Plan 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 4.00 4.00 — — We presently anticipate contributing $11.9 million to the Retirement Income Plan in 2015, $6.4 million of which has been funded as of June 30, 2015 . |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Comprehensive Income The components of comprehensive income, both gross and net of tax, for Second Quarter and Six Months 2015 and 2014 are as follows: Second Quarter 2015 ($ in thousands) Gross Tax Net Net income $ 46,765 12,997 33,768 Components of OCI: Unrealized (losses) gains on investment securities : Unrealized holding losses during the period (60,244 ) (21,084 ) (39,160 ) Amounts reclassified into net income: HTM securities (185 ) (65 ) (120 ) Realized losses on AFS securities 3,422 1,197 2,225 Net unrealized losses (57,007 ) (19,952 ) (37,055 ) 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 loss (55,298 ) (19,354 ) (35,944 ) Comprehensive loss $ (8,533 ) (6,357 ) (2,176 ) Second Quarter 2014 ($ in thousands) Gross Tax Net Net income $ 39,521 10,180 29,341 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the period 45,122 15,793 29,329 Amounts reclassified into net income: HTM securities (221 ) (77 ) (144 ) Non-credit OTTI 469 164 305 Realized gains on AFS securities (5,008 ) (1,753 ) (3,255 ) Net unrealized gains 40,362 14,127 26,235 Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 381 133 248 Defined benefit pension and post-retirement plans 381 133 248 Other comprehensive income 40,743 14,260 26,483 Comprehensive income $ 80,264 24,440 55,824 Six Months 2015 ($ in thousands) Gross Tax Net Net income $ 103,055 29,579 73,476 Components of OCI: Unrealized (losses) gains on investment securities : Unrealized holding losses during the period (36,267 ) (12,693 ) (23,574 ) Amounts reclassified into net income: HTM securities (446 ) (156 ) (290 ) Non-credit OTTI 357 125 232 Realized gains on AFS securities (16,473 ) (5,766 ) (10,707 ) Net unrealized losses (52,829 ) (18,490 ) (34,339 ) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 3,418 1,196 2,222 Defined benefit pension and post-retirement plans 3,418 1,196 2,222 Other comprehensive loss (49,411 ) (17,294 ) (32,117 ) Comprehensive income $ 53,644 12,285 41,359 Six Months 2014 ($ in thousands) Gross Tax Net Net income $ 64,605 17,290 47,315 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the period 78,086 27,331 50,755 Amounts reclassified into net income: HTM securities (677 ) (237 ) (440 ) Non-credit OTTI 469 164 305 Realized gains on AFS securities (12,237 ) (4,283 ) (7,954 ) Net unrealized gains 65,641 22,975 42,666 Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 761 266 495 Defined benefit pension and post-retirement plans 761 266 495 Other comprehensive income 66,402 23,241 43,161 Comprehensive income $ 131,007 40,531 90,476 The balances of, and changes in, each component of AOCI (net of taxes) as of June 30, 2015 are as follows: June 30, 2015 Net Unrealized (Loss) Gain on Investment Securities Defined Benefit Pension and Post-Retirement Plans Total Accumulated Other Comprehensive Income (Loss) ($ in thousands) OTTI Related HTM Related All Other Investments Subtotal Balance, December 31, 2014 $ (514 ) 623 80,284 80,393 (60,605 ) 19,788 OCI before reclassifications — — (23,574 ) (23,574 ) — (23,574 ) Amounts reclassified from AOCI 232 (290 ) (10,707 ) (10,765 ) 2,222 (8,543 ) Net current period OCI 232 (290 ) (34,281 ) (34,339 ) 2,222 (32,117 ) Balance, June 30, 2015 $ (282 ) 333 46,003 46,054 (58,383 ) (12,329 ) The reclassifications out of AOCI are as follows: Quarter ended Six Months ended ($ in thousands) 2015 2014 2015 2014 Affected Line Item in the Unaudited Consolidated Statement of Income OTTI related Non-credit OTTI on disposed securities $ — 469 357 469 Net realized (losses) gains — 469 357 469 Income before federal income tax — (164 ) (125 ) (164 ) Total federal income tax expense — 305 232 305 Net income HTM related Unrealized losses on HTM disposals 87 51 137 75 Net realized (losses) gains Amortization of net unrealized gains on HTM securities (272 ) (272 ) (583 ) (752 ) Net investment income earned (185 ) (221 ) (446 ) (677 ) Income before federal income tax 65 77 156 237 Total federal income tax expense (120 ) (144 ) (290 ) (440 ) Net income Realized gains and losses on AFS and OTTI Realized losses (gains) on AFS disposals and OTTI 3,422 (5,008 ) (16,473 ) (12,237 ) Net realized (losses) gains 3,422 (5,008 ) (16,473 ) (12,237 ) Income before federal income tax (1,197 ) 1,753 5,766 4,283 Total federal income tax expense 2,225 (3,255 ) (10,707 ) (7,954 ) Net income Defined benefit pension and post-retirement life plans Net actuarial loss 372 88 743 175 Loss and loss expense incurred 1,337 293 2,675 586 Policy acquisition costs Total defined benefit pension and post-retirement life 1,709 381 3,418 761 Income before federal income tax (598 ) (133 ) (1,196 ) (266 ) Total federal income tax expense 1,111 248 2,222 495 Net income Total reclassifications for the period $ 3,216 (2,846 ) (8,543 ) (7,594 ) Net income |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 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 June 30, 2015, we do not believe the Company was involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. |
Statements of Cash Flow (Tables
Statements of Cash Flow (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Six Months ended June 30, ($ in thousands) 2015 2014 Cash paid during the period for: Interest $ 10,947 11,113 Federal income tax 8,500 3,699 Non-cash items: Tax-free exchange of fixed income securities, available-for-sale ("AFS") 17,120 9,180 Tax-free exchange of fixed income securities, held-to-maturity ("HTM") — 15 Corporate actions related to equity securities, AFS 1 884 334 Assets acquired under capital lease arrangements 3,478 2,124 1 Examples of such corporate actions include non-cash acquisitions and stock splits. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Line Items] | |
Schedule of Held-to-maturity Securities | June 30, 2015 ($ in thousands) Amortized Cost Net Unrealized Gains (Losses) Carrying Value Unrecognized Holding Gains Unrecognized Holding Losses Fair Value Foreign government $ 5,292 3 5,295 — (3 ) 5,292 Obligations of states and political subdivisions 216,870 1,395 218,265 8,441 — 226,706 Corporate securities 18,532 (265 ) 18,267 2,565 — 20,832 Asset-backed securities (“ABS”) 1,976 (280 ) 1,696 285 — 1,981 Commercial mortgage-backed securities (“CMBS”) 4,676 (340 ) 4,336 555 — 4,891 Total HTM fixed income securities $ 247,346 513 247,859 11,846 (3 ) 259,702 December 31, 2014 ($ in thousands) Amortized Cost Net Unrealized Gains (Losses) Carrying Value Unrecognized Holding Gains Unrecognized Holding Losses Fair Value 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 | June 30, 2015 ($ in thousands) Cost/ Amortized Cost Unrealized Gains Unrealized Losses Fair Value AFS fixed income securities: U.S. government and government agencies $ 109,506 6,420 (65 ) 115,861 Foreign government 22,026 693 — 22,719 Obligations of states and political subdivisions 1,277,635 23,242 (4,819 ) 1,296,058 Corporate securities 1,794,698 36,201 (6,324 ) 1,824,575 ABS 213,662 990 (155 ) 214,497 CMBS 1 213,497 1,861 (1,180 ) 214,178 Residential mortgage-backed securities (“RMBS”) 2 502,199 6,224 (3,493 ) 504,930 Total AFS fixed income securities 4,133,223 75,631 (16,036 ) 4,192,818 AFS equity securities: Common stock 200,150 15,159 (4,190 ) 211,119 Preferred stock 17,988 23 (247 ) 17,764 Total AFS equity securities 218,138 15,182 (4,437 ) 228,883 Total AFS securities $ 4,351,361 90,813 (20,473 ) 4,421,701 December 31, 2014 ($ in thousands) Cost/ Amortized Cost Unrealized Gains Unrealized Losses Fair Value AFS fixed income securities: 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 CMBS 1 177,932 2,438 (777 ) 179,593 RMBS 2 505,113 8,587 (2,426 ) 511,274 Total AFS fixed income securities 3,975,786 100,578 (10,242 ) 4,066,122 AFS equity securities: Common stock 159,011 32,725 (336 ) 191,400 Total 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 $10.2 million at June 30, 2015 and $13.2 million at December 31, 2014 . 2 RMBS includes government guaranteed agency securities with a fair value of $25.7 million at June 30, 2015 and $32.4 million at December 31, 2014 . |
Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time | June 30, 2015 Less than 12 months 12 months or longer ($ in thousands) Fair Value Unrealized Losses 1 Fair Value Unrealized Losses 1 AFS fixed income securities: U.S. government and government agencies $ 7,513 (62 ) 398 (3 ) Obligations of states and political subdivisions 398,429 (4,819 ) — — Corporate securities 440,510 (4,939 ) 50,187 (1,385 ) ABS 40,185 (40 ) 15,071 (115 ) CMBS 80,860 (1,057 ) 15,579 (123 ) RMBS 172,482 (1,763 ) 67,336 (1,730 ) Total AFS fixed income securities 1,139,979 (12,680 ) 148,571 (3,356 ) AFS equity securities: Common stock 103,352 (4,190 ) — — Preferred stock 8,432 (247 ) — — Total AFS equity securities 111,784 (4,437 ) — — Subtotal $ 1,251,763 (17,117 ) 148,571 (3,356 ) Less than 12 months 12 months or longer ($ in thousands) Fair Value Unrealized Losses 1 Unrecognized Gains 2 Fair Value Unrealized Losses 1 Unrecognized Gains 2 HTM securities: Obligations of states and political subdivisions 180 (2 ) — — — — ABS — — — 1,540 (280 ) 272 Subtotal $ 180 (2 ) — 1,540 (280 ) 272 Total AFS and HTM $ 1,251,943 (17,119 ) — 150,111 (3,636 ) 272 December 31, 2014 Less than 12 months 12 months or longer ($ in thousands) Fair Value Unrealized Losses 1 Fair Value Unrealized Losses 1 AFS fixed income 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 AFS fixed income securities 461,125 (2,072 ) 442,058 (8,170 ) AFS equity securities: Common stock 5,262 (336 ) — — Total AFS 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 Value Unrealized Losses 1 Unrecognized Gains 2 Fair Value Unrealized Losses 1 Unrecognized Gains 2 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) June 30, 2015 December 31, 2014 Number of Issues % of Market/Book Unrealized/ Unrecognized Loss Number of Issues % of Market/Book Unrealized/ Unrecognized Loss 495 80% - 99% $ 20,483 350 80% - 99% $ 10,596 — 60% - 79% — — 60% - 79% — — 40% - 59% — — 40% - 59% — — 20% - 39% — — 20% - 39% — — 0% - 19% — — 0% - 19% — $ 20,483 $ 10,596 |
Schedule Of Other Investment Portfolio By Strategy And Remaining Commitment Amount Associated With Each Strategy | Other Investments Carrying Value June 30, 2015 ($ in thousands) June 30, December 31, Remaining Commitment Alternative Investments Secondary private equity $ 18,997 21,807 7,072 Private equity 16,027 20,126 8,823 Energy/power generation 9,662 14,445 19,610 Real estate 8,242 11,452 9,975 Mezzanine financing 7,563 9,853 13,383 Distressed debt 7,000 8,679 3,048 Venture capital 6,697 6,606 350 Total alternative investments 74,188 92,968 62,261 Other securities 11,232 6,235 2,269 Total other investments $ 85,420 99,203 64,530 |
Schedule Of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio | Income Statement Information Quarter ended March 31, Six Months ended March 31, ($ in millions) 2015 2014 2015 2014 Net investment income $ 8.5 22.8 $ 95.6 85.7 Realized gains 279.4 74.2 592.5 197.6 Net change in unrealized (depreciation) appreciation (223.4 ) 207.6 (866.9 ) 842.4 Net (loss) income $ 64.5 304.6 $ (178.8 ) 1,125.7 Selective’s insurance subsidiaries’ other investments income (loss) $ 1.4 3.6 $ (2.1 ) 8.8 |
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 — 24.7 32.4 Obligations of states and political subdivisions — 4.9 — 4.9 Corporate securities — 4.8 — 4.8 CMBS 1.5 — — 1.5 RMBS 54.5 2.0 — 56.5 Total pledged as collateral $ 63.7 11.7 24.7 100.1 |
Schedule of Net Investment Income Earned | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Fixed income securities $ 30,659 33,781 $ 61,626 $ 64,809 Equity securities 2,384 1,736 4,176 3,185 Short-term investments 23 14 48 33 Other investments 1,422 3,553 (2,118 ) 8,771 Investment expenses (2,258 ) (2,310 ) (4,585 ) (4,490 ) Net investment income earned $ 32,230 36,774 59,147 72,308 |
Schedule of OTTI By Asset Type | Second Quarter 2015 Gross Included in Other Comprehensive Income ("OCI") Recognized in ($ in thousands) AFS fixed income securities: Corporate securities $ 183 — 183 Total AFS fixed income securities 183 — 183 AFS equity securities: Common stock 4,088 — 4,088 Preferred stock 180 — 180 Total AFS equity securities 4,268 — 4,268 Total OTTI losses $ 4,451 — 4,451 Second Quarter 2014 Gross Included in OCI Recognized in Earnings ($ in thousands) AFS equity securities: Common stock $ 419 — 419 Total OTTI losses $ 419 — 419 Six Months 2015 Gross Included in Other Comprehensive Income ("OCI") Recognized in ($ in thousands) AFS fixed income securities: Corporate securities $ 1,192 — 1,192 RMBS 1 — 1 Total AFS fixed income securities 1,193 — 1,193 AFS equity securities: Common stock 5,172 — 5,172 Preferred stock 180 — 180 Total AFS equity securities 5,352 — 5,352 Total OTTI losses $ 6,545 — 6,545 Six Months 2014 Gross Included in OCI Recognized in Earnings ($ in thousands) AFS equity securities: Common stock $ 1,382 — 1,382 Total OTTI losses $ 1,382 — 1,382 |
Schedule of Gross Credit Loss Impairments on Fixed Maturity Securities for Which a Portion of the OTTI Charge was Recognized in OCI | Quarter ended June 30, ($ in thousands) 2015 2014 Balance, beginning of period $ 1,013 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 — (1,954 ) 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 5,534 Six Months ended June 30, ($ 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 ) (1,954 ) 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 5,534 |
Schedule of Components of Net Realized Gains Excluding OTTI Charges | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 HTM fixed income securities Gains $ 2 3 2 3 Losses — (3 ) (1 ) (14 ) AFS fixed income securities Gains 487 780 1,989 938 Losses (18 ) (31 ) (130 ) (143 ) AFS equity securities Gains 830 4,362 22,148 12,679 Losses (270 ) (153 ) (1,346 ) (324 ) Other investments Gains — — — — Losses — — (654 ) — Total net realized gains (excluding OTTI charges) $ 1,031 4,958 22,008 13,139 |
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 $ 87,104 88,688 Due after one year through five years 149,865 158,092 Due after five years through 10 years 10,890 12,922 Total HTM fixed income securities $ 247,859 259,702 |
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 $ 447,462 Due after one year through five years 2,146,816 Due after five years through 10 years 1,504,185 Due after 10 years 94,355 Total AFS fixed income securities $ 4,192,818 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 | June 30, 2015 December 31, 2014 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets Fixed income securities: HTM $ 247,859 259,702 318,137 333,961 AFS 4,192,818 4,192,818 4,066,122 4,066,122 Equity securities, AFS 228,883 228,883 191,400 191,400 Short-term investments 168,349 168,349 131,972 131,972 Financial Liabilities Notes payable: 0.63% borrowings from FHLBI 15,000 14,999 — — 1.25% borrowings from FHLBI 45,000 45,290 45,000 45,244 7.25% Senior Notes 49,897 56,607 49,896 59,181 6.70% Senior Notes 99,408 109,656 99,401 114,845 5.875% Senior Notes 185,000 183,742 185,000 185,000 Total notes payable $ 394,305 410,294 379,297 404,270 |
Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value | June 30, 2015 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value at 6/30/2015 Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) 1 Significant Other Observable Inputs (Level 2) 1 Significant Unobservable Inputs (Level 3) Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 115,861 52,361 63,500 — Foreign government 22,719 — 22,719 — Obligations of states and political subdivisions 1,296,058 — 1,296,058 — Corporate securities 1,824,575 — 1,824,575 — ABS 214,497 — 214,497 — CMBS 214,178 — 214,178 — RMBS 504,930 — 504,930 — Total AFS fixed income securities 4,192,818 52,361 4,140,457 — AFS equity securities: Common stock 211,119 208,334 — 2,785 Preferred stock 17,764 17,764 — — Total AFS equity securities 228,883 226,098 — 2,785 Total AFS securities 4,421,701 278,459 4,140,457 2,785 Short-term investments 168,349 168,349 — — Total assets measured at fair value $ 4,590,050 446,808 4,140,457 2,785 1 There were no transfers of securities between Level 1 and Level 2. December 31, 2014 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value at 12/31/14 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) 1 Significant Other Observable Inputs (Level 2) 1 Significant Unobservable Inputs (Level 3) 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 — AFS equity securities: Common stock 191,400 188,500 — 2,900 Total AFS 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 Summary of the Changes in Fair Value of Securities Using Level 3 Inputs | June 30, 2015 Common Stock ($ in thousands) Fair value, December 31, 2014 $ 2,900 Total net (losses) gains for the period included in: OCI — Net income — Purchases — Sales (115 ) Issuances — Settlements — Transfers into Level 3 — Transfers out of Level 3 — Fair value, June 30, 2015 $ 2,785 |
Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value | : June 30, 2015 Fair Value Measurements Using ($ in thousands) Assets/ Liabilities Disclosed at Fair Value at 6/30/2015 Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets HTM: Foreign government $ 5,292 — 5,292 — Obligations of states and political subdivisions 226,706 — 226,706 — Corporate securities 20,832 — 20,832 — ABS 1,981 — 1,981 — CMBS 4,891 — 4,891 — Total HTM fixed income securities $ 259,702 — 259,702 — Financial Liabilities Notes payable: 0.63% borrowings from FHLBI $ 14,999 — 14,999 — 1.25% borrowings from FHLBI 45,290 — 45,290 — 7.25% Senior Notes 56,607 — 56,607 — 6.70% Senior Notes 109,656 — 109,656 — 5.875% Senior Notes 183,742 183,742 — — Total notes payable $ 410,294 183,742 226,552 — December 31, 2014 Fair Value Measurements Using ($ in thousands) Assets/ Liabilities Disclosed at Fair Value at 12/31/2014 Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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) | 6 Months Ended |
Jun. 30, 2015 | |
Reinsurance Disclosures [Abstract] | |
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Premiums written: Direct $ 621,408 572,314 1,220,191 1,130,205 Assumed 4,960 5,837 11,041 13,687 Ceded (94,235 ) (98,328 ) (181,011 ) (187,319 ) Net $ 532,133 479,823 1,050,221 956,573 Premiums earned: Direct $ 576,107 544,913 1,138,149 1,081,613 Assumed 5,093 10,385 11,001 20,570 Ceded (90,891 ) (91,673 ) (182,718 ) (182,063 ) Net $ 490,309 463,625 966,432 920,120 Loss and loss expense incurred: Direct $ 316,648 332,707 628,894 691,056 Assumed 4,228 7,377 8,890 14,856 Ceded (29,315 ) (42,289 ) (61,224 ) (87,571 ) Net $ 291,561 297,795 576,560 618,341 |
Schedule of Ceded Premiums and Losses Related to Flood Operations | Ceded to NFIP Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Ceded premiums written $ (62,479 ) (65,775 ) (116,321 ) (123,078 ) Ceded premiums earned (58,781 ) (59,213 ) (117,779 ) (117,499 ) Ceded loss and loss expense incurred (14,684 ) (26,712 ) (20,933 ) (34,091 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Revenue By Segment | Revenue by Segment Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Standard Commercial Lines: Net premiums earned: Commercial automobile $ 88,658 83,472 175,013 165,688 Workers compensation 70,954 68,992 139,431 138,405 General liability 119,207 111,591 234,178 220,409 Commercial property 66,549 61,226 131,112 121,412 Businessowners’ policies 23,178 21,279 45,877 42,148 Bonds 5,106 4,734 10,106 9,490 Other 3,553 3,213 7,021 6,396 Miscellaneous income 2,563 1,571 4,232 10,485 Total Standard Commercial Lines revenue 379,768 356,078 746,970 714,433 Standard Personal Lines: Net premiums earned: Personal automobile 36,740 38,022 73,750 76,248 Homeowners 33,731 33,576 67,452 66,874 Other 1,600 2,946 3,348 6,240 Miscellaneous income 291 337 591 1,242 Total Standard Personal Lines revenue 72,362 74,881 145,141 150,604 E&S Lines: Net premiums earned: General liability 28,793 23,936 55,519 45,867 Commercial property 10,464 9,379 20,119 18,496 Commercial automobile 1,776 1,259 3,506 2,447 Total E&S Lines revenue 41,033 34,574 79,144 66,810 Investments: Net investment income 32,230 36,774 59,147 72,308 Net realized investment (losses) gains (3,420 ) 4,539 15,463 11,757 Total Investments revenue 28,810 41,313 74,610 84,065 Total segments revenue 521,973 506,846 1,045,865 1,015,912 Other income — 3 — 8 Total revenues $ 521,973 506,849 1,045,865 1,015,920 |
Schedule of Income Before Federal Income Tax | Income Before Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Standard Commercial Lines: Underwriting gain $ 35,241 15,703 65,277 12,073 GAAP combined ratio 90.7 % 95.6 91.2 98.3 Statutory combined ratio 90.1 95.5 89.9 97.8 Standard Personal Lines: Underwriting loss $ (4,655 ) (5,582 ) (7,121 ) (7,942 ) GAAP combined ratio 106.5 % 107.5 104.9 105.3 Statutory combined ratio 105.4 106.1 105.2 105.3 E&S Insurance Operations: Underwriting (loss) gain $ (1,462 ) (37 ) (3,011 ) 938 GAAP combined ratio 103.6 % 100.1 103.8 98.6 Statutory combined ratio 102.7 99.9 102.5 98.8 Investments: Net investment income $ 32,230 36,774 59,147 72,308 Net realized investment (losses) gains (3,420 ) 4,539 15,463 11,757 Total investment income, before federal income tax 28,810 41,313 74,610 84,065 Tax on investment income 6,254 10,941 18,572 22,516 Total investment income, after federal income tax $ 22,556 30,372 56,038 61,549 |
Schedule of Reconciliation of Segment Results to Income Before Federal Income Tax | Reconciliation of Segment Results to Income Before Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2015 2014 2015 2014 Underwriting gain (loss), before federal income tax Standard Commercial Lines $ 35,241 15,703 65,277 12,073 Standard Personal Lines (4,655 ) (5,582 ) (7,121 ) (7,942 ) E&S Lines (1,462 ) (37 ) (3,011 ) 938 Investment income, before federal income tax 28,810 41,313 74,610 84,065 Total all segments 57,934 51,397 129,755 89,134 Interest expense (5,490 ) (5,425 ) (10,969 ) (10,986 ) General corporate and other expenses (5,679 ) (6,451 ) (15,731 ) (13,543 ) Income before federal income tax $ 46,765 39,521 103,055 64,605 |
Retirement Plans (Table)
Retirement Plans (Table) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Components Of Net Periodic Benefit Cost | Retirement Income Plan Retirement Life Plan ($ in thousands) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Net Periodic Benefit Cost: Service cost $ 1,963 1,626 — — Interest cost 3,501 3,253 63 73 Expected return on plan assets (3,990 ) (3,918 ) — — Amortization of unrecognized net actuarial loss 1,695 368 14 13 Total net periodic cost $ 3,169 1,329 77 86 Retirement Income Plan Retirement Life Plan ($ in thousands) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Net Periodic Benefit Cost: Service cost $ 3,927 3,253 — — Interest cost 7,003 6,507 126 146 Expected return on plan assets (7,981 ) (7,837 ) — — Amortization of unrecognized net actuarial loss 3,390 735 28 26 Total net periodic cost $ 6,339 2,658 154 172 |
Schedule Of Weighted-Average Expense Assumptions | Retirement Income Plan Retirement Life Plan 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 4.00 4.00 — — |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Components of Comprehensive Income-Gross and Net of Tax | Second Quarter 2015 ($ in thousands) Gross Tax Net Net income $ 46,765 12,997 33,768 Components of OCI: Unrealized (losses) gains on investment securities : Unrealized holding losses during the period (60,244 ) (21,084 ) (39,160 ) Amounts reclassified into net income: HTM securities (185 ) (65 ) (120 ) Realized losses on AFS securities 3,422 1,197 2,225 Net unrealized losses (57,007 ) (19,952 ) (37,055 ) 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 loss (55,298 ) (19,354 ) (35,944 ) Comprehensive loss $ (8,533 ) (6,357 ) (2,176 ) Second Quarter 2014 ($ in thousands) Gross Tax Net Net income $ 39,521 10,180 29,341 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the period 45,122 15,793 29,329 Amounts reclassified into net income: HTM securities (221 ) (77 ) (144 ) Non-credit OTTI 469 164 305 Realized gains on AFS securities (5,008 ) (1,753 ) (3,255 ) Net unrealized gains 40,362 14,127 26,235 Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 381 133 248 Defined benefit pension and post-retirement plans 381 133 248 Other comprehensive income 40,743 14,260 26,483 Comprehensive income $ 80,264 24,440 55,824 Six Months 2015 ($ in thousands) Gross Tax Net Net income $ 103,055 29,579 73,476 Components of OCI: Unrealized (losses) gains on investment securities : Unrealized holding losses during the period (36,267 ) (12,693 ) (23,574 ) Amounts reclassified into net income: HTM securities (446 ) (156 ) (290 ) Non-credit OTTI 357 125 232 Realized gains on AFS securities (16,473 ) (5,766 ) (10,707 ) Net unrealized losses (52,829 ) (18,490 ) (34,339 ) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 3,418 1,196 2,222 Defined benefit pension and post-retirement plans 3,418 1,196 2,222 Other comprehensive loss (49,411 ) (17,294 ) (32,117 ) Comprehensive income $ 53,644 12,285 41,359 Six Months 2014 ($ in thousands) Gross Tax Net Net income $ 64,605 17,290 47,315 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the period 78,086 27,331 50,755 Amounts reclassified into net income: HTM securities (677 ) (237 ) (440 ) Non-credit OTTI 469 164 305 Realized gains on AFS securities (12,237 ) (4,283 ) (7,954 ) Net unrealized gains 65,641 22,975 42,666 Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial loss 761 266 495 Defined benefit pension and post-retirement plans 761 266 495 Other comprehensive income 66,402 23,241 43,161 Comprehensive income $ 131,007 40,531 90,476 |
Schedule of Components of Accumulated Other Comprehensive Income | June 30, 2015 Net Unrealized (Loss) Gain on Investment Securities Defined Benefit Pension and Post-Retirement Plans Total Accumulated Other Comprehensive Income (Loss) ($ in thousands) OTTI Related HTM Related All Other Investments Subtotal Balance, December 31, 2014 $ (514 ) 623 80,284 80,393 (60,605 ) 19,788 OCI before reclassifications — — (23,574 ) (23,574 ) — (23,574 ) Amounts reclassified from AOCI 232 (290 ) (10,707 ) (10,765 ) 2,222 (8,543 ) Net current period OCI 232 (290 ) (34,281 ) (34,339 ) 2,222 (32,117 ) Balance, June 30, 2015 $ (282 ) 333 46,003 46,054 (58,383 ) (12,329 ) |
Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income | Quarter ended Six Months ended ($ in thousands) 2015 2014 2015 2014 Affected Line Item in the Unaudited Consolidated Statement of Income OTTI related Non-credit OTTI on disposed securities $ — 469 357 469 Net realized (losses) gains — 469 357 469 Income before federal income tax — (164 ) (125 ) (164 ) Total federal income tax expense — 305 232 305 Net income HTM related Unrealized losses on HTM disposals 87 51 137 75 Net realized (losses) gains Amortization of net unrealized gains on HTM securities (272 ) (272 ) (583 ) (752 ) Net investment income earned (185 ) (221 ) (446 ) (677 ) Income before federal income tax 65 77 156 237 Total federal income tax expense (120 ) (144 ) (290 ) (440 ) Net income Realized gains and losses on AFS and OTTI Realized losses (gains) on AFS disposals and OTTI 3,422 (5,008 ) (16,473 ) (12,237 ) Net realized (losses) gains 3,422 (5,008 ) (16,473 ) (12,237 ) Income before federal income tax (1,197 ) 1,753 5,766 4,283 Total federal income tax expense 2,225 (3,255 ) (10,707 ) (7,954 ) Net income Defined benefit pension and post-retirement life plans Net actuarial loss 372 88 743 175 Loss and loss expense incurred 1,337 293 2,675 586 Policy acquisition costs Total defined benefit pension and post-retirement life 1,709 381 3,418 761 Income before federal income tax (598 ) (133 ) (1,196 ) (266 ) Total federal income tax expense 1,111 248 2,222 495 Net income Total reclassifications for the period $ 3,216 (2,846 ) (8,543 ) (7,594 ) Net income |
Statements of Cash Flow (Cash F
Statements of Cash Flow (Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Interest | $ 10,947 | $ 11,113 | |
Federal income tax | 8,500 | 3,699 | |
Corporate Actions Related To Equity Securities, AFS | [1] | 884 | 334 |
Assets acquired under capital lease arrangements | 3,478 | 2,124 | |
AFS Fixed Maturity Securities [Member] | |||
Tax-free exchange of fixed maturity security | 17,120 | 9,180 | |
Held-to-maturity Securities [Member] | |||
Tax-free exchange of fixed maturity security | 0 | 15 | |
National Flood Insurance Program [Member] | |||
Restricted Cash | $ 5,200 | $ 8,500 | |
[1] | 1Examples of such corporate actions include non-cash acquisitions and stock splits. |
Investments (Held-To-Maturity S
Investments (Held-To-Maturity Securities Disclosure) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 247,346 | $ 317,179 |
Net Unrealized Gains (Losses) | 513 | 958 |
Carrying Value | 247,859 | 318,137 |
Unrecognized Holding Gains | 11,846 | 15,824 |
Unrecognized Holding Losses | (3) | 0 |
HTM, Fair Value | $ 259,702 | 333,961 |
Held To Maturity securities average duration | 1 year 7 months 8 days | |
Foreign Government [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,292 | 5,292 |
Net Unrealized Gains (Losses) | 3 | 47 |
Carrying Value | 5,295 | 5,339 |
Unrecognized Holding Gains | 0 | 55 |
Unrecognized Holding Losses | (3) | 0 |
HTM, Fair Value | 5,292 | 5,394 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 216,870 | 285,301 |
Net Unrealized Gains (Losses) | 1,395 | 2,071 |
Carrying Value | 218,265 | 287,372 |
Unrecognized Holding Gains | 8,441 | 11,760 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 226,706 | 299,132 |
Corporate Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 18,532 | 18,899 |
Net Unrealized Gains (Losses) | (265) | (273) |
Carrying Value | 18,267 | 18,626 |
Unrecognized Holding Gains | 2,565 | 2,796 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 20,832 | 21,422 |
Asset-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,976 | 2,818 |
Net Unrealized Gains (Losses) | (280) | (455) |
Carrying Value | 1,696 | 2,363 |
Unrecognized Holding Gains | 285 | 460 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | 1,981 | 2,823 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 4,676 | 4,869 |
Net Unrealized Gains (Losses) | (340) | (432) |
Carrying Value | 4,336 | 4,437 |
Unrecognized Holding Gains | 555 | 753 |
Unrecognized Holding Losses | 0 | 0 |
HTM, Fair Value | $ 4,891 | $ 5,190 |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities Disclosure) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | $ 4,351,361 | $ 4,134,797 | |
Unrealized Gains | 90,813 | 133,303 | |
Unrealized Losses | (20,473) | (10,578) | |
Total AFS securities | 4,421,701 | 4,257,522 | |
AFS Fixed Income Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 4,133,223 | 3,975,786 | |
Unrealized Gains | 75,631 | 100,578 | |
Unrealized Losses | (16,036) | (10,242) | |
Total AFS securities | 4,192,818 | 4,066,122 | |
AFS Fixed Income Securities [Member] | U.S. Government and Government Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 109,506 | 116,666 | |
Unrealized Gains | 6,420 | 7,592 | |
Unrealized Losses | (65) | (128) | |
Total AFS securities | 115,861 | 124,130 | |
AFS Fixed Income Securities [Member] | Foreign Government [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 22,026 | 27,035 | |
Unrealized Gains | 693 | 796 | |
Unrealized Losses | 0 | 0 | |
Total AFS securities | 22,719 | 27,831 | |
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 1,277,635 | 1,208,776 | |
Unrealized Gains | 23,242 | 38,217 | |
Unrealized Losses | (4,819) | (729) | |
Total AFS securities | 1,296,058 | 1,246,264 | |
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 1,794,698 | 1,763,427 | |
Unrealized Gains | 36,201 | 42,188 | |
Unrealized Losses | (6,324) | (5,809) | |
Total AFS securities | 1,824,575 | 1,799,806 | |
AFS Fixed Income Securities [Member] | Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 213,662 | 176,837 | |
Unrealized Gains | 990 | 760 | |
Unrealized Losses | (155) | (373) | |
Total AFS securities | 214,497 | 177,224 | |
AFS Fixed Income Securities [Member] | Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | [1] | 213,497 | 177,932 |
Unrealized Gains | [1] | 1,861 | 2,438 |
Unrealized Losses | [1] | (1,180) | (777) |
Total AFS securities | [1] | 214,178 | 179,593 |
Government guaranteed agency securities fair value | 10,200 | 13,200 | |
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | [2] | 502,199 | 505,113 |
Unrealized Gains | [2] | 6,224 | 8,587 |
Unrealized Losses | [2] | (3,493) | (2,426) |
Total AFS securities | [2] | 504,930 | 511,274 |
Government guaranteed agency securities fair value | 25,700 | 32,400 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 218,138 | 159,011 | |
Unrealized Gains | 15,182 | 32,725 | |
Unrealized Losses | (4,437) | (336) | |
Total AFS securities | 228,883 | 191,400 | |
Equity Securities [Member] | Common Stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 200,150 | 159,011 | |
Unrealized Gains | 15,159 | 32,725 | |
Unrealized Losses | (4,190) | (336) | |
Total AFS securities | 211,119 | $ 191,400 | |
Equity Securities [Member] | Preferred Stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost/Amortized Cost | 17,988 | ||
Unrealized Gains | 23 | ||
Unrealized Losses | (247) | ||
Total AFS securities | $ 17,764 | ||
[1] | CMBS includes government guaranteed agency securities with a fair value of $10.2 million at June 30, 2015 and $13.2 million at December 31, 2014. | ||
[2] | RMBS includes government guaranteed agency securities with a fair value of $25.7 million at June 30, 2015 and $32.4 million at December 31, 2014. |
Investments (Fair Value and Gro
Investments (Fair Value and Gross Pre-Tax Net Unrealized Unrecognized Loss of Securities By Length of Time) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
AFS Fair Value, Less than 12 months | $ 1,251,763 | $ 466,387 | |
AFS Unrealized Losses, Less than 12 months | [1] | (17,117) | (2,408) |
AFS Fair Value, 12 months or longer | 148,571 | 442,058 | |
AFS Unrealized Losses, 12 months or longer | [1] | (3,356) | (8,170) |
HTM Fair Value, Less than 12 months | 180 | 196 | |
HTM Unrealized Losses, Less than 12 months | [1] | (2) | (3) |
HTM Unrecognized Gains, Less than 12 months | [2] | 0 | 1 |
HTM Fair Value, 12 months or longer | 1,540 | 2,235 | |
HTM Unrealized Losses, 12 months or longer | [1] | (280) | (455) |
HTM Unrecognized Gains, 12 months or longer | [2] | 272 | 439 |
Total AFS and HTM Fair Value, Less than 12 months | 1,251,943 | 466,583 | |
Total AFS and HTM Unrealized Losses, Less than 12 months | [1] | (17,119) | (2,411) |
Total AFS and HTM Securities Unrecognized Gains, Less Than 12 Months | [2] | 0 | 1 |
Total AFS and HTM Fair Value, 12 months or longer | 150,111 | 444,293 | |
Total AFS and HTM Unrealized Losses, 12 months or longer | [1] | (3,636) | (8,625) |
Total AFS and HTM Securities Unrecognized Gains, 12 months or longer | [2] | 272 | 439 |
Obligations of States and Political Subdivisions [Member] | |||
HTM Fair Value, Less than 12 months | 180 | 196 | |
HTM Unrealized Losses, Less than 12 months | [1] | (2) | (3) |
HTM Unrecognized Gains, Less than 12 months | [2] | 0 | 1 |
HTM Fair Value, 12 months or longer | 0 | 0 | |
HTM Unrealized Losses, 12 months or longer | [1] | 0 | 0 |
HTM Unrecognized Gains, 12 months or longer | [2] | 0 | 0 |
Asset-Backed Securities [Member] | |||
HTM Fair Value, Less than 12 months | 0 | 0 | |
HTM Unrealized Losses, Less than 12 months | [1] | 0 | 0 |
HTM Unrecognized Gains, Less than 12 months | [2] | 0 | 0 |
HTM Fair Value, 12 months or longer | 1,540 | 2,235 | |
HTM Unrealized Losses, 12 months or longer | [1] | (280) | (455) |
HTM Unrecognized Gains, 12 months or longer | [2] | 272 | 439 |
AFS Fixed Income Securities [Member] | |||
AFS Fair Value, Less than 12 months | 1,139,979 | 461,125 | |
AFS Unrealized Losses, Less than 12 months | [1] | (12,680) | (2,072) |
AFS Fair Value, 12 months or longer | 148,571 | 442,058 | |
AFS Unrealized Losses, 12 months or longer | [1] | (3,356) | (8,170) |
AFS Fixed Income Securities [Member] | U.S. Government and Government Agencies [Member] | |||
AFS Fair Value, Less than 12 months | 7,513 | 7,567 | |
AFS Unrealized Losses, Less than 12 months | [1] | (62) | (13) |
AFS Fair Value, 12 months or longer | 398 | 10,866 | |
AFS Unrealized Losses, 12 months or longer | [1] | (3) | (115) |
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | |||
AFS Fair Value, Less than 12 months | 398,429 | 47,510 | |
AFS Unrealized Losses, Less than 12 months | [1] | (4,819) | (105) |
AFS Fair Value, 12 months or longer | 0 | 64,018 | |
AFS Unrealized Losses, 12 months or longer | [1] | 0 | (624) |
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | |||
AFS Fair Value, Less than 12 months | 440,510 | 276,648 | |
AFS Unrealized Losses, Less than 12 months | [1] | (4,939) | (1,734) |
AFS Fair Value, 12 months or longer | 50,187 | 153,613 | |
AFS Unrealized Losses, 12 months or longer | [1] | (1,385) | (4,075) |
AFS Fixed Income Securities [Member] | Asset-Backed Securities [Member] | |||
AFS Fair Value, Less than 12 months | 40,185 | 113,202 | |
AFS Unrealized Losses, Less than 12 months | [1] | (40) | (178) |
AFS Fair Value, 12 months or longer | 15,071 | 15,618 | |
AFS Unrealized Losses, 12 months or longer | [1] | (115) | (195) |
AFS Fixed Income Securities [Member] | Commercial Mortgage Backed Securities [Member] | |||
AFS Fair Value, Less than 12 months | 80,860 | 12,799 | |
AFS Unrealized Losses, Less than 12 months | [1] | (1,057) | (34) |
AFS Fair Value, 12 months or longer | 15,579 | 59,219 | |
AFS Unrealized Losses, 12 months or longer | [1] | (123) | (743) |
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities [Member] | |||
AFS Fair Value, Less than 12 months | 172,482 | 3,399 | |
AFS Unrealized Losses, Less than 12 months | [1] | (1,763) | (8) |
AFS Fair Value, 12 months or longer | 67,336 | 138,724 | |
AFS Unrealized Losses, 12 months or longer | [1] | (1,730) | (2,418) |
Equity Securities [Member] | |||
AFS Fair Value, Less than 12 months | 111,784 | 5,262 | |
AFS Unrealized Losses, Less than 12 months | [1] | (4,437) | (336) |
AFS Fair Value, 12 months or longer | 0 | 0 | |
AFS Unrealized Losses, 12 months or longer | [1] | 0 | 0 |
Common Stock [Member] | Equity Securities [Member] | |||
AFS Fair Value, Less than 12 months | 103,352 | 5,262 | |
AFS Unrealized Losses, Less than 12 months | [1] | (4,190) | (336) |
AFS Fair Value, 12 months or longer | 0 | 0 | |
AFS Unrealized Losses, 12 months or longer | [1] | 0 | $ 0 |
Preferred Stock [Member] | Equity Securities [Member] | |||
AFS Fair Value, Less than 12 months | 8,432 | ||
AFS Unrealized Losses, Less than 12 months | [1] | (247) | |
AFS Fair Value, 12 months or longer | 0 | ||
AFS Unrealized Losses, 12 months or longer | [1] | $ 0 | |
[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) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Securities | Dec. 31, 2014USD ($)Securities | |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Unrecognized Loss | $ 20,483 | $ 10,596 |
Eighty Percent to Ninety-Nine Percent [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number Of Securities In An Unrealized/Unrecognized Loss Position | Securities | 495 | 350 |
Unrealized Unrecognized Loss | $ 20,483 | $ 10,596 |
Sixty Percent to Seventy-Nine Percent [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number Of Securities In An Unrealized/Unrecognized Loss Position | Securities | 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 | Securities | 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 | Securities | 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 | Securities | 0 | 0 |
Unrealized Unrecognized Loss | $ 0 | $ 0 |
10 year U.S. Treasury Note [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Increase of Yield on 10-year U.S. Treasury Note | 18 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number Of Securities In An Unrealized/Unrecognized Loss Position | Securities | 27 | |
Unrealized Loss on Securities | $ 4,400 | |
Percentage Decline In Fair Value Cost | 4.00% |
Investments (HTM Fixed Income S
Investments (HTM Fixed Income Securities by Contractual Maturity) (Details) - Major Types of Debt Securities [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less carrying value | $ 87,104 | |
Due after one year through five years carrying value | 149,865 | |
Due after five years through 10 years carrying value | 10,890 | |
Carrying Value | 247,859 | $ 318,137 |
Due in one year or less fair value | 88,688 | |
Due after one year through five years fair value | 158,092 | |
Due after five years through 10 years fair value | 12,922 | |
HTM, Fair Value | $ 259,702 | $ 333,961 |
Investments (AFS Fixed Income s
Investments (AFS Fixed Income securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less fair value | $ 447,462 | |
Due after one year through five years fair value | 2,146,816 | |
Due after five years through 10 years fair value | 1,504,185 | |
Due after 10 years fair value | 94,355 | |
Total AFS fixed income securities | $ 4,192,818 | $ 4,066,122 |
Investments (Other Investment P
Investments (Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying Value | $ 85,420 | $ 99,203 |
Other Investments [Member] | ||
Carrying Value | 85,420 | 99,203 |
Remaining Commitment | 64,530 | |
Alternative Investments [Member] | ||
Carrying Value | 74,188 | 92,968 |
Remaining Commitment | 62,261 | |
Secondary Private Equity Member | Alternative Investments [Member] | ||
Carrying Value | 18,997 | 21,807 |
Remaining Commitment | 7,072 | |
Private Equity [Member] | Alternative Investments [Member] | ||
Carrying Value | 16,027 | 20,126 |
Remaining Commitment | 8,823 | |
Energy Power Generation [Member] | Alternative Investments [Member] | ||
Carrying Value | 9,662 | 14,445 |
Remaining Commitment | 19,610 | |
Real Estate Strategy [Member] | Alternative Investments [Member] | ||
Carrying Value | 8,242 | 11,452 |
Remaining Commitment | 9,975 | |
Mezzanine Financing [Member] | Alternative Investments [Member] | ||
Carrying Value | 7,563 | 9,853 |
Remaining Commitment | 13,383 | |
Distressed debt [Member] | Alternative Investments [Member] | ||
Carrying Value | 7,000 | 8,679 |
Remaining Commitment | 3,048 | |
Venture Capital [Member] | Alternative Investments [Member] | ||
Carrying Value | 6,697 | 6,606 |
Remaining Commitment | 350 | |
Other Securities [Member] | ||
Carrying Value | 11,232 | $ 6,235 |
Remaining Commitment | $ 2,269 |
Investments (Aggregated Income
Investments (Aggregated Income Statement Summarized Financial Information for Partnerhips in our Alternative Investment Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Net investment income earned | $ 32,230 | $ 36,774 | $ 59,147 | $ 72,308 | ||||
Alternative Investments [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Net investment income earned | $ 1,400 | $ 3,600 | $ (2,100) | $ 8,800 | ||||
Investments accounted for under the equity method [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Net Investment Income | $ 8,500 | $ 22,800 | $ 95,600 | $ 85,700 | ||||
Realized gains | 279,400 | 74,200 | 592,500 | 197,600 | ||||
Net change in unrealized (depreciation) appreciation | (223,400) | 207,600 | (866,900) | 842,400 | ||||
Net income (loss) | $ 64,500 | $ 304,600 | $ (178,800) | $ 1,125,700 |
Investments (Investments Pledge
Investments (Investments Pledged as Collateral) (Details) $ in Millions | Jun. 30, 2015USD ($) |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | $ 63.7 |
Securities Pledged As Collateral For Reinsurance Obligations | 11.7 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 24.7 |
Securities Pledged As Collateral | 100.1 |
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 | 24.7 |
Securities Pledged As Collateral | 32.4 |
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 | 4.9 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 4.9 |
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 |
Commercial Mortgage Backed Securities [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 1.5 |
Securities Pledged As Collateral For Reinsurance Obligations | 0 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | 1.5 |
Residential Mortgage Backed Securities [Member] | |
Investments Pledged As Collateral [Line Items] | |
Fixed Income Securities Pledged For FHLBI Collateral | 54.5 |
Securities Pledged As Collateral For Reinsurance Obligations | 2 |
Carrying Value Bonds On Deposit With Various State And Regulatory Agencies | 0 |
Securities Pledged As Collateral | $ 56.5 |
Investments (Credit Concentrati
Investments (Credit Concentration Risk) (Details) | Jun. 30, 2015 | Dec. 31, 2014 |
Investments [Abstract] | ||
Maximum exposure to credit concentration risk of the Company's stockholder's equity other than certain U.S. government agencies | 10.00% | 10.00% |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Investment Income [Line Items] | ||||
Net investment income earned | $ 32,230 | $ 36,774 | $ 59,147 | $ 72,308 |
Fixed Income Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 30,659 | 33,781 | 61,626 | 64,809 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 2,384 | 1,736 | 4,176 | 3,185 |
Short-Term Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 23 | 14 | 48 | 33 |
Other Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 1,422 | 3,553 | (2,118) | 8,771 |
Investment Expenses [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | $ (2,258) | $ (2,310) | $ (4,585) | $ (4,490) |
Investments (OTTI by Asset Type
Investments (OTTI by Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
OTTI Losses Gross | $ 4,451 | $ 419 | $ 6,545 | $ 1,382 |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 | 0 | 0 |
OTTI Losses Recognized in Earnings | 4,451 | 419 | 6,545 | 1,382 |
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 | 183 | 1,193 | ||
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 | ||
OTTI Losses Recognized in Earnings | 183 | 1,193 | ||
AFS Fixed Income Securities [Member] | Corporate Securities [Member] | ||||
OTTI Losses Gross | 183 | 1,192 | ||
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 | ||
OTTI Losses Recognized in Earnings | 183 | 1,192 | ||
Total AFS Securities [Member] | Equity Securities [Member] | ||||
OTTI Losses Gross | 4,268 | 5,352 | ||
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 | ||
OTTI Losses Recognized in Earnings | 4,268 | 5,352 | ||
Common Stock [Member] | Total AFS Securities [Member] | Equity Securities [Member] | ||||
OTTI Losses Gross | 4,088 | 419 | 5,172 | 1,382 |
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 | 0 | 0 |
OTTI Losses Recognized in Earnings | 4,088 | $ 419 | 5,172 | $ 1,382 |
Preferred Stock [Member] | Total AFS Securities [Member] | Equity Securities [Member] | ||||
OTTI Losses Gross | 180 | 180 | ||
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income | 0 | 0 | ||
OTTI Losses Recognized in Earnings | $ 180 | $ 180 |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments [Abstract] | ||||
Balance, beginning of period | $ 1,013 | $ 7,488 | $ 5,444 | $ 7,488 |
Addition for the amount related to credit loss for which an OTTI was not previously recognized | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | (1,954) | (4,431) | (1,954) |
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 | 0 | 0 |
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | 0 | 0 | 0 | 0 |
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected | 0 | 0 | 0 | 0 |
Balance, end of period | $ 1,013 | $ 5,534 | $ 1,013 | $ 5,534 |
Investments (Components Of Net
Investments (Components Of Net Realized Gains, Excluding OTTI Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
HTM fixed income securities Gains | $ 2 | $ 3 | $ 2 | $ 3 |
HTM fixed income securities Losses | 0 | (3) | (1) | (14) |
Other investments Gains | 0 | 0 | 0 | 0 |
Other Investments Losses | 0 | 0 | (654) | 0 |
Total net realized gains (excluding OTTI charges) | 1,031 | 4,958 | 22,008 | 13,139 |
Proceeds From Sale Of Available For Sale Securities | 19,500 | 157,900 | ||
Fixed Income Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
AFS securities Gains | 487 | 780 | 1,989 | 938 |
AFS securities Losses | (18) | (31) | (130) | (143) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
AFS securities Gains | 830 | 4,362 | 22,148 | 12,679 |
AFS securities Losses | $ (270) | $ (153) | $ (1,346) | $ (324) |
Indebtedness (Details)
Indebtedness (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jan. 31, 2015 | |
Debt Instrument [Line Items] | ||
Number of Insurance Subsidiaries | ten | |
Indiana Subsidiaries that are members of the FHLBI | two | |
Outstanding Borrowing With The Federal Home Loan Bank Of Indianapolis | $ 60 | |
Zero Point Sixty Three Percent Borrowing From Federal Home Loan Bank Due July 22, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Borrowing With The Federal Home Loan Bank Of Indianapolis | $ 15 | |
Unpaid principal amount interest rate | 0.63% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities | $ 247,859 | $ 318,137 |
Available-for-sale Securities | 4,192,818 | 4,066,122 |
Equity securities, AFS | 228,883 | 191,400 |
Short-term investments | 168,349 | 131,972 |
Notes payable | 394,305 | 379,297 |
Carrying Amount [Member] | ||
Held-to-maturity Securities | 247,859 | 318,137 |
Available-for-sale Securities | 4,192,818 | 4,066,122 |
Equity securities, AFS | 228,883 | 191,400 |
Short-term investments | 168,349 | 131,972 |
Notes payable | 394,305 | 379,297 |
Carrying Amount [Member] | Zero Point Sixty Three Percent Borrowing From Federal Home Loan Bank Due July 22, 2016 [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 | 49,897 | 49,896 |
Carrying Amount [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Notes payable | 99,408 | 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 | 259,702 | 333,961 |
Available-for-sale Securities | 4,192,818 | 4,066,122 |
Equity securities, AFS | 228,883 | 191,400 |
Short-term investments | 168,349 | 131,972 |
Notes payable | 410,294 | 404,270 |
Fair Value [Member] | Zero Point Sixty Three Percent Borrowing From Federal Home Loan Bank Due July 22, 2016 [Member] | ||
Notes payable | 14,999 | 0 |
Fair Value [Member] | One Point Twenty Five Percent Borrowing From Federal Home Loan Bank [Member] | ||
Notes payable | 45,290 | 45,244 |
Fair Value [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ||
Notes payable | 56,607 | 59,181 |
Fair Value [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Notes payable | 109,656 | 114,845 |
Fair Value [Member] | Five Point Eight Hundred Seventy Five Senior Notes [Member] | ||
Notes payable | $ 183,742 | $ 185,000 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Disclosures of Fair Value Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities, Debt Securities | $ 4,192,818 | $ 4,066,122 | |
Equity securities, AFS | 228,883 | 191,400 | |
Total AFS securities | 4,421,701 | 4,257,522 | |
Short-term investments | 168,349 | 131,972 | |
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 4,192,818 | 4,066,122 | |
Equity securities, AFS | 228,883 | 191,400 | |
Total AFS securities | 4,421,701 | 4,257,522 | |
Short-term investments | 168,349 | 131,972 | |
Total assets measured at fair value | 4,590,050 | 4,389,494 | |
Fair Value [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 115,861 | 124,130 | |
Fair Value [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 22,719 | 27,831 | |
Fair Value [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 1,296,058 | 1,246,264 | |
Fair Value [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 1,824,575 | 1,799,806 | |
Fair Value [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 214,497 | 177,224 | |
Fair Value [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 214,178 | 179,593 | |
Fair Value [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 504,930 | 511,274 | |
Fair Value [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | 211,119 | 191,400 | |
Fair Value [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | 17,764 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | [1] | 52,361 | 53,199 |
Equity securities, AFS | [1] | 226,098 | 188,500 |
Total AFS securities | [1] | 278,459 | 241,699 |
Short-term investments | [1] | 168,349 | 131,972 |
Total assets measured at fair value | [1] | 446,808 | 373,671 |
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 | [1] | 52,361 | 53,199 |
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 | [1] | 0 | 0 |
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 | [1] | 0 | 0 |
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 | [1] | 0 | 0 |
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 | [1] | 0 | 0 |
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 | [1] | 0 | 0 |
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 | [1] | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | [1] | 208,334 | 188,500 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | [1] | 17,764 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | [1] | 4,140,457 | 4,012,923 |
Equity securities, AFS | [1] | 0 | 0 |
Total AFS securities | [1] | 4,140,457 | 4,012,923 |
Short-term investments | [1] | 0 | 0 |
Total assets measured at fair value | [1] | 4,140,457 | 4,012,923 |
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 | [1] | 63,500 | 70,931 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | [1] | 22,719 | 27,831 |
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] | 1,296,058 | 1,246,264 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | [1] | 1,824,575 | 1,799,806 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | [1] | 214,497 | 177,224 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | [1] | 214,178 | 179,593 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | [1] | 504,930 | 511,274 |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | [1] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | [1] | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Equity securities, AFS | 2,785 | 2,900 | |
Total AFS securities | 2,785 | 2,900 | |
Short-term investments | 0 | 0 | |
Total assets measured at fair value | 2,785 | 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 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | 2,785 | $ 2,900 | |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Equity securities, AFS | $ 0 | ||
[1] | 1 There were no transfers of securities between Level 1 and Level 2. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value (Changes in Fair Value of Securities Using Level 3 Inputs) (Details) - Common Stock [Member] - AFS Fixed Maturity Securities [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, December 31, 2014 | $ 2,900 |
Total net (losses) gains for the period included in other comprehensive income | 0 |
Total net (losses) gains for the period included in net income | 0 |
Purchases | 0 |
Sales | (115) |
Issuances | 0 |
Settlements | 0 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Fair Value, June 30, 2015 | $ 2,785 |
Fair Value Measurements (Quan46
Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities | $ 247,859 | $ 318,137 |
Notes payable | 394,305 | 379,297 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities | 259,702 | 333,961 |
Notes payable | 410,294 | 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 | 183,742 | 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 | 259,702 | 333,961 |
Notes payable | 226,552 | 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 | 5,292 | 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 | 5,292 | 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 | 226,706 | 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 | 226,706 | 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 | 20,832 | 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 | 20,832 | 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 | 1,981 | 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 | 1,981 | 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 | 4,891 | 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 | 4,891 | 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 |
Zero Point Sixty Three Percent Borrowing From Federal Home Loan Bank Due July 22, 2016 [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 14,999 | |
Zero Point Sixty Three Percent Borrowing From Federal Home Loan Bank Due July 22, 2016 [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 | |
Zero Point Sixty Three Percent Borrowing From Federal Home Loan Bank Due July 22, 2016 [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 14,999 | |
Zero Point Sixty Three Percent Borrowing From Federal Home Loan Bank Due July 22, 2016 [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 | 45,290 | 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 | 45,290 | 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 | 56,607 | 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 | 56,607 | 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 | 109,656 | 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 | 109,656 | 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 | 183,742 | 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 | 183,742 | 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, As
Reinsurance (List of Direct, Assumed, and Ceded Reinsurance Amounts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Premiums written: | ||||
Direct | $ 621,408 | $ 572,314 | $ 1,220,191 | $ 1,130,205 |
Assumed | 4,960 | 5,837 | 11,041 | 13,687 |
Ceded premiums written | (94,235) | (98,328) | (181,011) | (187,319) |
Net | 532,133 | 479,823 | 1,050,221 | 956,573 |
Premiums earned: | ||||
Direct | 576,107 | 544,913 | 1,138,149 | 1,081,613 |
Assumed | 5,093 | 10,385 | 11,001 | 20,570 |
Ceded premiums earned | (90,891) | (91,673) | (182,718) | (182,063) |
Net | 490,309 | 463,625 | 966,432 | 920,120 |
Loss and loss expense incurred: | ||||
Direct | 316,648 | 332,707 | 628,894 | 691,056 |
Assumed | 4,228 | 7,377 | 8,890 | 14,856 |
Ceded loss and loss expense incurred | (29,315) | (42,289) | (61,224) | (87,571) |
Net | $ 291,561 | $ 297,795 | $ 576,560 | $ 618,341 |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Ceded premiums written | $ (94,235) | $ (98,328) | $ (181,011) | $ (187,319) |
Ceded premiums earned | (90,891) | (91,673) | (182,718) | (182,063) |
Ceded loss and loss expense incurred | (29,315) | (42,289) | (61,224) | (87,571) |
National Flood Insurance Program [Member] | ||||
Ceded premiums written | (62,479) | (65,775) | (116,321) | (123,078) |
Ceded premiums earned | (58,781) | (59,213) | (117,779) | (117,499) |
Ceded loss and loss expense incurred | $ (14,684) | $ (26,712) | $ (20,933) | $ (34,091) |
Segment Information Narrative (
Segment Information Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Number of Operating Segments | 4 | ||
Gross premiums of self-insured pooled group renewal book of business sold | $ 37,000 | ||
Proceeds from sale of renewal rights | $ 0 | $ 8,000 |
Segment Information (Revenue by
Segment Information (Revenue by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | $ 490,309 | $ 463,625 | $ 966,432 | $ 920,120 |
Net investment income earned | 32,230 | 36,774 | 59,147 | 72,308 |
Net realized investment gains | (3,420) | 4,539 | 15,463 | 11,757 |
Total investment revenues | 28,810 | 41,313 | 74,610 | 84,065 |
Other income | 2,854 | 1,911 | 4,823 | 11,735 |
Total revenues | 521,973 | 506,849 | 1,045,865 | 1,015,920 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 521,973 | 506,846 | 1,045,865 | 1,015,912 |
Other Income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other income | 0 | 3 | 0 | 8 |
Standard Commercial Lines [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 379,768 | 356,078 | 746,970 | 714,433 |
Standard Commercial Lines [Member] | Commercial Automobile [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 88,658 | 83,472 | 175,013 | 165,688 |
Standard Commercial Lines [Member] | Workers Compensation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 70,954 | 68,992 | 139,431 | 138,405 |
Standard Commercial Lines [Member] | General Liability [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 119,207 | 111,591 | 234,178 | 220,409 |
Standard Commercial Lines [Member] | Commercial Property [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 66,549 | 61,226 | 131,112 | 121,412 |
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 23,178 | 21,279 | 45,877 | 42,148 |
Standard Commercial Lines [Member] | Bonds Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 5,106 | 4,734 | 10,106 | 9,490 |
Standard Commercial Lines [Member] | Other Commercial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 3,553 | 3,213 | 7,021 | 6,396 |
Standard Commercial Lines [Member] | Miscellaneous Income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 2,563 | 1,571 | 4,232 | 10,485 |
Standard Personal Lines [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 72,362 | 74,881 | 145,141 | 150,604 |
Standard Personal Lines [Member] | Miscellaneous Income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 291 | 337 | 591 | 1,242 |
Standard Personal Lines [Member] | Personal Automobile [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 36,740 | 38,022 | 73,750 | 76,248 |
Standard Personal Lines [Member] | Homeowners [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 33,731 | 33,576 | 67,452 | 66,874 |
Standard Personal Lines [Member] | Other Personal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 1,600 | 2,946 | 3,348 | 6,240 |
Excess And Surplus Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 41,033 | 34,574 | 79,144 | 66,810 |
Excess And Surplus Operations [Member] | Commercial Automobile [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 1,776 | 1,259 | 3,506 | 2,447 |
Excess And Surplus Operations [Member] | General Liability [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | 28,793 | 23,936 | 55,519 | 45,867 |
Excess And Surplus Operations [Member] | Commercial Property [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net premiums earned | $ 10,464 | $ 9,379 | $ 20,119 | $ 18,496 |
Segment Information (Income Bef
Segment Information (Income Before Federal Income Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total investment revenues | $ 28,810 | $ 41,313 | $ 74,610 | $ 84,065 |
Tax on investment income | 6,254 | 10,941 | 18,572 | 22,516 |
Total investment income after federal income tax | 22,556 | 30,372 | 56,038 | 61,549 |
Standard Commercial Lines [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting gain (loss), before federal income tax | $ 35,241 | $ 15,703 | $ 65,277 | $ 12,073 |
GAAP combined ratio | 90.70% | 95.60% | 91.20% | 98.30% |
Statutory combined ratio | 90.10% | 95.50% | 89.90% | 97.80% |
Standard Personal Lines [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting gain (loss), before federal income tax | $ (4,655) | $ (5,582) | $ (7,121) | $ (7,942) |
GAAP combined ratio | 106.50% | 107.50% | 104.90% | 105.30% |
Statutory combined ratio | 105.40% | 106.10% | 105.20% | 105.30% |
Excess And Surplus Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting gain (loss), before federal income tax | $ (1,462) | $ (37) | $ (3,011) | $ 938 |
GAAP combined ratio | 103.60% | 100.10% | 103.80% | 98.60% |
Statutory combined ratio | 102.70% | 99.90% | 102.50% | 98.80% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Results to Income Before Federal Income Tax (Details)) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Investment income, before federal income tax | $ 28,810 | $ 41,313 | $ 74,610 | $ 84,065 |
Interest expense | (5,490) | (5,425) | (10,969) | (10,986) |
General corporate and other expenses | (5,679) | (6,451) | (15,731) | (13,543) |
Income before federal income tax | 46,765 | 39,521 | 103,055 | 64,605 |
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 | 35,241 | 15,703 | 65,277 | 12,073 |
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 | (4,655) | (5,582) | (7,121) | (7,942) |
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 | (1,462) | (37) | (3,011) | 938 |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total all segments | $ 57,934 | $ 51,397 | $ 129,755 | $ 89,134 |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Retirement Income Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1,963 | $ 1,626 | $ 3,927 | $ 3,253 |
Interest cost | 3,501 | 3,253 | 7,003 | 6,507 |
Expected return on plan assets | (3,990) | (3,918) | (7,981) | (7,837) |
Amortization of unrecognized net actuarial loss | 1,695 | 368 | 3,390 | 735 |
Total net periodic cost | 3,169 | 1,329 | 6,339 | 2,658 |
Retirement Life Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 63 | 73 | 126 | 146 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of unrecognized net actuarial loss | 14 | 13 | 28 | 26 |
Total net periodic cost | $ 77 | $ 86 | $ 154 | $ 172 |
Retirement Plans (Weighted-Aver
Retirement Plans (Weighted-Average Expense Assumptions) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | $ 6.4 | |
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 | $ 11.9 | |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income, Gross | $ 46,765 | $ 39,521 | $ 103,055 | $ 64,605 |
Unrealized holding (losses) gains during the period, Gross | (60,244) | 45,122 | (36,267) | 78,086 |
Amounts reclassified into net income: HTM securities, Gross | (185) | (221) | (446) | (677) |
Amounts reclassified into net income: non-credit OTTI | 469 | 357 | 469 | |
Realized losses (gains) on AFS securities, Gross | 3,422 | (5,008) | (16,473) | (12,237) |
Net unrealized (losses) gains, Gross | (57,007) | 40,362 | (52,829) | 65,641 |
Amount reclassified into Net Income: Net actuarial loss, Gross | 1,709 | 381 | 3,418 | 761 |
Defined pension and other post-retirement benefit plans, gross | 1,709 | 381 | 3,418 | 761 |
Other comprehensive (loss) income, Gross | (55,298) | 40,743 | (49,411) | 66,402 |
Comprehensive (loss) income before tax | (8,533) | 80,264 | 53,644 | 131,007 |
Net income, Tax | 12,997 | 10,180 | 29,579 | 17,290 |
Unrealized holding (losses) gains during the period, Tax | (21,084) | 15,793 | (12,693) | 27,331 |
HTM securities, Tax | (65) | (77) | (156) | (237) |
Non-credit OTTI, Tax | 164 | 125 | 164 | |
Realized losses (gains) on AFS securities, Tax | 1,197 | (1,753) | (5,766) | (4,283) |
Net unrealized (losses) gains, Tax | (19,952) | 14,127 | (18,490) | 22,975 |
Amount reclassified into Net Income: Net actuarial loss, Tax | 598 | 133 | 1,196 | 266 |
Defined pension and other post-retirement benefit plans, tax | 598 | 133 | 1,196 | 266 |
Other comprehensive (loss) income, Tax | (19,354) | 14,260 | (17,294) | 23,241 |
Comprehensive (loss) income tax | (6,357) | 24,440 | 12,285 | 40,531 |
Net income | 33,768 | 29,341 | 73,476 | 47,315 |
Unrealized holding (losses) gains arising during period | (39,160) | 29,329 | (23,574) | 50,755 |
HTM Securities | (120) | (144) | (290) | (440) |
Amounts reclassified into Net Income: Non-credit other-than-temporary impairments on disposed securities | 0 | 305 | 232 | 305 |
Realized losses (gains) on available for sale securities | 2,225 | (3,255) | (10,707) | (7,954) |
Total unrealized (losses) gains on investment securities | (37,055) | 26,235 | (34,339) | 42,666 |
Amount reclassified into net income: Net actuarial loss | 1,111 | 248 | 2,222 | 495 |
Total defined benefit pension and post-retirement plans | 1,111 | 248 | 2,222 | 495 |
Other comprehensive (loss) income | (35,944) | 26,483 | (32,117) | 43,161 |
Comprehensive (loss) income | $ (2,176) | $ 55,824 | $ 41,359 | $ 90,476 |
Comprehensive Income (Compone56
Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 on disposed securities | $ 0 | $ 305 | 232 | $ 305 |
OCI before reclassifications, Defined Benefit Pension and Post Retirement Plans | 0 | |||
Amount reclassified into net income: Net actuarial loss | 1,111 | 248 | 2,222 | 495 |
Amounts reclassified from AOCI, HTM Related | (120) | (144) | (290) | (440) |
Amounts reclassified from AOCI, All Other | 2,225 | (3,255) | (10,707) | (7,954) |
Other comprehensive (loss) income | (35,944) | 26,483 | (32,117) | 43,161 |
Other Comprehensive Income, Defined Benefit Pension and Post Retirement Plans, Adjustment, Net of Tax | 1,111 | $ 248 | 2,222 | 495 |
Ending Balance, June 30, 2015 | (12,329) | (12,329) | ||
Available-for-sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance,December 31, 2014 | 80,284 | |||
OCI before reclassifications | (23,574) | |||
Other comprehensive (loss) income | (34,281) | |||
Ending Balance, June 30, 2015 | 46,003 | 46,003 | ||
Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance,December 31, 2014 | 80,393 | |||
OCI before reclassifications | (23,574) | |||
Amounts reclassified from AOCI | (10,765) | |||
Other comprehensive (loss) income | (34,339) | |||
Ending Balance, June 30, 2015 | 46,054 | 46,054 | ||
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 (loss) income | 232 | |||
Ending Balance, June 30, 2015 | (282) | (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 (loss) income | (290) | |||
Ending Balance, June 30, 2015 | 333 | 333 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance,December 31, 2014 | (60,605) | |||
Amount reclassified into net income: Net actuarial loss | 2,222 | |||
Ending Balance, June 30, 2015 | (58,383) | (58,383) | ||
Accumulated other comprehensive income (loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance,December 31, 2014 | 19,788 | |||
OCI before reclassifications | (23,574) | |||
Amounts reclassified from AOCI | (8,543) | |||
Other comprehensive (loss) income | (32,117) | $ 43,161 | ||
Ending Balance, June 30, 2015 | $ (12,329) | $ (12,329) |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amounts reclassified into net income: non-credit OTTI | $ 469 | $ 357 | $ 469 | |
Non-credit OTTI, Tax | (164) | (125) | (164) | |
Amounts reclassified into Net Income: Non-credit other-than-temporary impairments on disposed securities | $ 0 | 305 | 232 | 305 |
Reclassification of net unrealized gains on HTM securities including disposals and amortization | (185) | (221) | (446) | (677) |
Total HTM Related, Tax | 65 | 77 | 156 | 237 |
Amounts reclassified from AOCI, HTM Related | (120) | (144) | (290) | (440) |
Realized losses (gains) on AFS disposals and OTTI | 3,422 | (5,008) | (16,473) | (12,237) |
Total realized gains on AFS disposals and OTTI | (1,197) | 1,753 | 5,766 | 4,283 |
Amounts reclassified into net income: realized gains on available for sale securities | 2,225 | (3,255) | (10,707) | (7,954) |
Amount reclassified into Net Income: Net actuarial loss, Gross | 1,709 | 381 | 3,418 | 761 |
Defined pension and other post-retirement benefit plans, tax | (598) | (133) | (1,196) | (266) |
Total defined benefit pension and post-retirement plans | 1,111 | 248 | 2,222 | 495 |
Investment Income [Member] | ||||
Amortization of net unrealized gains on HTM securities | (272) | (272) | (583) | (752) |
Income Before Federal Income Tax [Member] | ||||
Amounts reclassified into net income: non-credit OTTI | 0 | 469 | 357 | 469 |
Reclassification of net unrealized gains on HTM securities including disposals and amortization | (185) | (221) | (446) | (677) |
Realized losses (gains) on AFS disposals and OTTI | 3,422 | (5,008) | (16,473) | (12,237) |
Amount reclassified into Net Income: Net actuarial loss, Gross | 1,709 | 381 | 3,418 | 761 |
Total Federal Income Tax Expense [Member] | ||||
Non-credit OTTI, Tax | 0 | (164) | (125) | (164) |
Total HTM Related, Tax | 65 | 77 | 156 | 237 |
Total realized gains on AFS disposals and OTTI | (1,197) | 1,753 | 5,766 | 4,283 |
Defined pension and other post-retirement benefit plans, tax | (598) | (133) | (1,196) | (266) |
Net Income Financial Statement Line Item [Member] | ||||
Amounts reclassified into Net Income: Non-credit other-than-temporary impairments on disposed securities | 0 | 305 | 232 | 305 |
Amounts reclassified from AOCI, HTM Related | (120) | (144) | (290) | (440) |
Amounts reclassified into net income: realized gains on available for sale securities | 2,225 | (3,255) | (10,707) | (7,954) |
Total defined benefit pension and post-retirement plans | 1,111 | 248 | 2,222 | 495 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,216 | (2,846) | (8,543) | (7,594) |
Net Realized Investment Gains [Member] | ||||
Unrealized gains and losses on HTM disposals | 87 | 51 | 137 | 75 |
Realized losses (gains) on AFS disposals and OTTI | 3,422 | (5,008) | (16,473) | (12,237) |
Net Realized Investment Gains [Member] | Non-credit OTTI on Disposed Securities [Member] | ||||
Amounts reclassified into net income: non-credit OTTI | 0 | 469 | 357 | 469 |
Loss And Loss Expense Incurred [Member] | ||||
Amount reclassified into Net Income: Net actuarial loss, Gross | 372 | 88 | 743 | 175 |
Policy acquisition costs [Member] | ||||
Amount reclassified into Net Income: Net actuarial loss, Gross | $ 1,337 | $ 293 | $ 2,675 | $ 586 |