Mercury General (MCY) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	MERCURY GENERAL CORP
Entity Central Index Key	64,996
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		55,254,171

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Fixed maturity securities (amortized cost $2,855,224; $2,804,275)	$ 2,942,514	$ 2,880,003
Equity securities (cost $326,875; $313,528)	335,616	315,362
Short-term investments (cost $155,201; $185,353)	155,185	185,277
Total investments	3,433,315	3,380,642
Cash	235,109	264,221
Receivables:
Premium	465,737	436,621
Accrued investment income	40,768	42,747
Other	21,176	21,925
Total receivables	527,681	501,293
Deferred policy acquisition costs	203,565	201,762
Fixed assets, net	158,412	157,131
Current income taxes	11,907	9,041
Deferred income taxes	18,637	23,231
Goodwill	42,796	42,796
Other intangible assets, net	30,182	31,702
Other assets	30,459	16,826
Total assets	4,692,063	4,628,645
Liabilities
Losses and loss adjustment expense reserves	1,174,968	1,146,688
Unearned premiums	1,078,571	1,049,314
Notes payable	290,000	290,000
Accounts payable and accrued expenses	116,765	122,571
Deferred income taxes	0	0
Other liabilities	224,381	199,187
Total liabilities	$ 2,884,685	$ 2,807,760
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,254; 55,164	$ 93,971	$ 90,985
Additional paid-in capital	3,311	8,870
Retained earnings	1,710,096	1,721,030
Total shareholders’ equity	1,807,378	1,820,885
Total liabilities and shareholders’ equity	$ 4,692,063	$ 4,628,645

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$ 2,855,224	$ 2,804,275
Cost - equity security trading investments	326,875	313,528
Cost - short-term investments	$ 155,201	$ 185,353
Common Stock
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	55,254,000	55,164,000
Common stock, shares outstanding (in shares)	55,254,000	55,164,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Net premiums earned	$ 767,085	$ 720,737
Net investment income	29,655	31,506
Net realized investment gains (losses)	25,057	(9,961)
Other	2,123	2,266
Total revenues	823,920	744,548
Expenses:
Losses and loss adjustment expenses	594,082	514,400
Policy acquisition costs	141,560	133,847
Other operating expenses	61,294	65,692
Interest	950	750
Total expenses	797,886	714,689
Income before income taxes	26,034	29,859
Income tax expense	2,711	3,694
Net income	$ 23,323	$ 26,165
Net income per share:
Basic (in dollars per share)	$ 0.42	$ 0.47
Diluted (in dollars per share)	$ 0.42	$ 0.47
Weighted average shares outstanding:
Basic (in shares)	55,201	55,139
Diluted (in shares)	55,208	55,159
Dividends paid per share (in dollars per share)	$ 0.62	$ 0.6175

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 23,323	$ 26,165
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,357	7,107
Net realized investment (gains) losses	(25,057)	9,961
Bond amortization, net	6,521	5,213
Excess tax benefit from exercise of stock options	(904)	(82)
Increase in premium receivables	(29,116)	(22,214)
Change in current and deferred income taxes	2,632	(6,102)
Increase in deferred policy acquisition costs	(1,803)	(1,899)
Increase (decrease) in losses and loss adjustment expense reserves	28,280	(4,597)
Increase in unearned premiums	29,258	18,866
Decrease in accounts payable and accrued expenses	(5,128)	(38,258)
Share-based compensation	(3,477)	1,043
Changes in other payables	1,598	7,543
Other, net	13,195	8,706
Net cash provided by operating activities	45,679	11,452
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed maturities available-for-sale in nature: Purchases	(386,628)	(374,582)
Fixed maturities available-for-sale in nature: Sales	149,744	16,733
Fixed maturities available-for-sale in nature: Calls or maturities	180,125	87,365
Equity securities available-for-sale in nature:
Purchases	(163,408)	(246,085)
Sales	154,273	267,175
Changes in securities payable and receivable	(982)	13,638
Net decrease in short-term investments and purchased options	29,086	198,620
Purchase of fixed assets	(4,596)	(5,928)
Sale of fixed assets	2	58
Business acquisition, net of cash acquired	0	7,771
Other, net	947	1,142
Net cash used in investing activities	(41,437)	(34,093)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(34,257)	(34,055)
Excess tax benefit from exercise of stock options	903	82
Proceeds from stock options exercised	0	1,283
Net cash used in financing activities	(33,354)	(32,690)
Net decrease in cash	(29,112)	(55,331)
Cash:
Beginning of the year	264,221	289,907
End of period	235,109	234,576
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	878	692
Income taxes paid	$ 79	$ 9,798

General

General	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Mercury General Corporation and its subsidiaries (referred to herein collectively as the “Company”). For the list of the Company’s subsidiaries, see Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. All intercompany transactions and balances have been eliminated. The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at March 31, 2016 and the results of operations and cash flows for the periods presented. These statements were prepared in accordance with the instructions for interim reporting and do not contain certain information that was included in the annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about the effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to reserves for losses and loss adjustment expenses. Actual results could differ from those estimates. See Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Earnings per Share Potentially dilutive securities representing approximately 77,000 and 49,000 shares of common stock for the three months ended March 31, 2016 and 2015 , respectively, were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive. Deferred Policy Acquisition Costs Deferred policy acquisition costs consist of commissions paid to outside agents, premium taxes, salaries, and certain other underwriting costs that are incremental or directly related to the successful acquisition of new and renewal insurance contracts and are amortized over the life of the related policy in proportion to premiums earned. Deferred policy acquisition costs are limited to the amount that will remain after deducting from unearned premiums and anticipated investment income, the estimated losses and loss adjustment expenses, and the servicing costs that will be incurred as premiums are earned. The Company’s deferred policy acquisition costs are further limited by excluding those costs not directly related to the successful acquisition of insurance contracts. Deferred policy acquisition cost amortization was $141.6 million and $133.8 million for the three months ended March 31, 2016 and 2015 , respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $15 million and $16 million for the three months ended March 31, 2016 and 2015 , respectively.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-09, " Compensation - Stock Compensation (Topic 718)," which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 becomes effective for the Company beginning January 1, 2017 and is required to be applied on a modified retrospective basis. The Company is evaluating the impact that ASU 2016-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which supersedes the guidance in Accounting Standards Codification (“ASC”) 840, "Leases." ASU 2016-02 requires a lessee to recognize lease assets and lease liabilities resulting from all leases. ASU 2016-02 retains the distinction between a finance lease and an operating lease. Lessor accounting is largely unchanged from ASC 840. ASU 2016-02 becomes effective for the Company beginning January 1, 2019. However, in transition, the Company will be required to recognize and measure leases at the beginning of the earliest period (the first quarter of 2017) using a modified retrospective approach.The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in this ASU address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01: (1) requires equity investments (except those accounted for under the equity method or those that result in the consolidation of the investee) to be measured at fair value with changes in the fair value recognized in net income; (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the notes to the financial statements and (6) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 is effective for the Company beginning January 1, 2018. The Company does not anticipate that ASU 2016-01 will have a material impact on its consolidated financial statements and related disclosures. In May 2015, the FASB issued ASU 2015-09, "Financial Services - Insurance (Topic 944), Disclosures About Short-Duration Contracts." ASU 2015-09 requires insurance entities to provide additional disclosures related to claims liabilities. The additional disclosure requirements for the annual reports include: (1) claims development information by accident year, on a net of reinsurance basis, for the number of years for which claims incurred remain outstanding but not to exceed the most recent 10 years, and for the most recent reporting period presented, an insurer also needs to disclose the amount of total net outstanding claims for all accident years included in the claims development tables; (2) a reconciliation of claims development information and the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses; and (3) information about the claims frequency and the amount of the incurred-but-not-reported liabilities for each accident year presented. In addition, a description of the methodology used to determine the amounts disclosed is required. The roll forward of the liability for unpaid claims and claims adjustment expenses, currently required only for annual periods, will also be required for interim periods. ASU 2015-09 becomes effective for the Company beginning with the annual period ending December 31, 2016, and quarter periods beginning with the first quarter of 2017. Although the adoption of this standard will not have a material impact on its consolidated financial statements, the Company will expand the nature and extent of its insurance contracts disclosures. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810), Amendments to the Consolidation Analysis" affecting the consolidation evaluation of limited partnerships and similar entities, fees paid to a decision maker or a service provider as a variable interest, and variable interests in a variable interest entity held by related parties of the reporting entities. The amendments became effective on January 1, 2016 and did not have a material impact on the Company's consolidated financial statements. As in previous GAAP, consolidation analysis under ASU 2015-02 contains two primary consolidation models: the voting control model and the variable interest (“VIE”) model. An entity being evaluated for consolidation is required to first be subjected to the requirements of the VIE model. Only if the entity fails to meet the requirements to be consolidated under the VIE model, would the voting control consolidation model apply. The adoption of ASU 2015-02 did not have an impact on the Company's consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, "Revenue Recognition (Topic 606), Revenue from Contracts with Customers." ASU 2014-09 requires entities to apply a five-step model to determine the amount and timing of revenue recognition. The model specifies, among other criteria, that revenue should be recognized when an entity transfers control of goods or services to a customer at the amount at which the entity expects to be entitled. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09. In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)." ASU 2016-08 requires an entity to determine whether it is providing the goods or services to a customer as the principal, or whether it is arranging for the goods or services to be provided to the customer by another party as the agent. ASU 2014-09 and ASU 2016-08 become effective for the Company beginning January 1, 2018. The Company is evaluating the impact that ASU 2014-09 and ASU 2016-08 will have on its consolidated financial statements and related disclosures.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The financial instruments recorded in the consolidated balance sheets include investments, receivables, options sold, total return swaps, accounts payable, and secured and unsecured notes payable. Due to their short-term maturities, the carrying values of receivables and accounts payable approximate their fair market values. All investments are carried at fair value in the consolidated balance sheets. The following table presents the estimated fair values of financial instruments: March 31, 2016 December 31, 2015 (Amounts in thousands) Assets Investments $ 3,433,315 $ 3,380,642 Liabilities Options sold $ 262 $ 260 Total return swaps $ 9,797 $ 11,525 Secured notes $ 140,000 $ 140,000 Unsecured note $ 150,000 $ 150,000 Investments The Company applies the fair value option to all fixed maturity and equity securities and short-term investments at the time an eligible item is first recognized. The cost of investments sold is determined on a first-in and first-out method and realized gains and losses are included in net realized investment (losses) gains. See Note 4. Fair Value Option for additional information. Options Sold The Company writes covered call options through listed and over-the-counter exchanges. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Company on the expiration date as realized gains from investments. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a gain or loss. The Company, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Liabilities for covered call options of $0.3 million were included in other liabilities at each of March 31, 2016 and December 31, 2015 . Total return swaps The fair values of the total return swaps reflect the estimated amounts that, upon termination of the contracts, would be received for selling an asset or paid to transfer a liability in an orderly transaction at March 31, 2016 and December 31, 2015 based on models using inputs, such as interest rate yield curves and credit spreads, observable for substantially the full term of the contract. Secured notes payable The fair value of the Company’s $120 million secured note and $20 million secured note, classified as Level 2 in the fair value hierarchy described in Note 5. Fair Value Measurement, is estimated based on assumptions and inputs, such as the market value of underlying collateral and reset rates, for similarly termed notes that are observable in the market. The fair values of the secured notes approximate their carrying values. Unsecured note payable The fair value of the Company’s $150 million unsecured note, classified as Level 2 in the fair value hierarchy described in Note 5. Fair Value Measurement, is based on the unadjusted quoted price for similar notes in active markets. The fair value of the unsecured note approximates its carrying value. For additional disclosures regarding methods and assumptions used in estimating fair values, see Note 5. Fair Value Measurement.

Fair Value Option

Fair Value Option	3 Months Ended
	Mar. 31, 2016
Fair Value Option [Abstract]
Fair Value Option	Fair Value Option The Company applies the fair value option to all fixed maturity and equity securities and short-term investments at the time an eligible item is first recognized. The primary reasons for electing the fair value option were simplification and cost-benefit considerations as well as the expansion of the use of fair value measurement by the Company consistent with the long-term measurement objectives of the FASB for accounting for financial instruments. Gains and losses due to changes in fair value for items measured at fair value pursuant to application of the fair value option are included in net realized investment gains (losses) in the Company’s consolidated statements of operations, while interest and dividend income on investment holdings are recognized on an accrual basis at each measurement date and are included in net investment income in the Company’s consolidated statements of operations. The following table presents gains (losses) due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option: Three Months Ended March 31, 2016 2015 (Amounts in thousands) Fixed maturity securities $ 11,563 $ 1,251 Equity securities 6,907 (6,337 ) Short-term investments 61 202 Total $ 18,531 $ (4,884 )

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2016
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value Measurement	Fair Value Measurement The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date using the exit price. Accordingly, when market observable data are not readily available, the Company’s own assumptions are used to reflect those that market participants would be presumed to use in pricing the asset or liability at the measurement date. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the level of judgment associated with inputs used to measure their fair values and the level of market price observability, as follows: Level 1 Unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs are other than quoted prices in active markets, which are based on the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets; or • Either directly or indirectly observable inputs as of the reporting date. Level 3 Pricing inputs are unobservable and significant to the overall fair value measurement, and the determination of fair value requires significant management judgment or estimation. In certain cases, inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Thus, a Level 3 fair value measurement may include inputs that are observable (Level 1 or Level 2) and unobservable (Level 3). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. Summary of Significant Valuation Techniques for Financial Assets and Financial Liabilities The Company’s fair value measurements are based on the market approach, which utilizes market transaction data for the same or similar instruments. The Company obtained unadjusted fair values on 99.7% of its portfolio from an independent pricing service. For 0.3% of its portfolio, classified as Level 3, the Company obtained specific unadjusted broker quotes based on net fund value and, to a lesser extent, unobservable inputs from at least one knowledgeable outside security broker to determine the fair value as of March 31, 2016 . Level 1 Measurements - Fair values of financial assets and financial liabilities are obtained from an independent pricing service, and are based on unadjusted quoted prices for identical assets or liabilities in active markets. Additional pricing services and closing exchange values are used as a comparison to ensure that reasonable fair values are used in pricing the investment portfolio. U.S. government bonds and agencies/Short-term bonds : Valued using unadjusted quoted market prices for identical assets in active markets. Common stock : Comprised of actively traded, exchange listed U.S. and international equity securities and valued based on unadjusted quoted prices for identical assets in active markets. Money market instruments : Valued based on unadjusted quoted prices for identical assets in active markets. Options sold/Purchased options : Comprised of free-standing exchange listed derivatives that are actively traded and valued based on unadjusted quoted prices for identical instruments in active markets. Level 2 Measurements - Fair values of financial assets and financial liabilities are obtained from an independent pricing service or outside brokers, and are based on prices for similar assets or liabilities in active markets or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Additional pricing services are used as a comparison to ensure reliable fair values are used in pricing the investment portfolio. Municipal securities : Valued based on models or matrices using inputs such as quoted prices for identical or similar assets in active markets. Mortgage-backed securities : Comprised of securities that are collateralized by residential and commercial mortgage loans valued based on models or matrices using multiple observable inputs, such as benchmark yields, reported trades and broker/dealer quotes, for identical or similar assets in active markets. The Company had holdings of $44.8 million and $37.3 million at March 31, 2016 and December 31, 2015 , respectively, in commercial mortgage-backed securities. Corporate securities/Short-term bonds : Valued based on a multi-dimensional model using multiple observable inputs, such as benchmark yields, reported trades, broker/dealer quotes and issue spreads, for identical or similar assets in active markets. Non-redeemable preferred stock : Valued based on observable inputs, such as underlying and common stock of same issuer and appropriate spread over a comparable U.S. Treasury security, for identical or similar assets in active markets. Total return swaps : Valued based on multi-dimensional models using inputs such as interest rate yield curves, underlying debt/credit instruments and the appropriate benchmark spread for similar assets in active markets, observable for substantially the full term of the contract. Collateralized loan obligations : Valued based on underlying debt instruments and the appropriate benchmark spread for similar assets in active markets. Other asset-backed securities : Comprised of securities that are collateralized by non-mortgage assets, such as automobile loans, valued based on models or matrices using multiple observable inputs, such as benchmark yields, reported trades and broker/dealer quotes, for identical or similar assets in active markets. Secured notes payable : Valued based on underlying collateral and reset rates for similarly termed notes that are observable in the market. Unsecured notes payable : Valued based on the unadjusted quoted price for similar notes in active markets. Level 3 Measurements - Fair values of financial assets are based on inputs that are both unobservable and significant to the overall fair value measurement, including any items in which the evaluated prices obtained elsewhere were deemed to be of a distressed trading level. Collateralized debt obligations/Private equity funds : Valued based on underlying debt/credit instruments and the appropriate benchmark spread for similar assets in active markets taking into consideration unobservable inputs related to liquidity assumptions. The Company’s financial instruments at fair value are reflected in the consolidated balance sheets on a trade-date basis. Related unrealized gains or losses are recognized in net realized investment (losses) gains in the consolidated statements of operations. Fair value measurements are not adjusted for transaction costs. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2016 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 21,939 $ — $ — $ 21,939 Municipal securities — 2,531,777 — 2,531,777 Mortgage-backed securities — 56,532 — 56,532 Corporate securities — 260,917 — 260,917 Collateralized loan obligations — 51,520 — 51,520 Other asset-backed securities — 19,829 — 19,829 Equity securities: Common stock 301,768 — — 301,768 Non-redeemable preferred stock — 24,857 — 24,857 Private equity funds — — 8,991 8,991 Short-term investments: Short-term bonds 70,380 6,056 — 76,436 Money market instruments 78,749 — — 78,749 Total assets at fair value $ 472,836 $ 2,951,488 $ 8,991 $ 3,433,315 Liabilities Notes payable: Secured notes $ — $ 140,000 $ — $ 140,000 Unsecured notes — 150,000 — 150,000 Other liabilities: Total return swaps — 9,797 — 9,797 Options sold 262 — — 262 Total liabilities at fair value $ 262 $ 299,797 $ — $ 300,059 December 31, 2015 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 22,507 $ — $ — $ 22,507 Municipal securities — 2,505,040 — 2,505,040 Mortgage-backed securities — 49,838 — 49,838 Corporate securities — 243,372 — 243,372 Collateralized loan obligations — 50,548 — 50,548 Other asset-backed securities — 8,698 — 8,698 Equity securities: Common stock 280,263 — — 280,263 Non-redeemable preferred stock — 24,668 — 24,668 Private equity fund — — 10,431 10,431 Short-term investments: Short-term bonds 69,991 9,850 — 79,841 Money market instruments 105,436 — — 105,436 Total assets at fair value $ 478,197 $ 2,892,014 $ 10,431 $ 3,380,642 Liabilities Notes payable: Secured notes $ — $ 140,000 $ — $ 140,000 Unsecured notes — 150,000 — 150,000 Other liabilities: Total return swaps — 11,525 — 11,525 Options sold 260 — — 260 Total liabilities at fair value $ 260 $ 301,525 $ — $ 301,785 The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities: Three Months Ended March 31, 2016 2015 Private Equity Fund Private Equity (Amounts in thousands) Beginning Balance $ 10,431 $ 11,719 Realized (losses) gains included in earnings (1,440 ) 802 Reclassification from Other assets — 2,911 Ending Balance $ 8,991 $ 15,432 The amount of total losses for the period included in earnings attributable to assets still held at March 31 $ (1,440 ) $ (802 ) There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the three months ended March 31, 2016 and 2015 . At March 31, 2016 , the Company did not have any nonrecurring fair value measurements of nonfinancial assets or nonfinancial liabilities.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is equity price risk. Equity contracts (options sold) on various equity securities are intended to manage the price risk associated with forecasted purchases or sales of such securities. The Company also enters into derivative contracts to enhance returns on its investment portfolio. On February 13, 2014 , Fannette Funding LLC (“FFL”), a special purpose investment vehicle formed and consolidated by the Company, entered into a total return swap agreement with Citibank. Under the total return swap agreement, FFL receives the income equivalent on underlying obligations due to Citibank and pays to Citibank interest on the outstanding notional amount of the underlying obligations. The total return swap is secured by approximately $30 million of U.S. Treasuries as collateral, which are included in short-term investments on the consolidated balance sheets. The Company paid interest equal to LIBOR plus 145 basis points on approximately $86 million and $95 million of underlying obligations as of March 31, 2016 and December 31, 2015 , respectively. The agreement had an initial term of one year, subject to annual renewal, and was renewed for an additional one -year term expiring February 13, 2017. On August 9, 2013 , Animas Funding LLC (“AFL”), a special purpose investment vehicle formed and consolidated by the Company, entered into a three -year total return swap agreement with Citibank. Under the total return swap agreement, AFL receives the income equivalent on underlying obligations due to Citibank and pays to Citibank interest on the outstanding notional amount of the underlying obligations. The total return swap is secured by approximately $40 million of U.S. Treasuries as collateral, which are included in short-term investments on the consolidated balance sheets. The Company paid interest equal to LIBOR plus 120 basis points on approximately $126 million and $124 million of underlying obligations as of March 31, 2016 and December 31, 2015 , respectively. Fair value amounts, and (losses) gains on derivative instruments The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative (losses) gains in the consolidated statements of operations: Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (Amounts in thousands) Total return swaps - Other liabilities $ — $ — $ 9,797 $ 11,525 Options sold - Other liabilities — — 262 260 Total derivatives $ — $ — $ 10,059 $ 11,785 Gains Recognized in Income Three Months Ended March 31, 2016 2015 (Amounts in thousands) Total return swaps - Net realized investment gains $ 1,163 $ 2,988 Options sold - Net realized investment gains 944 447 Total $ 2,107 $ 3,435 Most options sold consist of covered calls. The Company writes covered calls on underlying equity positions held as an enhanced income strategy that is permitted for the Company’s insurance subsidiaries under statutory regulations. The Company manages the risk associated with covered calls through strict capital limitations and asset diversification throughout various industries. For additional disclosures regarding options sold, see Note 5. Fair Value Measurement.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill There were no changes in the carrying amount of goodwill during the periods presented. Goodwill is reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the periods presented. Other Intangible Assets The following table presents the components of other intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives (Amounts in thousands) (in years) As of March 31, 2016: Customer relationships $ 52,430 $ (35,578 ) $ 16,852 11 Trade names 15,400 (4,652 ) 10,748 24 Technology 4,300 (3,118 ) 1,182 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 73,530 $ (43,348 ) $ 30,182 As of December 31, 2015: Customer relationships $ 52,430 $ (34,327 ) $ 18,103 11 Trade names 15,400 (4,491 ) 10,909 24 Technology 4,300 (3,010 ) 1,290 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 73,530 $ (41,828 ) $ 31,702 Other intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the periods presented. Other intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Other intangible assets amortization expense was $1.5 million for each of the three months ended March 31, 2016 and 2015, respectively. The following table presents the estimated future amortization expense related to other intangible assets as of March 31, 2016 : Year Amortization Expense (Amounts in thousands) Remainder of 2016 $ 4,558 2017 5,349 2018 5,335 2019 4,905 2020 758 Thereafter 7,877 Total $ 28,782

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-Based Compensation	Share-Based Compensation Share-based compensation expense for all share-based payment awards granted or modified is based on the estimated grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award. As of March 31, 2016 , all outstanding stock options have a term of ten years from the date of grant and become exercisable in four equal installments on the first through fourth anniversaries of the grant date. The fair value of stock option awards is estimated using the Black-Scholes option pricing model with the grant-date assumptions and weighted-average fair values. In February 2015, the Company's Board of Directors adopted the 2015 Incentive Award Plan (the "2015 Plan"), replacing the 2005 Equity Incentive Plan (the "2005 Plan") which expired in January 2015. The 2015 Plan was approved at the Company's Annual Meeting of Shareholders in May 2015. A maximum of 4,900,000 shares of common stock are authorized for issuance under the 2015 Plan upon exercise of stock options, stock appreciation rights and other awards, or upon vesting of restricted stock unit ("RSU") or deferred stock awards. As of March 31, 2016 , 191,500 RSUs were outstanding, and 4,713,500 shares of common stock were available for future issuances under the 2015 Plan. As of March 31, 2016 , 83,500 RSUs and 155,500 stock options were outstanding under the 2005 Plan. The Compensation Committee of the Company’s Board of Directors granted RSU awards to the Company’s senior management and key employees which will vest based upon the Company's performance during three-year performance periods ending on December 31, 2017 and 2018 for RSU awards granted under the 2015 Plan, and ending on December 31, 2016 for RSU awards granted under the 2005 Plan: Grant Year 2016 2015 2014 Three-year performance period ending December 31, 2018 2017 2016 Vesting shares, target (net of forfeited) 94,250 97,250 83,500 Vesting shares, maximum (net of forfeited) 176,719 182,344 156,563 The RSUs vest at the end of a three -year performance period beginning with the year of the grant, and then only if, and to the extent that, the Company’s performance during the performance period achieves the threshold established by the Compensation Committee of the Company’s Board of Directors. Performance thresholds are based on the Company’s cumulative underwriting income, annual underwriting income, and net earned premium growth. In February 2016, 88,074 shares of common stock, net of 58,822 shares withheld for payroll taxes, were issued upon the vesting of 146,896 RSUs awarded in 2013 resulting from the attainment of performance goals above the target threshold during the three-year performance period from 2013 to 2015. As of March 31, 2016 , 1,500 , 2,000 and 2,000 target RSUs granted in 2016, 2015 and 2014 , respectively, were forfeited because the recipients were no longer employed by the Company. The fair value of each RSU grant was determined based on the market price of the Company's common stock on the grant date. Compensation cost is recognized based on management’s best estimate that performance goals will be achieved. If such goals are not met, no compensation cost will be recognized and any recognized compensation cost will be reversed. No stock options were awarded during the three months ended March 31, 2016 under the 2015 Plan.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes For financial statement purposes, the Company recognizes tax benefits related to positions taken, or expected to be taken, on a tax return only if, the positions are “more-likely-than-not” sustainable. Once this threshold has been met, the Company’s measurement of its expected tax benefits is recognized in its financial statements. There was a $0.2 million increase to the total amount of unrecognized tax benefit related to tax uncertainties during the three months ended March 31, 2016 . The increase was the result of tax positions taken regarding state tax apportionment issues based on management’s best judgment given the facts, circumstances, and information available at the reporting date. The Company does not expect any changes in such unrecognized tax benefits to have a significant impact on its consolidated financial statements within the next 12 months. The Company and its subsidiaries file income tax returns with the Internal Revenue Service and the taxing authorities of various states. Tax years that remain subject to examination by major taxing jurisdictions are 2012 through 2014 for federal taxes, and 2003 through 2014 for California state taxes. The Company is currently under examination by the California Franchise Tax Board (“FTB”) for tax years 2003 through 2013. The FTB issued Notices of Proposed Assessments to the Company for tax years 2003 through 2010, which the Company formally protested. The proposed adjustments for tax years 2003 through 2006 were affirmed following an administrative protest process with the FTB examination. The Company is in settlement discussions with the FTB. If a reasonable settlement is not reached, the Company intends to pursue other options, including a formal hearing with the State Board of Equalization or litigation in superior court. Management believes that the resolution of these examinations and assessments will not have a material impact on the Company's consolidated financial statements. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting basis and the respective tax basis of the Company’s assets and liabilities, and expected benefits of utilizing net operating loss, capital loss, and tax-credit carryforwards. The Company assesses the likelihood that its deferred tax assets will be realized and, to the extent management does not believe these assets are more likely than not to be realized, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or laws is recognized in earnings in the period that includes the enactment date. At March 31, 2016 , the Company’s deferred income taxes were in a net asset position, which included a combination of ordinary and capital deferred tax benefits. In assessing the Company’s ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating sufficient taxable income of the appropriate character within the carryback and carryforward periods available under the tax law. Management considers the reversal of deferred tax liabilities, projected future taxable income of an appropriate nature, and tax-planning strategies in making this assessment. The Company believes that through the use of prudent tax planning strategies and the generation of capital gains, sufficient income will be realized in order to maximize the full benefits of its deferred tax assets. Although realization is not assured, management believes that it is more likely than not that the Company’s deferred tax assets will be realized.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is, from time to time, named as a defendant in various lawsuits or regulatory actions incidental to its insurance business. The majority of lawsuits brought against the Company relate to insurance claims that arise in the normal course of business and are reserved for through the reserving process. For a discussion of the Company’s reserving methods, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The Company also establishes reserves for non-insurance claims related lawsuits, regulatory actions, and other contingencies when the Company believes a loss is probable and is able to estimate its potential exposure. For loss contingencies believed to be reasonably possible, the Company also discloses the nature of the loss contingency and an estimate of the possible loss, range of loss, or a statement that such an estimate cannot be made. While actual losses may differ from the amounts recorded and the ultimate outcome of the Company's pending actions is generally not yet determinable, the Company does not believe that the ultimate resolution of currently pending legal or regulatory proceedings, either individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations, or cash flows. In all cases, the Company vigorously defends itself unless a reasonable settlement appears appropriate. For a discussion of legal matters, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company is primarily engaged in writing personal automobile insurance and provides related property and casualty insurance products to its customers through 14 subsidiaries in 13 states, principally in California. The Company has one reportable business segment - the Property and Casualty business segment. Property and Casualty Lines The Property and Casualty business segment offers several insurance products to the Company’s individual customers and small business customers. These insurance products are: private passenger automobile which is the Company’s primary business, and related insurance products such as homeowners, commercial automobile and commercial property. These insurance products are primarily sold to the Company’s individual customers and small business customers, which increases retention of the Company’s private personal automobile client base. The insurance products comprising the Property and Casualty business segment are sold through the same distribution channels, mainly through independent and 100% owned insurance agents, and go through a similar underwriting process. The Company’s Chief Operating Decision Maker evaluates operating results based on pre-tax underwriting results which is calculated as net premiums earned less (i) incurred losses and loss adjustment expenses; and (ii) underwriting expenses (policy acquisition costs and other operating expenses). Expenses are allocated based on certain assumptions that are primarily related to premiums and losses. The Company’s net investment income, net realized investment (losses) gains, other income, and interest expense are excluded in evaluating pre-tax underwriting profit. The Company does not allocate its assets, including investments, or income taxes in evaluating pre-tax underwriting profit. The following table presents operating results by reportable segment for the three months ended: March 31, 2016 March 31, 2015 Property & Casualty Lines Other (1) Total Property & Casualty Lines Other (1) Total (Amounts in millions) Net premiums earned $ 755.8 $ 11.3 $ 767.1 $ 707.2 $ 13.5 $ 720.7 Less: Incurred expenses 588.0 6.1 594.1 506.8 7.6 514.4 Underwriting expenses 197.9 4.9 202.8 193.9 5.6 199.5 Underwriting (loss) gain (30.1 ) 0.3 (29.8 ) 6.5 0.3 6.8 Investment income 29.7 31.5 Net realized investment gains (losses) 25.0 (10.0 ) Other income 2.1 2.3 Interest expense (1.0 ) (0.7 ) Pre-tax income $ 26.0 $ 29.9 Net income $ 23.3 $ 26.2 The following table presents the Company’s direct premiums written and net premiums earned by line of insurance business for the three months ended: March 31, 2016 March 31, 2015 Property & Casualty Lines Other (1) Total Property & Casualty Lines Other (1) Total (Amounts in millions) Private passenger automobile $ 631.8 $ — $ 631.8 $ 591.5 $ — $ 591.5 Homeowners 99.1 — 99.1 89.1 — 89.1 Commercial automobile 40.9 — 40.9 36.2 — 36.2 Other 20.9 7.4 28.3 19.0 7.0 26.0 Direct premiums written $ 792.7 $ 7.4 $ 800.1 $ 735.8 $ 7.0 742.8 Private passenger automobile $ 599.0 $ — $ 599.0 $ 563.8 $ — $ 563.8 Homeowners 99.5 — 99.5 92.0 — 92.0 Commercial automobile 38.7 — 38.7 33.8 — 33.8 Other 18.6 11.3 29.9 17.6 13.5 31.1 Net premiums earned $ 755.8 $ 11.3 $ 767.1 $ 707.2 $ 13.5 $ 720.7 __________ (1) "Other" represents net premiums written and earned from an operating segment that does not meet the quantitative thresholds required to be considered a reportable segment. This operating segment offers automobile mechanical breakdown warranties which are primarily sold through auto dealerships and credit unions.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event The Company plans to cease operations in Michigan and Pennsylvania to focus resources on other states with better opportunities for sustained profitable growth. Combined results for Michigan and Pennsylvania were as follows: Years ended December 31, (in thousands, except ratios) 2015 2014 Net premiums written $ 14,413 $ 18,375 Net premiums earned $ 15,366 $ 18,573 Combined ratio 137 % 130 % On April 29, 2016, the Company filed plans to exit these states with the respective state regulatory agencies. The Company expects to complete the run-off of its Michigan and Pennsylvania operations in 2017. In line with the goal of improving operating efficiencies outside California and overall long-term profitability, the Company restructured its claims operations in states outside of California resulting in a workforce reduction of approximately 100 employees on April 29, 2016. The affected employees were located primarily in the Company's New Jersey and Florida branch offices. The Company expects to record a charge, in the second quarter of 2016, of approximately $ 2 million for employee termination costs.

General (Policy)

General (Policy)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation and Basis of Presentation	The condensed consolidated financial statements include the accounts of Mercury General Corporation and its subsidiaries (referred to herein collectively as the “Company”). For the list of the Company’s subsidiaries, see Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. All intercompany transactions and balances have been eliminated. The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at March 31, 2016 and the results of operations and cash flows for the periods presented. These statements were prepared in accordance with the instructions for interim reporting and do not contain certain information that was included in the annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 .
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about the effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to reserves for losses and loss adjustment expenses. Actual results could differ from those estimates. See Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 .
Earnings per Share	Potentially dilutive securities representing approximately 77,000 and 49,000 shares of common stock for the three months ended March 31, 2016 and 2015 , respectively, were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive.
Deferred Policy Acquisition Costs	Deferred policy acquisition costs consist of commissions paid to outside agents, premium taxes, salaries, and certain other underwriting costs that are incremental or directly related to the successful acquisition of new and renewal insurance contracts and are amortized over the life of the related policy in proportion to premiums earned. Deferred policy acquisition costs are limited to the amount that will remain after deducting from unearned premiums and anticipated investment income, the estimated losses and loss adjustment expenses, and the servicing costs that will be incurred as premiums are earned. The Company’s deferred policy acquisition costs are further limited by excluding those costs not directly related to the successful acquisition of insurance contracts. Deferred policy acquisition cost amortization was $141.6 million and $133.8 million for the three months ended March 31, 2016 and 2015 , respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $15 million and $16 million for the three months ended March 31, 2016 and 2015 , respectively.
Recently Issued Accounting Standards	In March 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-09, " Compensation - Stock Compensation (Topic 718)," which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 becomes effective for the Company beginning January 1, 2017 and is required to be applied on a modified retrospective basis. The Company is evaluating the impact that ASU 2016-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which supersedes the guidance in Accounting Standards Codification (“ASC”) 840, "Leases." ASU 2016-02 requires a lessee to recognize lease assets and lease liabilities resulting from all leases. ASU 2016-02 retains the distinction between a finance lease and an operating lease. Lessor accounting is largely unchanged from ASC 840. ASU 2016-02 becomes effective for the Company beginning January 1, 2019. However, in transition, the Company will be required to recognize and measure leases at the beginning of the earliest period (the first quarter of 2017) using a modified retrospective approach.The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in this ASU address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01: (1) requires equity investments (except those accounted for under the equity method or those that result in the consolidation of the investee) to be measured at fair value with changes in the fair value recognized in net income; (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the notes to the financial statements and (6) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 is effective for the Company beginning January 1, 2018. The Company does not anticipate that ASU 2016-01 will have a material impact on its consolidated financial statements and related disclosures. In May 2015, the FASB issued ASU 2015-09, "Financial Services - Insurance (Topic 944), Disclosures About Short-Duration Contracts." ASU 2015-09 requires insurance entities to provide additional disclosures related to claims liabilities. The additional disclosure requirements for the annual reports include: (1) claims development information by accident year, on a net of reinsurance basis, for the number of years for which claims incurred remain outstanding but not to exceed the most recent 10 years, and for the most recent reporting period presented, an insurer also needs to disclose the amount of total net outstanding claims for all accident years included in the claims development tables; (2) a reconciliation of claims development information and the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses; and (3) information about the claims frequency and the amount of the incurred-but-not-reported liabilities for each accident year presented. In addition, a description of the methodology used to determine the amounts disclosed is required. The roll forward of the liability for unpaid claims and claims adjustment expenses, currently required only for annual periods, will also be required for interim periods. ASU 2015-09 becomes effective for the Company beginning with the annual period ending December 31, 2016, and quarter periods beginning with the first quarter of 2017. Although the adoption of this standard will not have a material impact on its consolidated financial statements, the Company will expand the nature and extent of its insurance contracts disclosures. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810), Amendments to the Consolidation Analysis" affecting the consolidation evaluation of limited partnerships and similar entities, fees paid to a decision maker or a service provider as a variable interest, and variable interests in a variable interest entity held by related parties of the reporting entities. The amendments became effective on January 1, 2016 and did not have a material impact on the Company's consolidated financial statements. As in previous GAAP, consolidation analysis under ASU 2015-02 contains two primary consolidation models: the voting control model and the variable interest (“VIE”) model. An entity being evaluated for consolidation is required to first be subjected to the requirements of the VIE model. Only if the entity fails to meet the requirements to be consolidated under the VIE model, would the voting control consolidation model apply. The adoption of ASU 2015-02 did not have an impact on the Company's consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, "Revenue Recognition (Topic 606), Revenue from Contracts with Customers." ASU 2014-09 requires entities to apply a five-step model to determine the amount and timing of revenue recognition. The model specifies, among other criteria, that revenue should be recognized when an entity transfers control of goods or services to a customer at the amount at which the entity expects to be entitled. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09. In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)." ASU 2016-08 requires an entity to determine whether it is providing the goods or services to a customer as the principal, or whether it is arranging for the goods or services to be provided to the customer by another party as the agent. ASU 2014-09 and ASU 2016-08 become effective for the Company beginning January 1, 2018. The Company is evaluating the impact that ASU 2014-09 and ASU 2016-08 will have on its consolidated financial statements and related disclosures.

Fair Value of Financial Instr19

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Financial Instruments, Owned, at Fair Value [Abstract]
Estimated Fair Values of Financial Instruments	The following table presents the estimated fair values of financial instruments: March 31, 2016 December 31, 2015 (Amounts in thousands) Assets Investments $ 3,433,315 $ 3,380,642 Liabilities Options sold $ 262 $ 260 Total return swaps $ 9,797 $ 11,525 Secured notes $ 140,000 $ 140,000 Unsecured note $ 150,000 $ 150,000

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Option [Abstract]
Gains And Losses Due To Changes In Fair Value Of Investments	The following table presents gains (losses) due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option: Three Months Ended March 31, 2016 2015 (Amounts in thousands) Fixed maturity securities $ 11,563 $ 1,251 Equity securities 6,907 (6,337 ) Short-term investments 61 202 Total $ 18,531 $ (4,884 )

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2016
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques	The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2016 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 21,939 $ — $ — $ 21,939 Municipal securities — 2,531,777 — 2,531,777 Mortgage-backed securities — 56,532 — 56,532 Corporate securities — 260,917 — 260,917 Collateralized loan obligations — 51,520 — 51,520 Other asset-backed securities — 19,829 — 19,829 Equity securities: Common stock 301,768 — — 301,768 Non-redeemable preferred stock — 24,857 — 24,857 Private equity funds — — 8,991 8,991 Short-term investments: Short-term bonds 70,380 6,056 — 76,436 Money market instruments 78,749 — — 78,749 Total assets at fair value $ 472,836 $ 2,951,488 $ 8,991 $ 3,433,315 Liabilities Notes payable: Secured notes $ — $ 140,000 $ — $ 140,000 Unsecured notes — 150,000 — 150,000 Other liabilities: Total return swaps — 9,797 — 9,797 Options sold 262 — — 262 Total liabilities at fair value $ 262 $ 299,797 $ — $ 300,059 December 31, 2015 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 22,507 $ — $ — $ 22,507 Municipal securities — 2,505,040 — 2,505,040 Mortgage-backed securities — 49,838 — 49,838 Corporate securities — 243,372 — 243,372 Collateralized loan obligations — 50,548 — 50,548 Other asset-backed securities — 8,698 — 8,698 Equity securities: Common stock 280,263 — — 280,263 Non-redeemable preferred stock — 24,668 — 24,668 Private equity fund — — 10,431 10,431 Short-term investments: Short-term bonds 69,991 9,850 — 79,841 Money market instruments 105,436 — — 105,436 Total assets at fair value $ 478,197 $ 2,892,014 $ 10,431 $ 3,380,642 Liabilities Notes payable: Secured notes $ — $ 140,000 $ — $ 140,000 Unsecured notes — 150,000 — 150,000 Other liabilities: Total return swaps — 11,525 — 11,525 Options sold 260 — — 260 Total liabilities at fair value $ 260 $ 301,525 $ — $ 301,785
Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value	The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities: Three Months Ended March 31, 2016 2015 Private Equity Fund Private Equity (Amounts in thousands) Beginning Balance $ 10,431 $ 11,719 Realized (losses) gains included in earnings (1,440 ) 802 Reclassification from Other assets — 2,911 Ending Balance $ 8,991 $ 15,432 The amount of total losses for the period included in earnings attributable to assets still held at March 31 $ (1,440 ) $ (802 )

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets	The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative (losses) gains in the consolidated statements of operations: Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (Amounts in thousands) Total return swaps - Other liabilities $ — $ — $ 9,797 $ 11,525 Options sold - Other liabilities — — 262 260 Total derivatives $ — $ — $ 10,059 $ 11,785
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	Gains Recognized in Income Three Months Ended March 31, 2016 2015 (Amounts in thousands) Total return swaps - Net realized investment gains $ 1,163 $ 2,988 Options sold - Net realized investment gains 944 447 Total $ 2,107 $ 3,435

Goodwill and Other Intangible23

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Components Of Other Intangible Assets	The following table presents the components of other intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives (Amounts in thousands) (in years) As of March 31, 2016: Customer relationships $ 52,430 $ (35,578 ) $ 16,852 11 Trade names 15,400 (4,652 ) 10,748 24 Technology 4,300 (3,118 ) 1,182 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 73,530 $ (43,348 ) $ 30,182 As of December 31, 2015: Customer relationships $ 52,430 $ (34,327 ) $ 18,103 11 Trade names 15,400 (4,491 ) 10,909 24 Technology 4,300 (3,010 ) 1,290 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 73,530 $ (41,828 ) $ 31,702
Schedule Of Estimated Future Amortization Expense Related To Intangible Assets	The following table presents the estimated future amortization expense related to other intangible assets as of March 31, 2016 : Year Amortization Expense (Amounts in thousands) Remainder of 2016 $ 4,558 2017 5,349 2018 5,335 2019 4,905 2020 758 Thereafter 7,877 Total $ 28,782

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Schedule Of Performance Vesting Restricted Stock Units Granted	The Compensation Committee of the Company’s Board of Directors granted RSU awards to the Company’s senior management and key employees which will vest based upon the Company's performance during three-year performance periods ending on December 31, 2017 and 2018 for RSU awards granted under the 2015 Plan, and ending on December 31, 2016 for RSU awards granted under the 2005 Plan: Grant Year 2016 2015 2014 Three-year performance period ending December 31, 2018 2017 2016 Vesting shares, target (net of forfeited) 94,250 97,250 83,500 Vesting shares, maximum (net of forfeited) 176,719 182,344 156,563

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reconciliation of operating results by reportable segment	The following table presents operating results by reportable segment for the three months ended: March 31, 2016 March 31, 2015 Property & Casualty Lines Other (1) Total Property & Casualty Lines Other (1) Total (Amounts in millions) Net premiums earned $ 755.8 $ 11.3 $ 767.1 $ 707.2 $ 13.5 $ 720.7 Less: Incurred expenses 588.0 6.1 594.1 506.8 7.6 514.4 Underwriting expenses 197.9 4.9 202.8 193.9 5.6 199.5 Underwriting (loss) gain (30.1 ) 0.3 (29.8 ) 6.5 0.3 6.8 Investment income 29.7 31.5 Net realized investment gains (losses) 25.0 (10.0 ) Other income 2.1 2.3 Interest expense (1.0 ) (0.7 ) Pre-tax income $ 26.0 $ 29.9 Net income $ 23.3 $ 26.2
Schedule direct premiums attributable to segment	The following table presents the Company’s direct premiums written and net premiums earned by line of insurance business for the three months ended: March 31, 2016 March 31, 2015 Property & Casualty Lines Other (1) Total Property & Casualty Lines Other (1) Total (Amounts in millions) Private passenger automobile $ 631.8 $ — $ 631.8 $ 591.5 $ — $ 591.5 Homeowners 99.1 — 99.1 89.1 — 89.1 Commercial automobile 40.9 — 40.9 36.2 — 36.2 Other 20.9 7.4 28.3 19.0 7.0 26.0 Direct premiums written $ 792.7 $ 7.4 $ 800.1 $ 735.8 $ 7.0 742.8 Private passenger automobile $ 599.0 $ — $ 599.0 $ 563.8 $ — $ 563.8 Homeowners 99.5 — 99.5 92.0 — 92.0 Commercial automobile 38.7 — 38.7 33.8 — 33.8 Other 18.6 11.3 29.9 17.6 13.5 31.1 Net premiums earned $ 755.8 $ 11.3 $ 767.1 $ 707.2 $ 13.5 $ 720.7 __________ (1) "Other" represents net premiums written and earned from an operating segment that does not meet the quantitative thresholds required to be considered a reportable segment. This operating segment offers automobile mechanical breakdown warranties which are primarily sold through auto dealerships and credit unions.

Subsequent Event (Tables)

Subsequent Event (Tables)	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Schedule of Subsequent Events	Combined results for Michigan and Pennsylvania were as follows: Years ended December 31, (in thousands, except ratios) 2015 2014 Net premiums written $ 14,413 $ 18,375 Net premiums earned $ 15,366 $ 18,573 Combined ratio 137 % 130 %

General (Details)

General (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Potentially dilutive securities (in shares)	77	49
Deferred policy acquisition cost amortization	$ 141,560	$ 133,847
Advertising expenses	$ 15,000	$ 16,000

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other liabilities	$ 224,381,000	$ 199,187,000
Liabilities, Fair Value Disclosure, Recurring	300,059,000	301,785,000
Level 2 [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Liabilities, Fair Value Disclosure, Recurring	299,797,000	301,525,000
Level 2 [Member] | Secured Notes One [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Secured notes	120,000,000
Level 2 [Member] | Secured Notes Two [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Secured notes	20,000,000
Call Option [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other liabilities	$ 300,000	$ 300,000

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Liabilities
Total return swap	$ 9,797	$ 11,525
Liabilities, Fair Value Disclosure, Recurring	300,059	301,785
Level 2 [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	299,797	301,525
Secured Debt [Member] | Borrowings [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	140,000	140,000
Secured Debt [Member] | Borrowings [Member] | Level 2 [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	140,000	140,000
Unsecured Debt [Member] | Borrowings [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Unsecured Debt [Member] | Borrowings [Member] | Level 2 [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Equity Contract [Member]
Liabilities
Equity contracts	262	260
Investments [Member]
Assets
Investments	$ 3,433,315	$ 3,380,642

Fair Value Option (Gains And Lo

Fair Value Option (Gains And Losses Due To Changes In Fair Value Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ 18,531	$ (4,884)
Fixed maturity securities [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	11,563	1,251
Equity Securities [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	6,907	(6,337)
Short-term investments [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ 61	$ 202

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)transfersbroker	Mar. 31, 2015transfers	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of portfolio of unadjusted fair values obtained	99.70%
Percentage of portfolio of specific unadjusted broker quotes obtained	0.30%
Transfers between Levels 1, 2, and 3 of the fair value hierarchy | transfers	0	0
Commercial Mortgage Backed Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, fair value disclosure | $	$ 44.8		$ 37.3
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of knowledgeable outside security brokers consulted to determine fair value | broker	1

Fair Value Measurement (Schedul

Fair Value Measurement (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	$ 3,433,315	$ 3,380,642
Liabilities, Fair Value Disclosure, Recurring	300,059	301,785
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	472,836	478,197
Liabilities, Fair Value Disclosure, Recurring	262	260
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	2,951,488	2,892,014
Liabilities, Fair Value Disclosure, Recurring	299,797	301,525
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	8,991	10,431
Liabilities, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | US Treasury and Government [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	21,939	22,507
Fixed maturity securities [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	2,531,777	2,505,040
Fixed maturity securities [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	56,532	49,838
Fixed maturity securities [Member] | Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	260,917	243,372
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	51,520	50,548
Fixed maturity securities [Member] | Collateralized Auto Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	19,829	8,698
Fixed maturity securities [Member] | Level 1 [Member] | US Treasury and Government [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	21,939	22,507
Fixed maturity securities [Member] | Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 1 [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 1 [Member] | Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 1 [Member] | Collateralized Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 1 [Member] | Collateralized Auto Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 2 [Member] | US Treasury and Government [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	2,531,777	2,505,040
Fixed maturity securities [Member] | Level 2 [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	56,532	49,838
Fixed maturity securities [Member] | Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	260,917	243,372
Fixed maturity securities [Member] | Level 2 [Member] | Collateralized Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	51,520	50,548
Fixed maturity securities [Member] | Level 2 [Member] | Collateralized Auto Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	19,829	8,698
Fixed maturity securities [Member] | Level 3 [Member] | US Treasury and Government [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 3 [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 3 [Member] | Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 3 [Member] | Collateralized Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Level 3 [Member] | Collateralized Auto Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	301,768	280,263
Equity Securities [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	24,857	24,668
Equity Securities [Member] | Partnership Interest In Private Credit Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	8,991	10,431
Equity Securities [Member] | Level 1 [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	301,768	280,263
Equity Securities [Member] | Level 1 [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Level 1 [Member] | Partnership Interest In Private Credit Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Level 2 [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Level 2 [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	24,857	24,668
Equity Securities [Member] | Level 2 [Member] | Partnership Interest In Private Credit Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Level 3 [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Level 3 [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Level 3 [Member] | Partnership Interest In Private Credit Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	8,991	10,431
Short-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	76,436	79,841
Short-term Investments [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	70,380	69,991
Short-term Investments [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	6,056	9,850
Short-term Investments [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	78,749	105,436
Money Market Funds [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	78,749	105,436
Money Market Funds [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Money Market Funds [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	140,000	140,000
Borrowings [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Borrowings [Member] | Level 1 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Level 1 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Level 2 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	140,000	140,000
Borrowings [Member] | Level 2 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Borrowings [Member] | Level 3 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Level 3 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Total Return Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	9,797	11,525
Total Return Swap [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Total Return Swap [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	9,797	11,525
Total Return Swap [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Equity Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	262	260
Equity Contract [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	262	260
Equity Contract [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Equity Contract [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	$ 0	$ 0

Fair Value Measurement (Summary

Fair Value Measurement (Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value) (Details) - Partnership Interest In Private Credit Fund [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 10,431	$ 11,719
Realized (losses) gains included in earnings	(1,440)	802
Reclassification from Other assets	0	2,911
Ending Balance	8,991	15,432
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30	$ (1,440)	$ (802)

Derivative Financial Instrume34

Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Feb. 13, 2014	Aug. 09, 2013	Mar. 31, 2016	Dec. 31, 2015
2014 Swap [Member]
Derivative Financial Instruments [Line Items]
Swap agreement collateral			$ 30
Notional amount			86	$ 95
Term of swap agreement	1 year
Renewal term	1 year
2013 Swap [Member]
Derivative Financial Instruments [Line Items]
Swap agreement collateral			40
Notional amount			$ 126	$ 124
Term of swap agreement		3 years
LIBOR [Member] | 2014 Swap [Member]
Derivative Financial Instruments [Line Items]
Basis spread on variable rate			1.45%
LIBOR [Member] | 2013 Swap [Member]
Derivative Financial Instruments [Line Items]
Basis spread on variable rate			1.20%

Derivative Financial Instrume35

Derivative Financial Instruments (Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Total return swap	$ 9,797	$ 11,525
Non-hedging derivatives [Member]
Derivative [Line Items]
Asset Derivatives	0	0
Total return swap	10,059	11,785
Non-hedging derivatives [Member] | Interest rate swap agreements [Member] | Other Assets [Member]
Derivative [Line Items]
Asset Derivatives	0	0
Non-hedging derivatives [Member] | Interest rate swap agreements [Member] | Other liabilities [Member]
Derivative [Line Items]
Total return swap	9,797	11,525
Non-hedging derivatives [Member] | Equity contracts [Member] | Other Assets [Member]
Derivative [Line Items]
Asset Derivatives	0	0
Non-hedging derivatives [Member] | Equity contracts [Member] | Other liabilities [Member]
Derivative [Line Items]
Total return swap	$ 262	$ 260

Derivative Financial Instrume36

Derivative Financial Instruments (Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations) (Details) - Derivatives Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Gain Recognized in Income (Loss)	$ 2,107	$ 3,435
Total Return Swap [Member] | Other revenue [Member]
Derivative [Line Items]
Gain Recognized in Income (Loss)	1,163	2,988
Equity contracts [Member] | Net realized investment (losses) gains [Member]
Derivative [Line Items]
Gain Recognized in Income (Loss)	$ 944	$ 447

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense	$ 1.5	$ 1.5

Goodwill and Other Intangible38

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 73,530	$ 73,530
Accumulated Amortization	(43,348)	(41,828)
Total	30,182	31,702
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,430	52,430
Accumulated Amortization	(35,578)	(34,327)
Total	$ 16,852	$ 18,103
Useful Lives (in years)	11 years	11 years
Trade names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 15,400	$ 15,400
Accumulated Amortization	(4,652)	(4,491)
Total	$ 10,748	$ 10,909
Useful Lives (in years)	24 years	24 years
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,300	$ 4,300
Accumulated Amortization	(3,118)	(3,010)
Total	$ 1,182	$ 1,290
Useful Lives (in years)	10 years	10 years

Goodwill and Other Intangible39

Goodwill and Other Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 73,530	$ 73,530
Other intangible assets, net	30,182	31,702
Licensing Agreements [Member]
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	1,400	1,400
Other intangible assets, net	$ 1,400	$ 1,400

Goodwill and Other Intangible40

Goodwill and Other Intangible Assets (Schedule Of Estimated Future Amortization Expense Related To Intangible Assets) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2016	$ 4,558
2,017	5,349
2,018	5,335
2,019	4,905
2,020	758
Thereafter	7,877
Total	$ 28,782

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - shares	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Feb. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period of restricted stock units (in years)		3 years
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period	88,074
Shares withheld for payroll taxes		58,822
Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			4,900,000
Incentive Award Plan 2015 [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		4,713,500
Two Thousand Five Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		155,500
Target Restricted Stock Units, 2015 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested options forfeited		1,500
Target Restricted Stock Units, 2014 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested options forfeited		2,000
Target Restricted Stock Units, 2013 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested options forfeited		2,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term (in years)		10 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vested during period	146,896
Restricted Stock [Member] | Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		191,500
Restricted Stock [Member] | Two Thousand Five Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		83,500

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Performance Vesting Restricted Stock Units Granted) (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Three-year performance period ending December 31,	2,018	2,017	2,016
Vesting shares, target	94,250	97,250	83,500
Vesting shares, maximum	176,719	182,344	156,563

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Increase in unrecognized tax benefit	$ 0.2

Segment Information - Summary o

Segment Information - Summary of Operating Results by Segment (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)SubsidiaryState	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of insurance companies | Subsidiary	14
Number of states in which company operates | State	13
Segment Reporting Information [Line Items]
Net premiums earned	$ 767,100	$ 720,700	$ 767,100	$ 720,700
Losses and loss adjustment expenses	594,082	514,400
Underwriting expenses	202,800	199,500
Underwriting gain	(29,800)	6,800
Net investment income	29,655	31,506
Net realized investment gains (losses)	25,057	(9,961)
Other	2,123	2,266
Interest Expense	(950)	(750)
Pre-tax income	26,034	29,859
Net income	23,323	26,165
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Net premiums earned	755,800	707,200	755,800	707,200
Losses and loss adjustment expenses	588,000	506,800
Underwriting expenses	197,900	193,900
Underwriting gain	(30,100)	6,500
Other Segments [Member]
Segment Reporting Information [Line Items]
Net premiums earned	11,300	13,500	$ 11,300	$ 13,500
Losses and loss adjustment expenses	6,100	7,600
Underwriting expenses	4,900	5,600
Underwriting gain	$ 300	$ 300

Segment Information - Summary45

Segment Information - Summary of Premiums Written and Earned by Segment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Direct Premiums Written			$ 800.1	$ 742.8
Net premiums earned	$ 767.1	$ 720.7	767.1	720.7
Property and Casualty, Personal Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			631.8	591.5
Net premiums earned			599	563.8
Property Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			99.1	89.1
Net premiums earned			99.5	92
Property and Casualty, Commercial Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			40.9	36.2
Net premiums earned			38.7	33.8
Other Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			28.3	26
Net premiums earned			29.9	31.1
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			792.7	735.8
Net premiums earned	755.8	707.2	755.8	707.2
Property and Casualty Lines [Member] | Property and Casualty, Personal Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			631.8	591.5
Net premiums earned			599	563.8
Property and Casualty Lines [Member] | Property Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			99.1	89.1
Net premiums earned			99.5	92
Property and Casualty Lines [Member] | Property and Casualty, Commercial Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			40.9	36.2
Net premiums earned			38.7	33.8
Property and Casualty Lines [Member] | Other Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			20.9	19
Net premiums earned			18.6	17.6
Other Segments [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			7.4	7
Net premiums earned	$ 11.3	$ 13.5	11.3	13.5
Other Segments [Member] | Property and Casualty, Personal Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			0	0
Net premiums earned			0	0
Other Segments [Member] | Property Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			0	0
Net premiums earned			0	0
Other Segments [Member] | Property and Casualty, Commercial Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			0	0
Net premiums earned			0	0
Other Segments [Member] | Other Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Direct Premiums Written			7.4	7
Net premiums earned			$ 11.3	$ 13.5

Subsequent Event (Details)

Subsequent Event (Details) $ in Thousands	Apr. 29, 2016USD ($)employee	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Net premiums earned		$ 767,100	$ 720,700	$ 767,100	$ 720,700
Michigan And Pennsylvania [Member]
Subsequent Event [Line Items]
Net premiums written				14,413	18,375
Net premiums earned				$ 15,366	$ 18,573
Combined ratio				137.00%	130.00%
Michigan And Pennsylvania [Member] | Subsequent Event [Member] | Employee Severance [Member]
Subsequent Event [Line Items]
Number of employees impacted by workforce reduction | employee	100
Expected employee termination costs	$ 2,000