Protective Insurance (PTVCA) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 01, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	BALDWIN & LYONS INC
Entity Central Index Key	9,346
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Information [Line Items]
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Class A (voting) [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,623,109
Class B (nonvoting) [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,455,587

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments:
Fixed maturities	$ 470,983	$ 437,184
Equity securities	138,043	145,498
Limited partnerships	73,279	75,458
Short-term	2,215	2,220
Total Investments	684,520	660,360
Cash and cash equivalents	47,545	73,538
Accounts receivable	66,525	66,522
Reinsurance recoverable	229,740	215,888
Other assets	69,679	65,761
Current federal income taxes	0	3,702
Total Assets	1,098,009	1,085,771
Liabilities and shareholders' equity
Reserves for losses and loss expenses	524,793	513,596
Reserves for unearned premiums	23,176	25,291
Short-term borrowings	20,000	20,000
Accounts payable and accrued expenses	121,530	121,188
Current federal income taxes	1,140	0
Deferred federal income taxes	9,145	11,198
Total Liabilities	699,784	691,273
Shareholders' equity:
Additional paid-in capital	54,167	52,946
Unrealized net gains on investments	30,874	38,924
Foreign exchange adjustment	(647)	(1,066)
Retained earnings	313,188	303,053
Shareholders' equity	398,225	394,498
Total liabilities and shareholders' equity	1,098,009	1,085,771
Class A Voting [Member]
Shareholders' equity:
Common stock	112	112
Class B Non-voting [Member]
Shareholders' equity:
Common stock	$ 531	$ 529

Unaudited Consolidated Balance3

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Class A Voting [Member]
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares outstanding (in shares)	2,623,109	2,623,109
Class B Non-voting [Member]
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares outstanding (in shares)	12,455,587	12,402,941

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Net premiums earned	$ 66,909	$ 66,446
Net investment income	3,440	2,815
Commissions and other income	1,364	1,297
Net realized gains on investments, excluding impairment losses	11,072	3,957
Total other-than-temporary impairment losses on investments	(2,060)	(214)
Net realized gains on investments	9,012	3,743
Total revenue	80,725	74,301
Expenses
Losses and loss expenses incurred	38,623	41,646
Other operating expenses	20,664	23,364
Total expenses	59,287	65,010
Income before federal income taxes	21,438	9,291
Federal income taxes	7,326	3,048
Net income	$ 14,112	$ 6,243
Per share data:
Basic and diluted earnings (in dollars per share)	$ 0.94	$ 0.42
Dividends paid to shareholders (in dollars per share)	$ 0.26	$ 0.25
Reconciliation of shares outstanding:
Average shares outstanding - basic (in shares)	15,044	14,994
Dilutive effect of share equivalents (in shares)	32	24
Average shares outstanding - diluted (in shares)	15,076	15,018

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Unaudited Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 14,112	$ 6,243
Unrealized net gains (losses) on securities:
Unrealized net gains (losses) arising during the period	(775)	622
Less: reclassification adjustment for net gains (losses) included in net income	7,275	(514)
Change in unrealized gains on investments	(8,050)	1,136
Foreign currency translation adjustments	419	(779)
Other comprehensive income (loss)	(7,631)	357
Comprehensive income	$ 6,481	$ 6,600

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Unaudited Consolidated Statements of Cash Flows [Abstract]
Net cash provided by operating activities	$ 1,973	$ 10,674
Investing activities:
Purchases of available-for-sale investments	(112,301)	(126,146)
Proceeds from sales or maturities of available-for-sale investments	89,042	104,555
Net sales of short-term investments	5	(3)
Other investing activities	(1,154)	(244)
Net cash used in investing activities	(24,408)	(21,838)
Financing activities:
Dividends paid to shareholders	(3,977)	(3,776)
Net cash used in financing activities	(3,977)	(3,776)
Effect of foreign exchange rates on cash and cash equivalents	419	(779)
Decrease in cash and cash equivalents	(25,993)	(15,719)
Cash and cash equivalents at beginning of period	73,538	64,632
Cash and cash equivalents at end of period	$ 47,545	$ 48,913

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Basis of Presentation: Investments Other investments, if any, are carried at either fair value or cost, depending on the nature of the investment. Short-term investments are carried at cost which approximates their fair values. Realized gains and losses on disposals of investments are determined by specific identification of the cost of investments sold and are included in income. All fixed maturity and equity securities are considered to be available for sale; the related unrealized net gains or losses (net of applicable tax effect) are reflected directly in shareholders' equity. Included within available for sale fixed maturity securities are insurance-linked securities and convertible debt securities. The changes in fair values of insurance-linked securities and portions of the changes in fair values of convertible debt securities are reflected as a component of net realized gains (losses) on investments. With respect to other–than-temporary impairment of investments, if a fixed maturity security is in an unrealized loss position and the Company has the intent to sell the fixed maturity security, or it is more likely than not that the Company will have to sell the fixed maturity security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to net realized losses on investments in the consolidated statements of income. For impaired fixed maturity securities that the Company does not intend to sell or it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in net realized losses on investments in the consolidated statements of income and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity (accumulated other comprehensive income). The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. Furthermore, unrealized losses caused by non-credit related factors related to fixed maturity securities for which the Company expects to fully recover the amortized cost basis continue to be recognized in accumulated other comprehensive income. The unrealized net gains or losses (net of applicable tax effect) related to equity securities are reflected directly in shareholders' equity, unless a decline in value is determined to be other-than-temporary, in which case the loss is charged to income. In determining if and when a decline in market value below cost is other-than-temporary, an objective analysis is made of each individual security where current market value is less than cost. For any equity security where the unrealized loss exceeds 20% of original or adjusted cost, and where that decline has existed for a period of at least six months, the decline is treated as an other-than-temporary impairment, subject to an evaluation as to possible future recovery. Additionally, for any equity security where the decline has existed for a period of at least one year, the decline is treated as an other-than-temporary impairment, regardless of the percentage decline. Furthermore, the Company takes into account any known subjective information in evaluating for impairment without consideration to the Company's quantitative criteria defined above. Recent Accounting Pronouncements: January 2016 In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts, and this new guidance will enhance disclosures about an entity's insurance liabilities. This guidance will provide additional information about unpaid claims and claim development, including supplemental disaggregated incurred and paid claim data. Under the guidance, enhanced disclosures on claim frequency and reserving methodologies are required. The guidance is effective for annual periods beginning after December 15, 2015 and for interim periods beginning after December 15, 2016, however early adoption is permitted. The Company has not yet adopted the guidance and the adoption of this guidance will not impact our consolidated financial position, results of operations or cash flows. In May 2015, the FASB issued ASU 2015-07 – Fair Value Measurement – (Topic 820) Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent) (a consensus of the Emerging Issues Task Force), which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to ensure that all investments categorized in the fair value hierarchy are classified using a consistent approach. The Company adopted the guidance and the adoption of this guidance does not have a material impact on presentation of data in the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company's service and fee income could be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. 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 to the quarter ending March 31, 2018. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. The Company does not expect the guidance to have a material impact on its results of operations, financial position or liquidity.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Investments	(2) Investments: The following is a summary of available-for-sale securities at March 31, 2016 and December 31, 2015: Net Cost or Gross Gross Unrealized Fair Amortized Unrealized Unrealized Gains Value Cost Gains Losses (Losses) March 31, 2016 Fixed maturities U.S. government obligations $ 128,428 $ 128,128 $ 313 $ (13 ) $ 300 Residential mortgage-backed securities 4,534 4,477 133 (76 ) 57 Commercial mortgage-backed securities 32,374 32,585 605 (816 ) (211 ) States and municipal obligations 111,882 110,796 1,214 (128 ) 1,086 Corporate securities 168,393 172,043 3,159 (6,809 ) (3,650 ) Foreign government obligations 25,372 26,516 470 (1,614 ) (1,144 ) Total fixed maturities 470,983 474,545 5,894 (9,456 ) (3,562 ) Equity securities: Financial institutions 23,150 13,572 10,011 (433 ) 9,578 Industrial & miscellaneous 114,893 73,410 44,878 (3,395 ) 41,483 Total equity securities 138,043 86,982 54,889 (3,828 ) 51,061 Total $ 609,026 $ 561,527 $ 60,783 $ (13,284 ) 47,499 Applicable federal income taxes (16,625 ) Net unrealized gains - net of tax $ 30,874 December 31, 2015 Fixed maturities U.S. government obligations $ 103,245 $ 103,448 $ 56 $ (259 ) $ (203 ) Residential mortgage-backed securities 4,776 4,668 162 (54 ) 108 Commercial mortgage-backed securities 30,595 30,977 247 (629 ) (382 ) State and municipal obligations 110,578 109,932 806 (160 ) 646 Corporate securities 164,025 168,137 2,445 (6,557 ) (4,112 ) Foreign government obligations 23,965 25,416 404 (1,855 ) (1,451 ) Total fixed maturities 437,184 442,578 4,120 (9,514 ) (5,394 ) Equity securities: Financial institutions 21,694 10,836 11,069 (211 ) 10,858 Industrial & miscellaneous 123,804 69,385 59,338 (4,919 ) 54,419 Total equity securities 145,498 80,221 70,407 (5,130 ) 65,277 Total $ 582,682 $ 522,799 $ 74,527 $ (14,644 ) 59,883 Applicable federal income taxes (20,959 ) Net unrealized gains - net of tax $ 38,924 The following table summarizes, for fixed maturity and equity security investments in an unrealized loss position at March 31, 2016 and December 31, 2015, respectively, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position. March 31, 2016 December 31, 2015 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed maturity securities: 12 months or less 297 $ 158,578 $ (7,200 ) 328 $ 205,475 $ (5,070 ) Greater than 12 months 51 16,419 (2,256 ) 168 108,043 (4,444 ) Total fixed maturities 348 174,997 (9,456 ) 496 313,518 (9,514 ) Equity securities: 12 months or less 61 35,805 (3,828 ) 73 26,517 (5,130 ) Greater than 12 months - - - - - - Total equity securities 61 35,805 (3,828 ) 73 26,517 (5,130 ) Total fixed maturity and equity securities 409 $ 210,802 $ (13,284 ) 569 $ 340,035 $ (14,644 ) The fair value and the cost or amortized costs of fixed maturity investments at March 31, 2016, by contractual maturity, are shown below. Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates. Fair Value Cost or Amortized Cost One year or less $ 148,336 $ 148,846 Excess of one year to five years 201,404 201,288 Excess of five years to ten years 38,182 38,489 Excess of ten years 1,749 1,943 Contractual maturities 389,671 390,566 Asset-backed securities 81,312 83,979 Total $ 470,983 $ 474,545 Following is a summary of the components of net realized gains (losses) on investments for the periods presented in the accompanying consolidated statements of income. Three Months Ended March 31 2016 2015 Fixed maturities: Gross gains $ 1,277 $ 1,147 Gross losses (2,896 ) (1,933 ) Net realized losses (1,619 ) (786 ) Equity securities: Gross gains 15,510 749 Gross losses (2,700 ) (753 ) Net realized gains (losses) 12,810 (4 ) Limited partnerships - net gain (loss) (2,179 ) 4,533 Total net gains $ 9,012 $ 3,743 Net realized gains activity for investments, as shown in the previous table, are further detailed as follows: Three Months Ended March 31 2016 2015 Realized net gains (losses) on the disposal of securities $ 8,309 $ (288 ) Mark-to-market adjustment (301 ) (288 ) Equity in gains (losses) of limited partnership investments - realized and unrealized (2,179 ) 4,533 Impairment: Write-downs based upon objective criteria (2,060 ) (214 ) Recovery of prior write-downs upon sale or disposal 5,243 - Total net gains $ 9,012 $ 3,743 The mark-to-market adjustments in the table above represent the changes in fair value of (1) options embedded in convertible debt securities and (2) insurance-linked securities held by the Company. The income from limited partnerships for the quarter ending March 31, 2016 includes an estimated $874 of net unrealized gains reported to the Company as part of the underlying assets of the various limited partnerships. The value of limited partnerships at March 31, 2016 includes approximately $5,934 of accumulated net unrealized gains reported to the Company as part of the underlying assets of the various limited partnerships. Shareholders' equity at March 31, 2016 includes approximately $25,186, net of federal income taxes, of reported earnings which remain undistributed by limited partnerships. As of March 31, 2016, the Company had committed funds totaling $5,000 to one borrower related to a bridge loan agreement. The Company retains possession of these funds which will only be loaned in the unlikely event that long-term financing is unavailable to the counter party in the market. At March 31, 2016, limited partnership investments include approximately $43.8 million consisting of two partnerships which are managed by organizations in which certain of the Company's directors are officers, directors, general partners or owners. Each of these investments contains profit sharing agreements, pursuant to which, a portion of the gains wil be paid to the affiliated organizations. At March 31, 2016, invested assets other than limited partnerships include approximately $134.0 million in portfolios managed by organizations in which certain of the Company's directors are officers, directors, general partners or owners.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2016
Reinsurance [Abstract]
Reinsurance	(3) Reinsurance: The following table summarizes the Company's transactions with reinsurers for the 2016 and 2015 comparative periods. 2016 2015 Quarter ended March 31: Premiums ceded to reinsurers $ 31,263 $ 31,379 Losses and loss expenses ceded to reinsurers 29,324 16,398 Commissions from reinsurers 9,137 7,614

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2016
Reportable Segments [Abstract]
Reportable Segments	(4) Reportable Segments The Company has two reportable business segments in its operations: Property and Casualty Insurance and Reinsurance. The Property and Casualty Insurance segment provides multiple line insurance coverage primarily to fleet transportation companies as well as to independent contractors who contract with fleet transportation companies. In addition, the Company provides private passenger automobile products to individuals, workers' compensation coverage to small businesses and professional liability products on a selective basis. In late 2015, the Company discontinued marketing private passenger automobile liability and physical damage coverages and all business for this product line will expire in 2016. The Reinsurance segment currently accepts professional liability cessions from other insurance companies. From 1992 until July 1, 2014, the Reinsurance segment accepted property cessions The following table provides certain revenue and profit and loss information for each reportable segment. All amounts presented are computed based upon U.S. generally accepted accounting principles. Segment profit for Property and Casualty Insurance includes the direct marketing agency operations conducted by the parent company for this segment and is computed after elimination of inter-company commissions. 2016 2015 Direct and Assumed Premium Written Net Premium Earned Segment Profit (Loss) Direct and Assumed Premium Written Net Premium Earned Segment Profit Three months ended March 31: Property and Casualty Insurance $ 93,088 $ 63,428 $ 13,744 $ 90,513 $ 59,284 $ 6,324 Reinsurance 3,065 3,481 (545 ) 6,467 7,162 600 Totals $ 96,153 $ 66,909 $ 13,199 $ 96,980 $ 66,446 $ 6,924 The following table reconciles reportable segment income to the Company's consolidated income before federal income taxes. Three Months Ended March 31 2016 2015 Profit: Segment profit $ 13,199 $ 6,924 Net investment income 3,440 2,815 Net realized gains on investments 9,012 3,743 Corporate expenses and other (4,213 ) (4,191 ) Income before federal income taxes $ 21,438 $ 9,291 Segment profit includes both net premiums earned and fees and other income associated with the business conducted by the segment. Management does not identify or allocate assets to reportable segments when evaluating segment performance and depreciation expense is not material for any of the reportable segments.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt [Abstract]
Debt	(5) Debt The Company maintains a revolving line of credit with a $40,000 limit and an expiration date of September 23, 2018. Interest on this line of credit is referenced to LIBOR and can be fixed for periods of up to one year at the Company's option. Outstanding drawings on this line of credit were $20,000 as of both March 31, 2016 and December 31, 2015. At March 31, 2016, the effective interest rate was 1.53%. The Company has $20,000 remaining unused under the line of credit at March 31, 2016.

Taxes

Taxes	3 Months Ended
	Mar. 31, 2016
Taxes [Abstract]
Taxes	(6) Taxes: As of March 31, 2016, the Company's calendar years 2015 and 2014 remain subject to examination by the IRS. The effective federal income tax rate differs from the normal statutory rate primarily as a result of tax-exempt investment income.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2016
Fair Value [Abstract]
Fair Value	(7) Fair Value: Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: As of March 31, 2016: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 128,428 $ - $ 128,428 $ - Residential mortgage-backed securities 4,534 - 4,534 - Commercial mortgage-backed securities 32,374 - 30,967 1,407 State and municipal obligations 111,882 - 111,882 - Corporate securities 166,188 - 151,589 14,599 Options embedded in convertible securities 2,205 - 2,205 - Foreign government obligations 25,372 - 25,076 296 Total fixed maturities 470,983 - 454,681 16,302 Equity securities: Financial institutions 23,150 23,150 - - Industrial & miscellaneous 114,893 114,893 - - Total equity securities 138,043 138,043 - - Short-term 2,215 2,215 - - Cash equivalents 42,311 - 42,311 - $ 653,552 $ 140,258 $ 496,992 $ 16,302 As of December 31, 2015: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 103,245 $ - $ 103,245 $ - Residential mortgage-backed securities 4,776 - 4,776 - Commercial mortgage-backed securities 30,595 - 29,226 1,369 State and municipal obligations 110,578 - 110,578 - Corporate securities 161,630 - 146,488 15,142 Options embedded in convertible securities 2,395 - 2,395 - Foreign government obligations 23,965 - 23,683 282 Total fixed maturities 437,184 - 420,391 16,793 Equity securities: Financial institutions 21,694 21,694 - - Industrial & miscellaneous 123,804 123,804 - - Total equity securities 145,498 145,498 - - Short-term 2,220 2,220 - - Cash equivalents 69,517 - 69,517 - $ 654,419 $ 147,718 $ 489,908 $ 16,793 Level inputs, as defined by FASB Fair Value Measurements, are as follows: Level Input: Input Definition: Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3 Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. The following methods, assumptions and inputs were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets: Cash equivalents Fixed maturities Equity securities A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows for the three months ended March 31, 2016 and for the year ended December 31, 2015: 2016 2015 Beginning of period balance $ 16,793 $ 12,208 Total gains or losses (realized or unrealized) included in income (175 ) (104 ) Purchases - 2,284 Settlements (316 ) (8,068 ) Transfers into level 3 - 11,586 Transfers out of level 3 - (1,113 ) End of period balance $ 16,302 $ 16,793 Quoted market prices are obtained whenever possible. Where quoted market prices are not available, fair values are estimated using present value or other valuation techniques. These techniques are significantly affected by our assumptions, including discount rates and estimates of future cash flows. Potential taxes and other transaction costs have not been considered in estimating fair values. Transfers between levels, if any, are recorded as of the beginning of the reporting period. There were no significant transfers of assets between Level 1 and Level 2 during the three months ended March 31, 2016 and 2015. In addition to the preceding disclosures on assets recorded at fair value in the consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the consolidated balance sheets. Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as reserves for losses and loss expenses are excluded from the fair value disclosures. Therefore, the fair value amounts cannot be aggregated to determine the Company's underlying economic value. The carrying amounts reported in the consolidated balance sheets for cash, accounts receivables, reinsurance recoverable, notes receivable, accounts payable and accrued expenses, income taxes receivable or payable and unearned premiums approximate fair value because of the short-term nature of these items. These assets and liabilities are not included in the table below. The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument: Limited partnerships Short-term borrowings A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's consolidated balance sheets at March 31, 2016 and December 31, 2015 are as follows: Carrying Fair Value Value Level 1 Level 2 Level 3 Total March 31, 2016 Assets: Limited partnerships $ 73,279 $ - $ - $ 73,279 $ 73,279 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000 December 31, 2015 Assets: Limited partnerships 75,458 - - 75,458 75,458 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000

Restricted Stock

Restricted Stock	3 Months Ended
	Mar. 31, 2016
Restricted Stock [Abstract]
Restricted Stock	(8) Restricted Stock: The Company grants shares of class B restricted stock to the Company's outside directors, in lieu of cash, as their annual retainer compensation. The shares are distributed on the vesting date, one year following the date of grant, and have had an aggregate total value of $440 and $480 for the 2014 and 2015 annual periods presented, respectively. The table below provides detail of the stock issuances for 2014 and 2015: Effective Date Number of Shares Vesting Date Service Period Value Per Share 5/8/2014 17,237 5/8/2015 7/1/2014 - 6/30/2015 $ 25.53 5/12/2015 21,252 5/12/2016 7/1/2015 - 6/30/2016 $ 22.59 Compensation expense related to the above stock grant is recognized over the period in which the directors render services. Effective February 5, 2016, the Company issued 47,333 shares of class B restricted stock to certain of the Company's executives. The restricted shares will be paid solely in the Company's class B stock. The restricted shares represent a portion of the calendar year 2015 compensation to certain executives under the terms of the Company's Executive Incentive Bonus Plan. The restricted shares will vest ratably over a three year period from the date of grant and are accelerated for retirement eligible recipients in accordance with the non-substantive post-grant date vesting clause of ASC 715, Compensation-Retirement Benefits. Restricted stock was valued based on the closing price of the stock on the day the award was granted. Each share was valued at $23.30 per share representing a total value of $1,103. Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability or retirement as defined by the Compensation Committee.

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Litigation, Commitments and Contingencies [Abstract]
Litigation, Commitments and Contingencies	(9) Litigation, Commitments and Contingencies: In the ordinary, regular and routine course of their business, the Company and its insurance subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided. No currently pending matter is deemed by management to be material to the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	(10) Accumulated Other Comprehensive Income: The following table illustrates changes in accumulated other comprehensive income by component for the nine months ending March 31, 2016: Unrealized holding gains on Foreign available-for-sale Currency securities Total Beginning balance $ (1,066 ) $ 38,924 $ 37,858 Other comprehensive income before reclassifications 419 (775 ) (356 ) Amounts reclassified from accumulated other comprehensive income - (7,275 ) (7,275 ) Net current-period other comprehensive income 419 (8,050 ) (7,631 ) Ending balance $ (647 ) $ 30,874 $ 30,227

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	( 11) Subsequent Events: We have evaluated subsequent events for recognition or disclosure in the consolidated financial statements filed on Form 10-Q with the SEC and no events have occurred during the period which require recognition or disclosure.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation:
Investments	Investments Other investments, if any, are carried at either fair value or cost, depending on the nature of the investment. Short-term investments are carried at cost which approximates their fair values. Realized gains and losses on disposals of investments are determined by specific identification of the cost of investments sold and are included in income. All fixed maturity and equity securities are considered to be available for sale; the related unrealized net gains or losses (net of applicable tax effect) are reflected directly in shareholders' equity. Included within available for sale fixed maturity securities are insurance-linked securities and convertible debt securities. The changes in fair values of insurance-linked securities and portions of the changes in fair values of convertible debt securities are reflected as a component of net realized gains (losses) on investments. With respect to other–than-temporary impairment of investments, if a fixed maturity security is in an unrealized loss position and the Company has the intent to sell the fixed maturity security, or it is more likely than not that the Company will have to sell the fixed maturity security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to net realized losses on investments in the consolidated statements of income. For impaired fixed maturity securities that the Company does not intend to sell or it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in net realized losses on investments in the consolidated statements of income and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity (accumulated other comprehensive income). The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. Furthermore, unrealized losses caused by non-credit related factors related to fixed maturity securities for which the Company expects to fully recover the amortized cost basis continue to be recognized in accumulated other comprehensive income. The unrealized net gains or losses (net of applicable tax effect) related to equity securities are reflected directly in shareholders' equity, unless a decline in value is determined to be other-than-temporary, in which case the loss is charged to income. In determining if and when a decline in market value below cost is other-than-temporary, an objective analysis is made of each individual security where current market value is less than cost. For any equity security where the unrealized loss exceeds 20% of original or adjusted cost, and where that decline has existed for a period of at least six months, the decline is treated as an other-than-temporary impairment, subject to an evaluation as to possible future recovery. Additionally, for any equity security where the decline has existed for a period of at least one year, the decline is treated as an other-than-temporary impairment, regardless of the percentage decline. Furthermore, the Company takes into account any known subjective information in evaluating for impairment without consideration to the Company's quantitative criteria defined above.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: January 2016 In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts, and this new guidance will enhance disclosures about an entity's insurance liabilities. This guidance will provide additional information about unpaid claims and claim development, including supplemental disaggregated incurred and paid claim data. Under the guidance, enhanced disclosures on claim frequency and reserving methodologies are required. The guidance is effective for annual periods beginning after December 15, 2015 and for interim periods beginning after December 15, 2016, however early adoption is permitted. The Company has not yet adopted the guidance and the adoption of this guidance will not impact our consolidated financial position, results of operations or cash flows. In May 2015, the FASB issued ASU 2015-07 – Fair Value Measurement – (Topic 820) Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent) (a consensus of the Emerging Issues Task Force), which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to ensure that all investments categorized in the fair value hierarchy are classified using a consistent approach. The Company adopted the guidance and the adoption of this guidance does not have a material impact on presentation of data in the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company's service and fee income could be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. 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 to the quarter ending March 31, 2018. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position or liquidity. The Company does not expect the guidance to have a material impact on its results of operations, financial position or liquidity.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Summary of available for sale securities	The following is a summary of available-for-sale securities at March 31, 2016 and December 31, 2015: Net Cost or Gross Gross Unrealized Fair Amortized Unrealized Unrealized Gains Value Cost Gains Losses (Losses) March 31, 2016 Fixed maturities U.S. government obligations $ 128,428 $ 128,128 $ 313 $ (13 ) $ 300 Residential mortgage-backed securities 4,534 4,477 133 (76 ) 57 Commercial mortgage-backed securities 32,374 32,585 605 (816 ) (211 ) States and municipal obligations 111,882 110,796 1,214 (128 ) 1,086 Corporate securities 168,393 172,043 3,159 (6,809 ) (3,650 ) Foreign government obligations 25,372 26,516 470 (1,614 ) (1,144 ) Total fixed maturities 470,983 474,545 5,894 (9,456 ) (3,562 ) Equity securities: Financial institutions 23,150 13,572 10,011 (433 ) 9,578 Industrial & miscellaneous 114,893 73,410 44,878 (3,395 ) 41,483 Total equity securities 138,043 86,982 54,889 (3,828 ) 51,061 Total $ 609,026 $ 561,527 $ 60,783 $ (13,284 ) 47,499 Applicable federal income taxes (16,625 ) Net unrealized gains - net of tax $ 30,874 December 31, 2015 Fixed maturities U.S. government obligations $ 103,245 $ 103,448 $ 56 $ (259 ) $ (203 ) Residential mortgage-backed securities 4,776 4,668 162 (54 ) 108 Commercial mortgage-backed securities 30,595 30,977 247 (629 ) (382 ) State and municipal obligations 110,578 109,932 806 (160 ) 646 Corporate securities 164,025 168,137 2,445 (6,557 ) (4,112 ) Foreign government obligations 23,965 25,416 404 (1,855 ) (1,451 ) Total fixed maturities 437,184 442,578 4,120 (9,514 ) (5,394 ) Equity securities: Financial institutions 21,694 10,836 11,069 (211 ) 10,858 Industrial & miscellaneous 123,804 69,385 59,338 (4,919 ) 54,419 Total equity securities 145,498 80,221 70,407 (5,130 ) 65,277 Total $ 582,682 $ 522,799 $ 74,527 $ (14,644 ) 59,883 Applicable federal income taxes (20,959 ) Net unrealized gains - net of tax $ 38,924
Fixed maturity and equity security investments in unrealized loss position	The following table summarizes, for fixed maturity and equity security investments in an unrealized loss position at March 31, 2016 and December 31, 2015, respectively, the aggregate fair value and gross unrealized loss categorized by the duration those securities have been continuously in an unrealized loss position. March 31, 2016 December 31, 2015 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed maturity securities: 12 months or less 297 $ 158,578 $ (7,200 ) 328 $ 205,475 $ (5,070 ) Greater than 12 months 51 16,419 (2,256 ) 168 108,043 (4,444 ) Total fixed maturities 348 174,997 (9,456 ) 496 313,518 (9,514 ) Equity securities: 12 months or less 61 35,805 (3,828 ) 73 26,517 (5,130 ) Greater than 12 months - - - - - - Total equity securities 61 35,805 (3,828 ) 73 26,517 (5,130 ) Total fixed maturity and equity securities 409 $ 210,802 $ (13,284 ) 569 $ 340,035 $ (14,644 )
Fair value and cost or amortized cost of fixed maturity investments by contractual maturity	The fair value and the cost or amortized costs of fixed maturity investments at March 31, 2016, by contractual maturity, are shown below. Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates. Fair Value Cost or Amortized Cost One year or less $ 148,336 $ 148,846 Excess of one year to five years 201,404 201,288 Excess of five years to ten years 38,182 38,489 Excess of ten years 1,749 1,943 Contractual maturities 389,671 390,566 Asset-backed securities 81,312 83,979 Total $ 470,983 $ 474,545
Realized gains (losses) on investments	Following is a summary of the components of net realized gains (losses) on investments for the periods presented in the accompanying consolidated statements of income. Three Months Ended March 31 2016 2015 Fixed maturities: Gross gains $ 1,277 $ 1,147 Gross losses (2,896 ) (1,933 ) Net realized losses (1,619 ) (786 ) Equity securities: Gross gains 15,510 749 Gross losses (2,700 ) (753 ) Net realized gains (losses) 12,810 (4 ) Limited partnerships - net gain (loss) (2,179 ) 4,533 Total net gains $ 9,012 $ 3,743
Schedule of realized gains	Net realized gains activity for investments, as shown in the previous table, are further detailed as follows: Three Months Ended March 31 2016 2015 Realized net gains (losses) on the disposal of securities $ 8,309 $ (288 ) Mark-to-market adjustment (301 ) (288 ) Equity in gains (losses) of limited partnership investments - realized and unrealized (2,179 ) 4,533 Impairment: Write-downs based upon objective criteria (2,060 ) (214 ) Recovery of prior write-downs upon sale or disposal 5,243 - Total net gains $ 9,012 $ 3,743

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2016
Reinsurance [Abstract]
Reinsurance	The following table summarizes the Company's transactions with reinsurers for the 2016 and 2015 comparative periods. 2016 2015 Quarter ended March 31: Premiums ceded to reinsurers $ 31,263 $ 31,379 Losses and loss expenses ceded to reinsurers 29,324 16,398 Commissions from reinsurers 9,137 7,614

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Reportable Segments [Abstract]
Schedule of segment reporting information, by segment	The following table provides certain revenue and profit and loss information for each reportable segment. All amounts presented are computed based upon U.S. generally accepted accounting principles. Segment profit for Property and Casualty Insurance includes the direct marketing agency operations conducted by the parent company for this segment and is computed after elimination of inter-company commissions. 2016 2015 Direct and Assumed Premium Written Net Premium Earned Segment Profit (Loss) Direct and Assumed Premium Written Net Premium Earned Segment Profit Three months ended March 31: Property and Casualty Insurance $ 93,088 $ 63,428 $ 13,744 $ 90,513 $ 59,284 $ 6,324 Reinsurance 3,065 3,481 (545 ) 6,467 7,162 600 Totals $ 96,153 $ 66,909 $ 13,199 $ 96,980 $ 66,446 $ 6,924
Reconciliation of operating profit (loss) from segments to consolidated	The following table reconciles reportable segment income to the Company's consolidated income before federal income taxes. Three Months Ended March 31 2016 2015 Profit: Segment profit $ 13,199 $ 6,924 Net investment income 3,440 2,815 Net realized gains on investments 9,012 3,743 Corporate expenses and other (4,213 ) (4,191 ) Income before federal income taxes $ 21,438 $ 9,291

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value [Abstract]
Fair value measurements by level for assets measured at fair value on a recurring basis	Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: As of March 31, 2016: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 128,428 $ - $ 128,428 $ - Residential mortgage-backed securities 4,534 - 4,534 - Commercial mortgage-backed securities 32,374 - 30,967 1,407 State and municipal obligations 111,882 - 111,882 - Corporate securities 166,188 - 151,589 14,599 Options embedded in convertible securities 2,205 - 2,205 - Foreign government obligations 25,372 - 25,076 296 Total fixed maturities 470,983 - 454,681 16,302 Equity securities: Financial institutions 23,150 23,150 - - Industrial & miscellaneous 114,893 114,893 - - Total equity securities 138,043 138,043 - - Short-term 2,215 2,215 - - Cash equivalents 42,311 - 42,311 - $ 653,552 $ 140,258 $ 496,992 $ 16,302 As of December 31, 2015: Description Total Level 1 Level 2 Level 3 Fixed maturities: U.S. government obligations $ 103,245 $ - $ 103,245 $ - Residential mortgage-backed securities 4,776 - 4,776 - Commercial mortgage-backed securities 30,595 - 29,226 1,369 State and municipal obligations 110,578 - 110,578 - Corporate securities 161,630 - 146,488 15,142 Options embedded in convertible securities 2,395 - 2,395 - Foreign government obligations 23,965 - 23,683 282 Total fixed maturities 437,184 - 420,391 16,793 Equity securities: Financial institutions 21,694 21,694 - - Industrial & miscellaneous 123,804 123,804 - - Total equity securities 145,498 145,498 - - Short-term 2,220 2,220 - - Cash equivalents 69,517 - 69,517 - $ 654,419 $ 147,718 $ 489,908 $ 16,793
Reconciliation of beginning and ending balances of assets measured at fair value on a recurring basis using level 3 inputs	A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows for the three months ended March 31, 2016 and for the year ended December 31, 2015: 2016 2015 Beginning of period balance $ 16,793 $ 12,208 Total gains or losses (realized or unrealized) included in income (175 ) (104 ) Purchases - 2,284 Settlements (316 ) (8,068 ) Transfers into level 3 - 11,586 Transfers out of level 3 - (1,113 ) End of period balance $ 16,302 $ 16,793
Summary of the carrying value and fair value by level of financial instruments	A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's consolidated balance sheets at March 31, 2016 and December 31, 2015 are as follows: Carrying Fair Value Value Level 1 Level 2 Level 3 Total March 31, 2016 Assets: Limited partnerships $ 73,279 $ - $ - $ 73,279 $ 73,279 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000 December 31, 2015 Assets: Limited partnerships 75,458 - - 75,458 75,458 Liabilities: Short-term borrowings 20,000 - 20,000 - 20,000

Restricted Stock (Tables)

Restricted Stock (Tables)	3 Months Ended
	Mar. 31, 2016
Restricted Stock [Abstract]
Summary of stock issuances	The table below provides detail of the stock issuances for 2014 and 2015: Effective Date Number of Shares Vesting Date Service Period Value Per Share 5/8/2014 17,237 5/8/2015 7/1/2014 - 6/30/2015 $ 25.53 5/12/2015 21,252 5/12/2016 7/1/2015 - 6/30/2016 $ 22.59

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Changes in accumulated other comprehensive income by component	The following table illustrates changes in accumulated other comprehensive income by component for the nine months ending March 31, 2016: Unrealized holding gains on Foreign available-for-sale Currency securities Total Beginning balance $ (1,066 ) $ 38,924 $ 37,858 Other comprehensive income before reclassifications 419 (775 ) (356 ) Amounts reclassified from accumulated other comprehensive income - (7,275 ) (7,275 ) Net current-period other comprehensive income 419 (8,050 ) (7,631 ) Ending balance $ (647 ) $ 30,874 $ 30,227

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Percentage of decline on cost of securities treated as other-than-temporary impairment	20.00%
Period of decline on the cost of equity securities that will be considered other-than-temporary impairment	6 months

Investments (Details)

Investments (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)SecurityBorrowerPartnership	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Security
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	$ 470,983
Cost or amortized cost	474,545
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Applicable federal income taxes	(16,625)		$ (20,959)
Net unrealized gains - net of tax	$ 30,874		$ 38,924
Available-for-sale Securities Continuous Unrealized Loss Position [Abstract]
Number of Securities, total | Security	409		569
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair value, total	$ 210,802		$ 340,035
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Gross unrealized loss, total	(13,284)		(14,644)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
One year or less, Fair Value	148,336
Excess of one year to five years, Fair Value	201,404
Excess of five years to ten years, Fair Value	38,182
Excess of ten years, Fair Value	1,749
Contractual maturities, Fair Value	389,671
Asset-backed securities, Fair Value	81,312
Total, Fair Value	470,983
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
One year or less, Cost or Amortized Cost Basis	148,846
Excess of one year to five years, Cost or Amortized Cost Basis	201,288
Excess of five years to ten years, Cost or Amortized Cost Basis	38,489
Excess of ten years, Cost or Amortized Cost Basis	1,943
Contractual maturities, Cost or Amortized Cost Basis	390,566
Asset-backed securities, Cost or Amortized Cost Basis	83,979
Cost or amortized cost	474,545
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract]
Limited partnerships - net gain (loss)	(2,179)	$ 4,533
Net realized gains on investments	9,012	3,743
Available for Sale Securities Gain Loss Activity [Abstract]
Realized net gains (losses) on the disposal of securities	8,309	(288)
Mark-to-market adjustment	(301)	(288)
Equity in gains (losses) of limited partnership investments - realized and unrealized	(2,179)	4,533
Write-downs based upon objective criteria	(2,060)	(214)
Recovery of prior write-downs upon sale or disposal	5,243	0
Net realized gains on investments	9,012	3,743
Net unrealized gains on investments	874
Net unrealized gains in limited partnership	5,934
Undistributed earnings of limited partnership, net of taxes	25,186
Committed funds for bridge loans	$ 5,000
Number of separate borrowers related to bridge loan agreements | Borrower	1
Total investment in limited partnerships	$ 43,800
Number of partnerships investment | Partnership	2
Investment assets other than limited partnership	$ 134,000
U.S. Government Obligations [Member]
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	128,428		103,245
Cost or amortized cost	128,128		103,448
Gross unrealized gains	313		56
Gross unrealized losses	(13)		(259)
Net unrealized gains (losses)	300		(203)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
Total, Fair Value	128,428		103,245
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
Cost or amortized cost	128,128		103,448
Residential Mortgage-backed Securities [Member]
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	4,534		4,776
Cost or amortized cost	4,477		4,668
Gross unrealized gains	133		162
Gross unrealized losses	(76)		(54)
Net unrealized gains (losses)	57		108
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
Total, Fair Value	4,534		4,776
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
Cost or amortized cost	4,477		4,668
Commercial Mortgage-backed Securities [Member]
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	32,374		30,595
Cost or amortized cost	32,585		30,977
Gross unrealized gains	605		247
Gross unrealized losses	(816)		(629)
Net unrealized gains (losses)	(211)		(382)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
Total, Fair Value	32,374		30,595
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
Cost or amortized cost	32,585		30,977
States and Municipal Obligations [Member]
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	111,882		110,578
Cost or amortized cost	110,796		109,932
Gross unrealized gains	1,214		806
Gross unrealized losses	(128)		(160)
Net unrealized gains (losses)	1,086		646
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
Total, Fair Value	111,882		110,578
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
Cost or amortized cost	110,796		109,932
Corporate Securities [Member]
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	168,393		164,025
Cost or amortized cost	172,043		168,137
Gross unrealized gains	3,159		2,445
Gross unrealized losses	(6,809)		(6,557)
Net unrealized gains (losses)	(3,650)		(4,112)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
Total, Fair Value	168,393		164,025
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
Cost or amortized cost	172,043		168,137
Foreign Government Obligations [Member]
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	25,372		23,965
Cost or amortized cost	26,516		25,416
Gross unrealized gains	470		404
Gross unrealized losses	(1,614)		(1,855)
Net unrealized gains (losses)	(1,144)		(1,451)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
Total, Fair Value	25,372		23,965
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
Cost or amortized cost	26,516		25,416
Total Fixed Maturities [Member]
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Fair value	470,983		437,184
Cost or amortized cost	474,545		442,578
Gross unrealized gains	5,894		4,120
Gross unrealized losses	(9,456)		(9,514)
Net unrealized gains (losses)	$ (3,562)		$ (5,394)
Available-for-sale Securities Continuous Unrealized Loss Position [Abstract]
Number of Securities, 12 months or less | Security	297		328
Number of Securities, Greater than 12 months | Security	51		168
Number of Securities, total | Security	348		496
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair value, 12 months or less	$ 158,578		$ 205,475
Fair value, Greater than 12 months	16,419		108,043
Fair value, total	174,997		313,518
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Gross unrealized loss, 12 months or less	(7,200)		(5,070)
Gross unrealized loss, Greater than 12 months	(2,256)		(4,444)
Gross unrealized loss, total	(9,456)		(9,514)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
Total, Fair Value	470,983		437,184
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
Cost or amortized cost	474,545		442,578
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract]
Gross gains	1,277	1,147
Gross losses	(2,896)	(1,933)
Net realized gains (losses)	(1,619)	(786)
Financial Institutions [Member]
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract]
Fair value	23,150		21,694
Cost or amortized cost	13,572		10,836
Gross unrealized gains	10,011		11,069
Gross unrealized losses	(433)		(211)
Net unrealized gains (losses)	9,578		10,858
Industrial & Miscellaneous [Member]
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract]
Fair value	114,893		123,804
Cost or amortized cost	73,410		69,385
Gross unrealized gains	44,878		59,338
Gross unrealized losses	(3,395)		(4,919)
Net unrealized gains (losses)	41,483		54,419
Total Equity Securities [Member]
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract]
Fair value	138,043		145,498
Cost or amortized cost	86,982		80,221
Gross unrealized gains	54,889		70,407
Gross unrealized losses	(3,828)		(5,130)
Net unrealized gains (losses)	$ 51,061		$ 65,277
Available-for-sale Securities Continuous Unrealized Loss Position [Abstract]
Number of Securities, 12 months or less | Security	61		73
Number of Securities, Greater than 12 months | Security	0		0
Number of Securities, total | Security	61		73
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair value, 12 months or less	$ 35,805		$ 26,517
Fair value, Greater than 12 months	0		0
Fair value, total	35,805		26,517
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Gross unrealized loss, 12 months or less	(3,828)		(5,130)
Gross unrealized loss, Greater than 12 months	0		0
Gross unrealized loss, total	(3,828)		(5,130)
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract]
Gross gains	15,510	749
Gross losses	(2,700)	(753)
Net realized gains (losses)	12,810	$ (4)
Total Available-for-sale Securities [Member]
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Fair value	609,026		582,682
Cost or amortized cost	561,527		522,799
Gross unrealized gains	60,783		74,527
Gross unrealized losses	(13,284)		(14,644)
Net unrealized gains (losses)	$ 47,499		$ 59,883

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reinsurance [Abstract]
Premiums ceded to reinsurers	$ 31,263	$ 31,379
Losses and loss expenses ceded to reinsurers	29,324	16,398
Commissions from reinsurers	$ 9,137	$ 7,614

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Segment	Mar. 31, 2015USD ($)
Reportable Segments [Abstract]
Number of reportable segments | Segment	2
Segment Reporting Information [Line Items]
Net Premiums Earned	$ 66,909	$ 66,446
Reconciliation from segment totals to consolidated [Abstract]
Income before federal income taxes	21,438	9,291
Reportable Segments [Member]
Segment Reporting Information [Line Items]
Direct and Assumed Premium Written	96,153	96,980
Net Premiums Earned	66,909	66,446
Segment Profit (Loss)	13,199	6,924
Reconciliation from segment totals to consolidated [Abstract]
Segment profit	13,199	6,924
Reportable Segments [Member] | Property and Casualty Insurance [Member]
Segment Reporting Information [Line Items]
Direct and Assumed Premium Written	93,088	90,513
Net Premiums Earned	63,428	59,284
Segment Profit (Loss)	13,744	6,324
Reconciliation from segment totals to consolidated [Abstract]
Segment profit	13,744	6,324
Reportable Segments [Member] | Reinsurance [Member]
Segment Reporting Information [Line Items]
Direct and Assumed Premium Written	3,065	6,467
Net Premiums Earned	3,481	7,162
Segment Profit (Loss)	(545)	600
Reconciliation from segment totals to consolidated [Abstract]
Segment profit	(545)	600
Segment Reconciling Items [Member]
Reconciliation from segment totals to consolidated [Abstract]
Net investment income	3,440	2,815
Net realized gains on investments	9,012	3,743
Corporate expenses and other	$ (4,213)	$ (4,191)

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt [Abstract]
Revolving line of credit limit	$ 40,000
Line of credit maturity date	Sep. 23, 2018
Period of fixed interest on line of credit at company's options	1 year
Outstanding drawings on line of credit	$ 20,000	$ 20,000
Effective interest rate	1.53%
Remaining unused amount under line of credit	$ 20,000

Fair Value (Details)

Fair Value (Details) - Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fixed maturities [Abstract]
U.S. government obligations	$ 128,428	$ 103,245
Residential mortgage-backed securities	4,534	4,776
Commercial mortgage-backed securities	32,374	30,595
State and municipal obligations	111,882	110,578
Corporate securities	166,188	161,630
Options embedded in convertible securities	2,205	2,395
Foreign government obligations	25,372	23,965
Total fixed maturities	470,983	437,184
Equity securities [Abstract]
Financial institutions	23,150	21,694
Industrial & miscellaneous	114,893	123,804
Total equity securities	138,043	145,498
Short-term	2,215	2,220
Cash equivalents	42,311	69,517
Total fair value	653,552	654,419
Level 1 [Member]
Fixed maturities [Abstract]
U.S. government obligations	0	0
Residential mortgage-backed securities	0	0
Commercial mortgage-backed securities	0	0
State and municipal obligations	0	0
Corporate securities	0	0
Options embedded in convertible securities	0	0
Foreign government obligations	0	0
Total fixed maturities	0	0
Equity securities [Abstract]
Financial institutions	23,150	21,694
Industrial & miscellaneous	114,893	123,804
Total equity securities	138,043	145,498
Short-term	2,215	2,220
Cash equivalents	0	0
Total fair value	140,258	147,718
Level 2 [Member]
Fixed maturities [Abstract]
U.S. government obligations	128,428	103,245
Residential mortgage-backed securities	4,534	4,776
Commercial mortgage-backed securities	30,967	29,226
State and municipal obligations	111,882	110,578
Corporate securities	151,589	146,488
Options embedded in convertible securities	2,205	2,395
Foreign government obligations	25,076	23,683
Total fixed maturities	454,681	420,391
Equity securities [Abstract]
Financial institutions	0	0
Industrial & miscellaneous	0	0
Total equity securities	0	0
Short-term	0	0
Cash equivalents	42,311	69,517
Total fair value	496,992	489,908
Level 3 [Member]
Fixed maturities [Abstract]
U.S. government obligations	0	0
Residential mortgage-backed securities	0	0
Commercial mortgage-backed securities	1,407	1,369
State and municipal obligations	0	0
Corporate securities	14,599	15,142
Options embedded in convertible securities	0	0
Foreign government obligations	296	282
Total fixed maturities	16,302	16,793
Equity securities [Abstract]
Financial institutions	0	0
Industrial & miscellaneous	0	0
Total equity securities	0	0
Short-term	0	0
Cash equivalents	0	0
Total fair value	$ 16,302	$ 16,793

Fair Value, Unobservable Input

Fair Value, Unobservable Input Reconciliation (Details) - 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 of period balance	$ 16,793	$ 12,208
Total gains or losses (realized or unrealized) included in income	(175)	(104)
Purchases	0	2,284
Settlements	(316)	(8,068)
Transfers into level 3	0	11,586
Transfers out of level 3	0	(1,113)
End of period balance	$ 16,302	$ 16,793

Fair Value, Balance Sheet Group

Fair Value, Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Carrying Value [Member]
Assets [Abstract]
Limited partnerships	$ 73,279	$ 75,458
Liabilities [Abstract]
Short-term borrowings	20,000	20,000
Fair Value [Member]
Assets [Abstract]
Limited partnerships	73,279	75,458
Liabilities [Abstract]
Short-term borrowings	20,000	20,000
Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Limited partnerships	0	0
Liabilities [Abstract]
Short-term borrowings	0	0
Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Limited partnerships	0	0
Liabilities [Abstract]
Short-term borrowings	20,000	20,000
Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Limited partnerships	73,279	75,458
Liabilities [Abstract]
Short-term borrowings	$ 0	$ 0

Restricted Stock (Details)

Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 05, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares distribution period from grant date		1 year
5/8/2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of each share issued on grant date (in dollars per share)		$ 25.53
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)		17,237
Vesting date		May 8, 2015
5/12/2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of each share issued on grant date (in dollars per share)		$ 22.59
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)		21,252
Vesting date		May 12, 2016
Restricted Stock Units (RSUs) [Member]
Summary of stock Issuances [Abstract]
Period restricted stocks will vest ratably from date of grant		3 years
Restricted Stock Units (RSUs) [Member] | Class B [Member] | Outside Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of shares issued			$ 480	$ 440
Restricted Stock Units (RSUs) [Member] | Class B [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of shares issued	$ 1,103
Shares issued (in shares)	47,333
Value of each share issued on grant date (in dollars per share)	$ 23.30

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Beginning balance	$ 394,498
Other comprehensive income (loss)	(7,631)	$ 357
Ending balance	398,225
AOCI Attributable to Parent [Member]
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Beginning balance	37,858
Other comprehensive income before reclassifications	(356)
Amounts reclassified from accumulated other comprehensive income	(7,275)
Other comprehensive income (loss)	(7,631)
Ending balance	30,227
Foreign Currency [Member]
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Beginning balance	(1,066)
Other comprehensive income before reclassifications	419
Amounts reclassified from accumulated other comprehensive income	0
Other comprehensive income (loss)	419
Ending balance	(647)
Unrealized Holding Gains on Available-for-sale Securities [Member]
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward]
Beginning balance	38,924
Other comprehensive income before reclassifications	(775)
Amounts reclassified from accumulated other comprehensive income	(7,275)
Other comprehensive income (loss)	(8,050)
Ending balance	$ 30,874