Investments (Tables)
 6 Months Ended
Jun. 30, 2012
Investments [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities
                                 
    Amortized
Cost		     Gross
Unrealized		     Fair
Value		  
      Gains     Losses    

U.S. Treasury securities and obligations of U.S. Government

   $ 121,606     $ 14,308     $ 22     $ 135,892  

Federal agencies 1

     22,063       4,061       1       26,123  

Federal agency issued residential mortgage-backed securities 1

     97,158       9,281       -       106,439  
   

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     240,827       27,650       23       268,454  

Corporate obligations:

                                

Industrial

     498,231       48,437       1,727       544,941  

Energy

     173,030       20,692       46       193,676  

Communications and technology

     199,416       20,097       28       219,485  

Financial

     298,693       20,753       2,624       316,822  

Consumer

     488,138       47,467       53       535,552  

Public utilities

     253,931       39,068       485       292,514  
   

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     1,911,439       196,514       4,963       2,102,990  

Corporate private-labeled residential mortgage-backed securities

     157,621       2,711       8,694       151,638  

Municipal securities

     148,664       25,510       26       174,148  

Other

     106,488       4,771       8,081       103,178  

Redeemable preferred stocks

     15,736       328       222       15,842  
   

 

 

    

 

 

    

 

 

    

 

 

  

Fixed maturity securities

     2,580,775       257,484       22,009       2,816,250  

Equity securities

     35,499       1,815       130       37,184  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 2,616,274     $ 259,299     $ 22,139     $ 2,853,434  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

1

Federal agency securities are not backed by the full faith and credit of the U.S. Government.

                                 
    Amortized
Cost		     Gross
Unrealized		     Fair
Value		  
      Gains     Losses    

U.S. Treasury securities and obligations of U.S. Government

   $ 120,593     $ 13,856     $ 12     $ 134,437  

Federal agencies 1

     22,401       3,480       -       25,881  

Federal agency issued residential mortgage-backed securities 1

     109,738       9,901       2       119,637  
   

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     252,732       27,237       14       279,955  

Corporate obligations:

                                

Industrial

     444,030       43,710       860       486,880  

Energy

     152,580       19,131       -       171,711  

Communications and technology

     184,983       16,566       156       201,393  

Financial

     308,813       15,155       5,890       318,078  

Consumer

     452,962       43,788       263       496,487  

Public utilities

     259,609       38,094       1,366       296,337  
   

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     1,802,977       176,444       8,535       1,970,886  

Corporate private-labeled residential mortgage-backed securities

     167,666       1,856       12,620       156,902  

Municipal securities

     150,267       18,316       61       168,522  

Other

     100,315       3,576       9,235       94,656  

Redeemable preferred stocks

     11,735       226       740       11,221  
   

 

 

    

 

 

    

 

 

    

 

 

  

Fixed maturity securities

     2,485,692       227,655       31,205       2,682,142  

Equity securities

     34,951       1,873       135       36,689  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 2,520,643     $ 229,528     $ 31,340     $ 2,718,831  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

1

Federal agency securities are not backed by the full faith and credit of the U.S. Government.

Schedule of Distribution of Maturities for Fixed Maturity Securities Available for Sale
                 
    June 30, 2012  
    Amortized
Cost		     Fair
Value		  

Due in one year or less

   $ 99,536     $ 101,304  

Due after one year through five years

     619,948       665,859  

Due after five years through ten years

     1,035,701       1,151,964  

Due after ten years

     474,696       532,021  

Securities with variable principal payments

     335,158       349,260  

Redeemable preferred stocks

     15,736       15,842  
   

 

 

    

 

 

  
    $ 2,580,775     $ 2,816,250  
   

 

 

    

 

 

  
Schedule of Fixed Maturity and Equity Security Investments Available for Sale with Unrealized Losses
                                                 
    Less Than 12 Months     12 Months or Longer     Total  
    Fair
Value		     Unrealized
Losses		     Fair
Value		     Unrealized
Losses		     Fair
Value		     Unrealized
Losses		  

U.S. Treasury securities and obligations of U.S. Government

   $ 900     $ 8     $ 779     $ 14     $ 1,679     $ 22  

Federal agency issued residential mortgage-backed securities  1

     333       -       293       1       626       1  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     1,233       8       1,072       15       2,305       23  

Corporate obligations:

                                                

Industrial

     24,733       1,727       -       -       24,733       1,727  

Energy

     9,580       46       -       -       9,580       46  

Communications and technology

     4,053       28       -       -       4,053       28  

Financial

     17,959       258       15,610       2,366       33,569       2,624  

Consumer

     14,480       46       587       7       15,067       53  

Public utilities

     9,236       74       6,740       411       15,976       485  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     80,041       2,179       22,937       2,784       102,978       4,963  

Corporate private-labeled residential mortgage-backed securities

     -       -       70,210       8,694       70,210       8,694  

Municipal securities

     3,078       18       893       8       3,971       26  

Other

     -       -       45,185       8,081       45,185       8,081  

Redeemable preferred stocks

     -       -       3,460       222       3,460       222  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed maturity securities

     84,352       2,205       143,757       19,804       228,109       22,009  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity securities

     -       -       1,127       130       1,127       130  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 84,352     $ 2,205     $ 144,884     $ 19,934     $ 229,236     $ 22,139  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

1

Federal agency securities are not backed by the full faith and credit of the U.S. Government.

                                                 
    Less Than 12 Months     12 Months or Longer     Total  
    Fair
Value		     Unrealized
Losses		     Fair
Value		     Unrealized
Losses		     Fair
Value		     Unrealized
Losses		  

U.S. Treasury securities and obligations of U.S. Government

   $ -     $ -     $ 959     $ 12     $ 959     $ 12  

Federal agency issued residential mortgage-backed securities 1

     649       -       294       2       943       2  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     649       -       1,253       14       1,902       14  

Corporate obligations:

                                                

Industrial

     25,455       860       -       -       25,455       860  

Communications and technology

     7,239       156       -       -       7,239       156  

Financial

     51,273       2,107       16,402       3,783       67,675       5,890  

Consumer

     11,765       119       3,689       144       15,454       263  

Public utilities

     4,710       344       11,152       1,022       15,862       1,366  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     100,442       3,586       31,243       4,949       131,685       8,535  

Corporate private-labeled residential mortgage-backed securities

     41,734       2,668       61,864       9,952       103,598       12,620  

Municipal securities

     -       -       3,909       61       3,909       61  

Other

     9,257       921       47,146       8,314       56,403       9,235  

Redeemable preferred stocks

     2,939       115       3,056       625       5,995       740  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed maturity securities

     155,021       7,290       148,471       23,915       303,492       31,205  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity securities

     69       104       1,054       31       1,123       135  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 155,090     $ 7,394     $ 149,525     $ 23,946     $ 304,615     $ 31,340  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

1

Federal agency securities are not backed by the full faith and credit of the U.S. Government.

Schedule of Distribution of Maturities for Fixed Maturity Securities Available for Sale with Unrealized Losses
                                 
    June 30, 2012     December 31, 2011  
    Fair
Value		     Gross
Unrealized
Losses		     Fair
Value		     Gross
Unrealized
Losses		  

Fixed maturity security securities available for sale:

                                

Due in one year or less

   $ 919     $ 8     $ 2,953     $ 48  

Due after one year through five years

     32,871       491       42,416       2,120  

Due after five years through ten years

     60,008       2,636       64,772       2,616  

Due after ten years

     60,015       9,958       82,816       13,061  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

     153,813       13,093       192,957       17,845  

Securities with variable principal payments

     70,836       8,694       104,540       12,620  

Redeemable preferred stocks

     3,460       222       5,995       740  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 228,109     $ 22,009     $ 303,492     $ 31,205  
   

 

 

    

 

 

    

 

 

    

 

 

  
Reconciliation Of Credit Losses Recognized In Earnings On Fixed Maturity Securities Held By The Company
                 
    Quarter Ended
June 30		     Six Months Ended
June 30		  
    2012     2012  

Credit losses on securities held at beginning of the period in accumulated other comprehensive income

   $ 13,715     $ 13,559  

Additions for credit losses not previously recognized in other-than-temporary impairment

     1       29  

Additions for increases in the credit loss for which an other-than-temporary impairment was previously recognized when there was no intent to sell the security before recovery of its amortized cost basis

     145       277  

Reductions for securities sold during the period (realized)

     -       -  

Reductions for securities previously recognized in other comprehensive income because of intent to sell the security before recovery of its amortized cost basis

     -       -  

Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security

     (4 )      (8 ) 
   

 

 

    

 

 

  

Credit losses on securities held at the end of the period in accumulated other comprehensive income

   $ 13,857     $ 13,857  
   

 

 

    

 

 

  
Schedule Of Realized Investment Gains And Losses
                                 
    Quarter Ended
June 30		     Six Months Ended
June 30		  
        2012             2011             2012             2011      

Gross gains resulting from:

                                

Sales of investment securities

   $ -     $ 3,341     $ 313     $ 3,652  

Investment securities called and other

     595       387       803       1,250  

Sales of real estate

     1,010       -       16,180       -  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total gross gains

     1,605       3,728       17,296       4,902  
   

 

 

    

 

 

    

 

 

    

 

 

  

Gross losses resulting from:

                                

Sales of investment securities

     (32 )      (1,590 )      (32 )      (1,590 ) 

Investment securities called and other

     (151 )      (125 )      (204 )      (179 ) 

Mortgage loans

     (13 )      -       (178 )      (3 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total gross losses

     (196 )      (1,715 )      (414 )      (1,772 ) 

Change in allowance for potential future losses on mortgage loans

     (32 )      -       332       -  

Amortization of DAC and VOBA

     (16 )      (120 )      (16 )      (225 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net realized investment gains, excluding impairment losses

     1,361       1,893       17,198       2,905  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net impairment losses recognized in earnings:

                                

Total other-than-temporary impairment losses

     (188 )      (238 )      (456 )      (507 ) 

Portion of loss recognized in other comprehensive income

     42       56       150       114  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net impairment losses recognized in earnings

     (146 )      (182 )      (306 )      (393 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net realized investment gains

   $ 1,215     $ 1,711     $ 16,892     $ 2,512  
   

 

 

    

 

 

    

 

 

    

 

 

  
Schedule Of Sales Of Fixed Maturity And Equity Securities Excluding Maturities And Calls
                                 
    Quarter Ended
June 30		     Six Months Ended
June 30		  
    2012     2011     2012     2011  

Proceeds

   $ 2,216     $ 41,398     $ 8,616     $ 51,541  

Gross realized gains

     -       3,341       313       3,652  

Gross realized losses

     (32 )      (1,590 )      (32 )      (1,590 ) 
Gross mortgage loan principal outstanding and allowance for potential future losses
                 
    June 30
2012		     December 31
2011		  

Principal outstanding

   $ 582,017     $ 604,772  

Allowance for potential future losses

     (2,517 )      (2,849 ) 
   

 

 

    

 

 

  

Carrying value

   $ 579,500     $ 601,923  
   

 

 

    

 

 

  
Schedule Of Amount Of Mortgage Loans
                                 
    June 30
2012		     %
of Total		     December 31
2011		     %
of Total		  

Prior to 2002

   $ 22,216       4%     $ 28,437       5%  

2003

     35,236       6%       42,112       7%  

2004

     28,473       5%       29,966       5%  

2005

     52,462       9%       54,802       9%  

2006

     40,594       7%       42,676       7%  

2007

     34,600       6%       35,323       6%  

2008

     38,504       7%       44,285       7%  

2009

     48,268       8%       50,574       8%  

2010

     106,816       18%       133,684       22%  

2011

     136,784       23%       142,913       24%  

2012

     38,064       7%       -       -  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 582,017       100%     $ 604,772       100%  
   

 

 

            

 

 

          
Schedule Of Mortgage Loans By Geographic Location And Property Type
                                 
    June 30
2012		     %
of Total		     December 31
2011		     %
of Total		  

Pacific

   $ 133,619       23%     $ 138,529       23%  

West north central

     106,095       18%       130,481       22%  

West south central

     106,996       18%       98,036       16%  

Mountain

     85,285       15%       82,029       14%  

South atlantic

     59,980       10%       63,125       10%  

Middle atlantic

     41,016       7%       42,112       7%  

East north central

     30,462       5%       30,482       5%  

East south central

     18,564       4%       19,978       3%  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 582,017       100%     $ 604,772       100%  
   

 

 

            

 

 

          
                                 
    June 30
2012		     %
Total		     December 31
2011		     %
Total		  

Industrial

   $ 248,332       43%     $ 251,839       42%  

Office

     231,643       40%       243,885       40%  

Medical

     42,066       7%       43,089       7%  

Other

     59,976       10%       65,959       11%  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 582,017       100%     $ 604,772       100%  
   

 

 

            

 

 

          
Schedule Of Concentration Of Mortgage Loans By State Greater Than Five Percent
                                 
    June 30
2012		     %
of Total		     December 31
2011		     %
of Total		  

California

   $ 113,231       19%     $ 117,261       19%  

Texas

     94,021       16%       84,724       14%  

Minnesota

     63,962       11%       64,952       11%  

Florida

     33,292       6%       31,310       5%  

All others

     277,511       48%       306,525       51%  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 582,017       100%     $ 604,772       100%  
   

 

 

            

 

 

          
Schedule Carrying Amount Of Mortgage Loans By Maturity
                                 
    June 30
2012		     %
of Total		     December 31
2011		     %
of Total		  

Due in one year or less

   $ 5,572       1%     $ 2,356       -  

Due after one year through five years

     181,974       32%       153,822       25%  

Due after five years through ten years

     235,378       40%       255,615       42%  

Due after ten years

     159,093       27%       192,979       33%  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 582,017       100%     $ 604,772       100%