Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Amortized Cost and Estimated Fair Value of Investments in Debt and Equity Securities

The amortized cost and estimated fair value of investments in debt and equity securities by category is as follows (in thousands):

As of December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities and obligations of U.S. Government	$	93,280	$	29	$	(4)	$	93,305
Corporate bonds		28,643		884		(85)		29,442
Collateralized corporate bank loans		115,358		206		(1,915)		113,649
Municipal bonds		161,546		2,384		(1,601)		162,329
Mortgage-backed		51,943		487		(370)		52,060
Total debt securities		450,770		3,990		(3,975)		450,785
Total equity securities		25,360		31,086		(2)		56,444
Total debt and equity securities	$	476,130	$	35,076	$	(3,977)	$	507,229
As of December 31, 2013
U.S. Treasury securities and obligations of U.S. Government	$	78,894	$	24	$	(165)	$	78,753
Corporate bonds		42,946		1,379		(450)		43,875
Collateralized corporate bank loans		102,053		614		(489)		102,178
Municipal bonds		156,950		2,577		(1,975)		157,552
Mortgage-backed		27,784		460		(507)		27,737
Total debt securities		408,627		5,054		(3,586)		410,095
Total equity securities		24,902		26,642		(314)		51,230
Total debt and equity securities	$	433,529	$	31,696	$	(3,900)	$	461,325

Major Categories of Investment Income

Major categories of net investment income are summarized as follows (in thousands):

	Twelve Months Ended December 31
	2014		2013		2012
U.S. Treasury securities and obligations of U.S. Government	$	395	$	143	$	53
Corporate bonds		1,378		2,341		4,218
Collateralized corporate bank loans		4,400		4,653		5,261
Municipal bonds		5,232		5,245		5,616
Mortgage-backed		995		737		106
Equity securities		509		484		534
Cash and cash equivalents		230		157		246
		13,139		13,760		16,034
Investment expenses		(756)		(876)		(741)
Investment income, net of expenses	$	12,383	$	12,884	$	15,293

Major Categories of Net Realized Gains on Investments

Major categories of net realized gains on investments are summarized as follows (in thousands):

	Twelve Months Ended December 31
	2014		2013		2012
U.S. Treasury securities and obligations of U.S. Government	$	-	$	-	$	-
Corporate bonds		263		853		13
Collateralized corporate bank loans		109		373		391
Municipal bonds		(140)		(156)		(441)
Mortgage-backed		32		-		-
Equity securities		144		9,470		2,226
Gain on investments		408		10,540		2,189
Other-than-temporary impairments		(274)		-		(246)
Net realized gain	$	134	$	10,540	$	1,943

Summary of Gross Unrealized Loss Position

The following schedules summarize the gross unrealized losses showing the length of time that investments have been continuously in an unrealized loss position as of December 31, 2014 and December 31, 2013 (in thousands):

	As of December 31, 2014
	12 months or less				Longer than 12 months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government	$	15,005	$	(4)	$	-	$	-	$	15,005	$	(4)
Corporate bonds		7,552		(85)		-		-		7,552		(85)
Collateralized corporate bank loans		64,712		(824)		8,898		(1,091)		73,610		(1,915)
Municipal bonds		50,546		(945)		15,684		(656)		66,230		(1,601)
Mortgage-backed		20,469		(365)		2,966		(5)		23,435		(370)
Total debt securities		158,284		(2,223)		27,548		(1,752)		185,832		(3,975)
Total equity securities		129		(2)		-		-		129		(2)
Total debt and equity securities	$	158,413	$	(2,225)	$	27,548	$	(1,752)	$	185,961	$	(3,977)

	As of December 31, 2013
	12 months or less				Longer than 12 months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government	$	47,162	$	(165)	$	-	$	-	$	47,162	$	(165)
Corporate bonds		5,649		(56)		4,421		(394)		10,070		(450)
Collateralized corporate bank loans		23,026		(422)		6,968		(67)		29,994		(489)
Municipal bonds		35,719		(413)		34,684		(1,562)		70,403		(1,975)
Mortgage-backed		1,383		(229)		4,840		(278)		6,223		(507)
Total debt securities		112,939		(1,285)		50,913		(2,301)		163,852		(3,586)
Total equity securities		316		(2)		2,721		(312)		3,037		(314)
Total debt and equity securities	$	113,255	$	(1,287)	$	53,634	$	(2,613)	$	166,889	$	(3,900)

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities

The amortized cost and estimated fair value of debt securities at December 31, 2014 by contractual maturity are as follows. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without penalties.

	Amortized Cost			Fair Value
	(in thousands)
Due in one year or less	$	49,977	$	50,329
Due after one year through five years		185,036		185,525
Due after five years through ten years		111,008		109,925
Due after ten years		52,806		52,946
Mortgage-backed		51,943		52,060
	$	450,770	$	450,785