Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

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

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

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
As of March 31, 2015	Cost		Gains		Losses		Value
U.S. Treasury securities and obligations of U.S. Government	$	92,292	$	383	$	-	$	92,675
Corporate bonds		31,093		824		(59)		31,858
Collateralized corporate bank loans		114,385		572		(2,068)		112,889
Municipal bonds		162,088		2,362		(2,239)		162,211
Mortgage-backed		67,118		391		(85)		67,424
Total debt securities		466,976		4,532		(4,451)		467,057
Total equity securities		28,120		37,646		(300)		65,466
Total debt and equity securities	$	495,096	$	42,178	$	(4,751)	$	532,523
As of December 31, 2014
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

Summary of Realized Gain (Loss) on Investments

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

	Three Months Ended March 31,
	2015		2014
U.S. Treasury securities and  obligations of U.S. Government	$	-	$	-
Corporate bonds		-		154
Collateralized corporate bank loans		18		59
Municipal bonds		(26)		(28)
Mortgage-backed		187		-
Equity securities		682		-
Gain on investments		861		185
Other-than-temporary impairments		(277)		-
Net realized gains	$	584	$	185

Summary of Gross Unrealized Losses for Investments that have been Continuously in 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 March 31, 2015 and December 31, 2014 (in thousands):

	As of March 31, 2015
	12 months or less				Longer than 12 months				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities and obligations of U.S. Government	$	-	$	-	$	-	$	-	$	-	$	-
Corporate bonds		17,069		(59)		-		-		17,069		(59)
Collateralized corporate bank loans		35,468		(373)		11,074		(1,695)		46,542		(2,068)
Municipal bonds		54,473		(1,957)		4,113		(282)		58,586		(2,239)
Mortgage-backed		17,603		(85)		7		-		17,610		(85)
Total debt securities		124,613		(2,474)		15,194		(1,977)		139,807		(4,451)
Total equity securities		4,030		(300)		-		-		4,030		(300)
Total debt and equity securities	$	128,643	$	(2,774)	$	15,194	$	(1,977)	$	143,837	$	(4,751)
	As of December 31, 2014
	12 months or less				Longer than 12 months				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		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)

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturities

	Amortized		Fair
	Cost		Value
	(in thousands)
Due in one year or less	$	51,034	$	51,292
Due after one year through five years		196,816		198,058
Due after five years through ten years		106,014		104,179
Due after ten years		45,994		46,104
Mortgage-backed		67,118		67,424
	$	466,976	$	467,057