Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015	Cost		Gains		Losses		Value
U.S. Treasury securities and obligations of U.S. Government	$	91,311	$	370	$	-	$	91,681
Corporate bonds		50,638		586		(614)		50,610
Collateralized corporate bank loans		124,158		344		(2,368)		122,134
Municipal bonds		196,174		2,108		(6,334)		191,948
Mortgage-backed		62,627		283		(120)		62,790
Total debt securities		524,908		3,691		(9,436)		519,163
Total equity securities		24,957		23,998		(726)		48,229
Total debt and equity securities	$	549,865	$	27,689	$	(10,162)	$	567,392
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 September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
U.S. Treasury securities and  obligations of U.S. Government	$	-	$	-	$	-	$	-
Corporate bonds		-		(22)		-		111
Collateralized corporate bank loans		8		10		158		99
Municipal bonds		(12)		(69)		(54)		(123)
Mortgage-backed		-		29		240		31
Equity securities		32		29		5,537		34
Gain (loss) on investments		28		(23)		5,881		152
Other-than-temporary impairments		(363)		-		(2,193)		(274)
Net realized gains (losses)	$	(335)	$	(23)	$	3,688	$	(122)

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 September 30, 2015 and December 31, 2014 (in thousands):

	As of September 30, 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		30,917		(614)		-		-		30,917		(614)
Collateralized corporate bank loans		59,675		(1,387)		4,643		(981)		64,318		(2,368)
Municipal bonds		38,894		(517)		21,985		(5,817)		60,879		(6,334)
Mortgage-backed		25,850		(118)		72		(2)		25,922		(120)
Total debt securities		155,336		(2,636)		26,700		(6,800)		182,036		(9,436)
Total equity securities		4,611		(726)		-		-		4,611		(726)
Total debt and equity securities	$	159,947	$	(3,362)	$	26,700	$	(6,800)	$	186,647	$	(10,162)
	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	$	58,057	$	57,912
Due after one year through five years		232,118		230,320
Due after five years through ten years		116,755		113,043
Due after ten years		55,351		55,098
Mortgage-backed		62,627		62,790
	$	524,908	$	519,163