Investments (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities and obligations of U.S. Government	$	41,976	$	66	$	(20)	$	42,022
Corporate bonds		224,915		1,722		(575)		226,062
Collateralized corporate bank loans		105,220		959		(170)		106,009
Municipal bonds		165,900		956		(2,961)		163,895
Mortgage-backed		59,773		49		(353)		59,469
Total debt securities		597,784		3,752		(4,079)		597,457
Total equity securities		31,449		21,052		(790)		51,711
Total other investments		3,763		1,188		-		4,951
Total investments	$	632,996	$	25,992	$	(4,869)	$	654,119
As of December 31, 2015
U.S. Treasury securities and obligations of U.S. Government	$	76,323	$	7	$	(61)	$	76,269
Corporate bonds		122,894		637		(1,822)		121,709
Collateralized corporate bank loans		83,434		44		(1,882)		81,596
Municipal bonds		196,446		1,888		(5,966)		192,368
Mortgage-backed		59,532		155		(304)		59,383
Total debt securities		538,629		2,731		(10,035)		531,325
Total equity securities		24,524		23,364		(838)		47,050
Total other investments		427		27		-		454
Total investments	$	563,580	$	26,122	$	(10,873)	$	578,829

Major Categories of Investment Income

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

	Twelve Months Ended December 31
	2016		2015		2014
U.S. Treasury securities and obligations of U.S. Government	$	594	$	670	$	395
Corporate bonds		5,573		1,435		1,378
Collateralized corporate bank loans		3,190		4,727		4,400
Municipal bonds		5,442		5,901		5,232
Mortgage-backed		1,320		1,288		995
Equity securities		638		673		509
Other investments		-		-		-
Cash and cash equivalents		277		148		230
		17,034		14,842		13,139
Investment expenses		(692)		(873)		(756)
Investment income, net of expenses	$	16,342	$	13,969	$	12,383

Major Categories of Net Realized Gains on Investments

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

	Twelve Months Ended December 31
	2016		2015		2014
U.S. Treasury securities and obligations of U.S. Government	$	-	$	-	$	-
Corporate bonds		(264)		-		263
Collateralized corporate bank loans		(86)		126		109
Municipal bonds		(189)		(83)		(140)
Mortgage-backed		(1)		240		32
Equity securities		1,871		5,543		144
Gain on investments		1,331		5,826		408
Unrealized gain on other investments		1,188		-		-
Other-than-temporary impairments		(2,888)		(3,323)		(274)
Net realized (losses) gains	$	(369)	$	2,503	$	134

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, 2016 and December 31, 2015 (in thousands):

	As of December 31, 2016
	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	$	7,037	$	(20)	$	-	$	-	$	7,037	$	(20)
Corporate bonds		86,592		(575)		-		-		86,592		(575)
Collateralized corporate bank loans		2,637		(7)		8,314		(163)		10,951		(170)
Municipal bonds		70,633		(1,327)		13,574		(1,634)		84,207		(2,961)
Mortgage-backed		29,475		(348)		2,430		(5)		31,905		(353)
Total debt securities		196,374		(2,277)		24,318		(1,802)		220,692		(4,079)
Total equity securities		4,109		(483)		2,037		(307)		6,146		(790)
Total other investments		-		-		-		-		-		-
Total investments	$	200,483	$	(2,760)	$	26,355	$	(2,109)	$	226,838	$	(4,869)

	As of December 31, 2015
	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	$	41,428	$	(61)	$	-	$	-	$	41,428	$	(61)
Corporate bonds		96,475		(1,822)		-		-		96,475		(1,822)
Collateralized corporate bank loans		65,868		(1,758)		3,532		(124)		69,400		(1,882)
Municipal bonds		44,525		(488)		25,310		(5,478)		69,835		(5,966)
Mortgage-backed		36,251		(302)		48		(2)		36,299		(304)
Total debt securities		284,547		(4,431)		28,890		(5,604)		313,437		(10,035)
Total equity securities		6,584		(838)		-		-		6,584		(838)
Total other investments		-		-		-		-		-		-
Total investments	$	291,131	$	(5,269)	$	28,890	$	(5,604)	$	320,021	$	(10,873)

Carrying Value of Other Invested Assets Portfolio

Details regarding the carrying value of the other invested assets portfolio as of December 31, 2016 and 2015 were as follows:

	2016		2015
Investment Type
Equity warrant	$	4,951	$	454
Total other investments	$	4,951	$	454

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities

The amortized cost and estimated fair value of debt securities at December 31, 2016 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	$	97,836	$	97,849
Due after one year through five years		272,190		272,168
Due after five years through ten years		114,461		115,248
Due after ten years		53,524		52,723
Mortgage-backed		59,773		59,469
	$	597,784	$	597,457