Investments (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017	Cost		Gains		Losses		Value
U.S. Treasury securities and obligations of U.S. Government	$	41,995	$	24	$	(14)	$	42,005
Corporate bonds		231,183		1,851		(274)		232,760
Collateralized corporate bank loans		110,690		809		(153)		111,346
Municipal bonds		168,119		1,043		(3,242)		165,920
Mortgage-backed		53,451		114		(263)		53,302
Total debt securities		605,438		3,841		(3,946)		605,333
Total equity securities		30,369		22,962		(175)		53,156
Total other investments		3,763		747		-		4,510
Total investments	$	639,570	$	27,550	$	(4,121)	$	662,999
As of December 31, 2016
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

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,
	2017		2016
U.S. Treasury securities and  obligations of U.S. Government	$	-	$	-
Corporate bonds		130		80
Collateralized corporate bank loans		28		18
Municipal bonds		(17)		(24)
Mortgage-backed		-		-
Equity securities		2,360		-
Other investments		-		-
Gain on investments		2,501		74
Unrealized losses on other investments		(441)		-
Other-than-temporary impairments		-		(301)
Net realized gains (losses)	$	2,060	$	(227)

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, 2017 and December 31, 2016 (in thousands):

	As of March 31, 2017
	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	$	7,040	$	(14)	$	-	$	-	$	7,040	$	(14)
Corporate bonds		73,005		(274)		-		-		73,005		(274)
Collateralized corporate bank loans		3,209		(21)		3,837		(132)		7,046		(153)
Municipal bonds		55,275		(566)		13,113		(2,676)		68,388		(3,242)
Mortgage-backed		22,202		(259)		2,028		(4)		24,230		(263)
Total debt securities		160,731		(1,134)		18,978		(2,812)		179,709		(3,946)
Total equity securities		490		(4)		1,978		(171)		2,468		(175)
Total other investments		-		-		-		-		-		-
Total investments	$	161,221	$	(1,138)	$	20,956	$	(2,983)	$	182,177	$	(4,121)
	As of December 31, 2016
	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	$	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)

Carrying Value of Other Invested Assets Portfolio

Details regarding the carrying value of the other investments portfolio as of March 31, 2017 and December 31, 2016 were as follows (in thousands):

	March 31,		December 31,
	2017		2016
Investment Type
Equity warrant	$	4,510	$	4,951
Total other investments	$	4,510	$	4,951

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	$	136,191	$	136,140
Due after one year through five years		231,940		231,331
Due after five years through ten years		135,743		136,674
Due after ten years		48,113		47,886
Mortgage-backed		53,451		53,302
	$	605,438	$	605,333