Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2017	Cost		Gains		Losses		Value
U.S. Treasury securities and obligations of U.S. Government	$	42,014	$	11	$	(14)	$	42,011
Corporate bonds		252,093		1,735		(161)		253,667
Collateralized corporate bank loans		123,523		575		(292)		123,806
Municipal bonds		153,475		1,043		(701)		153,817
Mortgage-backed		34,881		144		(252)		34,773
Total debt securities		605,986		3,508		(1,420)		608,074
Total equity securities		33,220		23,898		(641)		56,477
Total other investments		3,763		685		-		4,448
Total investments	$	642,969	$	28,091	$	(2,061)	$	668,999
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 June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
U.S. Treasury securities and obligations of U.S. Government	$	-	$	-	$	-	$	-
Corporate bonds		(148)		-		(18)		80
Collateralized corporate bank loans		20		(36)		48		(18)
Municipal bonds		101		(44)		84		(68)
Mortgage-backed		-		-		-		-
Equity securities		17		490		2,377		490
(Loss) gain on investments		(10)		410		2,491		484
Change in unrealized losses on other investments		(62)		-		(503)		-
Other-than-temporary impairments		(3,407)		(2,587)		(3,407)		(2,888)
Net realized losses	$	(3,479)	$	(2,177)	$	(1,419)	$	(2,404)

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 June 30, 2017 and December 31, 2016 (in thousands):

	As of June 30, 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	$	36,947	$	(14)	$	-	$	-	$	36,947	$	(14)
Corporate bonds		72,355		(161)		-		-		72,355		(161)
Collateralized corporate bank loans		36,049		(150)		2,408		(142)		38,457		(292)
Municipal bonds		42,718		(524)		6,859		(177)		49,577		(701)
Mortgage-backed		12,781		(249)		1,628		(3)		14,409		(252)
Total debt securities		200,850		(1,098)		10,895		(322)		211,745		(1,420)
Total equity securities		5,653		(598)		2,106		(43)		7,759		(641)
Total other investments		614		-		-		-		614		-
Total investments	$	207,117	$	(1,696)	$	13,001	$	(365)	$	220,118	$	(2,061)
	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 June 30, 2017 and December 31, 2016 were as follows (in thousands):

	June 30,		December 31,
	2017		2016
Investment Type
Equity warrant	$	4,448	$	4,951
Total other investments	$	4,448	$	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	$	153,323	$	153,486
Due after one year through five years		231,340		232,487
Due after five years through ten years		143,558		144,413
Due after ten years		42,884		42,915
Mortgage-backed		34,881		34,773
	$	605,986	$	608,074