Investments (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018	Cost		Gains		Losses		Value
U.S. Treasury securities and obligations of U.S. Government	$	48,730	$	-	$	(864)	$	47,866
Corporate bonds		250,739		403		(1,640)		249,502
Collateralized corporate bank loans		134,807		642		(140)		135,309
Municipal bonds		122,053		6,126		(1,135)		127,044
Mortgage-backed		15,328		13		(592)		14,749
Total debt securities		571,657		7,184		(4,371)		574,470
Total equity securities		45,426		28,116		(3,390)		70,152
Total other investments		3,763		-		(678)		3,085
Total investments	$	620,846	$	35,300	$	(8,439)	$	647,707
As of December 31, 2017
U.S. Treasury securities and obligations of U.S. Government	$	50,088	$	7	$	(148)	$	49,947
Corporate bonds		278,611		1,204		(742)		279,073
Collateralized corporate bank loans		125,536		702		(301)		125,937
Municipal bonds		134,052		709		(505)		134,256
Mortgage-backed		16,712		37		(216)		16,533
Total debt securities		604,999		2,659		(1,912)		605,746
Total equity securities		30,253		23,014		(1,504)		51,763
Total other investments		3,763		61		-		3,824
Total investments	$	639,015	$	25,734	$	(3,416)	$	661,333

Summary of Realized Gain (Loss) on Investments

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
U.S. Treasury securities and obligations of U.S. Government	$	-	$	-	$	-	$	-
Corporate bonds		(44)		(107)		(66)		(125)
Collateralized corporate bank loans		23		8		70		56
Municipal bonds		(145)		120		(164)		204
Mortgage-backed		-		(1)		1		(1)
Realized (losses) gains on fixed maturities		(166)		20		(159)		134
Realized gains on equity securities		-		3,168		359		5,545
Realized (losses) gains on other investments		-		-		-		-
Total realized (losses) gains on investments		(166)		3,188		200		5,679
Other-than-temporary impairments		-		(850)		-		(4,257)
Unrealized gains (losses) on other investments		25		(228)		(739)		(731)
Unrealized gains (losses) on equity investments		7,121		-		3,217		-
Investment gains (losses), net	$	6,980	$	2,110	$	2,678	$	691

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, 2018 and December 31, 2017 (in thousands):

	As of September 30, 2018
	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	$	46,868	$	(864)	$	-	$	-	$	46,868	$	(864)
Corporate bonds		181,467		(1,313)		47,968		(327)		229,435		(1,640)
Collateralized corporate bank loans		18,794		(117)		6,064		(23)		24,858		(140)
Municipal bonds		38,292		(638)		11,924		(497)		50,216		(1,135)
Mortgage-backed		5,862		(63)		5,454		(529)		11,316		(592)
Total debt securities		291,283		(2,995)		71,410		(1,376)		362,693		(4,371)
Total equity securities		3,017		(2,654)		3,359		(736)		6,376		(3,390)
Total other investments		3,085		(678)		-		-		3,085		(678)
Total investments	$	297,385	$	(6,327)	$	74,769	$	(2,112)	$	372,154	$	(8,439)
	As of December 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	$	28,825	$	(145)	$	1,997	$	(3)	$	30,822	$	(148)
Corporate bonds		176,061		(736)		2,378		(6)		178,439		(742)
Collateralized corporate bank loans		30,008		(280)		2,517		(21)		32,525		(301)
Municipal bonds		35,200		(370)		8,917		(135)		44,117		(505)
Mortgage-backed		6,419		(127)		1,415		(89)		7,834		(216)
Total debt securities		276,513		(1,658)		17,224		(254)		293,737		(1,912)
Total equity securities		8,375		(1,504)		-		-		8,375		(1,504)
Total other investments		-		-		-		-		-		-
Total investments	$	284,888	$	(3,162)	$	17,224	$	(254)	$	302,112	$	(3,416)

Carrying Value of Other Invested Assets Portfolio

Details regarding the carrying value of the other investments portfolio as of September 30, 2018 and December 31, 2017 are as follows (in thousands):

	September 30,		December 31,
	2018		2017
Investment Type
Equity warrant	$	3,085	$	3,824
Total other investments	$	3,085	$	3,824

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	$	120,070	$	120,698
Due after one year through five years		287,661		291,063
Due after five years through ten years		121,834		122,121
Due after ten years		26,764		25,839
Mortgage-backed		15,328		14,749
	$	571,657	$	574,470