Investments (Tables)

3 Months Ended

Mar. 31, 2019

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
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
As of March 31, 2019
U.S. Treasury securities and obligations of U.S. Government	$	48,490	$	7	$	(288)	$	48,209
Corporate bonds		217,979		1,296		(440)		218,835
Collateralized corporate bank loans		130,526		66		(1,752)		128,840
Municipal bonds		113,812		845		(298)		114,359
Mortgage-backed		12,938		14		(218)		12,734
Total debt securities		523,745		2,228		(2,996)		522,977
Total equity securities		68,709		25,549		(5,602)		88,656
Total other investments		3,763		—		(2,579)		1,184
Total investments	$	596,217	$	27,777	$	(11,177)	$	612,817

As of December 31, 2018
U.S. Treasury securities and obligations of U.S. Government	$	48,609	$	5	$	(508)	$	48,106
Corporate bonds		243,314		440		(1,602)		242,152
Collateralized corporate bank loans		131,779		19		(5,270)		126,528
Municipal bonds		112,574		3,791		(838)		115,527
Mortgage-backed		13,992		11		(446)		13,557
Total debt securities		550,268		4,266		(8,664)		545,870
Total equity securities		68,709		20,693		(8,506)		80,896
Total other investments		3,763		—		(2,615)		1,148
Total investments	$	622,740	$	24,959	$	(19,785)	$	627,914

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 March 31,
	2019		2018
U.S. Treasury securities and obligations of U.S. Government	$	—	$	—
Corporate bonds		23		(8)
Collateralized corporate bank loans		17		12
Municipal bonds		4,101		(21)
Mortgage-backed		—		2
Equity securities		—		—
Gain (loss) on investments		4,141		(15)
Unrealized gains (losses) on other investments		36		(363)
Unrealized gains (losses) on equity investments		7,760		(4,457)
Investment gains (losses), net	$	11,937	$	(4,835)

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, 2019 and December 31, 2018 (in thousands):


	As of March 31, 2019
	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	$	—	$	—	$	47,205	$	(288)	$	47,205	$	(288)
Corporate bonds		13,462		(72)		85,392		(368)		98,854		(440)
Collateralized corporate bank loans		115,083		(1,660)		4,832		(92)		119,915		(1,752)
Municipal bonds		11,463		(79)		25,229		(219)		36,692		(298)
Mortgage-backed		769		-		8,825		(218)		9,594		(218)
Total debt securities		140,777		(1,811)		171,483		(1,185)		312,260		(2,996)
Total equity securities		16,082		(1,518)		5,537		(4,084)		21,619		(5,602)
Total other investments		914		(1,873)		270		(706)		1,184		(2,579)
Total investments	$	157,773	$	(5,202)	$	177,290	$	(5,975)	$	335,063	$	(11,177)


	As of December 31, 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	$	18,902	$	(181)	$	28,201	$	(327)	$	47,103	$	(508)
Corporate bonds		117,450		(907)		100,060		(695)		217,510		(1,602)
Collateralized corporate bank loans		120,410		(4,938)		4,931		(332)		125,341		(5,270)
Municipal bonds		14,281		(96)		25,891		(742)		40,172		(838)
Mortgage-backed		6,592		(60)		5,986		(386)		12,578		(446)
Total debt securities		277,635		(6,182)		165,069		(2,482)		442,704		(8,664)
Total equity securities		30,981		(3,699)		4,475		(4,807)		35,456		(8,506)
Total other investments		1,148		(2,615)		—		—		1,148		(2,615)
Total investments	$	309,764	$	(12,496)	$	169,544	$	(7,289)	$	479,308	$	(19,785)

Carrying Value of Other Invested Assets Portfolio

Details regarding the carrying value of the other investments portfolio as of March 31, 2019 and December 31, 2018 are as follows (in thousands):


	2019		2018
Investment Type
Equity warrant	$	1,184	$	1,148
Total other investments	$	1,184	$	1,148

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturities


	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	122,350	$	121,972
Due after one year through five years		264,476		265,022
Due after five years through ten years		92,907		91,964
Due after ten years		31,074		31,285
Mortgage-backed		12,938		12,734
	$	523,745	$	522,977

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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