Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019
U.S. Treasury securities and obligations of U.S. Government	$	48,369	$	112	$	(59)	$	48,422
Corporate bonds		223,770		2,813		(240)		226,343
Collateralized corporate bank loans		133,840		59		(1,221)		132,678
Municipal bonds		114,638		1,304		(93)		115,849
Mortgage-backed		9,899		51		(94)		9,856
Total debt securities		530,516		4,339		(1,707)		533,148
Total equity securities		68,709		30,657		(5,354)		94,012
Total other investments		3,763		—		(1,178)		2,585
Total investments	$	602,988	$	34,996	$	(8,239)	$	629,745

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

Major Categories of Net Investment Gains (Losses) on Investments

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
U.S. Treasury securities and obligations of U.S. Government	$	—	$	—	$	—	$	—
Corporate bonds		(6)		(14)		17		(22)
Collateralized corporate bank loans		21		35		38		47
Municipal bonds		46		2		4,147		(19)
Mortgage-backed		(1)		(1)		(1)		1
Equity securities		—		359		—		359
Gain on investments		60		381		4,201		366
Unrealized gains (losses) on equity securities		5,356		553		13,116		(3,904)
Unrealized gains (losses) on other investments		1,401		(401)		1,437		(764)
Investment gains (losses), net	$	6,817	$	533	$	18,754	$	(4,302)

Summary of Gross Unrealized Gain (Loss) on Investments

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


	As of June 30, 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	$	—	$	—	$	23,216	$	(59)	$	23,216	$	(59)
Corporate bonds		18,143		(144)		36,011		(96)		54,154		(240)
Collateralized corporate bank loans		85,804		(871)		17,564		(350)		103,368		(1,221)
Municipal bonds		10,898		(55)		5,735		(38)		16,633		(93)
Mortgage-backed		3,518		(6)		3,911		(88)		7,429		(94)
Total debt securities		118,363		(1,076)		86,437		(631)		204,800		(1,707)
Total equity securities		7,952		(1,588)		4,524		(3,766)		12,476		(5,354)
Total other investments		28		(10)		2,557		(1,168)		2,585		(1,178)
Total investments	$	126,343	$	(2,674)	$	93,518	$	(5,565)	$	219,861	$	(8,239)


	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 June 30, 2019 and December 31, 2018 are as follows (in thousands):


	June 30,		December 31,
	2019		2018
Investment Type
Equity warrant	$	2,585	$	1,148
Total other investments	$	2,585	$	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	$	117,306	$	117,293
Due after one year through five years		276,397		278,718
Due after five years through ten years		96,047		95,636
Due after ten years		30,867		31,645
Mortgage-backed		9,899		9,856
	$	530,516	$	533,148