Investments (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020
U.S. Treasury securities and obligations of U.S. Government	$	154,303	$	1,011	$	(27)	$	155,287
Corporate bonds		302,433		1,357		(4,949)		298,841
Collateralized corporate bank loans		62,993		-		(5,829)		57,164
Municipal bonds		69,876		719		(67)		70,528
Mortgage-backed		7,565		87		(89)		7,563
Total debt securities		597,170		3,174		(10,961)		589,383
Total equity securities		19,783		1,789		(7,433)		14,139
Total other investments		3,763		—		(3,595)		168
Total investments	$	620,716	$	4,963	$	(21,989)	$	603,690

As of December 31, 2019
U.S. Treasury securities and obligations of U.S. Government	$	66,441	$	162	$	(3)	$	66,600
Corporate bonds		297,601		3,387		(163)		300,825
Collateralized corporate bank loans		115,669		556		(468)		115,757
Municipal bonds		81,787		1,531		(48)		83,270
Mortgage-backed		8,000		46		(219)		7,827
Total debt securities		569,498		5,682		(901)		574,279
Total equity securities		71,895		35,028		(7,708)		99,215
Total other investments		3,763		—		(1,594)		2,169
Total investments	$	645,156	$	40,710	$	(10,203)	$	675,663

Major Categories of Net Investment (Losses) Gains on Investments

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


	Three Months Ended March 31,
	2020		2019
U.S. Treasury securities and obligations of U.S. Government	$	—	$	—
Corporate bonds		55		23
Collateralized corporate bank loans		(148)		17
Municipal bonds		1,420		4,101
Mortgage-backed		—		—
Equity securities		4,309		—
Gain on investments		5,636		4,141
Unrealized (losses) gains on other investments		(2,001)		36
Unrealized (losses) gains on equity investments		(32,965)		7,760
Investment (losses) gains, net	$	(29,330)	$	11,937

Summary of Gross 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, 2020 and December 31, 2019 (in thousands):


	As of March 31, 2020
	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	$	110,938	$	(27)	$	—	$	—	$	110,938	$	(27)
Corporate bonds		174,415		(4,927)		1,331		(22)		175,746		(4,949)
Collateralized corporate bank loans		51,030		(4,664)		6,133		(1,165)		57,163		(5,829)
Municipal bonds		6,178		(44)		1,721		(23)		7,899		(67)
Mortgage-backed		2,457		(83)		14		(6)		2,471		(89)
Total debt securities		345,018		(9,745)		9,199		(1,216)		354,217		(10,961)
Total equity securities		10,924		(4,208)		1,160		(3,225)		12,084		(7,433)
Total other investments		—		—		168		(3,595)		168		(3,595)
Total investments	$	355,942	$	(13,953)	$	10,527	$	(8,036)	$	366,469	$	(21,989)


	As of December 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	$	—	$	—	$	5,513	$	(3)	$	5,513	$	(3)
Corporate bonds		27,268		(144)		1,150		(19)		28,418		(163)
Collateralized corporate bank loans		9,000		(41)		10,228		(427)		19,228		(468)
Municipal bonds		4,808		(29)		1,618		(19)		6,426		(48)
Mortgage-backed		1,712		(101)		562		(118)		2,274		(219)
Total debt securities		42,788		(315)		19,071		(586)		61,859		(901)
Total equity securities		10,905		(2,363)		6,093		(5,345)		16,998		(7,708)
Total other investments		—		—		2,169		(1,594)		2,169		(1,594)
Total investments	$	53,693	$	(2,678)	$	27,333	$	(7,525)	$	81,026	$	(10,203)

Carrying Value of Other Invested Assets Portfolio

Details regarding the carrying value of the other investments portfolio as of March 31, 2020 and December 31, 2019 are as follows (in thousands):


	2020		2019
Investment Type
Equity warrant	$	168	$	2,169
Total other investments	$	168	$	2,169

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

The amortized cost and estimated fair value of debt securities at March 31, 2020 by contractual maturity are as follows. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without penalties.


	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	212,895	$	213,273
Due after one year through five years		319,397		314,222
Due after five years through ten years		38,117		35,813
Due after ten years		19,196		18,512
Mortgage-backed		7,565		7,563
	$	597,170	$	589,383