Investments (Tables)

6 Months Ended

Jun. 30, 2020

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
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
As of June 30, 2020
U.S. Treasury securities and obligations of U.S. Government	$	154,267	$	833	$	(35)	$	155,065
Corporate bonds		266,926		5,992		(3,612)		269,306
Collateralized corporate bank loans		59,409		-		(3,045)		56,364
Municipal bonds		64,540		843		(57)		65,326
Mortgage-backed		7,124		141		(4)		7,261
Total debt securities		552,266		7,809		(6,753)		553,322
Total equity securities		21,249		2,085		(5,385)		17,949
Total other investments		3,763		—		(3,468)		295
Total investments	$	577,278	$	9,894	$	(15,606)	$	571,566
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 gains (losses) on investments are summarized as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
U.S. Treasury securities and obligations of U.S. Government	$	—	$	—	$	—	$	—
Corporate bonds		359		(6)		414		17
Collateralized corporate bank loans		63		21		(85)		38
Municipal bonds		2		46		1,422		4,147
Mortgage-backed		—		(1)		—		(1)
Equity securities		(838)		—		3,471		—
(Loss) gain on investments		(414)		60		5,222		4,201
Unrealized gains (losses) on other investments		127		1,401		(1,874)		1,437
Unrealized gains (losses) on equity investments		2,345		5,356		(30,620)		13,116
Investment gains (losses), net	$	2,058	$	6,817	$	(27,272)	$	18,754

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 June 30, 2020 and December 31, 2019 (in thousands):

	As of June 30, 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	$	110,942	$	(35)	$	—	$	—	$	110,942	$	(35)
Corporate bonds		13,422		(3,230)		5,310		(382)		18,732		(3,612)
Collateralized corporate bank loans		50,701		(2,395)		5,663		(650)		56,364		(3,045)
Municipal bonds		2,180		(34)		2,022		(23)		4,202		(57)
Mortgage-backed		-		-		15		(4)		15		(4)
Total debt securities		177,245		(5,694)		13,010		(1,059)		190,255		(6,753)
Total equity securities		10,022		(4,107)		797		(1,278)		10,819		(5,385)
Total other investments		—		—		295		(3,468)		295		(3,468)
Total investments	$	187,267	$	(9,801)	$	14,102	$	(5,805)	$	201,369	$	(15,606)

	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 June 30, 2020 and December 31, 2019 are as follows (in thousands):

	2020		2019
Investment Type
Equity warrant	$	295	$	2,169
Total other investments	$	295	$	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 June 30, 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	$	211,915	$	213,229
Due after one year through five years		281,761		282,740
Due after five years through ten years		36,751		34,845
Due after ten years		14,715		15,247
Mortgage-backed		7,124		7,261
	$	552,266	$	553,322