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Investments (Tables)
9 Months Ended
Sep. 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

    

Cost /

Unrealized

Unrealized

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

As of September 30, 2020

U.S. Treasury securities and obligations of U.S. Government

$

60,332

$

671

$

(2)

$

61,001

Corporate bonds

 

235,469

 

5,291

 

(1,281)

 

239,479

Collateralized corporate bank loans

 

57,559

 

-

 

(2,225)

 

55,334

Municipal bonds

 

54,837

 

852

 

(51)

 

55,638

Mortgage-backed

 

6,000

 

122

 

(5)

 

6,117

Total debt securities

 

414,197

 

6,936

 

(3,564)

 

417,569

Total equity securities

 

25,735

 

2,989

 

(5,352)

 

23,372

Total other investments

 

3,763

 

 

(3,729)

 

34

Total investments

$

443,695

$

9,925

$

(12,645)

$

440,975

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 September 30, 

Nine Months Ended September 30, 

    

2020

    

2019

    

2020

    

2019

    

U.S. Treasury securities and obligations of U.S. Government

$

(3)

$

$

(3)

$

Corporate bonds

 

352

 

154

 

766

 

171

Collateralized corporate bank loans

 

66

 

(103)

 

(19)

 

(65)

Municipal bonds

 

(25)

 

124

 

1,397

 

4,271

Mortgage-backed

 

 

 

 

(1)

Equity securities

 

 

 

3,471

 

Gain on investments

 

390

 

175

 

5,612

 

4,376

Unrealized gains (losses) on equity securities

 

937

 

(1,941)

 

(29,683)

 

11,175

Other-than-temporary impairments

(1,692)

(1,692)

Unrealized (losses) gains on other investments

(262)

424

(2,136)

1,861

Investment (losses) gains, net

$

(627)

$

(1,342)

$

(27,899)

$

17,412

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

As of September 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

$

18,091

$

(2)

$

$

$

18,091

$

(2)

Corporate bonds

 

8,982

 

(1,035)

 

4,071

 

(246)

 

13,053

 

(1,281)

Collateralized corporate bank loans

 

49,558

 

(1,571)

 

5,638

 

(654)

 

55,196

 

(2,225)

Municipal bonds

 

2,550

 

(33)

 

1,379

 

(18)

 

3,929

 

(51)

Mortgage-backed

 

 

 

14

 

(5)

 

14

 

(5)

Total debt securities

 

79,181

 

(2,641)

 

11,102

 

(923)

 

90,283

 

(3,564)

Total equity securities

 

10,265

 

(4,187)

1,935

(1,165)

12,200

 

(5,352)

Total other investments

 

 

34

(3,729)

34

 

(3,729)

Total investments

$

89,446

$

(6,828)

$

13,071

$

(5,817)

$

102,517

$

(12,645)

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

    

2020

    

2019

Investment Type

 

  

 

  

Equity warrant

$

34

$

2,169

Total other investments

$

34

$

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 September 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

$

113,961

$

115,144

Due after one year through five years

 

248,003

 

250,693

Due after five years through ten years

 

32,766

 

31,560

Due after ten years

 

13,467

 

14,055

Mortgage-backed

 

6,000

 

6,117

$

414,197

$

417,569