Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Amortized Cost/Carrying Value and Estimated Fair Value of Investments in Debt and Equity Securities by Category

The amortized cost/carrying value and estimated fair value of investments in debt and equity securities by category is as follows (in thousands):

			Gross		Gross
		Amortized Cost/	Unrealized		Unrealized
	Carrying Value		Gains		Losses		Fair Value
As of March 31, 2022
U.S. Treasury securities and obligations of U.S. Government	$	43,175	$	-	$	(692)	$	42,483
Corporate bonds		221,775		1,454		(1,109)		222,120
Corporate bank loans		81,024		9		(1,015)		80,018
Municipal bonds		41,862		144		(117)		41,889
Mortgage-backed		1,746		11		(13)		1,744
Total debt securities		389,582		1,618		(2,946)		388,254
Total equity securities		46,125		9,833		(3,354)		52,604
Total investments	$	435,707	$	11,451	$	(6,300)	$	440,858
				Gross		Gross
		Amortized Cost/		Unrealized		Unrealized
As of December 31, 2021		Carrying Value		Gains		Losses		Fair Value
U.S. Treasury securities and obligations of U.S. Government	$	63,098	$	56	$	(170)	$	62,984
Corporate bonds		103,515		2,115		(49)		105,581
Corporate bank loans		81,570		84		(465)		81,189
Municipal bonds		38,162		372		(70)		38,464
Mortgage-backed		1,830		29		(4)		1,855
Total debt securities		288,175		2,656		(758)		290,073
Total equity securities		42,120		9,355		(2,780)		48,695
Total investments	$	330,295	$	12,011	$	(3,538)	$	338,768

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 March 31,
	2022		2021
Corporate bonds	$	12	$	197
Corporate bank loans		5		51
Municipal bonds		—		(9)
Equity securities		129		1,164
Gain on investments		146		1,403
Unrealized (losses) gain on equity investments		(95)		4,376
Investment gains, net	$	51	$	5,779

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, 2022 and December 31, 2021 (in thousands):

	As of March 31, 2022
	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	$	42,483	$	(692)	$	—	$	—	$	42,483	$	(692)
Corporate bonds		130,766		(1,089)		1,149		(20)		131,915		(1,109)
Corporate bank loans		45,991		(480)		28,458		(535)		74,449		(1,015)
Municipal bonds		9,149		(106)		838		(11)		9,987		(117)
Mortgage-backed		1,669		(8)		9		(5)		1,678		(13)
Total debt securities		230,058		(2,375)		30,454		(571)		260,512		(2,946)
Total equity securities		14,165		(1,484)		3,922		(1,870)		18,087		(3,354)
Total investments	$	244,223	$	(3,859)	$	34,376	$	(2,441)	$	278,599	$	(6,300)

	As of December 31, 2021
	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	$	43,273	$	(170)	$	—	$	—	$	43,273	$	(170)
Corporate bonds		-		-		2,245		(49)		2,245		(49)
Corporate bank loans		42,256		(177)		16,763		(288)		59,019		(465)
Municipal bonds		3,321		(58)		1,038		(12)		4,359		(70)
Mortgage-backed		-		-		10		(4)		10		(4)
Total debt securities		88,850		(405)		20,056		(353)		108,906		(758)
Total equity securities		6,221		(710)		5,055		(2,070)		11,276		(2,780)
Total investments	$	95,071	$	(1,115)	$	25,111	$	(2,423)	$	120,182	$	(3,538)

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, 2022 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	$	98,318	$	98,804
Due after one year through five years		222,617		221,341
Due after five years through ten years		59,833		59,300
Due after ten years		7,068		7,065
Mortgage-backed		1,746		1,744
	$	389,582	$	388,254