Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022
U.S. Treasury securities and obligations of U.S. Government	$	42,115	$	-	$	(869)	$	41,246
Corporate bonds		272,198		1,167		(3,613)		269,752
Corporate bank loans		78,949		-		(3,377)		75,572
Municipal bonds		47,315		114		(321)		47,108
Mortgage-backed		1,641		8		(61)		1,588
Total debt securities		442,218		1,289		(8,241)		435,266
Total equity securities		42,856		6,355		(4,886)		44,325
Total investments	$	485,074	$	7,644	$	(13,127)	$	479,591
				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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Corporate bonds		1		164		13		361
Corporate bank loans		21		40		26		91
Municipal bonds		(7)		15		(7)		7
Mortgage Backed		(9)		—		(9)		—
Equity securities		1,011		2,607		1,140		3,770
Gain on investments		1,017		2,826		1,163		4,229
Unrealized (losses) gain on equity investments		(5,011)		1,050		(5,106)		5,426
Investment gains, net	$	(3,994)	$	3,876	$	(3,943)	$	9,655

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

	As of June 30, 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	$	41,246	$	(869)	$	—	$	—	$	41,246	$	(869)
Corporate bonds		260,529		(3,606)		292		(7)		260,821		(3,613)
Corporate bank loans		40,291		(1,655)		34,040		(1,722)		74,331		(3,377)
Municipal bonds		10,230		(301)		1,406		(20)		11,636		(321)
Mortgage-backed		1,534		(56)		8		(5)		1,542		(61)
Total debt securities		353,830		(6,487)		35,746		(1,754)		389,576		(8,241)
Total equity securities		14,320		(1,435)		5,734		(3,451)		20,054		(4,886)
Total investments	$	368,150	$	(7,922)	$	41,480	$	(5,205)	$	409,630	$	(13,127)

	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 June 30, 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	$	88,002	$	87,501
Due after one year through five years		287,111		283,125
Due after five years through ten years		58,138		55,924
Due after ten years		7,326		7,128
Mortgage-backed		1,641		1,588
	$	442,218	$	435,266