Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2022
U.S. Treasury securities and obligations of U.S. Government	$	41,731	$	308	$	(907)	$	41,132
Corporate bonds		263,114		1,132		(6,837)		257,409
Corporate bank loans		77,895		5		(2,889)		75,011
Municipal bonds		42,575		59		(610)		42,024
Mortgage-backed		1,555		7		(85)		1,477
Total debt securities		426,870		1,511		(11,328)		417,053
Total equity securities		42,858		5,504		(7,360)		41,002
Total investments	$	469,728	$	7,015	$	(18,688)	$	458,055
				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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
U.S. Treasury securities and obligations of U.S. Government		300		-		300		-
Corporate bonds		160		133		172		494
Corporate bank loans		39		14		66		105
Municipal bonds		(4)		(18)		(12)		(12)
Mortgage Backed		9		—		—		—
Equity securities		—		930		1,141		4,701
Gain on investments		504		1,059		1,667		5,288
Unrealized (losses) gain on equity investments		(3,325)		(1,592)		(8,431)		3,834
Investment gains, net	$	(2,821)	$	(533)	$	(6,764)	$	9,122

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

	As of September 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	$	40,824	$	(907)	$	—	$	—	$	40,824	$	(907)
Corporate bonds		253,177		(6,831)		195		(6)		253,372		(6,837)
Corporate bank loans		39,488		(1,577)		34,279		(1,312)		73,767		(2,889)
Municipal bonds		13,216		(579)		1,767		(31)		14,983		(610)
Mortgage-backed		1,452		(79)		7		(6)		1,459		(85)
Total debt securities		348,157		(9,973)		36,248		(1,355)		384,405		(11,328)
Total equity securities		8,579		(727)		11,565		(6,633)		20,144		(7,360)
Total investments	$	356,736	$	(10,700)	$	47,813	$	(7,988)	$	404,549	$	(18,688)

	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 September 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	$	114,153	$	112,798
Due after one year through five years		249,384		243,358
Due after five years through ten years		55,046		53,097
Due after ten years		6,732		6,323
Mortgage-backed		1,555		1,477
	$	426,870	$	417,053