Investments (Tables)

3 Months Ended

Mar. 31, 2023

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
		Cost/Amortized	Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
As of March 31, 2023
U.S. Treasury securities and obligations of U.S. Government	$	54,876	$	34	$	(283)	$	54,627
Corporate bonds		200,684		620		(4,073)		197,231
Corporate bank loans		54,584		7		(576)		54,015
Municipal bonds		33,086		58		(300)		32,844
Mortgage-backed		1,484		5		(152)		1,337
Total debt securities		344,714		724		(5,384)		340,054
Total equity securities		24,281		2,759		(4,648)		22,392
Total investments	$	368,995	$	3,483	$	(10,032)	$	362,446
As of December 31, 2022
U.S. Treasury securities and obligations of U.S. Government	$	80,616	$	9	$	(647)	$	79,978
Corporate bonds		240,185		625		(5,766)		235,044
Corporate bank loans		76,418		6		(1,241)		75,183
Municipal bonds		35,390		51		(423)		35,018
Mortgage-backed		1,510		6		(142)		1,374
Total debt securities		434,119		697		(8,219)		426,597
Total equity securities		30,058		3,981		(5,840)		28,199
Total investments	$	464,177	$	4,678	$	(14,059)	$	454,796

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,
	2023		2022
U.S. Treasury securities and obligations of U.S. Government	$	(22)	$	—
Corporate bonds		(1,117)		12
Corporate bank loans		(91)		5
Municipal bonds		(4)		—
Mortgage-backed		—		—
Equity securities		624		129
Other investments		—		—
(Loss) Gain on investments		(610)		146
Unrealized (losses) gains on equity securities		(30)		(95)
Investment (losses) gains, net	$	(640)	$	51

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, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	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	$	15,545	$	(18)	$	24,728	$	(265)	$	40,273	$	(283)
Corporate bonds		84,381		(1,618)		110,682		(2,455)		195,063		(4,073)
Corporate bank loans		17,061		(75)		38,331		(501)		55,392		(576)
Municipal bonds		4,554		(94)		6,097		(206)		10,651		(300)
Mortgage-backed		41		(1)		1,278		(151)		1,319		(152)
Total debt securities		121,582		(1,806)		181,116		(3,578)		302,698		(5,384)
Total equity securities		5,376		(1,061)		3,728		(3,587)		9,104		(4,648)
Total investments	$	126,958	$	(2,867)	$	184,844	$	(7,165)	$	311,802	$	(10,032)

	As of December 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	$	17,543	$	(67)	$	37,622	$	(580)	$	55,165	$	(647)
Corporate bonds		232,722		(5,764)		99		(2)		232,821		(5,766)
Corporate bank loans		37,339		(678)		36,107		(563)		73,446		(1,241)
Municipal bonds		10,293		(383)		2,275		(40)		12,568		(423)
Mortgage-backed		1,348		(136)		7		(6)		1,355		(142)
Total debt securities		299,245		(7,028)		76,110		(1,191)		375,355		(8,219)
Total equity securities		8,118		(3,835)		3,211		(2,005)		11,329		(5,840)
Total investments	$	307,363	$	(10,863)	$	79,321	$	(3,196)	$	386,684	$	(14,059)

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, 2023 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	$	174,859	$	172,720
Due after one year through five years		139,088		137,135
Due after five years through ten years		23,022		22,807
Due after ten years		6,261		6,055
Mortgage-backed		1,484		1,337
	$	344,714	$	340,054