Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023
U.S. Treasury securities and obligations of U.S. Government	$	22,890	$	-	$	(212)	$	22,678
Corporate bonds		172,385		267		(2,405)		170,247
Corporate bank loans		47,334		52		(227)		47,159
Municipal bonds		26,953		29		(578)		26,404
Mortgage-backed		1,413		6		(223)		1,196
Total debt securities		270,975		354		(3,645)		267,684
Total equity securities		21,142		3,673		(5,056)		19,759
Total investments	$	292,117	$	4,027	$	(8,701)	$	287,443
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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
U.S. Treasury securities and obligations of U.S. Government	$	—	$	300	$	(22)	$	300
Corporate bonds		(13)		160		(1,175)		172
Corporate bank loans		4		39		(151)		66
Municipal bonds		168		(4)		164		(12)
Mortgage-backed		—		9		—		—
Equity securities		(153)		—		460		1,141
(Loss) Gain on investments		6		504		(724)		1,667
Unrealized gains (losses) on equity securities		138		(3,325)		476		(8,431)
Investment gains (losses), net	$	144	$	(2,821)	$	(248)	$	(6,764)

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

	As of September 30, 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	$	21,536	$	(191)	$	1,141	$	(21)	$	22,677	$	(212)
Corporate bonds		3,845		(64)		162,274		(2,341)		166,119		(2,405)
Corporate bank loans		7,682		(34)		22,703		(193)		30,385		(227)
Municipal bonds		3,693		(21)		6,825		(557)		10,518		(578)
Mortgage-backed		5		(1)		1,179		(222)		1,184		(223)
Total debt securities		36,761		(311)		194,122		(3,334)		230,883		(3,645)
Total equity securities		888		(65)		5,255		(4,991)		6,143		(5,056)
Total investments	$	37,649	$	(376)	$	199,377	$	(8,325)	$	237,026	$	(8,701)

	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 September 30, 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	$	174,304	$	172,582
Due after one year through five years		78,754		77,939
Due after five years through ten years		9,421		9,323
Due after ten years		7,083		6,644
Mortgage-backed		1,413		1,196
	$	270,975	$	267,684