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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Available-for-Sale Securities
The following is a summary of available-for-sale securities at March 31, 2020 and December 31, 2019:

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
March 31, 2020
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
10,460
  
$
11,016
  
$
390
  
$
(946
)
 
$
(556
)
Agency mortgage-backed securities
  
58,619
   
55,675
   
2,950
   
(6
)
  
2,944
 
Asset-backed securities
  
93,369
   
107,774
   
237
   
(14,642
)
  
(14,405
)
Bank loans
  
10,187
   
12,455
   
–
   
(2,268
)
  
(2,268
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
4,076
   
4,327
   
19
   
(270
)
  
(251
)
Corporate securities
  
262,160
   
263,356
   
4,682
   
(5,878
)
  
(1,196
)
Mortgage-backed securities
  
47,993
   
53,697
   
74
   
(5,778
)
  
(5,704
)
Municipal obligations
  
39,132
   
38,474
   
916
   
(258
)
  
658
 
Non-U.S. government obligations
  
28,842
   
27,992
   
850
   
–
   
850
 
U.S. government obligations
  
189,183
   
179,850
   
9,333
   
–
   
9,333
 
Total fixed income securities
 
$
746,856
  
$
757,451
  
$
19,451
  
$
(30,046
)
 
$
(10,595
)

  
Fair
Value
  
Cost or
Amortized Cost
  
Gross
Unrealized Gains
  
Gross
Unrealized Losses
  
Net Unrealized
Gains (Losses)
 
December 31, 2019
               
Fixed income securities
               
Agency collateralized mortgage obligations
 
$
12,093
  
$
11,557
  
$
536
  
$
–
  
$
536
 
Agency mortgage-backed securities
  
56,280
   
54,286
   
2,005
   
(11
)
  
1,994
 
Asset-backed securities
  
106,397
   
107,028
   
499
   
(1,130
)
  
(631
)
Bank loans
  
14,568
   
14,932
   
106
   
(470
)
  
(364
)
Certificates of deposit
  
2,835
   
2,835
   
–
   
–
   
–
 
Collateralized mortgage obligations
  
5,616
   
5,123
   
493
   
–
   
493
 
Corporate securities
  
281,381
   
274,340
   
7,492
   
(451
)
  
7,041
 
Mortgage-backed securities
  
47,463
   
46,685
   
1,047
   
(269
)
  
778
 
Municipal obligations
  
36,286
   
35,749
   
684
   
(147
)
  
537
 
Non-U.S. government obligations
  
24,179
   
23,889
   
290
   
–
   
290
 
U.S. government obligations
  
208,440
   
206,623
   
2,891
   
(1,074
)
  
1,817
 
Total fixed income securities
 
$
795,538
  
$
783,047
  
$
16,043
  
$
(3,552
)
 
$
12,491
 
Fixed Maturity and Equity Security Investments in Unrealized Loss Position
The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at March 31, 2020 and  December 31, 2019, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

  
March 31, 2020
  
December 31, 2019
 
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
  
Number of
Securities
  
Fair
Value
  
Gross
Unrealized Loss
 
Fixed income securities:
                  
12 months or less
  
270
  
$
225,745
  
$
(25,029
)
  
88
  
$
108,387
  
$
(2,452
)
Greater than 12 months
  
20
   
20,410
   
(5,017
)
  
69
   
66,860
   
(1,100
)
Total fixed income securities
  
290
  
$
246,155
  
$
(30,046
)
  
157
  
$
175,247
  
$
(3,552
)
Fair Value and Cost or Amortized Cost of Fixed Maturity Investments by Contractual Maturity
The fair value and the cost or amortized costs of fixed income investments at March 31, 2020, organized by contractual maturity, are shown below.  Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

  
Fair
Value
  
Cost or
Amortized Cost
 
One year or less
 
$
97,469
  
$
96,889
 
Excess of one year to five years
  
293,569
   
289,041
 
Excess of five years to ten years
  
132,550
   
130,161
 
Excess of ten years
  
12,828
   
13,198
 
Contractual maturities
  
536,416
   
529,289
 
Asset-backed securities
  
210,440
   
228,162
 
Total
 
$
746,856
  
$
757,451
 
Net Realized and Unrealized Gains (Losses) on Investments
Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

  
Three Months Ended
March 31
 
  
2020
  
2019
 
       
Gross gains on available-for-sale fixed income securities during the period
 
$
2,652
  
$
3,171
 
Gross losses on available-for-sale fixed income securities during the period
  
(4,741
)
  
(3,527
)
         
Impairment losses on investments
  
(40
)
  
(260
)
         
Change in value of limited partnership investments
  
(676
)
  
408
 
         
Gains (losses) on equity securities:
        
Realized gains (losses) on equity securities sold during the period
  
(2,698
)
  
317
 
Unrealized gains (losses) on equity securities held at the end of the period
  
(22,253
)
  
5,919
 
Realized and unrealized gains (losses) on equity securities during the period
  
(24,951
)
  
6,236
 
         
Net realized and unrealized gains (losses) on investments
 
$
(27,756
)
 
$
6,028