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

  
Fair
Value
    
Cost or
Amortized Cost
    
Allowance
for Credit Losses
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Net Unrealized
Gains (Losses)
  
December 31, 2020
                                    
Fixed income securities
                                    
Agency collateralized mortgage obligations
  
$
11,931
    
$
11,448
    
$
–
    
$
483
    
$
–
    
$
483
  
Agency mortgage-backed securities
    
102,107
      
99,060
      
–
      
3,062
      
(15
)
    
3,047
  
Asset-backed securities
    
107,696
      
108,686
      
–
      
596
      
(1,586
)
    
(990
)
Bank loans
    
11,361
      
11,590
      
–
      
128
      
(357
)
    
(229
)
Collateralized mortgage obligations
    
5,118
      
5,061
      
–
      
151
      
(94
)
    
57
  
Corporate securities
    
360,241
      
344,059
      
–
      
16,380
      
(198
)
    
16,182
  
Mortgage-backed securities
    
38,056
      
40,675
      
(1,035
)
    
659
      
(2,243
)
    
(1,584
)
Municipal obligations
    
45,143
      
43,353
      
–
      
1,820
      
(30
)
    
1,790
  
Non-U.S. government obligations
    
30,600
      
29,882
      
–
      
718
      
–
      
718
  
U.S. government obligations
    
207,439
      
200,654
      
–
      
7,000
      
(215
)
    
6,785
  
Total fixed income securities
  
$
919,692
    
$
894,468
    
$
(1,035
)
  
$
30,997
    
$
(4,738
)
  
$
26,259
  

 
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 Income Securities in Unrealized Loss Position
The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at December 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.

  
2020
    
2019
  
   
Number of
Securities
    
Fair
Value
    
Gross
Unrealized Loss
    
Number of
Securities
    
Fair
Value
    
Gross
Unrealized Loss
  
Fixed income securities:
                                    
12 months or less
    
100
    
$
120,630
    
$
(3,405
)
    
88
    
$
108,387
    
$
(2,452
)
Greater than 12 months
    
24
      
33,065
      
(1,333
)
    
69
      
66,860
      
(1,100
)
Total fixed income securities
    
124
    
$
153,695
    
$
(4,738
)
    
157
    
$
175,247
    
$
(3,552
)
Fixed Income Investments by Contractual Maturity
The fair value and the cost or amortized costs of fixed income investments at December 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
  
$
117,017
      
12.7
%
  
$
115,774
      
12.9
%
Excess of one year to five years
    
359,314
      
39.1
      
346,150
      
38.7
  
Excess of five years to ten years
    
161,700
      
17.6
      
151,446
      
16.9
  
Excess of ten years
    
21,871
      
2.4
      
22,264
      
2.6
  
Total contractual maturities
    
659,902
      
71.8
      
635,634
      
71.1
  
Asset-backed securities
    
259,790
      
28.2
      
258,834
      
28.9
  
 Total
  
$
919,692
      
100.0
%
  
$
894,468
      
100.0
%
Major Categories of Investment Income
Major categories of investment income for the years ended December 31, 2020, 2019 and 2018 are summarized as follows:

  
2020
    
2019
    
2018
  
Interest on fixed income securities
  
$
24,874
    
$
24,620
    
$
19,092
  
Dividends on equity securities
    
1,868
      
2,320
      
4,380
  
Money market funds, Short-term and other
    
1,070
      
1,976
      
1,529
  
     
27,812
      
28,916
      
25,001
  
Investment expenses
    
(2,390
)
    
(2,667
)
    
(2,953
)
Net investment income
  
$
25,422
    
$
26,249
    
$
22,048
  
Gains (Losses) on Investments
Following is a summary of the components of net realized and unrealized gains (losses) for the years ended December 31, 2020, 2019 and 2018:

  
2020
    
2019
    
2018
  
                   
Gross gains on available-for-sale fixed income securities during the period:
  
$
11,125
    
$
11,009
    
$
10,807
  
                         
Gross losses on available-for-sale fixed income securities during the period:
    
(9,943
)
    
(10,492
)
    
(14,367
)
                         
Impairment losses on investments
    
(2,861
)
    
(497
)
    
(19
)
                         
Change in value of limited partnership investments
    
(1,442
)
    
1,644
      
(9,343
)
                         
Gains (losses) on equity securities:
                        
Realized gains (losses) on equity securities sold during the period(1)
    
(8,058
)
    
1,938
      
(3,072
)
Unrealized gains (losses) on equity securities held at the end of the period
    
1,943
      
9,287
      
(9,697
)
Total realized and unrealized gains (losses) on equity securities
    
(6,115
)
    
11,225
      
(12,769
)
                         
Net realized and unrealized gains (losses) on investments
  
$
(9,236
)
  
$
12,889
    
$
(25,691
)

(1)
During 2018, the Company sold $149,195 in equity securities, resulting in a gain on sale of $51,900.  The majority of these gains were included in unrealized gains within other comprehensive income (loss) at December 31, 2017 and, as a result of the adoption of ASU 2016-01, were reclassified to retained earnings as of January 1, 2018 and were therefore not recognized in the consolidated statements of operations for the year ended December 31, 2018.
Adjustments for Other-than-temporary Impairment
Gain and loss activity for fixed income securities, as shown in the previous table, includes adjustments for impairment losses on investments for the years ended December 31, 2020, 2019 and 2018 summarized as follows:

  
2020
    
2019
    
2018
  
Cumulative charges to income at beginning of year
  
$
889
    
$
930
    
$
4,209
  
                         
Write-downs based on objective and subjective criteria
    
1,826
      
497
      
19
  
Recovery of prior write-downs upon sale or disposal
    
(909
)
    
(538
)
    
(3,298
)
Net pre-tax realized gain (loss)
    
(917
)
    
41
      
3,279
  
                         
Cumulative charges to income at end of year
  
$
1,806
    
$
889
    
$
930