INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2018

The difference between amortized cost or cost and estimated fair value and gross unrealized gains and losses, by major investment category, consisted of the following:

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	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
September 30, 2018
Debt securities - available-for-sale:
United States government obligations and authorities	$	116,969	$	20	$	2,752	$	114,237
Obligations of states and political subdivisions	9,891		9		221		9,679
Corporate	287,901		246		4,934		283,213
International	17,290		20		291		17,019
	432,051		295		8,198		424,148

Debt securities - held-to-maturity:
United States government obligations and authorities	4,140		1		174		3,967
Corporate	1,035		3		6		1,032
International	80		—		1		79
	5,255		4		181		5,078
Total investments (1)	$	437,306	$	299	$	8,379	$	429,226

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(1) As a result of the adoption of ASU 2016-01 on January 1, 2018 (see additional details in Note 2 above) for our equity securities we now recognize changes in unrealized gains or losses within our statements of operations; therefore they are not included as of September 30, 2018.



	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
December 31, 2017
Debt securities - available-for-sale:
United States government obligations and authorities	$	98,739	$	244	$	846	$	98,137
Obligations of states and political subdivisions	66,319		325		378		66,266
Corporate	239,435		2,233		749		240,919
International	17,807		136		27		17,916
	422,300		2,938		2,000		423,238

Debt securities - held-to-maturity:
United States government obligations and authorities	4,160		9		106		4,063
Corporate	1,123		21		—		1,144
International	66		1		—		67
	5,349		31		106		5,274
Equity securities	14,085		1,628		279		15,434
Total investments	$	441,734	$	4,597	$	2,385	$	443,946

Net Realized Gains (Losses) by Major Investment Category

Net realized and unrealized gains (losses), by major investment category, consisted of the following:

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	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	91		$	618		$	355		$	1,471
Equity securities	1,922			6,527			4,163			9,776
Total gross realized and unrealized gains	2,013			7,145			4,518			11,247

Gross realized and unrealized losses:
Debt securities	(253		)	(103		)	(2,571		)	(1,293		)
Equity securities	—			(941		)	(1,031		)	(1,310		)
Total gross realized and unrealized losses	(253		)	(1,044		)	(3,602		)	(2,603		)
Net realized and unrealized gains (losses) on investments	$	1,760		$	6,101		$	916		$	8,644

Investments Classified by Contractual Maturity Date

Amortized cost and estimated fair value of debt securities, by contractual maturity, consisted of the following:

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	September 30, 2018
	Amortized
	Cost		Fair Value
Securities with Maturity Dates	(In thousands)
Debt securities, available-for-sale:
One year or less	$	36,645	$	36,575
Over one through five years	212,426		209,585
Over five through ten years	181,102		176,126
Over ten years	1,878		1,862
	432,051		424,148
Debt securities, held-to-maturity:
One year or less	750		751
Over one through five years	4,033		3,869
Over five through ten years	472		458
	5,255		5,078
Total	$	437,306	$	429,226

Summary of Net Investment Income

Net investment income consisted of the following:

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	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
	(In thousands)
Interest income	$	3,089	$	2,492	$	8,904	$	7,073
Dividends income	48		111		154		408
Net investment income	$	3,137	$	2,603	$	9,058	$	7,481

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

Gross unrealized losses and related fair values for debt securities (and equity securities as of December 31, 2017), grouped by duration of time in a continuous unrealized loss position, consisted of the following:

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	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
					(In thousands)
September 30, 2018
Debt securities - available-for-sale:
United States government obligations and authorities	$	83,061	$	1,450	$	27,124	$	1,302	$	110,185	$	2,752
Obligations of states and political subdivisions	5,879		94		3,265		127		9,144		221
Corporate	202,142		3,701		34,306		1,233		236,448		4,934
International	13,439		285		161		6		13,600		291
	$	304,521	$	5,530	$	64,856	$	2,668	$	369,377	$	8,198



	Less than 12 months				12 months or longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
					(In thousands)
December 31, 2017
Debt securities - available-for-sale:
United States government obligations and authorities	$	52,368	$	517	$	19,287	$	329	$	71,655	$	846
Obligations of states and political subdivisions	32,030		221		5,676		157		37,706		378
Corporate	109,780		625		6,452		124		116,232		749
International	8,935		27		25		—		8,960		27
	203,113		1,390		31,440		610		234,553		2,000

Equity securities	4,312		279		—		—		4,312		279

Total investments	$	207,425	$	1,669	$	31,440	$	610	$	238,865	$	2,279