INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2018

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	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized
	or Cost		Gains		Losses		Fair Value
	(In thousands)
December 31, 2018
Debt securities - available-for-sale:
United States government obligations and authorities	$	127,928	$	1,091	$	1,151	$	127,868
Obligations of states and political subdivisions	9,870		27		130		9,767
Corporate	273,192		510		4,971		268,731
International	22,674		12		411		22,275
	433,664		1,640		6,663		428,641

Debt securities - held-to-maturity:
United States government obligations and authorities	4,085		1		158		3,928
Corporate	986		2		6		982
International	55		—		1		54
	5,126		3		165		4,964
Total investments, excluding equity securities (1)	$	438,790	$	1,643	$	6,828	$	433,605


(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 recongnize changes in unrealized gains or losses within our statements of operations; therefore they are not included as of December 31, 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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	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Gross realized and unrealized gains:
Debt securities	$	423		$	1,814		$	3,208
Equity securities	2,374			9,944			4,264
Total gross realized and unrealized gains	2,797			11,758			7,472

Gross realized and unrealized losses:
Debt securities	(3,990		)	(1,671		)	(1,614		)
Equity securities	(2,951		)	(1,539		)	(2,813		)
Total gross realized and unrealized losses	(6,941		)	(3,210		)	(4,427		)
Net realized and unrealized gains (losses) on investments	$	(4,144	)	$	8,548		$	3,045

Investments Classified by Contractual Maturity Date

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



	December 31, 2018
	Amortized
	Cost		Fair Value
	(In thousands)
Securities with Maturity Dates
Debt securities, available-for-sale:
One year or less	$	20,349	$	20,285
Over one through five years	194,166		192,491
Over five through ten years	216,543		213,427
Over ten years	2,606		2,438
	433,664		428,641
Debt securities, held-to-maturity:
One year or less	650		650
Over one through five years	4,088		3,935
Over five through ten years	388		379
	5,126		4,964
Total	$	438,790	$	433,605

Summary of Net Investment Income

Net investment income consisted of the following: ໿



	Year Ended December 31,
	2018		2017		2016
	(In thousands)
Interest income	$	12,253	$	9,776	$	7,920
Dividends income	207		478		1,143
Net investment income	$	12,460	$	10,254	$	9,063

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:



	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, 2018
Debt securities - available-for-sale:
United States government obligations and authorities	$	22,673	$	246	$	29,727	$	905	$	52,400	$	1,151
Obligations of states and political subdivisions	3,254		18		4,786		112		8,040		130
Corporate	160,361		3,058		53,232		1,913		213,593		4,971
International	15,608		217		4,678		194		20,286		411
	201,896		3,539		92,423		3,124		294,319		6,663

Debt securities, held-to-maturity:
United States government obligations and authorities	229		1		3,113		157		3,342		158
Corporate	591		6		90		—		681		6
International	54		1		—		—		54		1
	874		8		3,203		157		4,077		165

	$	202,770	$	3,547	$	95,626	$	3,281	$	298,396	$	6,828



	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

Debt securities, held-to-maturity:
United States government obligations and authorities	523		4		2,730		102		3,253		106
Corporate	211		—		—		—		211		—
	734		4		2,730		102		3,464		106

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

	$	208,159	$	1,673	$	34,170	$	712	$	242,329	$	2,385