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Equity Securities
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments

The following table presents the Company's investments related to insurance operations (Specialty Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
 
As of December 31, 2018
 
As of December 31, 2017
 
Specialty Insurance
 
Tiptree Capital
 
Total
 
Specialty Insurance
 
Tiptree Capital
 
Total
Available for sale securities, at fair value
$
283,563

 
$
—

 
$
283,563

 
$
182,448

 
$
—

 
$
182,448

Loans, at fair value
158,466

 
56,917

 
215,383

 
195,327

 
62,846

 
258,173

Equity securities
29,425

 
93,554

 
122,979

 
25,536

 
—

 
25,536

Other investments
18,526

 
56,476

 
75,002

 
50,720

 
8,422

 
59,142

Total investments
$
489,980

 
$
206,947

 
$
696,927

 
$
454,031

 
$
71,268

 
$
525,299



Available for Sale Securities, at fair value

All of the Company’s investments in available for sale securities (AFS) as of December 31, 2018 and December 31, 2017 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
 
As of December 31, 2018
 
Amortized cost
 
Gross
unrealized gains
 
Gross
unrealized losses
 
Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
71,945

 
$
266

 
$
(463
)
 
$
71,748

Obligations of state and political subdivisions
67,624

 
280

 
(458
)
 
67,446

Corporate securities
96,888

 
78

 
(1,241
)
 
95,725

Asset backed securities
41,912

 
14

 
(1,274
)
 
40,652

Certificates of deposit
1,241

 
—

 
—

 
1,241

Obligations of foreign governments
6,750

 
12

 
(11
)
 
6,751

Total
$
286,360

 
$
650

 
$
(3,447
)
 
$
283,563

 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
Amortized cost
 
Gross
unrealized gains
 
Gross
unrealized losses
 
Fair value
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
48,399

 
$
20

 
$
(474
)
 
$
47,945

Obligations of state and political subdivisions
47,211

 
190

 
(420
)
 
46,981

Corporate securities
62,125

 
195

 
(345
)
 
61,975

Asset backed securities
23,369

 
182

 
(58
)
 
23,493

Certificates of deposit
896

 
—

 
—

 
896

Equity securities
595

 
10

 
(17
)
 
588

Obligations of foreign governments
562

 
9

 
(1
)
 
570

Total
$
183,157

 
$
606

 
$
(1,315
)
 
$
182,448



The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
 
As of
 
December 31, 2018
 
December 31, 2017
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$
30,920

 
$
30,836

 
$
26,399

 
$
26,363

Due after one year through five years
167,201

 
166,366

 
86,287

 
85,852

Due after five years through ten years
32,805

 
32,185

 
41,442

 
41,085

Due after ten years
13,522

 
13,524

 
5,065

 
5,067

Asset-backed securities
41,912

 
40,652

 
23,369

 
23,493

Total
$
286,360

 
$
283,563

 
$
182,562

 
$
181,860



The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
 
As of December 31, 2018
 
Less Than or Equal to One Year
 
More Than One Year
 
Fair value
 
Gross
unrealized losses
 
# of Securities
 
Fair value
 
Gross unrealized losses
 
# of Securities
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
14,844

 
$
(70
)
 
51

 
$
19,495

 
$
(393
)
 
128

Obligations of state and political subdivisions
15,830

 
(30
)
 
41

 
21,594

 
(428
)
 
115

Corporate securities
47,976

 
(393
)
 
352

 
28,517

 
(848
)
 
404

Asset-backed securities
37,613

 
(1,262
)
 
35

 
614

 
(12
)
 
5

Obligations of foreign governments
2,313

 
(6
)
 
15

 
1,301

 
(5
)
 
8

Total
$
118,576

 
$
(1,761
)
 
494

 
$
71,521

 
$
(1,686
)
 
660

 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
Less Than or Equal to One Year
 
More Than One Year
 
Fair value
 
Gross
unrealized losses
 
# of Securities
 
Fair value
 
Gross unrealized losses
 
# of Securities
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
37,918

 
$
(291
)
 
115

 
$
7,584

 
$
(183
)
 
56

Obligations of state and political subdivisions
24,165

 
(135
)
 
96

 
7,294

 
(285
)
 
48

Corporate securities
37,573

 
(179
)
 
295

 
6,568

 
(166
)
 
127

Asset-backed securities
1,297

 
(58
)
 
2

 
—

 
—

 
—

Equity securities
295

 
(15
)
 
3

 
63

 
(2
)
 
2

Obligations of foreign governments
371

 
(1
)
 
1

 
—

 
—

 
—

Total
$
101,619

 
$
(679
)
 
512

 
$
21,509

 
$
(636
)
 
233


The Company does not intend to sell the investments that were in an unrealized loss position as of December 31, 2018, and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities. The unrealized losses were attributable to changes in interest rates and not credit-related issues. As of December 31, 2018 and December 31, 2017, based on the Company's review, none of the fixed maturity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery.

Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove invested assets from these accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's available for sale securities:
 
As of December 31,
 
2018
 
2017
Fair value of restricted investments for special deposits required by state insurance departments
$
9,398

 
$
6,101

Fair value of restricted investments in trust pursuant to reinsurance agreements
24,931

 
10,175

Total fair value of restricted investments
$
34,329

 
$
16,276



The following table presents additional information on the Company’s available for sale securities:
 
Year Ended December 31,
 
2018
 
2017
 
2016
Purchases of available for sale securities
$
192,288

 
$
117,735

 
$
24,652

 
 
 
 
 
 
Proceeds from maturities, calls and prepayments of available for sale securities
$
30,089

 
$
32,157

 
$
27,859

 
 
 
 
 
 
Gains (losses) realized on maturities, calls and prepayments of available for sale securities
$
(30
)
 
$
5

 
$
87

 
 
 
 
 
 
Gross proceeds from sales of available for sale securities
$
56,191

 
$
48,252

 
$
66,891

 
 
 
 
 
 
Gains (losses) realized on sales of available for sale securities
$
(789
)
 
$
430

 
$
938

Equity securities

Equity securities, at fair value, represents the carrying amount of the Company's basis in equity investments. Included within the equity securities balance are 16.6 million shares of Invesque Inc. for which the company has elected to apply the fair value option as described in Note—(3) Dispositions, Assets Held for Sale and Discontinued Operations. The following table contains information regarding the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
 
As of December 31, 2018
 
As of December 31, 2017
 
Specialty Insurance
 
Tiptree Capital
 
Total
 
Specialty Insurance
 
Tiptree Capital
 
Total
Invesque Inc.
$
19,584

 
$
93,554

 
$
113,138

 
$
—

 
$
—

 
$
—

Other equity securities
9,841

 
—

 
9,841

 
25,536

 
—

 
25,536

Total equity securities
$
29,425

 
$
93,554

 
$
122,979

 
$
25,536

 
$
—

 
$
25,536