Investments (Tables)

6 Months Ended

Jun. 30, 2015

Investments [Abstract]

Amortized Cost and Estimated Fair Value of Investments in Debt and Equity Securities by Category

The amortized cost and estimated fair value of investments in debt and equity securities by category is as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
As of June 30, 2015	Cost		Gains		Losses		Value
U.S. Treasury securities and obligations of U.S. Government	$	92,299	$	333	$	(5)	$	92,627
Corporate bonds		30,655		696		(259)		31,092
Collateralized corporate bank loans		117,279		394		(810)		116,863
Municipal bonds		190,604		1,991		(5,085)		187,510
Mortgage-backed		66,414		227		(679)		65,962
Total debt securities		497,251		3,641		(6,838)		494,054
Total equity securities		25,080		31,838		(289)		56,629
Total debt and equity securities	$	522,331	$	35,479	$	(7,127)	$	550,683
As of December 31, 2014
U.S. Treasury securities and obligations of U.S. Government	$	93,280	$	29	$	(4)	$	93,305
Corporate bonds		28,643		884		(85)		29,442
Collateralized corporate bank loans		115,358		206		(1,915)		113,649
Municipal bonds		161,546		2,384		(1,601)		162,329
Mortgage-backed		51,943		487		(370)		52,060
Total debt securities		450,770		3,990		(3,975)		450,785
Total equity securities		25,360		31,086		(2)		56,444
Total debt and equity securities	$	476,130	$	35,076	$	(3,977)	$	507,229

Summary of Realized Gain (Loss) on Investments

Major categories of net realized gains (losses) on investments are summarized as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
U.S. Treasury securities and  obligations of U.S. Government	$	-	$	-	$	-	$	-
Corporate bonds		-		(21)		-		133
Collateralized corporate bank loans		132		30		150		89
Municipal bonds		(16)		(26)		(42)		(54)
Mortgage-backed		53		3		240		3
Equity securities		4,823		4		5,505		4
Gain on investments		4,992		(10)		5,853		175
Other-than-temporary impairments		(1,553)		(274)		(1,830)		(274)
Net realized gains	$	3,439	$	(284)	$	4,023	$	(99)

Summary of Gross Unrealized Losses for Investments that have been Continuously in Unrealized Loss Position

The following schedules summarize the gross unrealized losses showing the length of time that investments have been continuously in an unrealized loss position as of June 30, 2015 and December 31, 2014 (in thousands):

	As of June 30, 2015
	12 months or less				Longer than 12 months				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities and obligations of U.S. Government	$	1,990	$	(5)	$	-	$	-	$	1,990	$	(5)
Corporate bonds		11,782		(259)		-		-		11,782		(259)
Collateralized corporate bank loans		45,452		(496)		4,087		(314)		49,539		(810)
Municipal bonds		54,540		(710)		22,994		(4,375)		77,534		(5,085)
Mortgage-backed		31,290		(679)		11		-		31,301		(679)
Total debt securities		145,054		(2,149)		27,092		(4,689)		172,146		(6,838)
Total equity securities		4,632		(289)		-		-		4,632		(289)
Total debt and equity securities	$	149,686	$	(2,438)	$	27,092	$	(4,689)	$	176,778	$	(7,127)
	As of December 31, 2014
	12 months or less				Longer than 12 months				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities and obligations of U.S. Government	$	15,005	$	(4)	$	-	$	-	$	15,005	$	(4)
Corporate bonds		7,552		(85)		-		-		7,552		(85)
Collateralized corporate bank loans		64,712		(824)		8,898		(1,091)		73,610		(1,915)
Municipal bonds		50,546		(945)		15,684		(656)		66,230		(1,601)
Mortgage-backed		20,469		(365)		2,966		(5)		23,435		(370)
Total debt securities		158,284		(2,223)		27,548		(1,752)		185,832		(3,975)
Total equity securities		129		(2)		-		-		129		(2)
Total debt and equity securities	$	158,413	$	(2,225)	$	27,548	$	(1,752)	$	185,961	$	(3,977)

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturities

	Amortized		Fair
	Cost		Value
	(in thousands)
Due in one year or less	$	58,034	$	58,030
Due after one year through five years		211,191		210,938
Due after five years through ten years		102,571		100,018
Due after ten years		59,041		59,106
Mortgage-backed		66,414		65,962
	$	497,251	$	494,054