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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
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

    

 

 

 

 

 

 

 

Unrealized

 

Unrealized

 

 

 

 

    

Amortized Cost

    

Gains

    

Losses

    

Fair Value

As of September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government

 

$

48,246

 

$

121

 

$

(22)

 

$

48,345

Corporate bonds

 

 

281,228

 

 

3,068

 

 

(174)

 

 

284,122

Collateralized corporate bank loans

 

 

121,741

 

 

363

 

 

(787)

 

 

121,317

Municipal bonds

 

 

104,540

 

 

1,826

 

 

(55)

 

 

106,311

Mortgage-backed

 

 

8,847

 

 

38

 

 

(149)

 

 

8,736

Total debt securities

 

 

564,602

 

 

5,416

 

 

(1,187)

 

 

568,831

Total equity securities

 

 

68,737

 

 

30,124

 

 

(6,762)

 

 

92,099

Total other investments

 

 

3,763

 

 

 —

 

 

(754)

 

 

3,009

Total investments

 

$

637,102

 

$

35,540

 

$

(8,703)

 

$

663,939

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018

 

 

  

 

 

  

 

 

 

 

 

  

U.S. Treasury securities and obligations of U.S. Government

 

$

48,609

 

$

 5

 

$

(508)

 

$

48,106

Corporate bonds

 

 

243,314

 

 

440

 

 

(1,602)

 

 

242,152

Collateralized corporate bank loans

 

 

131,779

 

 

19

 

 

(5,270)

 

 

126,528

Municipal bonds

 

 

112,574

 

 

3,791

 

 

(838)

 

 

115,527

Mortgage-backed

 

 

13,992

 

 

11

 

 

(446)

 

 

13,557

Total debt securities

 

 

550,268

 

 

4,266

 

 

(8,664)

 

 

545,870

Total equity securities

 

 

68,709

 

 

20,693

 

 

(8,506)

 

 

80,896

Total other investments

 

 

3,763

 

 

 —

 

 

(2,615)

 

 

1,148

Total investments

 

$

622,740

 

$

24,959

 

$

(19,785)

 

$

627,914

 

Major Categories of Net Investment Gains (Losses) on Investments

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

    

U.S. Treasury securities and obligations of U.S. Government

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Corporate bonds

 

 

154

 

 

(44)

 

 

171

 

 

(66)

 

Collateralized corporate bank loans

 

 

(103)

 

 

23

 

 

(65)

 

 

70

 

Municipal bonds

 

 

124

 

 

(145)

 

 

4,271

 

 

(164)

 

Mortgage-backed

 

 

 —

 

 

 —

 

 

(1)

 

 

 1

 

Equity securities

 

 

 —

 

 

 —

 

 

 —

 

 

359

 

Gain (loss) on investments

 

 

175

 

 

(166)

 

 

4,376

 

 

200

 

Unrealized (losses) gains on equity securities

 

 

(1,941)

 

 

7,121

 

 

11,175

 

 

3,217

 

Unrealized (losses) gains on other investments

 

 

424

 

 

25

 

 

1,861

 

 

(739)

 

Investment (losses) gains, net

 

$

(1,342)

 

$

6,980

 

$

17,412

 

$

2,678

 

 

Summary of Gross Unrealized Gain (Loss) on Investments

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 September 30, 2019 and December 31, 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2019

 

 

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

 

$

 —

 

$

 —

 

$

23,142

 

$

(22)

 

$

23,142

 

$

(22)

Corporate bonds

 

 

29,172

 

 

(142)

 

 

13,305

 

 

(32)

 

 

42,477

 

 

(174)

Collateralized corporate bank loans

 

 

33,961

 

 

(636)

 

 

4,782

 

 

(151)

 

 

38,743

 

 

(787)

Municipal bonds

 

 

6,537

 

 

(48)

 

 

1,036

 

 

(7)

 

 

7,573

 

 

(55)

Mortgage-backed

 

 

1,384

 

 

(65)

 

 

599

 

 

(84)

 

 

1,983

 

 

(149)

Total debt securities

 

 

71,054

 

 

(891)

 

 

42,864

 

 

(296)

 

 

113,918

 

 

(1,187)

Total equity securities

 

 

9,538

 

 

(4,275)

 

 

2,391

 

 

(2,487)

 

 

11,929

 

 

(6,762)

Total other investments

 

 

 —

 

 

 —

 

 

3,009

 

 

(754)

 

 

3,009

 

 

(754)

Total investments

 

$

80,592

 

$

(5,166)

 

$

48,264

 

$

(3,537)

 

$

128,856

 

$

(8,703)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018

 

 

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

 

$

18,902

 

$

(181)

 

$

28,201

 

$

(327)

 

$

47,103

 

$

(508)

Corporate bonds

 

 

117,450

 

 

(907)

 

 

100,060

 

 

(695)

 

 

217,510

 

 

(1,602)

Collateralized corporate bank loans

 

 

120,410

 

 

(4,938)

 

 

4,931

 

 

(332)

 

 

125,341

 

 

(5,270)

Municipal bonds

 

 

14,281

 

 

(96)

 

 

25,891

 

 

(742)

 

 

40,172

 

 

(838)

Mortgage-backed

 

 

6,592

 

 

(60)

 

 

5,986

 

 

(386)

 

 

12,578

 

 

(446)

Total debt securities

 

 

277,635

 

 

(6,182)

 

 

165,069

 

 

(2,482)

 

 

442,704

 

 

(8,664)

Total equity securities

 

 

30,981

 

 

(3,699)

 

 

4,475

 

 

(4,807)

 

 

35,456

 

 

(8,506)

Total other investments

 

 

1,148

 

 

(2,615)

 

 

 —

 

 

 —

 

 

1,148

 

 

(2,615)

Total investments

 

$

309,764

 

$

(12,496)

 

$

169,544

 

$

(7,289)

 

$

479,308

 

$

(19,785)

 

Carrying Value of Other Invested Assets Portfolio

Details regarding the carrying value of the other investments portfolio as of September 30, 2019 and December 31, 2018 are as follows (in thousands):

 

 

 

 

 

 

 

 

    

September 30, 

    

December 31, 

 

    

2019

    

2018

Investment Type

 

 

  

 

 

  

Equity warrant

 

$

3,009

 

$

1,148

Total other investments

 

$

3,009

 

$

1,148

 

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

The amortized cost and estimated fair value of debt securities at September 30, 2019 by contractual maturity are as follows. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without penalties.

 

 

 

 

 

 

 

 

    

Amortized Cost

    

Fair Value

 

 

(in thousands)

Due in one year or less

 

$

121,593

 

$

121,977

Due after one year through five years

 

 

309,542

 

 

312,076

Due after five years through ten years

 

 

94,338

 

 

94,489

Due after ten years

 

 

30,282

 

 

31,553

Mortgage-backed

 

 

8,847

 

 

8,736

 

 

$

564,602

 

$

568,831