Investments (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Investments [Abstract] |
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| Amortized Cost/Carrying Value and Estimated Fair Value of Investments in Debt and Equity Securities by Category |
The amortized cost/carrying value and estimated fair value of investments in debt and equity securities by category is as follows (in thousands): | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | Amortized Cost/ | | Unrealized | | Unrealized | | | | | | Carrying Value | | Gains | | Losses | | Fair Value | As of September 30, 2022 | | | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. Government | | $ | 41,731 | | $ | 308 | | $ | (907) | | $ | 41,132 | Corporate bonds | | | 263,114 | | | 1,132 | | | (6,837) | | | 257,409 | Corporate bank loans | | | 77,895 | | | 5 | | | (2,889) | | | 75,011 | Municipal bonds | | | 42,575 | | | 59 | | | (610) | | | 42,024 | Mortgage-backed | | | 1,555 | | | 7 | | | (85) | | | 1,477 | Total debt securities | | | 426,870 | | | 1,511 | | | (11,328) | | | 417,053 | Total equity securities | | | 42,858 | | | 5,504 | | | (7,360) | | | 41,002 | Total investments | | $ | 469,728 | | $ | 7,015 | | $ | (18,688) | | $ | 458,055 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross | | | Gross | | | | | | | Amortized Cost/ | | | Unrealized | | | Unrealized | | | | As of December 31, 2021 | | | Carrying Value | | | Gains | | | Losses | | | Fair Value | U.S. Treasury securities and obligations of U.S. Government | | $ | 63,098 | | $ | 56 | | $ | (170) | | $ | 62,984 | Corporate bonds | | | 103,515 | | | 2,115 | | | (49) | | | 105,581 | Corporate bank loans | | | 81,570 | | | 84 | | | (465) | | | 81,189 | Municipal bonds | | | 38,162 | | | 372 | | | (70) | | | 38,464 | Mortgage-backed | | | 1,830 | | | 29 | | | (4) | | | 1,855 | Total debt securities | | | 288,175 | | | 2,656 | | | (758) | | | 290,073 | Total equity securities | | | 42,120 | | | 9,355 | | | (2,780) | | | 48,695 | Total investments | | $ | 330,295 | | $ | 12,011 | | $ | (3,538) | | $ | 338,768 |
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| 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, | | | 2022 | | 2021 | | 2022 | | 2021 | U.S. Treasury securities and obligations of U.S. Government | | | 300 | | | - | | | 300 | | | - | Corporate bonds | | | 160 | | | 133 | | | 172 | | | 494 | Corporate bank loans | | | 39 | | | 14 | | | 66 | | | 105 | Municipal bonds | | | (4) | | | (18) | | | (12) | | | (12) | Mortgage Backed | | | 9 | | | — | | | — | | | — | Equity securities | | | — | | | 930 | | | 1,141 | | | 4,701 | Gain on investments | | | 504 | | | 1,059 | | | 1,667 | | | 5,288 | Unrealized (losses) gain on equity investments | | | (3,325) | | | (1,592) | | | (8,431) | | | 3,834 | Investment gains, net | | $ | (2,821) | | $ | (533) | | $ | (6,764) | | $ | 9,122 |
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| Summary of Gross 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 September 30, 2022 and December 31, 2021 (in thousands): | | | | | | | | | | | | | | | | | | | | | As of September 30, 2022 | | | 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 | | $ | 40,824 | | $ | (907) | | $ | — | | $ | — | | $ | 40,824 | | $ | (907) | Corporate bonds | | | 253,177 | | | (6,831) | | | 195 | | | (6) | | | 253,372 | | | (6,837) | Corporate bank loans | | | 39,488 | | | (1,577) | | | 34,279 | | | (1,312) | | | 73,767 | | | (2,889) | Municipal bonds | | | 13,216 | | | (579) | | | 1,767 | | | (31) | | | 14,983 | | | (610) | Mortgage-backed | | | 1,452 | | | (79) | | | 7 | | | (6) | | | 1,459 | | | (85) | Total debt securities | | | 348,157 | | | (9,973) | | | 36,248 | | | (1,355) | | | 384,405 | | | (11,328) | Total equity securities | | | 8,579 | | | (727) | | | 11,565 | | | (6,633) | | | 20,144 | | | (7,360) | Total investments | | $ | 356,736 | | $ | (10,700) | | $ | 47,813 | | $ | (7,988) | | $ | 404,549 | | $ | (18,688) |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2021 | | | 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 | | $ | 43,273 | | $ | (170) | | $ | — | | $ | — | | $ | 43,273 | | $ | (170) | Corporate bonds | | | - | | | - | | | 2,245 | | | (49) | | | 2,245 | | | (49) | Corporate bank loans | | | 42,256 | | | (177) | | | 16,763 | | | (288) | | | 59,019 | | | (465) | Municipal bonds | | | 3,321 | | | (58) | | | 1,038 | | | (12) | | | 4,359 | | | (70) | Mortgage-backed | | | - | | | - | | | 10 | | | (4) | | | 10 | | | (4) | Total debt securities | | | 88,850 | | | (405) | | | 20,056 | | | (353) | | | 108,906 | | | (758) | Total equity securities | | | 6,221 | | | (710) | | | 5,055 | | | (2,070) | | | 11,276 | | | (2,780) | Total investments | | $ | 95,071 | | $ | (1,115) | | $ | 25,111 | | $ | (2,423) | | $ | 120,182 | | $ | (3,538) |
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| 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, 2022 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 | | $ | 114,153 | | $ | 112,798 | Due after one year through five years | | | 249,384 | | | 243,358 | Due after five years through ten years | | | 55,046 | | | 53,097 | Due after ten years | | | 6,732 | | | 6,323 | Mortgage-backed | | | 1,555 | | | 1,477 | | | $ | 426,870 | | $ | 417,053 |
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