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Investments
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
        We have designated our investment portfolio as available-for-sale and report it at fair value. The related unrealized gains and losses are, after considering the related tax expense or benefit, recognized through comprehensive income and loss, and on an accumulated basis in shareholders' equity. Net realized investment gains and losses are reported in earnings based on specific identification of securities sold or any impairment that has been recorded through the allowance for credit losses. If our intent is to sell a security and its fair value is below amortized cost, the security's amortized cost basis is written down to fair value and a loss is recognized in earnings.
        Fair Values and Gross Unrealized Gains and Losses on Investments
Amortized
Cost		Gross UnrealizedFair
Value
GainsLosses
As of March 31, 2020(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$48,207  $3,519  $—  $51,726  
Municipal debt securities196,750  3,853  (668) 199,935  
Corporate debt securities628,834  18,272  (6,658) 640,448  
Asset-backed securities180,514  404  (7,811) 173,107  
Total bonds1,054,305  26,048  (15,137) 1,065,216  
Short-term investments4,838  18  —  4,856  
Total investments$1,059,143  $26,066  $(15,137) $1,070,072  
Amortized
Cost		Gross UnrealizedFair
Value
GainsLosses
As of December 31, 2019(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$48,203  $784  $(58) $48,929  
Municipal debt securities189,530  1,721  (1,035) 190,216  
Corporate debt securities661,719  23,373  (211) 684,881  
Asset-backed securities170,153  2,603  (114) 172,642  
Total bonds1,069,605  28,481  (1,418) 1,096,668  
Short-term investments44,174  98  —  44,272  
Total investments$1,113,779  $28,579  $(1,418) $1,140,940  
We did not own any mortgage-backed securities in our asset-backed securities portfolio at March 31, 2020 or December 31, 2019.
The following table presents a breakdown of the fair value of our corporate debt securities by issuer industry group as of March 31, 2020 and December 31, 2019:
March 31, 2020December 31, 2019
Financial40 %38 %
Consumer23  26  
Communications11  10  
Utilities10  9  
Industrial9  8  
Technology 7  7  
Energy—  2  
Total100 %100 %
As of March 31, 2020 and December 31, 2019, approximately $5.7 million and $5.5 million, respectively, of our cash and investments were held in the form of U.S. Treasury securities on deposit with various state insurance departments to satisfy regulatory requirements.
        Scheduled Maturities
        The amortized cost and fair values of available-for-sale securities as of March 31, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed securities provide for periodic payments throughout their lives, they are listed below in a separate category.
As of March 31, 2020Amortized
Cost		Fair
Value
(In Thousands)
Due in one year or less$83,740  $83,736  
Due after one through five years408,063  415,419  
Due after five through ten years373,220  383,838  
Due after ten years13,606  13,972  
Asset-backed securities180,514  173,107  
Total investments$1,059,143  $1,070,072  
As of December 31, 2019Amortized
Cost		Fair
Value
(In Thousands)
Due in one year or less$138,776  $139,113  
Due after one through five years406,986  417,208  
Due after five through ten years380,737  394,180  
Due after ten years17,127  17,797  
Asset-backed securities170,153  172,642  
Total investments$1,113,779  $1,140,940  
        Aging of Unrealized Losses
        We evaluate our investments each quarter to determine whether declines in fair value are below amortized costs. As of March 31, 2020, the investment portfolio had gross unrealized losses of $15.1 million, of which $0.1 million had been in an unrealized loss position for a period of 12 months or greater. For any impaired security we evaluate if we either intend to sell the security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through earnings. For securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the securities by a rating agency, and any adverse condition specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, and an allowance for credit losses is recorded. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. The following table summarizes the investment portfolio in an unrealized loss position for which an allowance is not recorded, aggregated by major security type and length of time in a continuous unrealized loss position:
Less Than 12 Months12 Months or GreaterTotal
# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses
As of March 31, 2020(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies—  $—  $—  —  $—  $—  —  $—  $—  
Municipal debt securities14  46,936  (668) —  —  —  14  46,936  (668) 
Corporate debt securities87  178,776  (6,630) 5  3,294  (28) 92  182,070  (6,658) 
Asset-backed securities60  133,997  (7,745) 1  2,934  (66) 61  136,931  (7,811) 
Total 161  $359,709  $(15,043) 6  $6,228  $(94) 167  $365,937  $(15,137) 

Less Than 12 Months12 Months or GreaterTotal
# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses
As of December 31, 2019(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies4  $12,001  $(58) —  $—  $—  4  $12,001  $(58) 
Municipal debt securities26  92,844  (1,034) 1  999  (1) 27  93,843  (1,035) 
Corporate debt securities10  30,481  (140) 14  23,976  (71) 24  54,457  (211) 
Asset-backed securities9  19,236  (102) 1  2,988  (12) 10  22,224  (114) 
Total49  $154,562  $(1,334) 16  $27,963  $(84) 65  $182,525  $(1,418) 
Allowance of credit losses
As of March 31, 2020, we did not recognize an allowance of credit losses on our investment portfolio. The increase in securities in an unrealized loss position as of March 31, 2020 can be attributed to a widening of credit spreads and surging demand for liquidity across the broader debt markets, partially offset by interest rate movements since the purchase date. We evaluated the securities in an unrealized loss position as of March 31, 2020 and assessed the credit ratings and any ratings changes as well as any adverse conditions specifically related to the security. Based on our estimate of the amount and timing of cash flows to be collected we expect to recover the amortized cost basis of these securities.
For the three months ended March 31, 2019, we recognized a $0.4 million other than temporarily impaired (OTTI) loss in earnings related to the planned sale of a security in a loss position in April 2019. There were no credit losses recognized in earnings for which a portion of an OTTI loss was recognized in accumulated other comprehensive income (loss) for the three months ended March 31, 2019.
Net Investment Income
        The following table presents the components of net investment income:
For the three months ended March 31,
20202019
(In Thousands)
Investment income$8,349  $7,496  
Investment expenses(245) (113) 
Net investment income$8,104  $7,383  
The following table presents the components of net realized investment gains (losses):
For the three months ended March 31,
20202019
(In Thousands)
Gross realized investment gains$540  $195  
Gross realized investment losses(612) (382) 
Net realized investment (losses)$(72) $(187)