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Investments (Tables)

3 Months Ended

Mar. 31, 2014

Cash And Cash Equivalents [Abstract]

Investment Holdings by Type of Instrument

The following table presents the Company’s investment holdings by type of instrument as of the dates presented (in thousands):

		As of March 31, 2014												As of December 31, 2013
		Cost or												Cost or
		Amortized								Carrying				Amortized								Carrying
		Cost				Fair Value				Value				Cost				Fair Value				Value
Cash and cash equivalents (1)		$	122,771			$	122,771			$	122,771			$	117,275			$	117,275			$	117,275
Restricted cash and cash equivalents			2,635				2,635				2,635				2,600				2,600				2,600
Fixed maturities:
U.S. government obligations and agencies			116,808				115,961				115,961				105,229				104,215				104,215
Corporate bonds			94,086				93,831				93,831				94,708				94,203				94,203
Mortgage-backed and asset-backed securities			90,953				90,554				90,554				91,502				91,000				91,000
Equity securities:
Common stock			7,024				7,250				7,250				8,500				9,295				9,295
Mutual funds			52,057				52,902				52,902				55,113				55,727				55,727
Total			360,928				360,498				360,498				355,052				354,440				354,440
Total investments		$	486,334			$	485,904			$	485,904			$	474,927			$	474,315			$	474,315

(1) Cash and cash equivalents include short-term debt securities consisting of direct obligations of the U.S. Treasury or money-market accounts that invest in or are collateralized by direct obligations of the U.S. Treasury and other U.S. government guaranteed securities.

Investment Income (Expense) Comprised Primarily of Interest and Dividends

The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):

		Three Months Ended March 31,
		2014				2013
Cash and cash equivalents (1)		$	12			$	120
Fixed maturities			728				—
Equity securities			302				88
Total investment income			1,042				208
Less investment expenses			(524	)			(196	)
Net investment (expense) income		$	518			$	12

(1) Includes interest earned on restricted cash and cash equivalents.

Effect of Trading Activities by Type of Instrument and by Line Item in Condensed Consolidated Statements of Income

The following table provides the effect of trading activities on the Company’s results of operations for the period presented by type of instrument and by line item in the Condensed Consolidated Statements of Income (in thousands):

		Three Months Ended March 31, 2013
Realized gains (losses) on investments:
Equity securities		$	(15,969	)
Derivatives (non-hedging instruments) (1)			(68	)
Total realized gains (losses) on trading portfolio			(16,037	)
Change in unrealized gains (losses) on investments:
Fixed maturities			13
Equity securities			7,758
Derivatives (non-hedging instruments) (1)			89
Other			14
Total change in unrealized gains (losses) on trading portfolio			7,874
Net gains (losses) recognized on trading portfolio		$	(8,163	)

(1) This table provides the alternative quantitative disclosures permitted for derivatives that are not used as hedging instruments and are included in the trading portfolio.

Cost or Amortized Cost and Fair Value of Securities Available for Sale

The following table provides the cost or amortized cost and fair value of securities available for sale as of the dates presented (in thousands):

		March 31, 2014
		Cost or Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Fixed Maturities:
U.S. government obligations and agencies		$	116,808			$	39			$	(886	)		$	115,961
Corporate bonds			94,086				190				(445	)			93,831
Mortgage-backed and asset-backed securities			90,953				126				(525	)			90,554
Equity Securities:
Common stock			7,024				439				(213	)			7,250
Mutual funds			52,057				2,206				(1,361	)			52,902
Total		$	360,928			$	3,000			$	(3,430	)		$	360,498
		December 31, 2013
		Cost or Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Fixed Maturities:
U.S. government obligations and agencies		$	105,229			$	19			$	(1,033	)		$	104,215
Corporate bonds			94,708				265				(770	)			94,203
Mortgage-backed and asset-backed securities			91,502				75				(577	)			91,000
Equity Securities:
Common stock			8,500				916				(121	)			9,295
Mutual funds			55,113				2,266				(1,652	)			55,727
Total		$	355,052			$	3,541			$	(4,153	)		$	354,440

Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale

The following table summarizes the fair value and gross unrealized losses on securities available for sale, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands):

		March 31, 2014
		Less than 12 months												12 months or longer
		Number of issues				Fair value				Unrealized losses				Number of issues				Fair value				Unrealized losses
Fixed maturities:
U.S. government obligations and agencies			7			$	82,798			$	(886	)			—			$	—			$	—
Corporate bonds			42				47,773				(445	)			—				—				—
Mortgage-backed and asset-backed securities			17				60,261				(525	)			—				—				—
Equity securities:
Common stock			14				2,314				(213	)			—				—				—
Mutual funds			4				17,997				(1,361	)			—				—				—
Total			84			$	211,143			$	(3,430	)			—			$	—			$	—
		December 31, 2013
		Less than 12 months												12 months or longer
		Number of issues				Fair value				Unrealized losses				Number of issues				Fair value				Unrealized losses
Fixed maturities:
U.S. government obligations and agencies			6			$	71,042			$	(1,033	)			—			$	—			$	—
Corporate bonds			55				65,926				(770	)			—				—				—
Mortgage-backed and asset-backed securities			16				67,110				(577	)			—				—				—
Equity securities:
Common stock			13				3,517				(121	)			—				—				—
Mutual funds			5				19,646				(1,652	)			—				—				—
Total			95			$	227,241			$	(4,153	)			—			$	—			$	—

Amortized Cost and Fair Value of Fixed Maturities Available for Sale by Contractual Maturity

The following table presents the amortized cost and fair value of fixed maturities available for sale by contractual maturity as of the date presented (in thousands):

		March 31, 2014
		Amortized Cost				Fair Value
Due in one year or less		$	17,030			$	17,017
Due after one year through five years			190,101				189,234
Due after five years through ten years			3,763				3,541
Due after ten years			—				—
Mortgage-backed and asset-backed securities			90,953				90,554
Total		$	301,847			$	300,346

Summary of Securities Available for Sale

The following table provides certain information related to securities available for sale during the period presented (in thousands):

		Three Months Ended March 31, 2014
Sales proceeds (fair value)		$	14,441
Gross realized gains		$	999
Gross realized losses		$	(97	)
Other than temporary losses		$	—

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