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Investments (Tables)

6 Months Ended

Jun. 30, 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):

		June 30, 2014												December 31, 2013
		Cost or												Cost or
		Amortized								Carrying				Amortized								Carrying
		Cost				Fair Value				Value				Cost				Fair Value				Value
Cash and cash equivalents (1)		$	201,357			$	201,357			$	201,357			$	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			116,931				116,422				116,422				105,229				104,215				104,215
Corporate bonds			106,450				106,745				106,745				94,708				94,203				94,203
Mortgage-backed and asset-backed securities			95,054				94,908				94,908				91,502				91,000				91,000
Redeemable preferred stock			4,990				5,070				5,070				—				—				—
Equity securities:
Common stock			652				590				590				8,500				9,295				9,295
Mutual funds			12,502				11,830				11,830				55,113				55,727				55,727
Total investments			336,579				335,565				335,565				355,052				354,440				354,440
Total		$	540,571			$	539,557			$	539,557			$	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 and/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								Six Months Ended
		June 30,								June 30,
		2014				2013				2014				2013
Cash and cash equivalents (1)		$	9			$	122			$	21			$	242
Fixed maturities			783				(30	)			1,511				(30	)
Equity securities			152				279				454				367
Total investment income			944				371				1,986				579
Less investment expenses			(532	)			(234	)			(1,056	)			(430	)
Net investment (expense) income		$	412			$	137			$	930			$	149

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

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):

		June 30, 2014
		Cost or Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Fixed Maturities:
U.S. government obligations and agencies		$	116,931			$	77			$	(586	)		$	116,422
Corporate bonds			106,450				443				(148	)			106,745
Mortgage-backed and asset-backed securities			95,054				204				(350	)			94,908
Redeemable preferred stock			4,990				82				(2	)			5,070
Equity Securities:
Common stock			652				3				(65	)			590
Mutual funds			12,502				19				(691	)			11,830
Total		$	336,579			$	828			$	(1,842	)		$	335,565
		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

Schedule of Credit Quality of Fixed Maturities

The following table provides the credit quality of fixed maturities as of the dates presented (in thousands):

June 30, 2014
Standard and Poor’s Rating Services		Fair Value				% of Total Fair Value
AAA		$	30,547				9.5	%
AA			191,775				59.3	%
A			49,930				15.5	%
BBB			41,812				12.9	%
BB and Below			1,504				0.5	%
No Rating Available			7,577				2.3	%
Total		$	323,145				100.0	%
December 31, 2013
Standard and Poor’s Rating Services		Fair Value				% of Total Fair Value
AAA		$	82,889				28.6	%
AA			120,976				41.8	%
A			46,689				16.1	%
BBB			38,114				13.2	%
No Rating Available			750				0.3	%
Total		$	289,418				100.0	%

Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities

The following table summarizes the cost or amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):

		June 30, 2014								December 31, 2013
		Cost or Amortized								Cost or Amortized
		Cost				Fair Value				Cost				Fair Value
Mortgage-backed securities:
Agency		$	57,935			$	57,737			$	64,028			$	63,547
Non-agency			2,184				2,169				—				—
Asset-backed securities:
Auto loan receivables			16,858				16,907				14,816				14,841
Credit card receivables			13,478				13,479				11,478				11,425
Other receivables			4,599				4,616				1,180				1,187
Total		$	95,054			$	94,908			$	91,502			$	91,000

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):

		June 30, 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			2			$	17,604			$	(79	)			4			$	34,152			$	(507	)
Corporate bonds			9				5,954				(28	)			14				17,905				(120	)
Mortgage-backed and asset-backed securities			8				27,200				(106	)			5				19,175				(244	)
Redeemable preferred stock			9				1,080				(2	)			—				—				—
Equity securities:
Common stock			5				228				(23	)			5				282				(42	)
Mutual funds			1				1,159				(76	)			1				10,071				(615	)
Total			34			$	53,225			$	(314	)			29			$	81,585			$	(1,528	)
		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):

		June 30, 2014
		Amortized Cost				Fair Value
Due in one year or less		$	52,364			$	52,346
Due after one year through five years			165,335				165,278
Due after five years through ten years			5,094				4,970
Due after ten years			2,636				2,678
Mortgage-backed and asset-backed securities			95,054				94,908
Perpetual maturity securities			2,942				2,965
Total		$	323,425			$	323,145

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 June 30,								Six Months Ended June 30,
		2014				2013				2014				2013
Sales proceeds (fair value)		$	58,347			$	14			$	72,788			$	14
Gross realized gains		$	4,189			$	—			$	5,188			$	—
Gross realized losses		$	(239	)		$	(1	)		$	(336	)		$	(1	)
Other than temporary losses		$	—			$	—			$	—			$	—

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):

		Six Months Ended June 30, 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.

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