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Investments (Tables)

12 Months Ended

Dec. 31, 2015

Investments Debt And Equity Securities [Abstract]

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):

	December 31, 2015
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Fixed Maturities:
U.S. government obligations and agencies	$	126,209	$	—	$	(867	)	$	125,342
Corporate bonds		126,421		137		(1,041	)		125,517
Mortgage-backed and asset-backed securities		151,328		97		(1,265	)		150,160
Redeemable preferred stock		9,665		429		(29	)		10,065
Other		5,000		—		(1	)		4,999
Equity Securities:
Common stock		10,991		15		(244	)		10,762
Mutual funds		35,221		5		(3,774	)		31,452
Short-term investments		25,011		10		—			25,021
Total	$	489,846	$	693	$	(7,221	)	$	483,318


	December 31, 2014
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Fixed Maturities:
U.S. government obligations and agencies	$	120,627	$	38	$	(627	)	$	120,038
Corporate bonds		120,025		171		(364	)		119,832
Mortgage-backed and asset-backed securities		107,589		136		(502	)		107,223
Redeemable preferred stock		6,700		165		(9	)		6,856
Equity Securities:
Common stock		331		4		(65	)		270
Mutual funds		21,296		—		(1,924	)		19,372
Short-term investments		50,000		—		(10	)		49,990
Total	$	426,568	$	514	$	(3,501	)	$	423,581

Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities

The following table provides the credit quality of investment securities with contractual maturities or the issuer of such securities as of the dates presented (in thousands):



	December 31, 2015					December 31, 2014 (1)
			% of Total					% of Total
Comparable Ratings	Fair Value		Fair Value			Fair Value		Fair Value
AAA	$	103,097		23.4	%	$	39,657		9.8	%
AA		189,600		43.0	%		220,693		54.8	%
A		83,850		19.0	%		83,734		20.7	%
BBB		41,408		9.4	%		47,003		11.6	%
BB and Below		4,261		1.0	%		3,401		0.8	%
No Rating Available		18,888		4.2	%		9,451		2.3	%
Total	$	441,104		100.0	%	$	403,939		100.0	%

(1)

The credit ratings in the table above have been reclassified from the prior periods’ consolidated financial statements to conform to the current periods’ presentation. For investment securities where no credit rating was previously available, the credit rating of the issuer of such security is disclosed in the table above, where applicable.

The tables above include comparable credit quality ratings by Standard and Poor’s Rating Services, Inc., Moody’s Investors Service, Inc. and Fitch Ratings, Inc.

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):

	December 31, 2015				December 31, 2014
	Cost or				Cost or
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Mortgage-backed securities:
Agency	$	74,353	$	73,854	$	64,905	$	64,619
Non-agency		10,430		10,183		8,053		7,987
Asset-backed securities:
Auto loan receivables		29,883		29,712		16,551		16,556
Credit card receivables		32,225		31,985		13,481		13,457
Other receivables		4,437		4,426		4,599		4,604
Total	$	151,328	$	150,160	$	107,589	$	107,223

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):

	December 31, 2015
	Less Than 12 Months							12 Months or Longer
	Number of				Unrealized			Number of				Unrealized
	Issues		Fair Value		Losses			Issues		Fair Value		Losses
Fixed maturities:
U.S. government obligations and agencies		10	$	121,912	$	(690	)		2	$	3,429	$	(177	)
Corporate bonds		101		90,717		(927	)		6		4,789		(114	)
Mortgage-backed and asset-backed securities		51		118,743		(974	)		6		13,902		(291	)
Redeemable preferred stock		5		764		(29	)		—		—		—
Other		1		4,999		(1	)		—		—		—
Equity securities:
Common stock		3		8,690		(148	)		2		93		(96	)
Mutual funds		3		13,192		(374	)		1		7,867		(3,400	)
Total		174	$	359,017	$	(3,143	)		17	$	30,080	$	(4,078	)

	December 31, 2014
	Less Than 12 Months							12 Months or Longer
	Number of				Unrealized			Number of				Unrealized
	Issues		Fair Value		Losses			Issues		Fair Value		Losses
Fixed maturities:
U.S. government obligations and agencies		3	$	27,341	$	(55	)		4	$	34,050	$	(572	)
Corporate bonds		67		58,271		(238	)		12		15,105		(126	)
Mortgage-backed and asset-backed securities		20		48,335		(273	)		5		16,842		(229	)
Redeemable preferred stock		12		1,153		(9	)		—		—		—
Equity securities:
Common stock		2		87		(20	)		2		117		(45	)
Mutual funds		2		10,514		(97	)		1		8,859		(1,827	)
Short-term investments		2		37,490		(10	)		—		—		—
Total		108		183,191		(702	)		24		74,973		(2,799	)

Amortized Cost and Fair Value of Investments With Contractual Maturities

The following table presents the amortized cost and fair value of investments with contractual maturities as of the date presented (in thousands):

	December 31, 2015
	Cost or
	Amortized Cost		Fair Value
Due in one year or less	$	57,230	$	57,214
Due after one year through five years		222,963		221,403
Due after five years through ten years		1,460		1,349
Due after ten years		4,119		4,229
Mortgage-backed and asset-backed securities		151,328		150,160
Perpetual maturity securities		6,534		6,749
Total	$	443,634	$	441,104

Summary of Securities Available for Sale

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

	Year Ended
	December 31,
	2015			2014
Sales proceeds (fair value)	$	92,335		$	181,134
Gross realized gains	$	1,553		$	6,205
Gross realized losses	$	(493	)	$	(578	)

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):

	Year Ended December 31,
	2015			2014			2013
Fixed maturities	$	5,642		$	3,329		$	1,420
Equity securities		1,143			988			1,982
Short-term investments		246			46			—
Other (1)		409			83			148
Total investment income		7,440			4,446			3,550
Less: Investment expenses (2)		(2,285	)		(2,071	)		(1,622	)
Net investment (expense) income	$	5,155		$	2,375		$	1,928

(1)	Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments.

(2)	Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments.

Schedule of Real Estate Investment

Investment real estate consisted of the following as of the dates presented (in thousands):

	December 31, 2015			December 31, 2014
Investment real estate	$	6,220		$	—
Less: Accumulated depreciation		(103	)		—
Investment real estate, net	$	6,117		$	—

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 periods presented by type of instrument and by line item in the Consolidated Statements of Income (in thousands):

	Year Ended December 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.