Investments (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Fixed Maturities:
U.S. government obligations and agencies	$	74,937	$	—	$	(670	)	$	74,267
Corporate bonds		192,328		402		(1,300	)		191,430
Mortgage-backed and asset-backed securities		216,679		135		(2,038	)		214,776
Municipal bonds		94,794		130		(3,727	)		91,197
Redeemable preferred stock		12,723		125		(157	)		12,691
Equity Securities:
Common stock		214		—		(121	)		93
Mutual funds		53,900		407		(3,597	)		50,710
Short-term investments		5,000		2		—			5,002
Total	$	650,575	$	1,201	$	(11,610	)	$	640,166

	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

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, 2016					December 31, 2015
			% of Total					% of Total
Comparable Ratings	Fair Value		Fair Value			Fair Value		Fair Value
AAA	$	131,260		22.3	%	$	103,097		23.4	%
AA		275,480		46.7	%		189,600		43.0	%
A		107,418		18.2	%		83,850		19.0	%
BBB		67,263		11.4	%		41,408		9.4	%
BB and Below		3,444		0.6	%		4,261		1.0	%
No Rating Available		4,498		0.8	%		18,888		4.2	%
Total	$	589,363		100.0	%	$	441,104		100.0	%

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, 2016				December 31, 2015
	Cost or				Cost or
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Mortgage-backed securities:
Agency	$	110,724	$	109,022	$	74,353	$	73,854
Non-agency		19,408		19,265		10,430		10,183
Asset-backed securities:
Auto loan receivables		37,390		37,429		29,883		29,712
Credit card receivables		38,640		38,568		32,225		31,985
Other receivables		10,517		10,492		4,437		4,426
Total	$	216,679	$	214,776	$	151,328	$	150,160

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, 2016
	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		11	$	70,453	$	(608	)		2	$	3,504	$	(62	)
Corporate bonds		116		96,379		(1,219	)		4		3,250		(80	)
Mortgage-backed and asset-backed securities		73		149,928		(1,923	)		5		9,660		(115	)
Municipal bonds		69		79,402		(3,726	)		—		—		—
Redeemable preferred stock		50		6,340		(158	)		—		—		—
Equity securities:
Common stock		1		18		(7	)		2		75		(115	)
Mutual funds		3		28,020		(774	)		2		11,529		(2,823	)
Total		323	$	430,540	$	(8,415	)		15	$	28,018	$	(3,195	)

	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	)

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, 2016
	Cost or
	Amortized Cost		Fair Value
Due in one year or less	$	48,919	$	48,920
Due after one year through five years		229,278		228,000
Due after five years through ten years		34,165		33,301
Due after ten years		54,697		51,675
Mortgage-backed and asset-backed securities		216,679		214,776
Perpetual maturity securities		12,723		12,691
Total	$	596,461	$	589,363

Summary of Securities Available for Sale

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

	Years Ended
	December 31,
	2016			2015
Sales proceeds (fair value)	$	146,576		$	92,335
Gross realized gains	$	2,329		$	1,553
Gross realized losses	$	(35	)	$	(493	)

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):

	Years Ended December 31,
	2016			2015			2014
Fixed maturities	$	9,523		$	5,642		$	3,329
Equity securities		1,414			1,143			988
Short-term investments		75			246			46
Other (1)		734			409			83
Total investment income		11,746			7,440			4,446
Less: Investment expenses (2)		(2,206	)		(2,285	)		(2,071	)
Net investment (expense) income	$	9,540		$	5,155		$	2,375

(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, 2016			December 31, 2015
Income Producing:
Investment real estate	$	6,918		$	6,220
Less: Accumulated depreciation		(281	)		(103	)
		6,637			6,117
Non-Income Producing:
Properties under development		4,798			—
Investment real estate, net	$	11,435		$	6,117

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details