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Investments (Tables) | 3 Months Ended
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Mar. 31, 2017
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):
| March 31, 2017 |
| Cost or |  |  | Gross |  |  | Gross |  |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
| Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 78,055 |  |  | $ | 1 |  |  | $ | (587 | ) |  | $ | 77,469 |
Corporate bonds |  | 194,289 |  |  |  | 727 |  |  |  | (975 | ) |  |  | 194,041 |
Mortgage-backed and asset-backed securities |  | 215,670 |  |  |  | 128 |  |  |  | (1,797 | ) |  |  | 214,001 |
Municipal bonds |  | 100,762 |  |  |  | 307 |  |  |  | (3,177 | ) |  |  | 97,892 |
Redeemable preferred stock |  | 13,777 |  |  |  | 524 |  |  |  | (29 | ) |  |  | 14,272 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 214 |  |  |  | — |  |  |  | (119 | ) |  |  | 95 |
Mutual funds |  | 51,616 |  |  |  | 953 |  |  |  | (2,378 | ) |  |  | 50,191 |
Short-term investments |  | 5,000 |  |  |  | 1 |  |  |  | — |  |  |  | 5,001 |
Total | $ | 659,383 |  |  | $ | 2,641 |  |  | $ | (9,062 | ) |  | $ | 652,962 |
| 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 |
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):
|  | March 31, 2017 |  |  | December 31, 2016 |
|  |  |  |  |  | % of Total |  |  |  |  |  |  | % of Total |
Comparable Ratings |  | Fair Value |  |  | Fair Value |  |  | Fair Value |  |  | Fair Value |
AAA |  | $ | 129,495 |  |  |  | 21.5 | % |  | $ | 131,260 |  |  |  | 22.3 | %
AA |  |  | 282,340 |  |  |  | 46.9 | % |  |  | 275,480 |  |  |  | 46.7 | %
A |  |  | 111,734 |  |  |  | 18.5 | % |  |  | 107,418 |  |  |  | 18.2 | %
BBB |  |  | 70,754 |  |  |  | 11.7 | % |  |  | 67,263 |  |  |  | 11.4 | %
BB+ and Below |  |  | 3,706 |  |  |  | 0.6 | % |  |  | 3,444 |  |  |  | 0.6 | %
No Rating Available |  |  | 4,647 |  |  |  | 0.8 | % |  |  | 4,498 |  |  |  | 0.8 | %
Total |  | $ | 602,676 |  |  |  | 100.0 | % |  | $ | 589,363 |  |  |  | 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):
| March 31, 2017 |  |  | December 31, 2016 |
| Cost or |  |  |  |  |  |  | Cost or |  |  |  |  |
| Amortized |  |  |  |  |  |  | Amortized |  |  |  |  |
| Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Mortgage-backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency | $ | 111,148 |  |  | $ | 109,720 |  |  | $ | 110,724 |  |  | $ | 109,022 |
Non-agency |  | 18,247 |  |  |  | 18,128 |  |  |  | 19,408 |  |  |  | 19,265 |
Asset-backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loan receivables |  | 36,900 |  |  |  | 36,857 |  |  |  | 37,390 |  |  |  | 37,429 |
Credit card receivables |  | 38,617 |  |  |  | 38,553 |  |  |  | 38,640 |  |  |  | 38,568 |
Other receivables |  | 10,758 |  |  |  | 10,743 |  |  |  | 10,517 |  |  |  | 10,492 |
Total | $ | 215,670 |  |  | $ | 214,001 |  |  | $ | 216,679 |  |  | $ | 214,776 |
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 (dollars in thousands):
| March 31, 2017 |
| 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 |  | 12 |  |  | $ | 72,345 |  |  | $ | (540 | ) |  |  | 2 |  |  | $ | 3,511 |  |  | $ | (47 | )
Corporate bonds |  | 92 |  |  |  | 76,775 |  |  |  | (934 | ) |  |  | 2 |  |  |  | 289 |  |  |  | (41 | )
Mortgage-backed and asset-backed securities |  | 86 |  |  |  | 148,308 |  |  |  | (1,651 | ) |  |  | 8 |  |  |  | 14,521 |  |  |  | (146 | )
Municipal bonds |  | 65 |  |  |  | 76,343 |  |  |  | (3,177 | ) |  |  | — |  |  |  | — |  |  |  | — |
Redeemable preferred stock |  | 14 |  |  |  | 1,606 |  |  |  | (29 | ) |  |  | — |  |  |  | — |  |  |  | — |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 1 |  |  |  | 20 |  |  |  | (5 | ) |  |  | 2 |  |  |  | 75 |  |  |  | (114 | )
Mutual funds |  | 1 |  |  |  | 16,685 |  |  |  | (116 | ) |  |  | 1 |  |  |  | 9,090 |  |  |  | (2,262 | )
Total |  | 271 |  |  | $ | 392,082 |  |  | $ | (6,452 | ) |  |  | 15 |  |  | $ | 27,486 |  |  | $ | (2,610 | )
| 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 | )
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):
| March 31, 2017 |
| Cost or |  |  |  |  |
| Amortized Cost |  |  | Fair Value |
Due in one year or less | $ | 53,558 |  |  | $ | 53,570 |
Due after one year through five years |  | 229,273 |  |  |  | 228,831 |
Due after five years through ten years |  | 38,207 |  |  |  | 37,658 |
Due after ten years |  | 57,068 |  |  |  | 54,344 |
Mortgage-backed and asset-backed securities |  | 215,670 |  |  |  | 214,001 |
Perpetual maturity securities |  | 13,777 |  |  |  | 14,272 |
Total | $ | 607,553 |  |  | $ | 602,676 |
Summary of Securities Available for Sale | The following table provides certain information related to securities available for sale during the periods presented (in thousands):
| Three Months Ended |
| March 31, |
| 2017 |  |  | 2016 |
Proceeds from sales and maturities (fair value) | $ | 22,329 |  |  | $ | 52,366 |
Gross realized gains | $ | — |  |  | $ | 685 |
Gross realized losses | $ | (63 | ) |  | $ | (18 | )
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, |
| 2017 |  |  | 2016 |
Fixed maturities | $ | 2,710 |  |  | $ | 1,831 |
Equity securities |  | 382 |  |  |  | 203 |
Short-term investments |  | 15 |  |  |  | 115 |
Other (1) |  | 144 |  |  |  | 73 |
Total investment income |  | 3,251 |  |  |  | 2,222 |
Less: Investment expenses (2) |  | (547 | ) |  |  | (617 | )
Net investment (expense) income | $ | 2,704 |  |  | $ | 1,605 |
(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):
| March 31, 2017 |  |  | December 31, 2016 |
Income Producing: |  |  |  |  |  |  |
Investment real estate | $ | 6,918 |  |  | $ | 6,918 |
Less: Accumulated depreciation |  | (326 | ) |  |  | (281 | )
|  | 6,592 |  |  |  | 6,637 |
Non-Income Producing: |  |  |  |  |  |  |
Properties under development |  | 6,512 |  |  |  | 4,798 |
Investment real estate, net | $ | 13,104 |  |  | $ | 11,435 |

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