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Investments (Tables)

3 Months Ended

Mar. 31, 2018

Investments Available For Sale Debt Securities [Abstract]

Cost or Amortized Cost and Fair Value of Debt and Short-term Investment Securities Available for Sale

The following table provides the amortized cost and fair value of debt and short-term investment securities available for sale as of the dates presented (in thousands):

	March 31, 2018
					Gross				Gross
	Amortized				Unrealized				Unrealized
	Cost				Gains				Losses				Fair Value
Debt Securities:
U.S. government obligations and agencies	$	60,073			$	—			$	(1,276	)		$	58,797
Corporate bonds		302,764				299				(4,333	)			298,730
Mortgage-backed and asset-backed securities		234,053				39				(4,593	)			229,499
Municipal bonds		34,327				4				(47	)			34,284
Redeemable preferred stock		12,671				386				(129	)			12,928
Short-term investments		10,000				—				—				10,000
Total	$	653,888			$	728			$	(10,378	)		$	644,238

	December 31, 2017
					Gross				Gross
	Amortized				Unrealized				Unrealized
	Cost				Gains				Losses				Fair Value
Debt Securities:
U.S. government obligations and agencies	$	60,481			$	—			$	(877	)		$	59,604
Corporate bonds		228,336				476				(1,308	)			227,504
Mortgage-backed and asset-backed securities		221,956				19				(2,523	)			219,452
Municipal bonds		120,883				599				(1,187	)			120,295
Redeemable preferred stock		12,059				485				(65	)			12,479
Short-term investments		10,000				—				—				10,000
Total	$	653,715			$	1,579			$	(5,960	)		$	649,334

Schedule of Credit Quality of Investment Available-for-sale Debt Securities With Contractual Maturities or The Issuer of Such Securities

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

		March 31, 2018								December 31, 2017
						% of Total								% of Total
Comparable Ratings		Fair Value				Fair Value				Fair Value				Fair Value
AAA		$	126,242				19.6	%		$	135,237				20.8	%
AA			250,660				38.9	%			292,496				45.1	%
A			152,908				23.7	%			134,505				20.7	%
BBB			109,087				16.9	%			80,566				12.4	%
BB+ and Below			2,945				0.5	%			2,919				0.4	%
No Rating Available			2,396				0.4	%			3,611				0.6	%
Total		$	644,238				100.0	%		$	649,334				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 amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):

		March 31, 2018								December 31, 2017
		Amortized								Amortized
		Cost				Fair Value				Cost				Fair Value
Mortgage-backed Securities:
Agency		$	132,498			$	129,750			$	118,014			$	116,014
Non-agency			19,650				19,286				17,676				17,488
Asset-backed Securities:
Auto loan receivables			39,313				39,011				35,105				34,962
Credit card receivables			16,172				16,017				38,844				38,719
Other receivables			26,420				25,435				12,317				12,269
Total		$	234,053			$	229,499			$	221,956			$	219,452

Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities

The following table summarizes the fair value and gross unrealized losses on available-for-sale debt securities, 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, 2018
	Less Than 12 Months												12 Months or Longer
	Number of								Unrealized				Number of								Unrealized
	Issues				Fair Value				Losses				Issues				Fair Value				Losses
Debt Securities:
U.S. government obligations and agencies		10			$	40,203			$	(553	)			5			$	23,590			$	(723	)
Corporate bonds		314				226,028				(3,328	)			35				31,603				(1,005	)
Mortgage-backed and asset-backed securities		102				140,047				(2,090	)			47				68,200				(2,503	)
Municipal bonds		6				3,289				(47	)			—				—				—
Redeemable preferred stock		66				3,271				(129	)			—				—				—
Total		498			$	412,838			$	(6,147	)			87			$	123,393			$	(4,231	)

	December 31, 2017
	Less Than 12 Months												12 Months or Longer
	Number of								Unrealized				Number of								Unrealized
	Issues				Fair Value				Losses				Issues				Fair Value				Losses
Debt Securities:
U.S. government obligations and agencies		7			$	35,464			$	(301	)			9			$	24,140			$	(576	)
Corporate bonds		159				142,208				(792	)			39				29,796				(516	)
Mortgage-backed and asset-backed securities		83				137,481				(955	)			37				70,218				(1,568	)
Municipal bonds		36				28,265				(246	)			30				48,370				(941	)
Redeemable preferred stock		21				2,464				(65	)			—				—				—
Total		306			$	345,882			$	(2,359	)			115			$	172,524			$	(3,601	)

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, 2018
	Amortized Cost				Fair Value
Due in one year or less	$	61,458			$	61,266
Due after one year through five years		216,211				212,187
Due after five years through ten years		86,662				85,479
Due after ten years		42,833				42,879
Mortgage-backed and asset-backed securities		234,053				229,499
Perpetual maturity securities		12,671				12,928
Total	$	653,888			$	644,238

Summary of Available-for-sale Debt Securities and Equity Securities

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

	Three Months Ended
	March 31,
	2018				2017
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities	$	124,827			$	19,829
Equity securities	$	1,045			$	2,500
Gross realized gains on sale of securities:
Available-for-sale debt securities	$	307			$	—
Equity securities	$	124			$	—
Gross realized losses on sale of securities:
Available-for-sale debt securities	$	(3,072	)		$	(36	)
Equity securities	$	—			$	(27	)

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,
	2018				2017
Available-for-sale debt securities	$	3,700			$	2,710
Equity securities		583				382
Available-for-sale short-term investments		89				15
Other (1)		1,054				144
Total investment income		5,426				3,251
Less: Investment expenses (2)		(641	)			(547	)
Net investment (expense) income	$	4,785			$	2,704

(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.

Summary of Portion of Unrealized Gains and Losses Related to Equity Securities

The following table presents the portion of unrealized gains and losses related to equity securities for the periods presented (in thousands):

	Three Months Ended
	March 31,
	2018				2017
Net gains and (losses) recognized during the period on equity securities	$	(4,985	)		$	(27	)
Less: Net (gains) and losses recognized during the period on           equity securities sold during the period		(124	)			27
Unrealized gains and (losses) recognized during the reporting period    on equity securities still held at the reporting period	$	(5,109	)		$	—

Schedule of Real Estate Investment

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

	March 31, 2018				December 31, 2017
Income Producing:
Investment real estate (1)	$	14,530			$	6,918
Less: Accumulated depreciation		(561	)			(460	)
		13,969				6,458
Non-Income Producing:
Properties under development (1)		5,437				12,016
Investment real estate, net	$	19,406			$	18,474

(1) During the three months ended March 31, 2018, the Company transferred $7.4 million from properties under development to investment real estate.

Schedule of Depreciation Expense Related to Investment Real Estate

Depreciation expense related to investment real estate for the periods presented (in thousands):

	Three Months Ended
	March 31,
	2018				2017
Depreciation expense on investment real estate	$	103			$	45

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