Investments (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Debt Securities:
U.S. government obligations and agencies	$	59,086	$	—	$	(1,374	)	$	57,712
Corporate bonds		339,730		424		(6,190	)		333,964
Mortgage-backed and asset-backed securities		242,492		31		(5,091	)		237,432
Municipal bonds		15,798		—		(81	)		15,717
Redeemable preferred stock		11,762		318		(143	)		11,937
Total	$	668,868	$	773	$	(12,879	)	$	656,762

	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 Available-for-sale Debt Securities With Contractual Maturities

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

	June 30, 2018					December 31, 2017 (1)
			% of Total					% of Total
Credit Ratings	Fair Value		Fair Value			Fair Value		Fair Value
AAA	$	310,359		47.3	%	$	317,313		48.9	%
AA		73,207		11.1	%		129,573		20.0	%
A		182,479		27.8	%		146,749		22.6	%
BBB		87,007		13.3	%		51,020		7.8	%
BB+ and Below		114		0.0	%		1,569		0.2	%
No Rating Available		3,596		0.5	%		3,110		0.5	%
Total	$	656,762		100.0	%	$	649,334		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.

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):


	June 30, 2018				December 31, 2017
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Mortgage-backed Securities:
Agency	$	140,252	$	137,247	$	118,014	$	116,014
Non-agency		29,023		28,608		17,676		17,488
Asset-backed Securities:
Auto loan receivables		30,187		29,845		35,105		34,962
Credit card receivables		16,258		16,074		38,844		38,719
Other receivables		26,772		25,658		12,317		12,269
Total	$	242,492	$	237,432	$	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):

	June 30, 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		9	$	35,148	$	(608	)		8	$	22,564	$	(766	)
Corporate bonds		346		266,868		(5,103	)		33		31,018		(1,087	)
Mortgage-backed and asset-backed securities		100		135,607		(2,172	)		61		84,444		(2,919	)
Municipal bonds		7		3,521		(81	)		—		—		—
Redeemable preferred stock		66		3,808		(143	)		—		—		—
Total		528	$	444,952	$	(8,107	)		102	$	138,026	$	(4,772	)

	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):

	June 30, 2018
	Amortized Cost		Fair Value
Due in one year or less	$	49,496	$	49,286
Due after one year through five years		216,335		211,886
Due after five years through ten years		124,206		121,788
Due after ten years		24,577		24,433
Mortgage-backed and asset-backed securities		242,492		237,432
Perpetual maturity securities		11,762		11,937
Total	$	668,868	$	656,762

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						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities	$	68,875		$	30,822		$	193,702		$	50,651
Equity securities	$	3,082		$	54,471		$	4,127		$	56,971
Gross realized gains on sale of securities:
Available-for-sale debt securities	$	10		$	28		$	317		$	28
Equity securities	$	177		$	1,785		$	301		$	1,785
Gross realized losses on sale of securities:
Available-for-sale debt securities	$	(42	)	$	(4	)	$	(3,114	)	$	(40	)
Equity securities	$	—		$	(99	)	$	—		$	(126	)

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,
	2018			2017			2018			2017
Available-for-sale debt securities	$	4,095		$	3,206		$	7,795		$	5,916
Equity securities		711			338			1,294			720
Available-for-sale short-term investments		56			7			145			22
Other (1)		1,605			188			2,659			332
Total investment income		6,467			3,739			11,893			6,990
Less: Investment expenses (2)		(681	)		(516	)		(1,322	)		(1,063	)
Net investment (expense) income	$	5,786		$	3,223		$	10,571		$	5,927

(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						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Net gains and (losses) recognized during the period on equity securities	$	(1,344	)	$	1,686		$	(6,329	)	$	1,659
Less: Net (gains) and losses recognized during the period on equity securities sold during the period		(177	)		(1,686	)		(301	)		(1,659	)
Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period	$	(1,521	)	$	—		$	(6,630	)	$	—

Schedule of Real Estate Investment

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

	June 30, 2018			December 31, 2017
Income Producing:
Investment real estate (1)	$	14,619		$	6,918
Less: Accumulated depreciation		(664	)		(460	)
		13,955			6,458
Non-Income Producing:
Properties under development (1)		5,584			12,016
Investment real estate, net	$	19,539		$	18,474

(1) During the six months ended June 30, 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				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Depreciation expense on investment real estate	$	101	$	44	$	204	$	89