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Investments (Tables) | 9 Months Ended
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Sep. 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):
| September 30, 2018 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
| Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 67,442 |  |  | $ | 15 |  |  | $ | (1,459 | ) |  | $ | 65,998 |
Corporate bonds |  | 415,600 |  |  |  | 532 |  |  |  | (6,165 | ) |  |  | 409,967 |
Mortgage-backed and asset-backed securities |  | 275,128 |  |  |  | 23 |  |  |  | (5,923 | ) |  |  | 269,228 |
Municipal bonds |  | 3,401 |  |  |  | — |  |  |  | (123 | ) |  |  | 3,278 |
Redeemable preferred stock |  | 11,922 |  |  |  | 206 |  |  |  | (191 | ) |  |  | 11,937 |
Total | $ | 773,493 |  |  | $ | 776 |  |  | $ | (13,861 | ) |  | $ | 760,408 |
| 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):
|  | September 30, 2018 |  |  | December 31, 2017 (1) |
|  |  |  |  |  | % of Total |  |  |  |  |  |  | % of Total |
Average Credit Ratings |  | Fair Value |  |  | Fair Value |  |  | Fair Value |  |  | Fair Value |
AAA |  | $ | 344,801 |  |  |  | 45.3 | % |  | $ | 317,313 |  |  |  | 48.9 | %
AA |  |  | 92,411 |  |  |  | 12.2 | % |  |  | 129,573 |  |  |  | 20.0 | %
A |  |  | 216,074 |  |  |  | 28.4 | % |  |  | 146,749 |  |  |  | 22.6 | %
BBB |  |  | 103,427 |  |  |  | 13.6 | % |  |  | 51,020 |  |  |  | 7.8 | %
BB+ and Below |  |  | 117 |  |  |  | 0.0 | % |  |  | 1,569 |  |  |  | 0.2 | %
No Rating Available |  |  | 3,578 |  |  |  | 0.5 | % |  |  | 3,110 |  |  |  | 0.5 | %
Total |  | $ | 760,408 |  |  |  | 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):
|  | September 30, 2018 |  |  | December 31, 2017 |
|  | Amortized |  |  |  |  |  |  | Amortized |  |  |  |  |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Mortgage-backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | $ | 152,068 |  |  | $ | 148,472 |  |  | $ | 118,014 |  |  | $ | 116,014 |
Non-agency |  |  | 44,509 |  |  |  | 44,005 |  |  |  | 17,676 |  |  |  | 17,488 |
Asset-backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loan receivables |  |  | 28,983 |  |  |  | 28,649 |  |  |  | 35,105 |  |  |  | 34,962 |
Credit card receivables |  |  | 23,836 |  |  |  | 23,665 |  |  |  | 38,844 |  |  |  | 38,719 |
Other receivables |  |  | 25,732 |  |  |  | 24,437 |  |  |  | 12,317 |  |  |  | 12,269 |
Total |  | $ | 275,128 |  |  | $ | 269,228 |  |  | $ | 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):
| September 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 |  | 5 |  |  | $ | 15,734 |  |  | $ | (313 | ) |  |  | 11 |  |  | $ | 40,389 |  |  | $ | (1,146 | )
Corporate bonds |  | 413 |  |  |  | 316,750 |  |  |  | (4,599 | ) |  |  | 66 |  |  |  | 51,245 |  |  |  | (1,566 | )
Mortgage-backed and asset-backed securities |  | 86 |  |  |  | 135,530 |  |  |  | (1,643 | ) |  |  | 98 |  |  |  | 109,884 |  |  |  | (4,280 | )
Municipal bonds |  | 6 |  |  |  | 3,278 |  |  |  | (123 | ) |  |  | — |  |  |  | — |  |  |  | — |
Redeemable preferred stock |  | 98 |  |  |  | 4,739 |  |  |  | (154 | ) |  |  | 1 |  |  |  | 408 |  |  |  | (37 | )
Total |  | 608 |  |  | $ | 476,031 |  |  | $ | (6,832 | ) |  |  | 176 |  |  | $ | 201,926 |  |  | $ | (7,029 | )
| 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):
| September 30, 2018 |
| Amortized Cost |  |  | Fair Value |
Due in one year or less | $ | 65,340 |  |  | $ | 65,054 |
Due after one year through five years |  | 246,639 |  |  |  | 242,313 |
Due after five years through ten years |  | 158,771 |  |  |  | 156,385 |
Due after ten years |  | 15,693 |  |  |  | 15,491 |
Mortgage-backed and asset-backed securities |  | 275,128 |  |  |  | 269,228 |
Perpetual maturity securities |  | 11,922 |  |  |  | 11,937 |
Total | $ | 773,493 |  |  | $ | 760,408 |
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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Proceeds from sales and maturities (fair value): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  | $ | 32,287 |  |  | $ | 49,762 |  |  | $ | 225,989 |  |  | $ | 100,413 |
Equity securities |  | $ | 4,158 |  |  | $ | 18,056 |  |  | $ | 8,285 |  |  | $ | 75,027 |
Gross realized gains on sale of securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  | $ | 1 |  |  | $ | 302 |  |  | $ | 318 |  |  | $ | 330 |
Equity securities |  | $ | 413 |  |  | $ | 547 |  |  | $ | 714 |  |  | $ | 2,332 |
Gross realized losses on sale of securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  | $ | (11 | ) |  | $ | (19 | ) |  | $ | (3,125 | ) |  | $ | (59 | )
Equity securities |  | $ | — |  |  | $ | (27 | ) |  | $ | — |  |  | $ | (153 | )
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 |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Available-for-sale debt securities | $ | 4,595 |  |  | $ | 2,977 |  |  | $ | 12,390 |  |  | $ | 8,893 |
Equity securities |  | 722 |  |  |  | 348 |  |  |  | 2,016 |  |  |  | 1,068 |
Available-for-sale short-term investments |  | — |  |  |  | — |  |  |  | 145 |  |  |  | 22 |
Other (1) |  | 2,106 |  |  |  | 319 |  |  |  | 4,765 |  |  |  | 651 |
Total investment income |  | 7,423 |  |  |  | 3,644 |  |  |  | 19,316 |  |  |  | 10,634 |
Less: Investment expenses (2) |  | (781 | ) |  |  | (559 | ) |  |  | (2,103 | ) |  |  | (1,622 | )
Net investment (expense) income | $ | 6,642 |  |  | $ | 3,085 |  |  | $ | 17,213 |  |  | $ | 9,012 |
(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 custodial fees, investment accounting, advisory fees and expenses associated with real estate investments.
Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities | The following table provides details on the realized and unrealized gains and losses related to equity securities for the periods presented (in thousands):
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Net gains and (losses) recognized during the period on equity securities | $ | (2,060 | ) |  | $ | 520 |  |  | $ | (8,389 | ) |  | $ | 2,179 |
Less: Net (gains) and losses recognized during the period on equity securities sold during the period |  | (413 | ) |  |  | (520 | ) |  |  | (714 | ) |  |  | (2,179 | )
Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period | $ | (2,473 | ) |  | $ | — |  |  | $ | (9,103 | ) |  | $ | — |
Schedule of Real Estate Investment | Investment real estate consisted of the following as of the dates presented (in thousands):
| September 30, 2018 |  |  | December 31, 2017 |
Income Producing: |  |  |  |  |  |  |
Investment real estate (1) | $ | 14,619 |  |  | $ | 6,918 |
Less: Accumulated depreciation |  | (767 | ) |  |  | (460 | )
|  | 13,852 |  |  |  | 6,458 |
Non-Income Producing: |  |  |  |  |  |  |
Properties under development (1) |  | 9,868 |  |  |  | 12,016 |
Investment real estate, net | $ | 23,720 |  |  | $ | 18,474 |
(1) During the nine months ended September 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 |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Depreciation expense on investment real estate | $ | 103 |  |  | $ | 45 |  |  | $ | 307 |  |  | $ | 134 |

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